Carpenters-Roofing Question on cost

[stickyfingers]

We sprung a leak or two in our roof on a flat section that was added on to the back of our house. This young guy offered to help us out on the side and do the job himself. The roof is approx. 700 square feet. What he is planning to do is tear the old roof off and put another one on. And then put this "Fiberglass Mineral Roll Roofing" on top to keep it from leaking again. His investment has been roughly $300. (We supply the plywood) He says this will be one days worth of work. His estimate was $2600 to do the job(with the help of 2 of his friends) To me, this means he will be making $2300 for ONE DAYS worth of work. 2300/8hrs = roughly $300/hr.

Am I being taken? Is this a fair price? Please help soon I have to call him back tonight.

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[JohnnyCash]

That sounds like a lot. The plywood would be the only real material cost. A sheet of plywood is only 32 square feet and to cover 700 square feet is alot of wood. The fiberglass waterproofing is only about $50 for a 3'x50' roll. Thats only about $250 for this job. It also sounds like ripping off an entire roof for 2 leaks is alot of work. Ive done this work before and it sound like if they have to rip off the entire roof its more then just one days work. I would call a real roofing contractor and get an estimate and find out exactly what needs to be done.
I think this guy is trying to charge you alot for alot of work that could possibly be avoided.

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Big thanks to Monsterone.