CapEx Projects Way Sooner Than Expected

[Michal Kolenda]

Hi all, 

Just last week I closed and acquired my first rental. Its a 3 flat in Chicago, I will be moving in soon when the next lease is up, but since I've closed the water heater hasn't been starting back up occasionally when it cycles back up (pilot hasnt been working properly). This happened twice last week, and both time resulted in loss of hot water overnight. The 3 inherited tenants are alright with it (so far) because I've been proactive in their needs and dealing with the last owners deferred maintenance. 

It seems to me the seller was just keeping the heater alive long enough to sell, but I think I should just replace it with another 75gal and get it over with. So moving onto the boiler... The boiler is as old as the building, with the manufactured date in 1973. I had a fantastic price quoted for the work, and the man would do the heater and boiler in a day each. 

I was wondering what you all would do in this situation. I know the boiler is at the end of its life cycle. Would you rather get infront of it, or would it be better to wait and hope it lasts until its warmer to not shut off heat for a day? I'm leaning towards getting ahead of it because I know if something does go it'll most likely be at the most inconvenient time.  

[Dennis M.]

deferred maintenance is very common and to be expected . When you get an old multi apartment 9 times out of ten your going to have tons of secret crap those first few months that needs repaired and replaced ! This is a tough situation out of the gate especially if you went into hock to get into it only to find you were lied to and taken advantage of . Sadly it’s a Very common problem with older landlords dumping their portfolio . We all went through this crap so be bold and don’t let this ruin it for you