All Forum Posts by: Carlos Martinez

@Carlos Martinez

Also ask for loss runs, if there have been any claims for the past five years.

 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!

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.

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.

Hey @Carlos Martinez - I'm a broker & investor in NYC. 

1 - Technically getting insurance is on you, BUT it doesn't mean the agent shouldn't be helping you by giving some recommendations lol... it's an odd thing to tell your client that it's not your job anymore. 

2 - In terms of paying out of pocket the commission difference, it depends on what agreement you had with your agent. If you signed an agreement stating that their commission would be (for example) 2%, and the seller's side is only giving 1%, then you're liable for the difference. However, if there's no agreement in place then it's up for negotiation. 

Shoot me a DM if you end up having more questions. 

@Carlos Martinez

I would look for an insurance broker. First, check to see who the seller has and get a dec page. Then, ask your agent for referrals. We use a broker in TN and one in Dallas. DM me if you want an intro

Congrats

Gino

Make sure your partnership is clearly detailed in writing. I have seen partnerships dissolve quickly and unexpectedly because clear expectations were not laid out from the beginning.