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All Forum Posts by: Codey Fabian

Codey Fabian has started 3 posts and replied 11 times.

Post: Best heating system for a rental

Codey FabianPosted
  • Posts 11
  • Votes 12
Quote from @Eddie Gonnella:

Hey Codey, who is the rebate through? 


 The rebate for the natural gas is through Summit Natural Gas.

Post: Best heating system for a rental

Codey FabianPosted
  • Posts 11
  • Votes 12

After talking with multiple technicians we have decided the best option was to stick with the steam boiler. We are fortunate that nature gas does go by the house and we plan to connect to that when the ground thaws. They have a $3300 rebate to switch to them which will off set the cost of the new boiler. A new boiler was also the cheapest option and we were able to line the chimney ourselves which saved us around $2000.

Post: Best heating system for a rental

Codey FabianPosted
  • Posts 11
  • Votes 12

I appreciate everyone’s input. We have looked into going with just heat pumps however we are running into issues with our insurance. They told us we cannot have heat pumps as our primary heat source and will require us to have an alternative heat source for the primary. They also told us we will need to put permanent heat in our bathroom which the house never had.

Post: Best heating system for a rental

Codey FabianPosted
  • Posts 11
  • Votes 12

@Dan Weber I am aware of the program and actually have a friend that just got certified to put them in. He is coming to our house tomorrow to hopefully get us a quote. I just worry about not having a secondary heat source that doesn’t require electricity. Especially with the past few years we have experience times of prolonged power outages due to storms.

Post: Best heating system for a rental

Codey FabianPosted
  • Posts 11
  • Votes 12

Me and my business partner are working on our first rental property. We purchased our property back in the end of October and have our own handyman business so are doing the work ourselves. Unfortunately our steam furnace broke and we were told we would need to replace our furnace. I am curious what other in Maine have used or what people think the best heating source for a rental is. This is a single family home.

Like I previously said our current furnace is an oil burning steam boiler. We were told by the technician that it would have to be completely replaced and we would also have to have our chimney lined to bring it up to code. He mentioned looking into a force hot air furnace however we would have to run the duct work and it would be hard to get to the second floor. We already had planned to put in heat pumps in the main living space and in the upstairs between two bedrooms.

I am curious what others recommend or have used. We have thought about using propane wall mounted heaters in the bedrooms and the kitchen which would go along with the heat pumps in the main living spaces. Any advice or suggestions appreciated.

Post: Financing for a BRRRR

Codey FabianPosted
  • Posts 11
  • Votes 12

@Nick Belsky is a fix and flip loan a commercial loan? I figured there was some type of option like this for us. Do you know if there are lenders in Maine that offer this. No one has mentioned a fix and flip loans to us and we were flat out told we cant get financing for a house thats unlivable.

Post: Financing for a BRRRR

Codey FabianPosted
  • Posts 11
  • Votes 12

I am looking to purchase my first property with my business partner. We located a house that had been used as a business for the past several years. Due to this, they removed the kitchen to make an office and the upstairs bedrooms are in need of repair. It is listed as not livable due to the fact it does not have a kitchen and the upstairs needs to be repaired. We reached out to some lenders who informed us since the house is deemed not livable, we can not get financing. We have our own carpentry business and plan to rehab the house ourselves and then rent it out. Once this is completed and the house is rented we would complete the BRRRR to pull our money back out.

Has anyone run into the issue of not being able to get financing due to a house being unlivable. If so how did you get around this to be able to get financing. 

Post: New Member in Central Maine

Codey FabianPosted
  • Posts 11
  • Votes 12

@Craig Parsons you do not need a license if its your own property. If you plan to sell it or use as a rental property I would probably still use someone who is licensed that way all codes are followed and liability would be on the licensed person if something were to go wrong.

Post: New Member in Central Maine

Codey FabianPosted
  • Posts 11
  • Votes 12

@Eddie Gonnella

We run our handyman business out of the Waterville area since I live in Oakland and my coworker lives in Vassalboro. With that being said we are willing to travel depending on what the deal is. We are experienced in a little bit of everything. Somethings that do restrict us is we are not able to do electrical or plumbing because we are not licensed to do that. We also can’t do roofing due to our insurance. We do have a Facebook business page called C2 Handymen if you ever wanted to check it out and see some pictures if our projects.

Post: New Member in Central Maine

Codey FabianPosted
  • Posts 11
  • Votes 12

@Ryan Murdock I appreciate the info and that does make sense. We did speak to our bank recently when making a business account and they went over some different options for financing some deals briefly. We will probably break down at some point to look into financing deals but we definitely want our first one to be with cash. Our goal is to have our first property this year.