Question Details

Hadar Orkibi, Both Buyer and Seller in Tucson, AZ

Operating Expenses for income property/Plex's ?

Asked by Hadar Orkibi, Tucson, AZ Tue May 13, 2008

Hi There,
I never owned a rental property in the US, It looks like at any property that I look at MLS the land lord is paying for Water,Electric,Gas. is it the normal standard for multi unit property?

TIA , Cheers
Hadar

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Hi Hadar,
If the complex does not have seperate meters for each unit to determine each individuals use then it is standard proceedure to incorporate projected utilities into the rental fee. Some landlords get around this by spliting the utilities according to space rented and add it on top of the monthly rental fee; Example: A house turned into a 3 unit apartment building, 2 units on the top floor are one bedroom; the entire bottom floor is a single 2 bedroom unit. The utility bill would be split 3 ways: 1/2 would be divided between the 2 top floor units (smaller units) the other 1/2 of the bill goes to the bottom floor (larger) unit. Good luck being a landlord! Debra Hall
0 votes Thank Flag Link Tue May 13, 2008
Hadar,

Great that you are considering owning multi-family housing. Rental market heating up according to expert on CNBC this morning! Here in Central Florida what you are experiencing is not the case. BUT, I suspect that the older the property, the more likely there is just one meter for electric/gas. I suggest you look into newer areas of Tuscon where construction age is younger. As a landlord myself, I prefer tenants being responsible for their own utilities. Water included by landlord is usual here because of maintainence of landscape and usage usually is stable and not abused.

Best of Luck in your search. Once you do buy please let us all know how it goes.
0 votes Thank Flag Link Tue May 13, 2008
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