Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 6 years ago on . Most recent reply

User Stats

20
Posts
2
Votes
Chris Russell
  • Lander, WY
2
Votes |
20
Posts

Shaker Heights, OH - Question on utilities for Multi-Family

Chris Russell
  • Lander, WY
Posted

I just closed on my first multi-family located in Shaker Heights, OH. It is currently a two family house (first floor and second floor apartments). Each is separately metered for gas and electricity-which the tenants will pay. It has a finished 3rd floor that could easily be made into an efficiency apartment (I would literally only need to add a door to the shared stairwell to the 3rd floor). The 3rd floor already has a full bathroom and just needs a hot plate. I should be able to rent it for $400-500/month. Also, is should not impact the 2nd floor rent by more than about $50. 

Question: Currently, the 2nd and 3rd floors run off the same gas and electric meters. What options do I have in this scenario? Assuming I create the efficiency apartment, can the 2nd and 3rd floor tenants split these utilities like 60/40 or 50/50? Given the low rent for the 3rd apartment I don't want to pick up the cost of the gas and electricity for the 2nd and 3rd floors as it would largely negate the benefits of the added rent. 

I would appreciate any thoughts you may have. Especially if anyone has been in a similar situation. Thanks

Loading replies...