Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
Here I can for my apartment buildings get a landlord power agreement where if a tenant is leaving it is transferred into my corporations name.
At first glance this sounded appealing.Then I found out reasons to not do it.
1.Some tenants will say they are moving and then have power transferred into landlords name.Then landlord gets hit with 1 to 2 months worth of power bills.
2.While evicting or for other reasons if power is transferred into the landlords name and landlord finds out and has the power turned off the power representative was telling me the tenant can say the landlord cut off the power and it will be turned back on according to the law.
For all these reasons I decided not to have the landlord power company agreement.Instead each time I get power on in my name or companies name I pay a 30 dollar fee with the agreement.I figure I come out way ahead this way while I am rehabbing a unit.In some buildings I am rehabbing multiple units.So I just pay to get one vacant unit turned on and run and extension cord to work on the others.
This way I save from paying multiple fees.
I can use an outside plug at a tenants instead of paying for one unit to power on but the existing tenants have complained running the tools makes their power bill go up.
Residential Landlord · Indianapolis, IN · Member since 2010 · 592 posts · 138 votes
15y
I was offered the same kind of deal when I contacted my power company. I also turned it down. I really want the utilities to be shut off if my tenants aren't paying, not have the bill transferred to me. I will contact the companies when my tenants are supposed to move out and change the service over into my name, but I don't want it to happen without my knowledge.
Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
15y
Yeah I don't even change the service until I know they are gone for sure.
Some move stuff out and leave junk or storage for a few days to a week before getting the rest of their stuff.
I have to clean out the fridges right away or the food starts to rot with power off and attracts bugs.
Also even though the eviction is approved it could take some time for the marshal to call to come out for the writ and watch everything be thrown out.Usually the tenants are long gone by then and I never have to tell the Marshall when to come as it's not needed.
So I wait until for sure they are gone before doing anything.
Investor · Farmington, UT · Member since 2011 · 314 posts · 179 votes
15y
I've used them on a few properties and they always turn out to be more of a pain and don't work in my favor. I don't use them any more and have never had a negative result. The only thing you need to stay on top of here in Utah is the gas in the winter time. I just make sure it stays on in-between tenants if there is winter turn over. My two cents.
Full-Time Investor · Charlotte, NC · Member since 2009 · 2k+ posts · 1k+ votes
15y
Don't do it Joel!! On one of my first buildings I got stuck with almost 500 dollars in utility bills from a tenant I was evicting. The companies try to pass it off as a service to you, but really it's so they can keep making money. Corporate greed....