All Forum Posts by: Login George

See you there @Jacob Reilly!

Can I ask about the location of this property to check out the area? Thanks.

@William Morrison U painted quiet a word picture! :-)  

Ah i see. There is so much to electrical wiring that I do not know. I am sure that by the end of this process, I will know more than what I ever thought possible! I appreciate your help. I will post again once I get through this whole process so that those of you that shared thoughts can get an update. The whole deal rests on successful resolution of the wiring issue -- so it can either make it or break it. Talk soon.

@William Morrison yes, it definitely seems like I need electricians to actually walk through the home and give me their opinions and estimates. Some of the walls also have wall paper, which I assume would increase the costs (because I might have to rip the wall paper off the entire walls and just have them painted instead). 

I am not sure what you mean by "pull wire for cable". I assume you are not talking about cable TV. Can you please elaborate...I am not familiar with wiring very much.

Thanks for your thoughts. I appreciate it!

@Melissa Gittens I see. Yeah, I might have to do 203k to do the updates, but really it all depends on whether the seller is able to adjust the price given the updates needed. I hope the seller will be willing to negotiate, in which case, I would be willing to proceed with the purchase. 

@Robert Gailie thank you for your expert opinion. Is it an option to just replace part of it and not all of it?? I would have thought that I should change the entire home, since updating just parts of the home won't fully eliminate the fire hazard and the insurance company concerns. I am pretty sure that in the case of my home, the walls would need to be cut to access wiring throughout the home.

@William Morrison thanks for the input. I was able to look at pics and identify exactly what the components are of this type of wiring.

Hi @Travis Lloyd. Thanks for the reply. Yes, I have old unshielded lines going throughout the house so I will likely have to replace the lines through out the home. So perhaps my cost estimate would be similar to your 18k cost. The panels at this house look newer so I think they upgraded the panel without changing the lines.

@Luis Melendez  so you did not have to change the lines throughout the home? And was able to just do the panel in the basement?

@Melissa Gittens thanks for your input. Yes, I will be financing this property, but I was thinking of going conventional and paying out of pocket for the upgrade. Do you know if knob and tube wiring would be a stick in the mud for financing? I just spoke to an insurance broker who said that most insurance companies would deny me if I don't update. If you have the contact info for the electrician who did your work, sharing that would be much appreciated! :-) 

@John Hickey John, so based on your experience of $11,000 for the 1600sqft home, perhaps mine (due to the much larger square footage) may be closer 18k :-O  Despite the cost, upgrading it would make me feel better and safe when I sleep! 

Hi @Rick Santos thanks for sharing your experience. $3100 seems very manageable, HOWEVER, for my MF, it is likely throughout the home and not restricted to basement. So I might be looking at a much larger number! :-/    Were the wires in your basement open and easily accessible? If it was, I am sure that helped lower the labor costs. Would you be willing to share the name of the electrician who did your work so that I can call him and get an estimate too? Thanks! 

@Michael Noto  -- Thanks for the reply. I have asked my agent who gave me a rough estimate. However, he has not had to do it before, and me and him together are trying to figure out better, more precise estimates.

Hello fellow investors, 

I am considering buying a large multifamily which has knob & tube wiring throughout and trying to figure out how much it would cost to update it. If you have ANY experience with this, please share. Especially if you have info on how much it costed you and the specifics of your job, that would be very helpful in estimating my cost and whether this property is a good investment or a bad one. Here are the details: A 2-unit multifamily (2500+ squarefoot) located in central Connecticut.

Thank you! 

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Nice work Rick! Would love to hear how you found this deal? $55,000 seems like a heck of a deal. Or may be you don't want to share your deal finding secrets (which is fine too)! :-) 

I am planning on joining as well in Wood N Tap. Looking forward to meeting some fellow local investors!!! :-)