All Forum Posts by: Coia Walker

Thank you! Will look into this. Can i charge my tenants even though I took over the leases and it says owner pays utilities? I wonder if i can change this as a new owner?

Originally posted by @Reginald Ross:

@Coia Walker

Hi Coia, I’ve had lots of success implementing utility chargebacks to my multifamily tenants.

You could also look into “RUBS” for energy and water conservation products.

Your current tenants might grumble about it but new tenants won’t know the difference.

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There are 4 units. Im not sure what you mean by value add. I'm looking to hold on to this property for a while because of location. I just want to put the utilities onto the tenants because tenants dont seem to care about usage or costs related to utiltieis.

Originally posted by @Woodson Davenport:

I agree installing new meters could prove to be expensive , how many units, are there long term leases in place? If not them upon renewal you can raise your rents based on the all utilities included model. Was this purchase a value add opportunity ? Are you looking to do any improvements and cash out and refi your property? Lets connect to discuss .

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It's currently zoned as a multi unit. The previous owner never separated the meter and paid all utilities. However the bills are outrageous and the tenants leave the front door open without any care to heating costs.

Originally posted by @Sebastian E.:

@Coia Walker if it is not separately metered then it may not in fact be a non conforming Multi unit. You will want to find about by calling zoning as to what the current zoning calls for and what the current use is. That will give you an idea of where you are and what the next best step is.

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Hello,

I just purchased my first multi in Baltimore that is fully rented at the moment. I'm not sure where to start. I will be living in a unit as soon one is available. I'd like to start by getting the locks changed and separating the meters (owner currently pays all utilities and bills). Any advice on these services or products? Or advice for first time multi owner?

1 Vote

Please share any suggestions for FHA 203K lenders in the Baltimore area. I'd like to reach out to a few.

Thanks!

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All Forum Posts by: Coia Walker

Coia Walker has started 2 posts and replied 5 times.

Post: First Time Multi-unit Owner/ Househacker

Post: First Time Multi-unit Owner/ Househacker

Post: First Time Multi-unit Owner/ Househacker

Post: First Time Multi-unit Owner/ Househacker

Post: Shopping for FHA 203K Lenders in Baltimore Area