All Forum Posts by: Dave Neeley

Thanks for the advice!

So now that I have had this rehab for a while now. I have sunk at total cost including purchase price of $30,000 into it. It is looking like it will cost another $ 30,000 for a total of $60,000 to get it finished. Properties around it are going for $40,000. When the house is done I should be able to rent the house between $550-$650 per month. I have an annuity with $30,000 currently getting only 2% return. I can pull the money out of the annuity with some hefty fines. I might be able to sell the house as is which is completely gutted for $5,000. Should I cut my losses? Or stay the course and get my ROI in 14-15 years?

I think it would be best for just a gas furnace then. It looks like they tend to last longer and cost less to maintain. I think  that if there is base board heat that it would potentially be too high of energy cost for tenants to pay and retain.

Yes, I was taking about electric base board heat. Would you recommend a heat pump instead of a furnace?

Thank you. 

I have a property that I have gutted and will be updating electrical and wanted to know if I should go with the cheaper option of baseboard heat or stay with a gas furnace. The property is not in the most desirable location.

Thanks

Thanks, my total cost in the property right now is $30000

I bought this house from my niece.  It had water damage. I put a new roof on it $6400. I had to rebuild a wall $3a400.  I had the foundation stabilized $1800.  All the drywall has been taken out because of the water damage. The subfloor is questionable.  I still have to hire a plumber to plum the house and the electric will also need hired out. After that the house can be put back together.  I am estimating another $30000. The house right next to it sold for $20000 and is habitable.  The house across the street has grass 4 feet tall. There is a condemned house on the same street.  I thought  maybe I could rent it for $550. Should I try to sell it for whatever I can get?

I plan on tearing out the drywall. I have a semi retired electrician that will do a complete re-wire on the house for $3100.  An Amish guy that will do the drywall fairly cheap. The plumbing I might hire out. I can do plumbing with the help of my step dad. 

My niece is selling me her house for $11,000. The issue is it needs gutted , It has water damaged where plumbing line burst and house was vacant at the time. I am estimating it might cost $20,000 to fix. I was planning on renting it out after it was fixed for $550. 2 bed homes are going for around $35,000 to $40,000 in that area. Is this something worth pursuing?