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Updated about 3 hours ago,
Paying utilities on a Multi-Family and it's eating all of my cash flow. (Iowa)
New investor here. My first property was a multi-family in Iowa. I got it for dirt cheap, and now I see why. The former owner (LLC) was rather lacking on upkeep of the units. And now after a year, the utilities are eating up my income. We're talking negative cash flow, and it's fustrating.
Quick overview, 3 units. one is a 2 bed/ 1 bath, another is a 1 bed/ 1 bath, and the last is an efficency. This is a converted single family, so all of the utilities are together.
Here's the numbers- I'm making $1,700 on rent, and in January I'm paying $1,113 in utilities. Help!
Thank you in advance!