To all my fellow Massachusetts investors out there that have buildings where you pay the heat have you turned your furnaces/boilers on yet? I received my first call Saturday night from a tenant that wanted to have the heat turned on. The first day of the heating season was Monday. I actually got away with waiting until today to get it turned on. Ugg...
Not in Mass and don't pay the heat for any units (thank God!) but curious what those bills look like?
I make the tenants pay for heat in all my rental properties. These are the type of stresses that I'm trying to avoid. What is the advantage to paying for heat for your tenants? More expensive rent to offset the costs of heating the apartment for them, but do you make a profit on it too? What if they blast the heat all winter long and keep the windows open?
Im just interested in how you make it work, thats all!
For the record I dont pay the heat by choice. I have a 7-family w one furnace for the whole house. I just include heat in the rent payment. I just have to monitor it. Too expensive to separate at this point.
We have one in rhode island like this. Killed us last winter. I installed Chicago landlord thermostats in most of the units this year and will see how it turns out. They only go up to 71 and some reset to 68 after 3 hours. I think I had one unit really cranking it up. For us it is Oct 1 to May 1 but it is on if they figured out they need to put the thermostat to the on position. I am hoping this winter is better and we look in the future to get a new setup but with a relatively new furnace from the previous owner it is not what we are putting money into at this point..
@Colleen F. how did you make out this past winter with the new t-stats? Oil or gas? Oil was way down but it was real cold. I guess the cost of gas was down a bit too here in MA.
@Rob Beland The cost was definitely less but oil was quite a bit less this year. I had only one complaint about temperature in the apartment but even that was a fleeting one. I think it was due to the apartment being two floors and if you don't close the door all the hot air goes upstairs. I am going to evaluate gallons used when winter is over. We are also going to install a shutoff at then end of the heating season. That is one of the points where they have heat on and windows open. I think it helps that there is nothing obvious on the thermostats that says they only go to 71.
Free eBook from BiggerPockets!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing