Have you ever heard of the utility meter being stolen?
Austin, TX · Member since 2017 · 64 posts · 34 votes
Have you ever heard of the utility meter being stolen?
Most Popular Reply
Originally posted by @Jay Hinrichs:
and first thing he does and he is extremely good at this is he knocks doors makes friends with the neighbors figures out what he can buy them for little gifts and then the neighbors leave Mr. Troys home alone we have KNOCK on wood not had any thefts..
One of the first things I do is talk to the immediate neighbors on either side, then walk the neighborhood. I usually walk the neighborhood every time I visit, if I have time.
Currently, I'm working on a house I bought in a nearby town and have gotten to know the neighbor across the street very well. She called a neighbor on one side of my house and he lets us use his driveway occasionally. And she called friends who came and took away some of the junk furnishings my workers had taken from the house and put on the curb, which reduced by half the amount of stuff that went into the dumpster. Near the end of this project, I'm going to send my guy over to her house to install a new toilet because she mentioned that it's the only thing in her house of 30 years that is currently giving her a problem. A $100 toilet is a small price to pay for all the help she's provided over the past few weeks. My lead guy likes her so much, he's not even charging me to install it -- not even if he has to (likely) repair the subfloor also.
A few days ago, a not-quite-middle-age working-class guy working on the house behind my project house made a loud smart-alec comment while I was nearby. To his dismay, I approached him and struck up a conversation. He was peeved about something minor, but it turns out he was doing yardwork for his grandmother, for whom the entire neighborhood is named. Before long, he's showing me pictures on his phone of his garden, cooking and handyman work, and exchanging numbers with me. Just maybe, I've located a handyman in a town I'm hoping to buy more houses in. I could have handled it differently, angered him more, and maybe had him vandalize the house one night. Instead, we both end up laughing and liking one another. If I had the funding, I'd buy ten more houses there.
It's easy for an investor to go into a new low-income area and get turned off, or worse, create enemies and put a target on the project property. It's also easy to go there and develop friendships and partnerships with the neighbors. It's all about handling the situation the right way.
59 Replies
- Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes8y
Yep, it happens.....serial non payers of their electric bill go steal a meter when the power company takes theirs after they have been caught “playing with it”.
- Investor · Salt Lake City, UT · Member since 2018 · 63 posts · 45 votes8y
@Skye Anderson There are some neighborhoods where the house itself would be stolen if they could put it on wheels. We've seen it all...
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
very common in low value C class areas .. other things that will take a walk
condenser units.. most of your copper... your water heater..
this could be a sign that your in a bad area.
- Real Estate Broker · Indianapolis, IN · Member since 2009 · 575 posts · 496 votes8y
Contractors take them too... I think they are able to use utilities illegally while they rehab with a stolen meter. Not sure how that works. But yeah. It happens.
- Austin, TX · Member since 2017 · 64 posts · 34 votes8y
Interesting @Wayne Brooks. Good to know. Thanks for sharing!
- Austin, TX · Member since 2017 · 64 posts · 34 votes8y
I wondered about that @Ryan Mullin. It seems odd that the meter was there when we had our inspection done last week and then suddenly it disappears the day the municipal inspection is supposed to be done.
The agent suggested it was likely vandals, yet that seemed an odd thing to vandalize to me.
- Austin, TX · Member since 2017 · 64 posts · 34 votes8y
That's crazy!!! This is (if it happens) my first deal. So I'm learning a lot!
- Austin, TX · Member since 2017 · 64 posts · 34 votes8y
Yes @Jay Hinrichs! The air conditioner was stolen awhile back.
The area is going through a revitalization period so it's challenging to know what to do. Do we move forward and deal with all this sketchy stuff and hope to come on the other end with a great property in a up and coming neighborhood? Or do we run the other way and find something in a better neighborhood?
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Skye Anderson:
Yes @Jay Hinrichs! The air conditioner was stolen awhile back.
The area is going through a revitalization period so it's challenging to know what to do. Do we move forward and deal with all this sketchy stuff and hope to come on the other end with a great property in a up and coming neighborhood? Or do we run the other way and find something in a better neighborhood?
I don't like the term run away.. you can simply walk briskly.. but in my opinion and I have been working in the asset class for 2 decades now and owned close to 500 of these.. if you have this issue now there is a high likelihood of repeat offenses..
Many times the tenants themselves will take the items or hand the keys to their cousin who strips the home..
Got to think there are safer bets out there.. and it really depends on your financial situation and your stress meter some folks would stress out and lose sleep, others this is just water off a ducks back..
However in general for me personally and anyone who ask's me if you do not live in the area low value and C class and below is no appropriate investments risk to high reward far to low .. real risk of losing money.. not making money.
- Austin, TX · Member since 2017 · 64 posts · 34 votes8y
Thank you for your feedback @Jay Hinrichs! I really appreciate it. :-)
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Skye Anderson:
Thank you for your feedback @Jay Hinrichs! I really appreciate it. :-)
Just personal opinion based on experience.. we just don't know what we don't know..
- Los Angeles, CA · Member since 2018 · 17 posts · 9 votes8y@Skye Anderson during the depths of the Great Recession scrap thieves were doing this all the time in all kinds of neighborhoods. In 2018 it’s probably a better indicator of a bad neighborhood or something situationally malicious IMHO
- Austin, TX · Member since 2017 · 64 posts · 34 votes8y
Thanks for the input @MOHAMED M.!
- Real Estate Investor · Washington, DC · Member since 2014 · 236 posts · 328 votes8y
I saw this once when I lived in NYC. A small time landlord that my dad knew had 2 gas meters, one that was the one from the gas company and one that he lifted from a work site where the building had been demolished. During the winter, he would switch out the official meter for his meter for 2 weeks out of every month and put back the official one before the meter reader came. (I think they are electronic now, so it wouldn't work anymore). He used to say that he was 50/50 partners with the gas company!
- Austin, TX · Member since 2017 · 64 posts · 34 votes8y
Wow @Peter Sanchez, that's crazy!
- Rental Property Investor · Long Island, NY · Member since 2015 · 490 posts · 301 votes8y@Skye Anderson If it has any metal at all it magically grows legs and walks off while the house is vacant. Someone probably sold it for scrap and got maybe a $1 for it.
Originally posted by @Skye Anderson:
Myself and a partner have a SFH under contract in St. Louis, MO (this is a long-distance transaction) that we intend to purchase as a buy and hold. We just learned yesterday that they were unable to do the municipal inspection because someone had stolen the meter. Has anyone ever heard of this before?
It seems awfully suspicious to us that it disappeared the day before the municipal inspection. What are your thoughts?
It happens.
Originally posted by @Skye Anderson:
Yes @Jay Hinrichs! The air conditioner was stolen awhile back.
The area is going through a revitalization period so it's challenging to know what to do. Do we move forward and deal with all this sketchy stuff and hope to come on the other end with a great property in a up and coming neighborhood? Or do we run the other way and find something in a better neighborhood?
Personally, I would negotiate the lowest price I could and if the numbers worked, this would not deter me.
For your decision, that's all about you. How have your living arrangements been throughout your life? Have you always lived in B+ or better neighborhoods? Have you ever had (and visited) friends who lived in low-income neighborhoods? The house that you are planning to buy in St Louis, how would you feel hanging out in that neighborhood and having a barbecue with the neighbors there?
There are not right or wrong, benevolent or got'cha, or trick answers here. But, if you don't have experience in those sorts of neighborhoods, and even moreso, you don't have life experience with the socio-economic type of people who would be your tenants, that's your answer. Not every investor is suited to be a landlord in every possible neighborhood.
If the reality of a stolen meter surprises and rattles you, I think you are probably better suited for being a landlord in other types of neighborhoods.
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Randy E.:
Originally posted by @Skye Anderson:
Yes @Jay Hinrichs! The air conditioner was stolen awhile back.
The area is going through a revitalization period so it's challenging to know what to do. Do we move forward and deal with all this sketchy stuff and hope to come on the other end with a great property in a up and coming neighborhood? Or do we run the other way and find something in a better neighborhood?
Personally, I would negotiate the lowest price I could and if the numbers worked, this would not deter me.
For your decision, that's all about you. How has your living arrangements been throughout your life? Have you always lived in B+ or better neighborhoods? Have you ever had (and visited) friends who lived in low-income neighborhoods? The house that you are planning to buy in St Louis, how would you feel hanging out in that neighborhood and having a barbecue with the neighbors there?
There are not right or wrong, benevolent or got'cha, or trick answers here. But, if you don't have experience in those sorts of neighborhoods, and even moreso, you don't have life experience with the socio-economic type of people who would be your tenants, that's your answer. Not every investor is suited to be a landlord in every possible neighborhood.
If the reality of a stolen meter surprises and rattles you, I think you are probably better suited for being a landlord in other types of neighborhoods.
well put and many West coast investors don't realize this until they already own them and boy you should have heard the Austrialian investors.. they could not understand why their rent was not ACH into the account on the 2nd.. when they learned that most of their tenants did not have checking accounts.. you could see their chins drop they simply cant understand how that can be.. when in their country banking is all electronic and no checks are used or money orders etc.. its all on line.
Originally posted by @Jay Hinrichs:
Originally posted by @Randy E.:
Originally posted by @Skye Anderson:
Yes @Jay Hinrichs! The air conditioner was stolen awhile back.
The area is going through a revitalization period so it's challenging to know what to do. Do we move forward and deal with all this sketchy stuff and hope to come on the other end with a great property in a up and coming neighborhood? Or do we run the other way and find something in a better neighborhood?
Personally, I would negotiate the lowest price I could and if the numbers worked, this would not deter me.
For your decision, that's all about you. How has your living arrangements been throughout your life? Have you always lived in B+ or better neighborhoods? Have you ever had (and visited) friends who lived in low-income neighborhoods? The house that you are planning to buy in St Louis, how would you feel hanging out in that neighborhood and having a barbecue with the neighbors there?
There are not right or wrong, benevolent or got'cha, or trick answers here. But, if you don't have experience in those sorts of neighborhoods, and even moreso, you don't have life experience with the socio-economic type of people who would be your tenants, that's your answer. Not every investor is suited to be a landlord in every possible neighborhood.
If the reality of a stolen meter surprises and rattles you, I think you are probably better suited for being a landlord in other types of neighborhoods.
well put and many West coast investors don't realize this until they already own them and boy you should have heard the Austrialian investors.. they could not understand why their rent was not ACH into the account on the 2nd.. when they learned that most of their tenants did not have checking accounts.. you could see their chins drop they simply cant understand how that can be.. when in their country banking is all electronic and no checks are used or money orders etc.. its all on line.
It has been a GIANT surprise to me over my time on BP to see so many investors complaining about "bad" investments in "bad" neighborhoods. These investors almost never look in the mirror and admit that maybe, just maybe, part of the problem lies in their personal inexperience in efficiently dealing with the situation they chose to put themselves in. Usually a decision made with almost no personal research into where they are investing.
Afterwards, there are always complaints about a neighborhood, or bad tenants, or an entire tenant class being labeled as undeserving of their services as a landlord. The reality is, those investors have no business trying to do business in neighborhoods and with people with whom they don't understand and have no desire to learn. After all, no one forced any investor to invest in any specific place. If you made a decision that doesn't match your qualifications, admit your mistake and make a better choice next time. OR, stop whining and learn the skills needed to be successful in those areas ... then go out and be successful in those areas.
And if anyone has made such a bad decision in NC and wants to move on, please PM me the address(es) of your mistakes and I'll be happy to take them off your hands.
- Austin, TX · Member since 2017 · 64 posts · 34 votes8y
Originally posted by @Randy E.:
Originally posted by @Skye Anderson:
Yes @Jay Hinrichs! The air conditioner was stolen awhile back.
The area is going through a revitalization period so it's challenging to know what to do. Do we move forward and deal with all this sketchy stuff and hope to come on the other end with a great property in a up and coming neighborhood? Or do we run the other way and find something in a better neighborhood?
Personally, I would negotiate the lowest price I could and if the numbers worked, this would not deter me.
For your decision, that's all about you. How have your living arrangements been throughout your life? Have you always lived in B+ or better neighborhoods? Have you ever had (and visited) friends who lived in low-income neighborhoods? The house that you are planning to buy in St Louis, how would you feel hanging out in that neighborhood and having a barbecue with the neighbors there?
There are not right or wrong, benevolent or got'cha, or trick answers here. But, if you don't have experience in those sorts of neighborhoods, and even moreso, you don't have life experience with the socio-economic type of people who would be your tenants, that's your answer. Not every investor is suited to be a landlord in every possible neighborhood.
If the reality of a stolen meter surprises and rattles you, I think you are probably better suited for being a landlord in other types of neighborhoods.
Thank you for your insight Randy E.! You make some great points.
Actually where my mind went when I learned of the issue was that it was done by someone trying to deter me from buying the property in the first place.
I am not rattled by the stolen meter from a potential landlord perspective. But this is my first property so I just never heard of such a thing.
My agent is suggesting we walk away but that seemed a bit rash to me. So that's why I posted about it on BP. To hear what investors who have experience have to say.
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Randy E.:
Originally posted by @Jay Hinrichs:
Originally posted by @Randy E.:
Originally posted by @Skye Anderson:
Yes @Jay Hinrichs! The air conditioner was stolen awhile back.
The area is going through a revitalization period so it's challenging to know what to do. Do we move forward and deal with all this sketchy stuff and hope to come on the other end with a great property in a up and coming neighborhood? Or do we run the other way and find something in a better neighborhood?
Personally, I would negotiate the lowest price I could and if the numbers worked, this would not deter me.
For your decision, that's all about you. How has your living arrangements been throughout your life? Have you always lived in B+ or better neighborhoods? Have you ever had (and visited) friends who lived in low-income neighborhoods? The house that you are planning to buy in St Louis, how would you feel hanging out in that neighborhood and having a barbecue with the neighbors there?
There are not right or wrong, benevolent or got'cha, or trick answers here. But, if you don't have experience in those sorts of neighborhoods, and even moreso, you don't have life experience with the socio-economic type of people who would be your tenants, that's your answer. Not every investor is suited to be a landlord in every possible neighborhood.
If the reality of a stolen meter surprises and rattles you, I think you are probably better suited for being a landlord in other types of neighborhoods.
well put and many West coast investors don't realize this until they already own them and boy you should have heard the Austrialian investors.. they could not understand why their rent was not ACH into the account on the 2nd.. when they learned that most of their tenants did not have checking accounts.. you could see their chins drop they simply cant understand how that can be.. when in their country banking is all electronic and no checks are used or money orders etc.. its all on line.
It has been a GIANT surprise to me over my time on BP to see so many investors complaining about "bad" investments in "bad" neighborhoods. These investors almost never look in the mirror and admit that maybe, just maybe, part of the problem lies in their personal inexperience in efficiently dealing with the situation they chose to put themselves in. Usually a decision made with almost no personal research into where they are investing.
Afterwards, there are always complaints about a neighborhood, or bad tenants, or an entire tenant class being labeled as undeserving of their services as a landlord. The reality is, those investors have no business trying to do business in neighborhoods and with people with whom they don't understand and have no desire to learn. After all, no one forced any investor to invest in any specific place. If you made a decision that doesn't match your qualifications, admit your mistake and make a better choice next time. OR, stop whining and learn the skills needed to be successful in those areas ... then go out and be successful in those areas.
And if anyone has made such a bad decision in NC and wants to move on, please PM me the address(es) of your mistakes and I'll be happy to take them off your hands.
yup in aviation we call this simply you don't know what you don't know and what you don't know can kill you.. same in investing in areas were you only read the good stuff and think that teannts no matter who they are always pay rent LOL
- Flipper/Rehabber · Marshfield, MA · Member since 2015 · 1 post · 0 votes8y@Skye Anderson yes . Usually an angry electrician who never got paid will take it or have something to do with it at least. I know guys who have in the past.
Originally posted by @Skye Anderson:
Originally posted by @Randy E.:
Originally posted by @Skye Anderson:
Yes @Jay Hinrichs! The air conditioner was stolen awhile back.
The area is going through a revitalization period so it's challenging to know what to do. Do we move forward and deal with all this sketchy stuff and hope to come on the other end with a great property in a up and coming neighborhood? Or do we run the other way and find something in a better neighborhood?
Personally, I would negotiate the lowest price I could and if the numbers worked, this would not deter me.
For your decision, that's all about you. How have your living arrangements been throughout your life? Have you always lived in B+ or better neighborhoods? Have you ever had (and visited) friends who lived in low-income neighborhoods? The house that you are planning to buy in St Louis, how would you feel hanging out in that neighborhood and having a barbecue with the neighbors there?
There are not right or wrong, benevolent or got'cha, or trick answers here. But, if you don't have experience in those sorts of neighborhoods, and even moreso, you don't have life experience with the socio-economic type of people who would be your tenants, that's your answer. Not every investor is suited to be a landlord in every possible neighborhood.
If the reality of a stolen meter surprises and rattles you, I think you are probably better suited for being a landlord in other types of neighborhoods.
Thank you for your insight Randy E.! You make some great points.
Actually where my mind went when I learned of the issue was that it was done by someone trying to deter me from buying the property in the first place.
I am not rattled by the stolen meter from a potential landlord perspective. But this is my first property so I just never heard of such a thing.
My agent is suggesting we walk away but that seemed a bit rash to me. So that's why I posted about it on BP. To hear what investors who have experience have to say.
Skye,
I wasn't trying to be hard on you. It might be that you are perfectly suited for investing in that area, and that your hesitance comes solely from being a newbie. That's entirely possible. My first purchase, the act of buying and investing, rattled me.
I just want to make sure that YOU make sure you know as much about the neighborhood before you spend your money. Don't listen to anyone else sell you on the area, or try to convince you not to invest there. You should learn as much as YOU can, and that 1st hand knowledge will allow you to make an informed decision.
Good luck,
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