All Forum Posts by: Pat L.

I've replaced so many of these over the years & it can be an easy job if the pipe runs are accessible or a nightmare if you need to go through walls.

The last one was a MF that had a mixture of Galv & 3/8 water Cu lines connected without any catalytic protection so the joints all had severe galvanic corrosion & were leaking. Pex was a savior for water lines but the cast iron waste stack & drains as well as the cast iron vents required walls to be entered to be replaced &/or hooked up with PVC,

As each apartment vacated I would upgrade before the next tenant(s) moved in. Biggest job was be replacing the plumbing to shower/tub diverters/fixture, as we had to tear it all out & that usually require new walls.

What we have done in the past is move an appliance from one of our/or kids homes to the rental. We get the upgrade & the rental gets the older unit. 

Now that rents have increased so much we don't have an issue buying nice scratch & dent. Problem is there have been very few deals available because of Covid.

We have also had the unusual request in the past where tenants asked if they could rent-to-own an appliance so they could take it with them.

SAD !!! even Cuomo admits crime is rampant ...

https://www.dailymail.co.uk/ne...

Ouch !!!

https://nypost.com/2021/05/24/...

My 30 something NYC expat nephew just closed on a penthouse condo on Longboat Key, 3 bedroom, 3.5 baths, complete with a boat slip. So he is one of many millennials that will NOT be returning to NYC. He also quit the lucrative JOB he had in NYC to work in FL for about the same disposable $$$ after taxes.

I also remember someone on BP posting about a large Boat they had rehabbed & stripped the motor from & were Airbnb'g it for a great return. This site proves that there are so many ways to make $$$ from REI.

We had an old trailer 1990 model that we picked up for $1500 & we put it on our 5 acres with the farm/multi unit bldg. However, we did more of a rent-to-own (base was $5400) as they were heavy smokers & we didn't want it back. We got $820/month plus electric. They maintained it & did a lot of work for us around the property including mowing etc around the trailer. 

They did eventually move it after 10 months of on-time payments to another property we were associated with. But then they went AWOL & abandoned it & we lost touch with them. We still had the title etc so sold it again ($1000) to a hunter friend who moved it to his 50acres. He then gutted it & rehabbed it into a rustic cabin look. 

Probably one of the most lucrative short-term investments we ever made :)

We upgraded our to gas logs, made the cavernous opening smaller, simply tiled over the horrendous facade, then added a reclaimed fireplace mantle & a slightly raised hearth.

Sounds like the old cast iron waste pipe is on its way out. I had to replace all the waste pipe in a 2 story SFR due to one leak after another. Took me a weekend & I left all the old cast iron pipe within the walls & ceiling cavities. It was NOT a fun job.

I quoted $4200 to replace the cast iron water & waste pipes in ranch & they jumped at it after several others quoted them. Took me 2 days but all easy basement access..

at least you have tenants that shower ... when one of ours cracked the tub we used a fibre glass patch & resin on it until we could replace it completely...worked like a charm.

Back in '87 I had an offer in on a large 2 acre lakefront property with a large old burned out home on the road. Went in & got contingent at $225k but being burned out I couldn't get conventional financing (18% at the time) or talk the 4 partners (aka their wives) I had on several other properties to invest so I reluctantly let it go. The old home was eventually completely rehabbed & the land was then subdivided into a T lot. Allowing 2 homes to be built on the waters edge. The restored home on the road sold some years later for $750k & I bet today the two on the water are now worth over $2mill each.