Skip to content
×
PRO
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
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
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 4 years ago,

User Stats

38
Posts
20
Votes

Buying into a property with current tenants paying NO utilities

Posted

Hey BG,

In Chicago, I am buying a three flat. One of the tenant's contracts end 12/20. The other is month to month. Both are paying under market value. Those two units share a water heater and electricity and gas meter and have Central A/C. Neither are currently paying utilities. The third unit, where I will live doesn't share anything with the lower two units so I'm not worried about that one. 


In addition, the shared laundry dryer is not coined and is free to use AKA I will be paying that cost as well. Once the tenants contract expires 12/20 I will raise the rent. But with the other one MTM and with one meter and two units below sharing, what advice would you offer? I don't want to be end up stuck paying all units electricity and gas bill every month. 

Thank you! 

Loading replies...