Re: Buying/ inheriting a rental property - Landlord Forum thread 354205

Re: Buying/ inheriting a rental property by Anonymous on September 11, 2017 @16:51

Partially inherited, in his case, means he owns 75% of it. Right now the tenants are paying their rent plus $150 per apartment for the utilities but that is way too low because they take advantage and crank the heat up to the max over the winter and the AC to the max in the summer. Even if we raise the portion of the rent that goes toward utilities, they will still max it out. The electrician said all the apartments need to be vacant for him to rewire the place. He has been working on that place for 30 years and knows it well. They're all M2M

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Re: Buying/ inheriting a rental property by Anonymous on September 11, 2017 @17:44	[ Reply ]

If you just "partially inherited" the building, how do you know the tenants crank the utilities up in both winter and summer? The electrician is only telling you what would benefit him, as he hopes to do the rewiring. Have you received any other estimates or investigated any alternatives? You need an experience commercial property consultant or landlord to access the property and give guidance on what needs to be done. Not rely on an electrician to line his pockets over something that need not be necessary. You state that rents are at fair market value, yet with the tenants paying utilities, it is way too low. A landlord can only pass thru the cost of utilities plus a small handling fee by law. Otherwise, this appears to be a TROLL post!

Re: Buying/ inheriting a rental property by Anonymous on September 12, 2017 @21:40	[ Reply ]

What state are you in? Giving your state allows us to check state laws.