I'm closing on my first property tomorrow, and had a question regarding the utilities that are paid for by the tenants.
Here are the 4 utilities:
It's obvious that I need to change the Server and Water to my name, so I can start paying. But what about the Electric and Gas, which are currently under the names of the tenants. Do I notify the power and gas companies about the change of ownership of the actual property, but make them aware that no changes in payments of services will change?
I can't wait to finally be a landlord, this first one has been a WILD ride.
In my state (Alaska) it is recommended to complete a Landlord agreement with the other utility companies. So if the tenant stops paying the electric, the utility company will stop service rather than put it in your name to pay.
Congrats!!! Rentals takes patients but profits are worth it if you truly manage the rentals correctly.
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