26) All About Roofs & Don't Ever Skip Inspections

Real Estate Investing with House Money

House Money Weekly

In this week’s House Money Weekly segment, Lauren and Alan have a special guest, Chris Luger from Heavy Metal Money where they discuss blog 125, which is about the 3 essential skills every real estate investor should have. The 1st essential skill is being optimistic. Alan experiences people telling him they want to invest in real estate and what stops them is they worry about every disaster scenario they might face. But what about potential amazing things? Alan calls these lottery tickets! He experienced this when the Nets moved to Brooklyn, and each of his properties there appreciated $1 million right away. The 2nd essential skill is being persistent, it is simple but not easy. You’re always needing to follow up, with realtors, lenders, tenants, contractors, cleaners, etc. And the 3rd essential skill is to have a long-term focus. Know your long-term goal and hold on to it. Chris points out that part of this is delayed gratification. Chris adds that you need to be comfortable taking on risk. Lauren says you need to be confident. Alan says real estate over football.

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Mortgage Minute: Jasmine answers the question: When is the first mortgage payment due after you close a property?

Sponsored by: Jasmine Mortgage Team https://www.jasminemortgageteam.com/

Real Estate Is Easy Interview

Lauren interviews Paul, a project manager and sales representative for a couple of different roofing companies in Florida. He’s currently working for Armored Roofing and Solar in the Tampa Bay Area, but they are also statewide in Florida. Lauren asked Paul what happens to their business when a big storm comes through, he shared that the typical 3 to 4 weeks replacement that they do would go up to 3 to 4 months. This is because of manpower, insurance companies, and supply. Paul details the longevity of roofs with the caveat that insurance companies have a lot of say here in Florida. He recommends getting a free inspection yearly and maintenance, which can extend the life of our roofs. Lauren also asked Paul how many different kinds of roofs are there and he answered asphalt shingle roof, tile, metal, galvalume, and rolled roofing for flat roofs. Lauren asked about the price difference between shingle, metal, and tile roofs for an 1800-square-foot single-family home. Paul shared that new investors or homeowners should look for a good inspector and know when the last roof permit was puller. For us to be a good partner with our roofer, we should know how to communicate well with them. Paul makes real estate easy by making himself available. The hosts agree to that because being available makes you respond quickly and can make the job easy.

Contact Paul: 727-688-1668

Guest Host Segment

Guest Host Chris talks about an issue he experienced when he waived an inspection. In 2020, he did not do an inspection of his new property and after a while, there was a problem encountered with the new property. The furnace basically could not be serviced. There was a recall, and it needed to be replaced. Your hosts share their insights about the issue and give advice about it.

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