All Forum Posts by: Beary Bowles

Now that is a great incentive especially when some tenants pay late. Yeah I will try that 9n the energy efficient water outlooks.  On the water bill it is now roughly  $300 a month for the whole building. so I've been charging them 15% a person for the water bill and some times lower depending on how depending on how many tenants I have in the building.    

That would be an idea but for now most of my tenants lease dont expire for at least 8 more months.  I dont have a problem with my property manager.  I'm just trying to figure are a way to lower my expenses or put the Bill's back onto them to they point they can afford. 

To all investors and property managers:

I own a 12 unit apartment building in a working class, C area, blue collar neighborhood.  Been managing the property and its tenants for 8months.  So the back story is I inherited some old tenants and added some with new tenants during management.  The building is a C type in a C neighborhood or little at low B.  1 Building, 1 water meter for building, no gas lines, electric heaters, electric water heaters.  

My issue is that the previous leases have agreements that included: Tents pay 15% of the water bill quarterly (1 building and 1 water meter) and the electric isn't in their name. Which means I charge them back after I paid the bill. 

One of my issues is that the tenants occasionally don't pay the water bill or electric bill on time, or even need a month to get back on track.  With more occupants the quarterly water bill has increased to the point that most tenants can't pay.  Now the water company has changed to quarterly to monthly bill cycles (ugh Lol).

So my idea to lower my expenses would be: Install separate water meters to units or sub meter the waterline to reduce the water bill? Inform tenants to change electric into their names? Add late fees to the utilities

Any suggestions would be greatly appreciated to help fix or improve the overall performance of the building.

I am a seasoned investor in the St. Louis Market and have a deal that's is currently on contact.  I would like to partner up with anyone with the property of 50% profit until refinance to pay back to my partner or my pay back on my partner's borrowed down payment amount and I will pay 10% interest on the borrowed amount until closing or refinance after the deal is closed to pay on the borrowed amount in full plus interest.  The reason I'm saying that is that I have a deal and the seller will not do seller fiancé and I'm partially short of an 20% down payment.  Any advise, or if anyone interested in this venture on a great deal and to make some short term interest growth on their borrowed money?