- Joined
- Jul 27, 2009
- Messages
- 121
I am taking possession of my first rental property this Friday. It is a 75-100 year old Victorian that has been converted into a triplex. I bought it knowing it needed a fair bit of work. Needs a new roof, downspouts, windows etc. It is fully tenanted and hopefully going to cash flow for me in fairly short order.
Currently the property is inclusive and has 2 25 year old furnaces, 3 rented water heaters and an electric space heater providing the heat to the upper bachelor. A friend recently had geothermal installed and is very happy.
Here are my thoughts:
Thoughts?
Thanks
Mike
Currently the property is inclusive and has 2 25 year old furnaces, 3 rented water heaters and an electric space heater providing the heat to the upper bachelor. A friend recently had geothermal installed and is very happy.
Here are my thoughts:
- Based on the current rebates available here in Ontario, I should be able to get about 9-10k back on this.
- My furnaces are coming to the end of life and will probably cost me 10k to replace.
- 3 water heater rentals are costing me every month.The inefficiency of 3 water heaters and 2 old furnaces makes for some non-trivial bills. (even after I replace the windows)I believe I will be able to add air conditioning to the list features in my property (and increase revenue accordingly).
Thoughts?
Thanks
Mike