How to account for oil heat costs

4 Replies

When considering a rental property (I'm looking at duplex) that has oil heating, do you account for the price of tank refills separately, or just consider it as part of normal maintenance/CapEx? If I move forward with this property, I won't really be able to individually bill my tenants for heat, can I? I don't suppose I can separate costs of oil heat the same way other utilities may be separately metered per unit. Thanks in advance.

Is there one tank or two? If there are two, it's easy to make them responsible for filling it and paying the oil company direct.
I haven't visited the property myself yet. I would assume only one tank.

If its forced air , its probably 2 tanks . if its a boiler its most likely one . As long as its 2 different heating plants ,it should be 2  tanks

@Jason Unrath What I would suggest because it was suggested to me. Contact the owner get the records for 2 years back on how much monthly they spent on oil. Calculate the average and add a little on top so you cover all of your expenses and maybe at the end make out with a little money on to of the rent. 

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