All Forum Posts by: Account Closed

@Jassem A. Yeah, I see what you mean. That's another reason why I'd like to find a way to not have it be my responsibility - they just pay for what they use, but I'm protected from being ripped off.

@Jassem A. I think the problem is they haven't paid for everything in the tank, since it will be at least partially full when they move in, unless I do what @Matthew Paul is proposing and measure it when the unit turns over. That's something I could consider doing - charge them for what's in the tank when they move in, have them deal directly with the oil company while they live there, and then reimburse them whats left when the move.

Thanks @Al Williamson, I agree with getting myself out of the equation. The goal is to set up systems so the business works for me, not the other way around, and to have everyone be responsible for themselves.

@Allen Clark Thanks for the advice. I hadn't thought of prorating based on their usage. Its obviously tough to predict the weather, but how close do you think I'd need to be? I'd probably plan on evening up when I return the security deposit.

Funny you mention natural gas, I'm actually having a line put in next week to hook my furnace into. Unfortunately I can't convert the existing furnace to natural gas, but once that's reached the end of its life I will be converting.

I have a duplex (I live in half) with completely separate utilities and fuel oil furnaces. I'm tying to figure out the best system for my tenant to pay for his fuel usage. The way I see it I have two options:

1) Work with the oil provider myself and then bill the tenant. This seems like the best way to ensure the tank stays full, but it is also extra work on my part, and then it becomes my responsibility to check my tenant's oil level and call when needed.

2) Have the tenant deal directly with the oil provider and be billed by them. The tenant would be responsible for seeing when they needed it and paying the oil company, and I'm out of the equation. This is the simpler, easier method but what's to prevent the tenant from using their last month of oil, not having it filled, and then leaving it for me or the next tenant to deal with? I know I'm not likely to see any money come after a tenant has moved out.

How do you guys normally handle something like this?

@Joe Splitrock @Timothy Hillyer @Chris May @Mike Landry @David Dachtera

I'm still pretty new here, but this has been one of the most interesting discussions I've seen on this site. I've been glued to my phone for days.

You guys should all meet somewhere and grab a beer. I'll sit in the corner with popcorn and watch.

I've had some experience in branding in college, and the best slogans quickly hit the core of what makes your company different than the competition. Like BMW - the ultimate driving machine. Clearly their focus is on performance and the experience of the driver, not luxury of the back seat or fuel economy. Few cup holders but a lot of fun.

"Keeping it real in Real Estate" to me means its not going to be a super up-tight formal experience with you and you're going to be down to earth and honest with me. If that's what you're going for, I like it.

A whole new meaning to "training" your tenants.

This isn't quite a forum topic, but I see arguments about who understands cap rate better hijacking other threads all the time.

No problem. I owned my first rental in 2015 but didn't get it rented until 2016 after making repairs, marketing, etc. I'm hoping I can write those expenses off, but I will find out for sure this weekend.

This is something I've wondered as well. I'm curious to see what other BPers have to say. Since it is tax season, it seems topical.

I'll be meeting with an accountant to do my taxes on Saturday, so I can ask him then if you don't get an answer.