All Forum Posts by: Mike Grudzien

@Bobbie Russell "Needs about $50,000 in rehab" - How are you funding the rehab? If you're funding it cash it that's a great thing. If you're leveraging the purchase (20% DP) and the rehab that's a big difference in risk in my opinion. More skin in the game = more safety. Over leveraging right now is not advisable considering inventory is up and prices have leveled off in most markets. Florida has had declines in prices over the last 6 months. Orlando is pretty resilient but it's still Florida. Something to consider when it's time refinance out of HELOC $$$. 

What's the interest rate and how long have you owned the primary? If you're not selling to take advantage of the $250/500k capital gains exclusion I'm pulling a HELOC to access the funds. Loosing a super low rate is like shooting yourself in the foot.

Hot tubs are not real complicated. You have a tub with jets, a heater, a pump, a control panel, and a cover. Therefore, in theory, any and every hot tub should be able to be repaired in perpetuity. 

Let's talk about each of these:

Jets - rarely do jets give trouble. Usually it's a valve that needs adjusting or replacing. Pretty cheap.

Heater - Heaters will last a decade, and then you pop another one in when yours goes kaput.

Pump - same as the heater

Control panel - These eventually quit, but it could take 15-20 years.  Pretty easy to swap out, but maybe $800-1000.  

Cover - this is a $500 item, and this is where I see many homeowners skimp when they shouldn't.  Covers last 3 years or so, and then they start shrinking up, not fitting tight, and allowing heat to escape. They become water logged and are VERY difficult to lift. Not replacing your $500 cover will end up burning up your heater while sending your electric bill through the roof. Just replace it already.

We don't "treat" the hot tub.  We simply empty it between guests with a submersible pump from Harbor Freight, re-fill, drop 2 bromine tabs in, and she's ready.

You will want to change out the filters once a year.

You will also want to keep the hot tub casing sealed good and tight. If not, mice quickly take up residence and chew up all of your insulation and possibly wiring, and then snakes will follow. Snakes like hot tubs more than about any other manmade thing.  They are warm in the winter, moist, and difficult for predators to enter. Most hot tubs in the country or in the mountains have snakes living in them.