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Updated about 8 years ago on . Most recent reply

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Matt McConkey
  • Rental Property Investor
  • Phoenix, AZ
126
Votes |
222
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Hot water heaters are expensive, but not THAT expensive

Matt McConkey
  • Rental Property Investor
  • Phoenix, AZ
Posted

Without going into the giant back story, my wife and I own a townhome in the Chicagoland area and we rent it out to a family who has been there for several years. 

As with any cold weather climate, there are items that are bound to go out, so we pay a service company to check the HVAC a couple times a year. They do a great job and have always been what we feel is fair for the work they do over the past years.

So the tenant messages us and says the hot water heater isn't working. We call our service company, they look it over and tell us it's going to be $1,500 to replace the hot water heater with a standard replacement. 

Alarm bells are ringing. 

She calls a couple other places and we get another guy out there. They replace it, give us a warranty and all done same day for $500 less. 

The lesson here is even though you might have a good relationship with someone, if something sounds off, don't be afraid to double check. In our case, it saved us a nice chunk of change. 

Most Popular Reply

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10,252
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16,111
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Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
16,111
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10,252
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Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
Replied

Glad you got a 2nd opinion.

My last w/h replacement costed me $290 and about 3 hours all in, but mine are in my backyard.

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