Re: Buying/ inheriting a rental property - Landlord Forum thread 354200

Re: Buying/ inheriting a rental property by Carla on September 11, 2017 @03:39

As new landlords, you are making some basic common mistakes in your approach. Tenants who pay higher rents, look for properties that have units with washer dryer connections. If you are currently supplying washer/dryers with the units, this can be phased out as units come vacant.

There is no need to invest in splitting the electrical/water up either. A good solution is to phase in "RUBS" (Ratio Utility Billing Systems) so that as the units become vacant, the cost of utilities is divided among the tenants/units and added to the rent based.

The best advice is to join a local landlord association and find a mentor who can help you along the way to being profitable.

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