All Forum Posts by: Robin W.

I have a side by side duplex (all electric) that I want to upgrade from window ACs to a two-zone mini-split system. 

Just wondering if anyone has done the same and can share tips, what to expect on cost, and any recommended contractors. 

Appreciate advice and references. 

Thanks for this. I got so discouraged from the big bank, I didn't even try with smaller. If anyone has a recommendation in Chicago, I'm all ears:)

I'm attempting to refinance a 2-unit rental property I've paid down over 15 years, but feeling discouraged. Currently there is 150k left on the mortgage at a high interest rate of 5.5% at a fixed 30, and I was hoping to lock in lower rates offered to take some pressure off the monthly mortgage payment and increasing property taxes. 

When I approached the same major bank currently handling my mortgage, they told me I'd easily be approved for a 150k loan, cutting my monthly payment in half, and locking me in a 15 year rate of 2.8- 2.9% instead of my current terrible 5.5% rate. But now I hit a snag because I'm self-employed and they require two years of tax returns for self-employed.

The issue is my 2019 tax return features a stint on unemployment after a corporate layoff, and then in 2020 I changed industries earning at first 50k as an independent contractor, but now in 2021, this industry change led to considerably more income for 2021 (100k+). I'm essentially earning more as an independent contractor than I ever did as an enterprise employee, but because I can't file my taxes for 2021 yet, then only my 2019 and 2020 income will be considered making me unqualified, despite an 851 credit score and no debt other than current mortgage of 150k.  

I asked if I could prove Year-to-Date earnings with my contracts, invoices, and bank statements, but they said underwriters always fail these exceptions for self-employed. Am I really stuck in applying for these rates until February or March reflect 2020 and 2021? 

I'm so worried it's my last chance for these rates.

My tenants were recently notified that Google Fiber is available now on my street and they requested I approve the installation process. After some light research, I see this may involve crews mounting a junction box to the house, running a conduit from this junction box down the street using a 6" deep slit trench, pulling fiber from the street to the junction box, and drilling a hole into each unit to create a jack. I'm not sure if this is accurate but I wanted to ask..

Has anyone else been through the Fiber installation process? Is it worth pursuing for two units? 

There's a rare opening soon in my multi-family property, and I'm thinking of taking the opportunity to owner-occupy the unit with the intention of refinancing to reduce interest rates. My current interest is at 5.5% 30 year fixed that matures in 2032, but as I understand it I can do a lot better at this time. Is there really a value to owner occupancy in refinancing? Has anyone ever don't it, and how long would I establish residency before approaching lenders? 

I actually love the building and it's a joy to live there, but I'm hoping to research more on likely savings before I give up the high-rent that it usually brings. 

 First time I heard anything like this suggested to me - sounds expensive? I heard annual maintenance is required for tankless? How will both units track water utilities with one system? It's a split duplex down the middle. Not really even sure how to position the outdoor enclosure with the patio here and bedroom windows on each far side of the back of the house. Ugh, such a pain. 

@Account Closed There is no gas line right now, as all the units have electric wall heaters, and window AC units. Tenants pay utilities.

I AM considering for the future a HVAC conversion,  but I wasn't thinking about doing it all at once. Quotes were pretty high last I checked for HVAC conversion of each unit, plus getting city to hookup gas. 

But if there's merit to having gas water heaters outside in a custom-built insulated enclosure then maybe there is a case to biting the bullet. 

Ok, I'm back and need a gut check for the estimates I have in Nashville, TN. 

Covid slowed me down but I want to get this project booked. 

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Estimate #1: Independent Contractor Plumber

Quoting $4400 total ($2200 per side) to reroute location of attic water heaters and electric to outdoor enclosure. 

Two new 40 gallon ELECTRIC water heaters (the house is electric only, was mistaken in original post) to rest on a composite pad/pan and in a stainless steel metal enclosure attached to house. I asked for images of the enclosure he had in mind, since I know some are $100 from home depot, and some are better designed, aesthetically pleasing. But I haven't heard back yet.

Alt option: relocate to coat closets in apartments $1200 per side. I don't think it's wise to take a closets away from renters in one bedroom units. 

Estimate #2: Larger, reputable plumbing company.

Quoting $8500 total ($4250 per side) to reroute location of attic water heaters and electric to outdoor enclosure. 

Two new 40 gallon electric water heaters to be placed in a custom-built enclosure, insulted and heated with a heat lamp (not sure how that works?) attached to house. 

What would you do? Of course price is better in 1, but I'm nervous that this might be something you don't want to cheap out on. 

I own a split duplex in Nashville TN that has two gas water heaters in the attic above each apartment bathroom. 

It was fine for 7 years, but one day the temperature dipped down so low, a burst pipe destroyed the unit. Thankfully we were insured and it was covered and restored to good as new, and the original water heater wasn't damaged, just the pipe. 

Now years later, this water heater is ready to die. It's been a long time question for me whether or not I should continue replacing the water heaters and ensuring proper insulation in the attic, or if I should relocate with a tankless water heater downstairs. 

I had a few plumbers come out, in addition to the folks who restored after the flooding, and all of them agreed that there is not enough square footage in either apartment to relocate the gas heaters unless I convert to a SFH and remodel, and no room in the crawlspace under the house (about 2 ft tall) to install a low boy UNDER the bathrooms.

I believe if i want to relocate from the attic, I have to do tankless in each unit, but I'm wondering if it's worth the cost.. or if I should just stay the route in the attic. This is a buy and hold. 

If anyone has any advice, or went through this themselves, please let me know! 

I also can't seem to find any plumbers who are familiar with tankless, which is concerning.