All Forum Posts by: Terence Purcell

Thank you all for the responses - and it does help to hear the opinions. It's an all electric building - so adding gas hot water heaters is not an option here. My apologies for not making that clear up front.

And yes @Hai Loc - that did make me laugh.

I'm looking for more efficient solutions for shared hot water heaters in a multi-family property. I currently have 3 x 50 gallon tank heaters shared among 6 units - and I pay for water and electricity for the hot water heaters.

I've recently been investigating tankless due to lower operating cost - but they have a higher upfront cost - and feedback from plumber is that cold winters (here in the midwest) can result in them struggling to keep up when the temperature drops below freezing. Hybrid water heaters seem like a viable option to lower the monthly utility costs. They seem like they don't run out of water so quickly either.

Has anyone successfully replaced regular tank water heaters with either tankless or hybrid water heaters successfully?

Thanks in advance.

With the recent increases to standard deductions - the taxation benefits of owning your own home have been reduced.

Being a landlord continues to be tax effective.

I have a family member who is looking to buy for themselves personally - but I am helping them with down payment. It seems better to buy the property and have them rent - for depreciation, repairs as deductible etc. Assuming they are ok with this - since they don’t want the full responsibility of home ownership.

So my question - does it make sense and is it possible to buy as a partnership (or just themselves and myself as joint owners) - and have them rent it from both of us? How does tax deductibility apply then to both of us? Given they would live there and rent - but they are part owner???

Note - I do understand the impacts to capital gains and depreciation recapture if this is an investment property rather than own home.

Thank you in advance.