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All Forum Posts by: Myron Voorhis

Myron Voorhis has started 2 posts and replied 15 times.

Post: Do Solar Panels Add Value?!?

Myron VoorhisPosted
  • Rental Property Investor
  • Aztec, NM
  • Posts 15
  • Votes 17

@Robby Hogle. I have a degree in renewable energy, and work with solar systems every day at my day job. My profession opinion is that it depends on what is between the panel and your outlet. Panels have a ~50 year life span and hold their value pretty well. The batteries and perceived maintenance is what scares people, and for good reason. If it is a strictly grid tied system that it is low maintenance and reliable, and will scare less people. If you have a pile of lead acid batteries than need maintained and replaced regularly it will be a harder sell.

My advice is to have an electrician with PV experience look over the system. Make sure everything is up to code, there are many DIY solar setups out there. Have the electrician write up a statement saying it is all up to code and detailing maintenance schedules and cost. Educating appraisers and potential buyers will help the value if you have a good system. To be honest solar isn’t always a good thing. It can be a drain to throw time and money down, and it isn’t really as reliable as people think. I don’t think it will be much more “socially accepted” in the next 8 years, and wouldn’t count on it adding more value then than now. In some specific areas like Boulder, CO it will add tons of value because of the local political leanings. Other areas it may subtract value.

I think solar systems are more of a hobby than anything else. They make the homeowners feel better about their environmental impact. Not everyone pays attention to or cares about their environment impact, therefore it will always reduced buyer pool. I would guess in most areas, way less than 50% of potential buyers would consider buying a house with solar panels.

Post: Has anyone BRRRed a late 1800's to early 1900's home?

Myron VoorhisPosted
  • Rental Property Investor
  • Aztec, NM
  • Posts 15
  • Votes 17

@Ben Beaudoin I haven’t BRRRRd one but I’ve flipped a 1910. It sold super fast and had a bunch of interest because of the character of the old house. There is a large group of people who love old homes. As long as it has good bones I don’t think you will have an issue with appraisals. With my 1910 most of the comps were much newer. If anything the age should help the value not hurt it because the fact that it’s still standing is proof that it’s built well.

Post: Where do you advertise vacant rentals?

Myron VoorhisPosted
  • Rental Property Investor
  • Aztec, NM
  • Posts 15
  • Votes 17

Thanks for all the responses and advice!

Post: Where do you advertise vacant rentals?

Myron VoorhisPosted
  • Rental Property Investor
  • Aztec, NM
  • Posts 15
  • Votes 17

@Scott P. I am in Aztec, NM. Not a very big town.

Post: Where do you advertise vacant rentals?

Myron VoorhisPosted
  • Rental Property Investor
  • Aztec, NM
  • Posts 15
  • Votes 17

We have used local Facebook real estate and yard sale pages in the past, but now we are not getting any responses. Any suggestions for good places to advertise?