stupid question about landording

[amynewbie]

What are the financial responsiblities of a landlord for a 2 fam 3 fam apartment building etc.


Tenants, pays for rent, electricity, gas bill.



Landlord pays for oil, electricity, water ,taxes ?????



amy

[Randy (SELA)]

Mortgage, taxes, insurance, repairs, vacancies, and whatever else might pop up

[Debbie]

Amy,

Do you have a rental property?

Are you a landlord or a tenant?

[amynewbie]

No i dont have a rental , nor am i a tenant. Own my own home. I know what i am responsible for my own home, Everything!!

i would like to purchase a 2 fam or 3 fam to start and want to educate myself.

I am reading a couple of books but none mention exactly my financial responsiblity. So i want to be clear.

Thanks

Amy

[Debbie]

Ahhh....thanx for clarification.

It really depends on the property you purchase.

I'll give you some ideas....

If you purchase a single family house (aka SFH), you can require the tenants to pay for the utilities and garbage. The tenant's rent should more than cover the mortgage, property tax and insurance.

If you purchase, say a duplex or triplex, let's hope each has it's own meter boxes. If each has it's own meter boxes, tenants can pay for their own utilities. If it does not have it's own meter boxes, then you can do one of two things: hire a contractor to put in separate meters or pay for tenants' utilities.

Does this help so far?

Any additional questions, feel free to ask!

[amynewbie]

Thanks guys,

So to recap all financial responsiblity for a lonadlord are :

Mortgage, taxes, insurance, repairs, vacancies, lawn, snow removal, oil, , water , electricity. Do i get a seperate bill for electricity for commom areas like the hallways and outside??

Debbie, yes most all 2 & 3 fams here have their own meters.

Anything else i'm missing??


Thanks again in advance

Amy

[Debbie]

Thanks guys,

So to recap all financial responsiblity for a lonadlord are :

Mortgage, taxes, insurance, repairs, vacancies, lawn, snow removal, oil, , water , electricity. Do i get a seperate bill for electricity for commom areas like the hallways and outside??

Debbie, yes most all 2 & 3 fams here have their own meters.

Anything else i'm missing??


Thanks again in advance

Amy

If it's a triplex, yes that would basically be correct.

If it's a duplex, not necessarily. I have two duplexes (side by side). Tenants do mow the lawn and snow removal (we often volunteer to help shoveling snow). Generally duplexes don't have common halls and lights.

[amynewbie]

debbie your the best, may i ask yet another question,

how on earth do you get them to mow the lawn and shovel snow for you ???


Amy

Oh, and do you guys increase rent yearly by 1, 2, 3 % or just leave it alone??

[Debbie]

debbie your the best, may i ask yet another question,

how on earth do you get them to mow the lawn and shovel snow for you ???

I let them know at the time when potential tenants were looking into my rental properties.

Once, I had a tenant who didn't mow the lawn. I gave a lease violation letter. Gave a week to rectify or I'll hire a professional and tenant will be charged. Tenant thought I was bluffing.

Let's just say that the Tenant learned that no matter how nice and cute his landlady is: never, ever underestimate her.


Amy

Oh, and do you guys increase rent yearly by 1, 2, 3 % or just leave it alone??

Well, I must admit that I don't increase rent annually. Because my rents are already higher than any other rentals within the subdivision. However, in between tenants, if I find that other rentals are catching up to my rents, my rents will be raised.

[amynewbie]

WOW, LOL.... very cool,

Thanks for all your help

Amy