Water Expense problem
Your advice appreciated with this dilemma:
I am about to close on a 6 family (1987 construction). Rent is currently $2100/month. There is one meter and I JUST found out the monthly water bill is like $300-$350 - I almost fell out of my chair!!! My house water/trash bill is only like $33/month. Anyway, this is what I am thinking
:
1) There is a laundry room (outside shed with a couple free commercial washers & dryer and space heater). It is only protected by a padlock, and door often left open and neighbors may be sneaking their laundry in. And seller pays a tenant $50/month to clean it. PLus paying for space heater in cold weather. I was thinking of closing down the laundry room and taking the flak from the tenants.
2) Waiting a month and then prorating the water among the apartments. I am sure I will also get flak for this too. I should mention, the 4plex next door has separate meters (and water company charges $5000 to put in 5 more meters - Yccch).
NOTE: I won't have any problems getting replacement tenants, but I am trying to figure how to slash the water bill without ruffling too many feathers.