All Forum Posts by: Tyler Speelman

Chris Gerstner This is extremely helpful! My understanding is that they were planning on replacing the existing air handler with new Rhit 2 Ton Rheem air handler and adding heat strips for back up heat. They were planning on using RP1424f Rheem 14 Seer heat pump, I will look up the product data sheet to make sure there will not be an issue with the rise as you mentioned. Great point on building a platform. Definitely an option, but would prefer to keep unit on ground for ease of maintenance/servicing and especially if that is what a third party professional does - I’ll have to ask about whether or not the cold weather and the rise will have an impact on efficiency. Thank you again for the all the info, I really appreciate it.

Hello,

I have a 3rd story occupied unit that needs a heat pump replaced. Current heat pump unbeknownst to me is leaning against a chimney and supported by 2x4s and on a peaked roof. HVAC contractor went to replace today with a lift and realized the roof was not flat and does not feel safe or comfortable removing old heat pump and installing new heat pump on the roof. He mentioned installing heat pump on the ground. Has anybody done this before? 

The 3rd floor (loft-like area) does not have a gas line or adequate space for furnace. Electric baseboard heat is an option that I would like to avoid because I'm in Ohio and worried resident's electric bill will be sky high d/t cold winters and poorly insulated attic/3rd floor unit. Current residents have complained about high electric bill d/t window air conditioners to cool unit during summer d/t broken heat pump. 

What would you do? 

@evan Seller financing will help with capital gains tax and depreciation recapture. If they choose seller financing they will be earning interest on what they would’ve paid on income tax and could get a better return than other investments like a CD. Could ask, “Would you be interested in carrying financing if you continued to get a check every month without having to deal with the maintenance/repairs and finding a tenant?” “Is it the down payment you want or are you looking to have that monthly payment? “ *These are all taken from bigger pockets real estate podcasts .

Yes, agree on not over leveraging though. Could do no money down, then force appreciation with rehab, rent and then refinance to pay back heloc. Could also flip the property instead of renting it out. Just have to get a great deal and if you plan to refinance make sure your comps are good. I refinanced and had an old house converted to 5 units with very few comps, fortunately after rehab the appraisal came back at a decent number. If I could do it over again I would find sold properties to get an idea of market price and then find a similar outdated/distressed property to purchase.

Jim Hiler thanks for great info I will ask about heat strip and try to get the most efficient product for cold weather.

Matt R. Thank you for great info. There is no gas line to 3rd floor. I’m in Ohio so sounds like electric baseboard heat is not best option. Good point on replacing central heat pump if that is what is in place now. I will touch base with Hvac folks to see if that is feasible and less expensive.

I have a heat pump that needs to be replaced.

Residents currently have window AC units, but have complained that it is not cool enough ( rarely falls below 78 degrees on a hot day)

No complaints from residents when heat pump worked. 

Mitsubishi multi zone HP 24,000 BTU + 2 wall units install quote is $7,445.10, approximately $1,000 less for electric baseboard heat install. 

I am getting two other quotes from HVAC companies and have yet to hear back.

Would you do the less expensive electric baseboard heat with separate Central AC unit or go with the Mitsubishi mini-split for AC + heat or would you consider getting a quote for extra insulation (not sure if there is an easy way to blow it in)?

Any advice would be greatly appreciated. 

Renee Harris Below is the link. You have to sign up for the newsletter and then you can download the free book. https://www.mobilehomeuniversity.com/sign-up.php

Charlie MacPherson I agree with other comments. The infrastructure and getting new homes would be expensive and tough. I would recommend going to mobile home park university and downloading the free book, 21 biggest mistakes investors make when buying their 1st mobile home park. Below are some things to consider. Location Investment criteria > 50,000 Near Walmart, Lowe’s close driving distance Unemployment < 8 % Median household cost > 100,000 so you are not competing with stick built homes Population growing, stable, not significantly declining Great School district Crime rate not crazy Job diversity: call chamber of commerce, new jobs/employers Planning and zoning figure out what type of zoning you have what you can and cannot do. Is it legal, or legal non-conforming (grandfathered) Bestplaces.Net is a great resource to figure out demographics. Vacancy 20% or lower Test add on Craigslist or bandit signs to figure out demand Median household income > 40k 21st mortgage could finance new mobile homes. I would check them out. Flood plain? Flood issues? Near noisy highway or airport? Are the vacant sites ready and able to take new homes? Good luck!

Hello! I have a tenant whose dog bit someone. Dog warden has been called and tenant has been fined. Pets are allowed according to lease agreement. Can I tell tenants to get rid of dog due to liability issue/concern ? Thanks in advance for any guidance.