All Forum Posts by: Carlos Martinez
Carlos Martinez has started 5 posts and replied 20 times.
Post: Roof repair for a first time home buyer
- Posts 20
- Votes 17
Great point Caleb, definitely something to take under consideration in any future investments. Thank you!
Post: Roof repair for a first time home buyer
- Posts 20
- Votes 17
Quote from @Christine Mulkins:
Hi. I don't have experience with such programs. I'm sorry I can't be helpful with that. Just a few questions about your roof... is replacing the roof at this time an absolute must and an immediate need? Are you holding this property for the long term? Maybe get a few opinions from roofing contractors on how much more life your current roof has and if there is a relatively inexpensive patch job that can be done to take care of any areas of concern while you save up.
Hi Christine, well the roof is not leaking lol (Thank God) but I do see a couple of patches on it, so that means the previous owner already covered up some leaks. Can it wait, probably yes. How long? Last time I checked with a contractor, he mentioned that it would probably last one more year and that was 5 months ago. I'll probably wait a few more months to save up and see what options I have.
Regarding your second question, my plan is to eventually purchase a second property and keep this one for the long term, so I really want take care of this property.
Thank you
Post: Roof repair for a first time home buyer
- Posts 20
- Votes 17
Hello,
Recently bough a property and finished most of the renovation on December 2024 and I was able to rent the second unit on January 2025. But I ran out money with renovations and still need to replace the roof as a part of the renovations. I'm considering a city program that offers low interest rates, but unsure if someone have any experience with them, the company is Sustainable Neighborhoods.
Post: Retired at 34 with 5 Kids Thanks to 3 House Hacks—Here’s How I Left My $147K Job
- Posts 20
- Votes 17
Quote from @Sunny Burns:
@Jay Hinrichs and @Steve K. I think there is a disconnect - you guys are definetly upper-middle-class mindset folks, the average median US Houshold income is $80k… and I don’t think you guys understand how truly cheap I am…
I’ve never in my life paid for a haircut, alcohol or cup of coffee.
For 10 years we ate on a kitchen table our neighbor threw out. Our current table was off marketplace, 95% of what we own we purchased used.
Every single one of my tenants drive a nicer car than me. 2009 Honda Fit Base Model.
Wasn’t so much a cheapness thing as much as training for my Ironman, but for the last 3 years I commuted to work exclusively by bicycle. Saved a lot of Gas money…
I also own 26 bicycles… we do a lot of biking as a family, so have road bikes, touring bikes and mountain bikes for us and the kids. We also have 9 sets of skis, 6 kayaks, 2 iSUPs, a Sunfish sailboat, tons of camping gear. Almost all of it used
Plan this year is to do a 360mile bike tour along the Erie Canal from buffalo to Albany NY this Summer, already got a 10-day booking of our primary residence on airbnb while we are away for that trip, the $2000 payout will pay for that trip.
Anyway we are really frugal people, but we do it awesomely. Pretty sure my eldest has already been to 20 countries, we spent a year in Japan last year.
Anyway just wanted to keep this online battle of what’s more important: money or time towards your kids, going.
You are not cheap man! Seems very smart to me, you avoid what you can to afford what you really need. Having that saving mentality has taken you where you are now. I wish i would've had that mentality earlier, I got my first rental property last year and looking forward to get my second next year. Congratulations!
Post: Insurance concern on new property
- Posts 20
- Votes 17
Thank you @Greg Kasmer, you have a great point. The roof needs to be fix sooner than later so might as well, do it now. I will look into a payment plan with the company, since I've used all my credit cards for renovations.
Post: Insurance concern on new property
- Posts 20
- Votes 17
Hi everyone,
I purchased a property recently on SI, NY. There has been such a journey with renovations and the person repairing the property, but hey!, nobody said it would be easy... Anyway, after appraisal we were able to insured the property with Universal company, I recently got a letter that my policy was going to be cancelled due to the condition of the roof. The broker I'm working with, mentioned that any company can cancel any policy within 30 days of approval and that any premiums paid will be refunded, but my main concern is to get a policy in place for this property. I was planning to replace the roof in about 6 to 10 months from now, because I ran out of money with the rest of renovations.
The broker was able to get me two quotes more, but they are way more expensive than expected. Any suggestions here? Should I stick with the more expensive policy until I get the funds to replace the roof or is just best to ask for a loan and replace it now.
Thank you
Post: Insurance company for first time home buyer Multifamily property
- Posts 20
- Votes 17
Quote from @Gino Barbaro:
Also ask for loss runs, if there have been any claims for the past five years.
Thank you @Gino Barbaro. Will do.
Post: Insurance company for first time home buyer Multifamily property
- Posts 20
- Votes 17
Quote from @Greg Kasmer:
Quote from @Carlos Martinez:
Hello,
I would like to know if you guys have any insurance company suggestions for a first time buyer. I have a Geico Insurance for my vehicle but the quote seems a bit expensive.
Also, is this something my agent should be helping me with? He said after the house went into contract is basically on the lawyer's hands. I also have to pay him out my pocket an amount after closing, since the seller's agent wouldn't share more than 1% of commission apparently.
Carlos - Not sure what size multifamily property you're buying, but I recently used Hemlane (national broker) for a quadraplex and was very happy with their service. Not sure if they would review a larger multifamily, but I'm guessing you can start with them and they may have a suggestion.
Good Luck!
Thank you Greg, Is just a two family property. I'll give them a call.
Post: Insurance company for first time home buyer Multifamily property
- Posts 20
- Votes 17
Quote from @Bruce Lynn:
Insurance shopping is up to you, but I have a wealth of trusted resources I share with my clients. That's odd to me that your agent feels like he is totally out of the transaction. I want clients for life and I want you to give me unlimited referrals. That means you can call me any time after the transaction and ask me questions and ask for resources. I want all your repeat business, I want your friends and family business, I want your bosses and your employees business. One time and done is not a great business model.
Sorry for your trouble. Maybe ask the seller's agent who has the current insurance is one option. If you are in a networking group or meetup group, now is the time to call on those resources. Also ask your lender or any of the other trusted resources you are using like the attorney for recommendations.
Hey Bruce, I share your perspective. One time deal is not always a great business model. You couldn't say it any better. Thanks for the reply and the opinion.
Post: Insurance company for first time home buyer Multifamily property
- Posts 20
- Votes 17
Quote from @Ecaterina Katerina Morosan:
Good real estate agents normally have recommendations when it comes to any real estate needs whether it's attorneys, lenders, insurance brokers, GCs etc. Legally they can't be shopping for a quote for you but they can definitely share a few contacts, especially if their past clients had good experience with these specialists.