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Suit Up With Baez
Level up your real estate, mortgage, and business game with the 'Suit Up with Baez Podcast!' Tune in for bold strategies and expert insights to fuel your success!
Suit Up With Baez
Episode 21: Family Business Dynamics & Renovation Realities: Navigating Entrepreneurial Legacies, Contractor Myths, and Real Estate Markets with Steven Pizarro
Join us for a captivating conversation with entrepreneur and family business expert, Steven Pizarro. In this episode, we dive into the intricacies of managing two successful businesses alongside his wife, who leads the insurance side of their operations. Steven shares valuable insights on the importance of teamwork and the legacy they aim to build for their children. Discover how their partnership mirrors a harmonious marriage and gain practical strategies for passing on family businesses to future generations.
Uncover the truth about house flipping and contracting in this eye-opening chapter. Steven debunks common misconceptions and highlights the realities and unpredictabilities of these ventures. Learn why it's crucial to hire licensed and transparent professionals and the risks of dealing with unverified contractors. Discover the importance of obtaining detailed invoices and verifying contractor credentials to avoid potential pitfalls. This chapter emphasizes the significance of conducting thorough research and checking past work to ensure a secure and successful renovation process.
Tune in as we explore the impact of rising material costs and the importance of adequate insurance coverage. Steven offers valuable advice on navigating the complexities of the current real estate and insurance markets. Discover strategic renovation tips that enhance home appeal and protect your investment. We also provide essential tips for first-time homebuyers, focusing on inspecting key utilities and structural components to avoid costly repairs. With Steven's expertise as a contractor and insurance broker, this episode equips you with the knowledge to make informed decisions and protect your investments.
Hello everyone, welcome to Suit Up with Bias Podcast, and I'm Alex Bias and I have a special guest today. His name is Steven Pizarro.
Speaker 1:How you doing, guys. Thank you so much for inviting me here today.
Speaker 2:Yes, we're happy you're here so. Steven Pizarro is actually one of our. He's actually family. He's married to my cousin. How long have you guys been married for?
Speaker 1:13 years, 13 years Wow.
Speaker 2:That's a beautiful family they have. That's a blessing. So, steve Pizarro, he actually owns two companies. Yes, right, yes, he also owns his insurance company and also contractor company.
Speaker 1:That is correct In New owns his insurance company and also contractor company in New York. That is correct. We have the insurance side obviously policies, general liability and then we have the construction side where we renovate home, we build homes. We've been doing that for a while here, so you know it's not easy, but we have two companies running right now.
Speaker 2:So how do you run two companies at once? I'm curious about that.
Speaker 1:Well, it's called, you know, partnership. It's definitely called teamwork. So between me and my wife you know my wife, she actually runs the insurance side I go in and help her as well when she actually needs some help. And you know, this is what I'm here for. It's just definitely marketing the insurance company out there, and then I run the show when it comes down to construction. So that's how we actually do it. We do it as a teamwork.
Speaker 2:I'll be honest with you, I think those, basically those marriages that are running businesses together, are the best, one, most successful. So I can put myself in the same situation. So, basically, your wife runs the insurance and you are running the construction.
Speaker 1:Yeah.
Speaker 2:That's amazing. So basically it's like the same thing me and Heidi. I'm the real estate broker and Heidi is the mortgage broker.
Speaker 1:You see, you see, so there you go.
Speaker 2:You know, we got basically the same feel, basically.
Speaker 1:Yeah, yeah, and I believe in that. When you marry, it's always about working as a team, you know, and the beginning is a little rough, but once you learn that working together is the best way to go, it's like things just be more smoothly.
Speaker 2:You see how everything grows.
Speaker 1:And the best partner, it's actually your wife. Your number one partnership should always be your wife.
Speaker 2:Yes, so be very wise who you choose to marry.
Speaker 1:That is true Because, like they always say, happy wife, happy life.
Speaker 2:So yeah, so that's amazing. I've been seeing a lot of basic couples doing the same thing Married couples doing the same thing. They're opening business together. And one is covering one field and the other one is covering the other field and I think it's it's more success like that.
Speaker 1:Yeah, you just have more, more success you working together, you work as a team and you grow together. That's the main thing that that when you working together as a couple, you actually go more far. So that's one thing that I have been learning in the last few years.
Speaker 2:Wow, you just pointed out something so big Like basically, you guys are growing together, growing your business together, growing it from the ground to the top. Right, I mean it's the best story to even share when your kids are witnessing, because you have two kids, right?
Speaker 1:Yeah, we have two kids, that's right. So your kids are witnessing that you're growing your business with your wife. Yeah, it's just working together to achieve that one goal.
Speaker 2:Gotcha, what's the name of your company by the way.
Speaker 1:So we have GMJ Insurance Brokerage. A lot of people are like what's GMJ stand for? Well, that's initial of my family.
Speaker 1:So you have G for Gabby, which is my older son, you have M for Mary, which is my wife, and then you have J, which is my little son, which is Jacob, so GMJ. So that's GMJ Insurance Brokerage. And then you have MGJ Same thing. M for Mary, that's awesome, yeah, yeah. So M for Mary, g for Gabriel, which is Gabby, and then you have J for Jacob, so MGJ. Home Capital Solutions is our construction company.
Speaker 2:That's awesome. So one thing I would say I love to support family business I think, once it's a family business, it's more touching, more personal. So I love that you guys are running a family business.
Speaker 1:Yeah, and that's what it's all about. When I started my business business, the first thing I said is I want to have my family involved. All of us grow together, even even because, at the end of the day, like there's companies that we're growing right now, this company is going to be for the kids, you know.
Speaker 2:So that's why I left it like that it's funny because, honestly, maybe that's the reason I like you a lot, because I can relate on it.
Speaker 1:That's how I feel. Everything you just said, yeah word by word.
Speaker 2:That's exactly how I feel about my company and how we're doing this, but today's about you.
Speaker 1:So, I got some questions for you yeah, yeah, go ahead, I'm ready.
Speaker 2:So what inspired you? To become a contractor.
Speaker 1:And what were some of the challenges you faced when getting licensed. So what actually made me go into construction and being a contractor is basically seeing the work. I was like you know what? Everything is step byby-step. What do you need? You need windows, you need framing, you need flooring. So once I saw me doing my first flip, I was like you know what? Doing my first flip, I said I can actually do this. I was like you know what? The biggest challenge is keeping that budget.
Speaker 1:That's the biggest challenge when you're doing construction, because if you pass your budget and it's like there's certain houses you get into and you're like I want to make it into one of the best luxury homes, but sometimes you just got to just take it easy and just make sure that you don't pass that budget.
Speaker 2:You just mentioned something you said flips. Let me ask you a question.
Speaker 1:Do you think flips are just like the way the shows are flipping, like they make it look so easy and everyone thinks it's like, oh, this is like when you're seeing hgtv, you go in there and you and you see that, oh, they're gonna break that wall and then that that from breaking that wall there goes the new kitchen. It's like how easy that is. It's not. It's not like that, because when you break that one wall, if you hit a beam that holds the house, there you go. If you break that one wall, then you're like, wait a minute, what's inside that wall? It could be a lot of stuff. It could be new plumbing. It'd be a lot. A lot of new things didn't come off from that wall. And there goes now a new challenge for you when you're actually doing that these shows make it look so easy.
Speaker 2:So I've noticed that everyone around me thinks like flipping houses, so easy, easy money. No, it's not. I don't think it's anything easy.
Speaker 1:If they go and record from the beginning and they go just show you that one wall they took out and then probably like three days later, they show you like there goes the kitchen. It's like anybody can do that, I can do that. But if they tell you from the beginning, once they break that wall, what's inside that wall, oh, now the electrical outlets is all over the place. Now you have to change some things around, you know.
Speaker 2:So it's, it's just not as easy as people think it is not easy now.
Speaker 1:Sometimes it becomes easy when you get it, when you actually find a home that doesn't need too much work and you're like yes one can take one week to be done. Another house can take probably four months.
Speaker 2:So it depends on the type of home you find I see, let me ask you a question. I think this is this is actually my favorite question. Okay, what's the biggest myth about contracts that you wish would just disappear?
Speaker 1:I guess it's. It's mainly that the, the contractors are gonna come in, you're gonna give them, you're gonna go give them the money right there and then they're gonna basically finish your whole entire job right away, and not only that. Another thing is that everybody is a contract. Everybody's a contract. I'm a contractor, I'm a contractor, not everybody's a contract. The biggest thing that you can see is if that contractor's not walking around with any type of invoice on him, he's not a contract, because that means if they're giving you an invoice or a type of piece on him, he's not a contract, because that means if they're giving you an invoice or a type of piece of paper showing you the details on what they're going to do and telling you this is going to cost.
Speaker 1:Another thing is if a contractor goes in there and doesn't want to see the house for a second time to give you a pricing, you also got to look into that and say, why come? You don't want to come again and see the house Because they see it once and that's it. But if you haven't checked the pipes, you haven't checked all your tanks, you haven't checked the heating or the electrical, how is that person a good contractor? A good contractor will go and check everything, probably visit the house twice or even three times just to make sure those numbers are correct. And also, a good contractor will not take your money right away and just leave. That's another thing. I've seen a lot of people doing that. Where they go, they take the job and then just disappear, and it's sad when you see that.
Speaker 2:I would say that the contractors be careful. A lot of people just say they're contractors just to get the money and they disappear. Happens a lot in New York City. You go to Home Depot everyone is a contractor their prices are overpriced, right, and everyone at Home Depot is a contractor and in reality they're not contractors.
Speaker 1:Right.
Speaker 2:Because a contractor is licensed, right, they have coverage, you guys are protected coverage and the house is protected as well while you're inside the property, right, right, so you know I I seen, I witnessed one of my um clients. He came higher contract, supposedly he was a contractor, found him at home depot. This guy gave him a nice scenario also, they don't do no voice, they don't do no invoice, they don't do any of that. Right, gave him. Told him listen, all this work, I could do it for 25 000. A licensed contractor have, told him I. I think it was $45,000, $48,000. He felt more comfortable, like, oh my God, I'm getting a deal here, $25,000. The person came, did the work for a week and no, kid you, not the client's calling me hysterically, this guy just disappeared with $25,000. I don't know what to do. And I told him listen, good, too good to be true.
Speaker 1:Right, right, and it's always good to do your research because, especially that person that that is going to start to work for you, tell them to show you pictures. If they have Instagram, they have any type of work that they can show you that what.
Speaker 1:I have done before, because you don't want to go in there and like, wait a minute. Like, for example, if somebody want to hire me, I just go to my social media. They can see the type of work I've done. I can go and build you a home from ground up. I'll tell you, hey, I'm not the guy to do the foundation, but I'll get you someone that can do the foundation for you and start the home from ground up. And that's a good contractor. Because a good contractor will tell you if bad contract that goes and tells you, oh, I can go and build that from ground up, it's like you know. It's like can you really do the whole house? A good contract would be like you know what? I cannot do it. I'll get you the person that can do it. I can do the rest of the house.
Speaker 2:It's more being an honest and transparent contract, like yourself.
Speaker 1:Right, right, and that's the best thing is just being transparent. Tell the customer I don't know how to get that done, but I'll get back to you.
Speaker 2:That's hard to see because everyone knows it all. Right, everyone knows it all.
Speaker 1:I'm not going to tell you, hey, I'm a licensed electrician or I'm a licensed plumber, but I'll get you a licensed plumber, I'll get you a licensed electrician and I'll get the job done for you. That'll give you that peace of mind that you know what this guy is a good contractor, because not only is he going to get my house done, but he's going to do it with the right people.
Speaker 2:Exactly and at the right price, Exactly. So basically you just brought something up really good. So I think there's a lot of confusion out there about a contractor, plumber, and electrician, can you? Give us a little brief about that real quick. Well right.
Speaker 1:So a lot of people that come into the real estate world and they see a contractor, they think that the contractor does it all. The contractor does the plumbing, the electrical, that does the mechanical work for your heating and all that stuff. Well, that's actually not right, contractor. What they do is they can finish the whole entire home, but when it comes down to electrical in your home and a plumber, there's a specific person that's licensed to do that. Now will you probably find a contractor that does it all? Yes, but I'll say that's like a 50% chance for you to find a contractor that does it all. Most of the time, that contractor doesn't do electric work and doesn't do plumbing work. So a good contractor will get you the right person and you're good. Yeah, to be honest with you finding the right contractor to and and you, you're good.
Speaker 2:Yeah, to be honest with you, finding the right contract to get the job done makes us be at peace. Right, because I also experienced certain things right gotta be careful who you hire. You really gotta do your research and, of course, maintain a great relationship with the contractor, but, more than anything, explain to them what you're looking for and what you want to do right. One thing that I think I've been seeing inflation is out of hand right yeah, yeah material prices are going crazy right now.
Speaker 2:How are contractors like you copying and how does this impact buyers looking to renovate?
Speaker 1:Right, so lucky that I do multiple construction out there. I get discounts, you know. So I try my best to get the best discount possible with my account with Home Depot or Lowe's or if I have a warehouse that I can go get the roof or even cheaper than home depot. So you'll want to have a good contractor that gets you the best pricing that fits with your, with your budget.
Speaker 1:You know, because if a contractor just tells you, hey, I'm gonna do it all, and doesn't look into your budget and also look into the material, right now the material is expensive. If you look at it, it's like, hey, let's, let's do one certain work you can probably go ahead and spend like five thousand dollars just on material and you haven't even started the job yet. Yeah, you know so. But the the reason that you know and this is for the public out there the reason that material is expensive out there is because the prices of the home so home depot and all these other companies and like lowell's, they're're like wait a minute, we got to eat too, you know, and that's how it comes in. If you're going to build a home that's worth $800,000, they're like I want a piece of the pie as well.
Speaker 2:You know what's interesting? The inflation is out of hand, but let's see how Trump handles all of this right. Let's see what he's going to do for the country. We're in the right time.
Speaker 1:Yeah, because the last few years everybody's like the home is going to crash, the market's going to go crazy, it's going to crash, but it'll never crash. Now we have a new administration here, which he's really into real estate and right now I don't see the prices going down. It's going to keep going. So if you have the opportunity to get your home, definitely do your research. You have the right guy here, alex Baez with his wife. You have the right guy here, alex Baez with his wife.
Speaker 1:You guys come here and they'll definitely help you out, because you need guidance right now, in this type of market. You need guidance.
Speaker 2:You know you just said something big. I think you know we all have our feel right. Always look for that profession that does that feel right. Yes, everybody that's, because everything that's out there, you know, you have the profession right next to you. Just do your research and but hire a professional.
Speaker 1:That's the bottom line, not your family member.
Speaker 1:Not your friends, or your friends or your cousin or your uncle or your aunt, hire a professional that's going to help you get you to your goals. Because, at the end of the day, if you don't know how to build a home, you're going to find the right person that's going to help you build that home. If you don't know about certain things, you're going to do your research into that different scenario that you want to get yourself into. You're just going to have to find an expert. It's always good to find an expert.
Speaker 2:I agree with you 100%. Those professionals do it. We do it every day.
Speaker 1:This is what we do for a living.
Speaker 2:We do it every single day. So guess what? Those experiences that we went with our other clients, we're going to bring it to you, the clients we're going to bring it to you. We're going to come in really ready, prepare for you so guess what? I'm going to get the job done and get you at a better place, correct? Let me ask you a question. Let's talk insurance now. Okay, so what's the biggest mistake homeowners make when it comes to insuring their renovation projects?
Speaker 1:The biggest mistake is that they do is let's get the cheapest insurance and let's not get the right um, correct um, coverage coverage. Cause what they do is they go in there and they they think like all right, well, you know, this house is is is worth 200,000. Now, by the time I finish, it's going to be worth like 400,000, and I don't need to get my limits up there. Well. Well, if there's a fire after you built the whole entire home or after you renovate the whole entire home, if you don't have the right limit, what's going to happen is now your insurance is only going to pay you for the limits that you actually purchased. And I think that's the biggest mistake, because you always want to protect your investments.
Speaker 1:Oof yeah because it's true what you're saying, because they come, they just go based on the basic and then they don't see. Basically and I see that all the time People call me like, hey, steve, I'm trying to lower my home insurance, or I'm trying to do this and I'm working on a property right now I need insurance, and I give them the quote. And when I give them the quote, some of them be like oh, I got a better quote. I'm like let me check the limits. When you check the limits, it not the same. I'm like this is not the limits that you need. You need this limit, you know, and that's a very dangerous game that you can play.
Speaker 2:Let me ask you a question that I think a lot of people don't know. You know, for instance I'll give you an example like, let's say, geico.
Speaker 1:Right, I don't like Geico Right Overly priced.
Speaker 2:First of all, I had Geico for so many years. They're overly priced. They make their own story and they believe their own story.
Speaker 1:That's what I tell people. That's the honest truth.
Speaker 2:But I would say what's the difference being an insurance broker?
Speaker 1:Well, being an insurance broker, the best thing about it is that you can shop that person's home insurance around. You can shop the auto insurance. So right now, for example, for a person will go and they get home insurance with, say, allstate. Allstate is just one company, but when you go to GMG Insurance, like my brokerage, I can shop your home into like 30 different insurance companies. Wow, that a lot of people don't even know that there's other insurance. It's like probably like thousands and thousands of insurance companies.
Speaker 2:And they have the same policy, same coverage, same coverage same policy same everything.
Speaker 1:And guess what? Sometimes the ones you go to I don't want to say no names, but sometimes when you go to that certain popular insurance, when it's time to pay out, they don't even pay out. The other one that's been there for, say, this insurance company that I know that's been there for 1850, but a lot of people don't know about it, so that's why it's always good to go to these insurance brokers that can shop you around and give you the best price.
Speaker 2:You said something big because everyone thinks about, for instance like Chase. Everyone thinks like let me go to Chase Reality. Like Heidi's a lender, she works for over 95 banks.
Speaker 1:Everyone goes to Chase because of the name, do you?
Speaker 2:really think Chase need your business.
Speaker 1:And then not only that, but then customers get discouraged because they go to Chase, they get declined for that mortgage application. Meanwhile you have your wife here that can get them approved and go through probably like 20 different companies and get them approved on the spot and go shop With better rates, better closing costs. Yeah, better closing costs. So that's why working with a brokerage is very, very important. And also, it's good to do your research. It's all about doing your research and working with the experts.
Speaker 2:So the broker will get them the better price, better thing and better options.
Speaker 1:Right, because the thing is they don't understand that, like, if you buy a home, they have access to now with you. They have access to lawyers, they have access to title agencies where they can run and see exactly when that house was purchased, if any title issues. It's the same thing with insurance over here we look if there's any violations in that home and then what company we're actually going to put you in to make sure we get you the best coverage, because if that insurance company runs your information, they'll decline you right away. But don't worry, we have another company that will get you approved.
Speaker 2:So you guys also will see if it's flooded, if you need flood insurance.
Speaker 1:Everything, we see everything. How far do you?
Speaker 2:guys go back on, let's say, any claims that have been against the property.
Speaker 1:I believe that last time when I spoke with my wife, I think we do about five years, five years In between. Once it passes like five years, you know they don't, but five years they'll definitely get to it, yeah, so look at that.
Speaker 2:You go through an insurance broker. You know if it needs flood insurance, you'll see all the policies that evolve.
Speaker 1:And even if you tell me, oh no, we don't need it, well, the underwrite is seeing, it's seeing that you're close to the coastal, close to water, and they'll tell you your insurance won't be going up a little bit more up, you know. So it's to protect the insurance, protect yourself you know.
Speaker 2:Let me ask you a question. Tell me about a time when having the right insurance saved the renovation project or maybe even a homeowner from a nightmare scenario.
Speaker 1:Oh, this is funny because I have so many stories but this one Give me the best one.
Speaker 1:We were working on a project in Chicago. When we was working on the project, it was one of those tricky neighborhoods, nice people, but you know it's not one of the best neighborhoods. Okay, and he's probably going to watch this podcast, zach, I remember one of my partners there, but we put brand new boilers in there and these Navian boilers. It was three families so we had to get two not one, but two Navians and installing those was about 8 000 just installing those two, with the, with the installation and everything. And um we got it installed and everything like that. And um, lucky that we had insurance but we didn't use it because we was like, looking at it, do we really want to go and put an insurance claim? We didn't. But we told them let's get an alarm there.
Speaker 1:We never got an alarm. It was like we should have got an alarm. We left it there. After we installed it, probably two weeks later we came back everything's gone, everything like not only not only they took the boilers and avian, but this brand new boilers, they even took the pipes. It was insane. And um, it's one of those scenarios like we had insurance but we didn't use it because it's like you know, I already know if we put an insurance claim, obviously everything goes up. We didn't want that. We're like you know what, let's put an alarm there. So that's one thing out there. You know. To avoid insurance or to avoid any claims, just make sure you secure your property. Always want to have an alarm and that's one of my biggest lessons that me and my other partner alarm cameras, camera, everything doesn't matter if you, if you, if you, everybody's nice in the neighborhood or anything like that.
Speaker 1:But it was a little rough neighborhood but at the same time it's just, you know we could have avoided eight thousand dollars that's a lot of money, but that's a lot, you know.
Speaker 2:It's sad to say that you always got to protect yourself because everyone's watching, right everybody's watching.
Speaker 1:When you're putting everything new in that home, it's like everybody's watching. Now there's certain locations that you already know, like there's certain I have done houses that I have put a lot of expensive stuff in there and everything the next day is still there, or a few months later still there. It just depends on the location. Wow.
Speaker 2:That's crazy. Yeah For the next one. For buyers who want to add value without breaking the bank.
Speaker 1:Right, what's the one renovation you swear by that both affordable and a game changer, one renovation that you think will make a big difference, the biggest game changer, guys, the biggest game changer Get a brand new kitchen, because the kitchen does it all. I'm with you. When you walk into that home, the first thing you see is what? The kitchen. Either the husband, the boyfriend, the girlfriend, whoever is going to fall in love with the kitchen right away, because that's where they're going to spend most of the time in the living room, the kitchen cooking, spending time with the family. And then the number two is the bathrooms. You want to have those bathroom brand.
Speaker 1:I always believe when you're renovating a home is I don't like that touch up on. Just well, let's touch up this bathroom, I believe. Just bring everything down, put it brand new. If you know how to budget yourself and know what type of materials to buy, you put those bathroom brand new in the kitchen as well. That gives the whole entire house a good thing, wow. And also, you have to make sure that the gas or the water tank is working, but other than that, those are the kitchen and the bathroom.
Speaker 2:I'm with you 100%. So when I go show my buyers, that's the first thing they look at is the kitchen and the bathrooms.
Speaker 1:What are you going to do when you wake up? That's the first thing they look at is the kitchen and the bathrooms. What are you going to do when you wake up? You're going to take a shower. What are you going to do when you go to sleep? You're going to take a shower. That's the thing they're going to see. When you wake up. You want to go. What eat breakfast?
Speaker 2:When you go to sleep, I'll probably have a snack, or when you haveitchens. Exactly, I totally agree. All right, every job site has its drama. What's the most unexpected?
Speaker 1:challenge you have to tackle on a project and how do you pull it off? I think it's mainly working as a team, like it's when you, when you go, when you go into a project and you have one person over there, another person over there yes, that that. But as long as everybody's working together and everybody on the same page. If you're going to be working on, for example, the kitchens, let's just get the kitchen done. If we're going to be working on the bathrooms, get the bathrooms done. If we're going to be working on She-Rock, we'll get that done. Everything is step-by-step. If we're going to do windows for the whole entire home, then I just want the window team there. That's always a lot of job because if you have a team working on all the windows and then you have another person working on the floor, eventually they're going to clash.
Speaker 1:So I always believe in a system. Have a system in place when you're renovating home. What step are you going to take? Which are you going to tackle first? Are you going to tackle the kitchen? Are you going to take what are you going to tackle first? Are you going to tackle the kitchen? Are you going to tackle the bathrooms? Are you going to tackle the walls of the home. So it's just making sure you have a system in place so there's no drama with your workers or even drama with your buyer because they walk in there like wait, what's going on? Where's this mess? One thing about me I like having everything clean. I can't see a mess, so I put everything in garbage. All the garbage is put in one side so that your working space is clean.
Speaker 2:Gotcha, I got this million dollar question for you, my last question All right, I work with a lot of first time buyers. Okay, you're a contractor. What is the first thing you would say that a first time buyer should be aware or have in mind when they go see these properties? There's one thing that you'll point out on the property that's the most important thing to you.
Speaker 1:When you walk in there, forget about the kitchen and forget about the bathrooms. What you want to walk in there is the utilities. You want to check if the lighting is working. You want to check where you're going to be getting the heating from, because heating is very important. That's one thing that you want to check. You want to check all the pipes around the home and the foundation.
Speaker 1:If you see any cracks in the foundation because that's what you're going to be living at you want to make sure that the main stuff that secures the home, which is the water, the heating, the foundation, is intact. And if you need a new water tank, if you need a new oil tank, you want to check those things, because everything else is just easy. Anybody can come and do a new bathroom, a kitchen and all this stuff, put windows and also the last thing is your roofing, because those roofs are supposed to be last 15 to 20 years. So if you see any shingles that's falling or you see maybe in your attic that you see probably water that goes through there, obviously that has to be replaced, but from roofing utilities, which is your oil tank, your water tank and your electrical and your pipes. As long as you check those things, then after that you can go ahead and proceed to buy the house.
Speaker 1:Wow, so you guys know alreadying, yeah, basically your pipes, your electric, you said yep, and the foundation in the heat, and the heating foundation is big foundation is very big and I seen it all I seen, I seen friends where there's like they move in and then now when the rainstorm comes, the whole, the whole uh foundation, the whole basement is flooded. You know, you imagine like moving to something like that that's crazy.
Speaker 2:So so I actually had a client right. He bought this property right. The inspector had mentioned to him that there's water coming into the basement and that the foundation should definitely look like it should seal it more, but something's going on in there, right. So, apparently, one thing about the buyers we disclose everything to them, right right. But then they make the decision they want to purchase the house.
Speaker 1:Of course, of course.
Speaker 2:But everything's disclosed to you. Right and you know what you're getting yourself into. Right, and if you can handle the expense with a contractor, that's on you. But we will explain every detail to you, especially the inspector. I'm very strong about the inspector explaining every detail to the buyer because then I get the call and I'm like all right, but you knew this was happening, right? So one thing is that we've already received a call probably received it like two times in all the homes that I have sold, but we disclosed everything to these buyers.
Speaker 2:So sometimes they just they want to move forward for it right. Had this client bought the property. Foundation water cut coming in, everything Couldn't handle it anymore. So what they had to do was basically buy this black room, put it all around the house, put some met walls around the foundation outside. The job came out to probably 25 30 000, you know. But you know he knew about it, about the foundation, he knew all the water's coming in right from underground he knew all this stuff, uh, but he really wanted the house and he fell in love with his house.
Speaker 2:He still did the work, though. Right, right yeah it's on 25 to 30 000 to to basically like reinforce the foundation.
Speaker 1:And it's funny because if you know the right person, the right contractor, you'll probably save even less money than that. You know. That's why it's always good to always, when you buy a home, be friendly with a handyman out there. Be friendly with it if you know a contractor out there, because a job like that it's just a lot of cement that you need and a foundation crew that actually goes in there will fix that crack and put that thing brand new.
Speaker 2:So, guys, thank you Before anything, Stephen for coming to our podcast.
Speaker 1:Thank you for having me over here.
Speaker 2:All his information is going to be below. You already know he's also an insurance broker and also a contractor right. All his information is going to be here. This is who I've been working with. I refer him clients he takes care of my client, which is very important for me, and also he's family right, him and his wife. Thank you, guys for tuning in with us. Please like, subscribe, comment and guide to the next podcast. Thank you so much, guys, thank you Take care. Take care.