This will be part of a complete basement tearout. Since we decidede to tear out the entire basement adn redo all of it, we also decided (after consideration of all comments) to put in a bathtub to raise the number of full baths in the house, since we will be selling in the next two years. We will also be making the bathroom bigger when we rebuild too so that it will be worth the cost, not just trying to wedge one in somewhere in the existing bathroom.
Due to several consequent decisions, we are putting our money into fixing the basement and moving out of the house within two years. After we are moved into the new house, I will be purchasing a new storage server, so the old equipment goes with the house (so to speak). I will continue to run with the old stuff for the next few years, but will be keeping an eye on storage server technologies over the next 18-24 months.
After careful consideration of all responses and much work with MS Excel, we have come to the conclusion that we should wait. Financing will be harder to get later on due to major changes in the money markets but for now, I am rehabbing my basement which will be a test case for being able to flip a house on time, on budget. If my back holds out, things turn out well and it is completed to schedule and to budget, then I think that will show that I have the ability to pull things off. Money will follow.
After careful review of all parties comments, it was tipped in favor of tearout due to finding mold near the bottom of the outside walls. Apparently there was a little water seepage during their time in the basement that didn't get taken care of. Tear out it is! Dumpster has been delivered!
When we sat down and discussed this with the kids, they realized it was time to move out. So when their tax return came back, they took that money and moved out into their own place a few days ago. Problem solved. Thanks everyone!
A lot of questions, more so than answers. I will have to put more info when I post the next item. Hard to make decisions based on little info. While I would love to rent the second one, the bank has told us that their loans do not cover for rentals due to the fact that it depreciates the units faster. We have decided to try one more year and see if the first one will pay for itself completely plus part of the second unit. After that point, we will sell it if it doesn't. No point in supporting two when we only need one.
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