All Forum Posts by: Anthony C.

I am in need of a flooring company in Rochester, NY willing to repair/replace a small section of old strip hardwood flooring. Any recommendations would be greatly appreciated.

Can anyone recommend a gutter cleaner in the Rochester, NY area?

@Derek Meyer First step is making it a priority. If you prioritize saving for that down payment over getting the fancy car and expensive apartment it makes it much easier to save at a faster rate. Set a savings goal and stick to it. Also, just finding financing that works for you. I found a conventional loan where I put only 5% down to buy my first duplex.

@Nathan Gesner I was told the insurance company did drive by and inspect, my roofer actually climbed onto the roof. I am not in denial that my roof needs to be replaced. However, I did not want to be in a position where I am being forced to do it and within a ridiculous timeline.

My roofer never said the condition is no big deal. He definitely had concerns. He found that my insurance company misdiagnosed/exaggerated the roof's issues (he found little/no evidence of granular loss). He did note moderate curling shingles but stated that since my roof is at a very steep pitch that it wasn't an immediate concern.

I have found a new insurance provider and will be having a policy written up this week. My agent was very open with them about the condition of the roof and they are okay with the policy they have quoted me after seeing pictures.

@John Mocker Thanks for the reply John! I have been very open with the agents I've been in contact with. I do not want this problem to happen again. I am hoping to get another policy in place where the company is okay with the roof as is. That way I can wait another couple years to replace the roof. 

@John Underwood thanks John! I will look into this as an option.

@Michael Beinetti That'd be great! Just sent you a PM.

I have been notified by my insurance company that they are cancelling my policy due to "the dwelling roof has curling, lifting and granular loss shingles." I had a roofing contractor inspect the roof and give me a quote. He informed me that he would not have recommended a new roof at this time and ensured a 3-5 years left by his estimation. He agreed to write a letter but my insurance company won't accept it.

This isn't the first time this happened so I am convinced I will be replacing the roof this summer. The problem is what do I do until then? My insurance company gave me only 45 days until my policy is cancelled and I can't get my roof replaced in February (property is in Rochester, NY). I am calling around for quotes but am concerned this will be an ongoing problem until the roof is replaced. Are there options for me to get by until roof replacing season without paying insane premiums?

Some more info: Duplex in city of Rochester, NY. 2.5 stories, 2800 sq ft. and I am occupying one unit. Roof requires full tear off and replacement.

Any advice is greatly appreciated!

Hi @Trent Egenlauf, don't know if I have the "right" answer for you but I can tell you what my thinking was when saving for my first property.

I saved the majority of my money in a savings account with higher yields than traditional savings accounts (usually based on how much money you have within the account). Talk to your bank to see what options they have. I also saved a portion of my money in a mutual fund. This fund was intended to be a last resort for use with purchasing the property and acted as more of an emergency fund. I ended up not touching this to close on my first property. I was able to finance with a 5% down conventional loan. If I had needed to use my mutual fund, I had plenty of shares that were considered long-term capital gains so taxes would not have been a huge blow.

6-12 months is not a lot of time in investing terms. You will be paying short-term capital gains tax on any gains for shares held less than one year. As @David Martin said, you want to stay liquid in case the right deal comes along before you are expecting it. Investing in stock is not a short term strategy and comes with it a lot of risk.

I hope this helps, good luck!

This is an awesome thread!

When I first thought of buying a house, it was for all of the wrong reasons. I joined BP and got set straight. I learned about house hacking and how powerful it can be when starting out. Similar to @Dennis M., BP has been my mentor throughout the start of my real estate journey. I now own a duplex and am house hacking in a great area of Rochester, NY. I placed great tenants largely due to the BP RE podcasts and browsing the forums about how to screen properly. I also have to point to @Brandon Turner's "The Book on Managing Rental Properties. It was my bible the first few months of owning my property.

I am still learning a lot and looking for that second property. I sincerely thank every member of BP that dedicates some of their time to help others. It truly makes a difference to those seeking guidance.