Updated over 5 years ago on . Most recent reply
Tough Property...Need suggestions
I currently have 131 units... those units are spread out between 21 different property locations. From as small as a duplex all the way up to a 56 unit complex.
With that being said I have a 5 unit building cash flows very well....when fully rented and everyone is paying their rent.
It’s in a similar area as at least 35 other units we own. However, the one main difference is that rent and utilities are all covered with one payment. None of the utilities are sub-divided. There are 3 floors. The 1st floor is a large 3BR apartment with 2 1BR apartments on each floor above that. So 4:1BR apartments in total and a 3 BR.
We currently are in the process of evicting 1st floor tenant. Long story short he paid $1000/month (utilities included) for a few months and then “lost job” and was trying to get back on feet. We finally decided to evict. In the process.... then the 2nd floor tenants both have job issues and are at least a month behind, 3rd floor tenant left after not paying last month rent and remaining 3rd floor tenant also a month behind.
As owners we are as on top if the rent situation with all of our tenants and we dont let up. It’s not a management issue (we don’t believe). It may have been a vetting issue but they all passed screening and a decent application process.
Out of the gate we need advice on a RUBS system that can alleviate pain or help in someway. Outside of totally investing in actual metering for each utility (high cost) we are losing money on this property like no property we own. It seems to be an outlier in our business.
This post got long so if I need to provide more info I’ll be happy to. Otherwise go... and thanks in advance
Most Popular Reply
"...Outside of totally investing in actual metering for each utility (high cost) we are losing money on this property like no property we own. It seems to be an outlier in our business..."
You've answered your own question...UNLOAD it a.s.a.p & Move on.