All Forum Posts by: Charles Morgan

Agreed. High efficiency for a reasonable cost is not a waste of money to me. Also you may be able to take most of the cost as a one time tax deduction. I actually have 99% efficient vent-less gas heaters in several of my homes even with the main furnace simply because I would want them if I lived there. If you buy the one that looks a small wood stove, they even add value similar to a fireplace.

When I bought my first rental I lived in an RV in the back yard until I bought my next one. I say get a cheap used RV and park it in the garage. Also likely against zoning codes but more comfortable! 

I actually had two legal primary residences for almost two years because when I filed my Homestead transfer paperwork the tax office forgot to remove me from the first one. It wasn't until I tried to refinance one that the mortgage company noticed it and had me change it.

Do you have another property already in mind? 3.7% is an excellent rate, it could be hard to beat or match that in the future if you try another refi. As you said, it may be awhile before you can qualify again on your business income, on the other hand it is tempting when you have cash to say "just spending a little on this won't hurt me", until it does hurt!

$1400 is a big expense, is the boiler well maintained? I personally would prorate the expense to new tenants as they move in, as @Luc Boironsaid, the boiler is still more efficient than electric.

I actually put in small vent-free gas heaters in a property. If you did that, each tenant could pick their own comfort level and the boiler would be a backup. The ventless heaters work even in a power outage saving you from worrying about frozen tenants in a winter storm. I prefer the radiant heaters for comfort but I have put in two ventless fireplaces which gave me a selling point. Ventless heaters may not be legal in your area but that is rare. Usually they are allowed if they are used as a "supplemental" heat source. Ventless heaters in my 2880 S.F. home dropped my gas bill from $175/m to under $125. (desert southwest area) And I have heat even in a power outage.

Replace the garage with another duplex!

PEX is an excellent suggestion. $4-5,000 spent now could save tons of headaches in the future. As for the roof, if it lasts for a few years the landlord insurance will probably cover much of it. Those storms in your area can cause some real damage! My T-lock roof had to be completely redone after a storm because T-lock is no longer available.

Without a few more details (total loan amount, home value, etc.), I have always taken 30 year loans for the flexibility, such as having a better DTI for second loan, and being able to make a smaller payment during a cash crisis. You do usually pay a higher interest rate but unless the difference in payment is minimal it gives you more flexibility.

I would like to add my congratulations. I have actually read every post of this sad story. If I didn't already have 4 foreclosures, I may have been scared away from buying any! I would like to see a video of the removal day also.

Brrr is what I'm working on myself but, I am moving slowly as I have a full time job keeping me busy. I will try to start a thread with my latest project (4th rental).

Keep at it @Debbie Lee ! I myself have considered carrying a sign at one of those "free" seminars but I do not want to be arrested for "disturbing the peace". 

I have attended a few and talked to as many people as I could to warn them.

I wish you the best.