All Forum Posts by: Ed L.

I would go back with natural gas for sure if the stove and hot water heater were still gas.

My main concern is the tenant not bothering to hook up the gas. Then after a year of inactivity you have to have the line pressure tested by the city.

After talking it over with the paw in law I think we will pay the extra upfront to have a heat pump installed. Seems the power consumption of straight electric vs heat pump is pretty substantial..

I would buy 3 $35,000 houses. Rent them all out until mom and dad finally boot you out of the nest. Then move into one of the homes.

Closing on another rental property tomorrow. Older 3br. 1ba home built in the 1960's.

Home currently has natural gas central unit with "NO" central cooling. The only cooling comes from window units. Pretty unusual setup for the area.

I'm planning on replacing the unit with a heat/ air combo.

I'm trying to decide which type of system to go with.

I prefer gas heat personally, but the furnace is the last piece of gas hardware. Once it's eliminated the tenants would no longer have to hassle with a separate gas bill.

Straight electric is the cheapest to install, simple/reliable, Just not sure how bad the electric bills will be during the winter. I definitely don't want the tenants being unable to pay rent because they are paying $300 utility bills.

Then there is the Heat pump setup. Good energy efficiency, a little pricy, more parts to break.

My preference is just going with straight electric heat, but I'm just not sure how much more expensive the utility bill would be during the winter.

I'm down in South MS so winter is almost non existent. We probably get 15 days a year of freezing temperatures.

I think you are probably onto something. Wood floors can do some strange things when there is a sudden change in moisture content. If the cracks are running the length of the boards it's probably the wood shrinking from drying out.

If the cracks are running across multiple boards horizontally there may be some foundation issues that is actually slowly tearing the wood apart.

Either way I would probably have a foundation expert to come analyze the situation.

Just seeing if anyone has had any luck buying and holding condo's in Maui?? Specifically at the Whaler's Village.

We really dig the location of the Whaler Condos, and Kaanapali beach is the best we've seen in Hawaii. It's completely built out so it would seem there is a good chance for price appreciation due to the limited amount of supply.

I'm just curious what the expenses would be on owning and renting out a vacation condo in Maui, and if anyone owns or has owned a condo at the Whaler??

Last I checked they could be purchased for around $400,000 and rent for about $225 per night for a studio condo.

$225 x 30= $6,750 x 50%= $3,375

15Yr mortgage @ 5% =3,163

Cashflow of $212 using the 50% rule..... I'm not sure how the 50% rule works with this type of rental property. I'm assuming it doesn't...

I'm sure the HOA and property MGt fee's are ridiculous and would probably obliterate any cash-flow....

In dream world we would buy the condo and let it pay for itself over the next 15 years. Once we retire we could spend a couple months of the year in Hawaii...

In reality I see it probably being a nightmare with huge HOA fees, taxes and insurance. Even once it's paid for it will probably still be ridiculously expensive to own...

I provide fridges but no washer and dryer at my Sfr homes. Not expected in my market and just another mechanical item to fail.

I just demoed one exactly that size. Tornado came through and blew the old shed upside down.

I paid $500 for a guy to move it and a bunch of tree limbs and debris to the side of the road ROW.. Check with your city officials if they will pick up debris.

In my town they will haul away anything you can get to the edge of the public road ROW for free.

Hard to say without seeing it, but I personally would probably replace the damaged pieces with hardi board of the same profile if possible and repaint.

I just hate Vinyl especially when used over large areas. Around soffit and trim it's okay, but nothing is nastier looking than a big faded wall of vinyl siding.

It's pretty amazing what a fresh paint job can do for aesthetics.

Hard to say as the entire industry is about to turn inside out due to obamacare.

The healthcare industry is a joke. The prices are ridiculously inflated due to over regulation, frivolous lawsuits, artificial demand due to government handouts, etc, etc......

Most people in America have been unknowingly trading pay increases in order to retain their beloved health benefits for the past couple decades.

My wife and I are 25 in great health, no tobacco, no alcohol, and our annual premium was running $1,800 for a bare bones catastrophe plan with a $10,000 deductible.

Like Rob K mentioned there are many ways to negotiate and work around healthcare cost. Best way is to live a healthy lifestyle and don't get sick.

Unfortunately that will no longer be a option as we will all be required by law to have government approved minimum coverage...

A recent article I read suggested that the lowest tier "bronze Plan" under obamacare will cost a family of 4 $20,000 per year.

For the sake of politics the majority of Americans will not be paying that amount due to progressive subsidies up to %400 of the poverty level.

It works out so that a family of 4 making under $96,000 per year will receive some form of subsidy to offset this ridiculous expense.

Self employed people that make over %400 of the poverty level our going to get shafted hard..

Yea I keep waiting to uncover missed during my due diligence period.

This one was a 3br./2ba cabin that was built in 2003. Only 1,100 sq/ft but a good efficient floor plan.

Paid $18,000.

Plan on spending $7,000 on light remodel. (Paint, floors, etc)

$25,000 invested. Already have multiple applicants for $850 per month..

Only drawback is it's further out of town than my other properties.

Like everything in economics there is no way to look forward without assumptions.

Using the 50% rule it should net $425 monthly x 12= $5,100 / $25000 = 20.4% annual return..