Specialist · Indianapolis, IN · Member since 2016 · 74 posts · 43 votes
I am looking at a triplex and a six unit. Both were converted from large SFH to multi family a long time ago. The landords currently pay utilities which I think is insane. I want to know if any of you have a rough idea of the cost of adding water meters, electric meters, gas meters. I know it depends upon where we are located but I was hoping to put some numbers in my analysis.
For instance, I have assumed that it will cost me $1,000 to add each meter plus any required internal plumbing/wiring to get everything run correctly. My assumption is that inside installation will cost at least $2000 per home.
I will call the local utilities because I think they have a flat rate for doing the outside work. I won't be able to get contractor quotes for the inside work until I have a contract.
These two properties are priced to sell and have some issues but I know that getting separate meters on them will be worth whatever it costs. Thanks for any suggestions.
Investor · Chicago, IL · Member since 2016 · 49 posts · 46 votes
6y
From personal experience- electric can be very easy, because if wired properly, all circuits should be separate already and connect to one breaker box. All you have to do is add a new box next to the old, switch over the wires for the circuits you want on the new meter. Call the utility company about adding a new meter, there is a process which can take awhile, but not that expensive. Gas and water on the other hand can be a difficult, because everything is run in a continuous circuit. Unless you have an unfinished basement and or attic where you can access the pipe connections, you will be tearing into walls to run new pipe. If I were you I would tackle the electric first.
From personal experience- electric can be very easy, because if wired properly, all circuits should be separate already and connect to one breaker box. All you have to do is add a new box next to the old, switch over the wires for the circuits you want on the new meter. Call the utility company about adding a new meter, there is a process which can take awhile, but not that expensive. Gas and water on the other hand can be a difficult, because everything is run in a continuous circuit. Unless you have an unfinished basement and or attic where you can access the pipe connections, you will be tearing into walls to run new pipe. If I were you I would tackle the electric first.
@A.J. D'Asaro Would having the electric meter split require tenants to set up electricity with the electricity company when they move in or is the meter used to help split the bill when the landlord gets the electric bill? Also, is splitting the meter something that the electric company can only do, can a handy man do it?
@Kevin Farrell There is an electrical supply company that sells high quality electrical equipment including meters on EBay for a fraction of the price you would pay at a supply house.
I just bought 6 I think for around $2500 for a property I’m converting to individual meters from landlord paying the utilities. I think the quote was about $7000 from the local supply house. My electrician turned us on to the EBay option and had me buy them to avoid a mark up.
Check with your electrician to see if he can find you a similar deal, you could save thousands.