Over the last several months I’ve talked about the importance of using energy audits in…
I hate running. I pretty much hate any form of exercise. I have no problem doing my real estate work, but when it comes to working out, I’ll admit I’m very lazy and lack discipline.
I remember many of my mentors telling me how important it was to exercise on a daily basis and how exercising was often the first thing they did in the morning. I’ve also read the same thing in many books written by successful people. I recall one successful entrepreneur/writer saying that no matter what, he does three things every single day: 1) He writes 2) He promotes his business 3) He exercises.
This is What Happens When You Get Older
I’ve heard this advice for years and I just ignored it and didn’t think it had anything to do with success. Well, I must be getting older because a few weeks ago I started feeling run down and I didn’t have as much energy as I used to. Come 9:00 at night I’d be ready to pass out, even though I had just sat at my computer all day and hadn’t had a stressful or rigorous day.
Last year I had a gas bill for $1400. That was almost one-third of my entire rent for that property for the month. This year, however, I could get bills that are even higher. Meteorologists are predicting the coldest and snowiest winter for the Northeast in years.
In this property, I currently pay for heat (natural gas) and water/sewer. The water/sewer bills aren’t actually that high around here, although they are the lion’s share of utility costs for many property owners in Western states. Regardless of location, however, utility costs are killing landlords. They are rising much faster than inflation. Rents, on the other hand, are rising much more slowly than inflation, if at all.
Rising utility costs are one of the many challenges we multifamily landlords have been facing in this “perfect storm” economic climate. Landlords who traditionally paid for utilities are searching for ways to transfer those costs to tenants.
If your utility costs are worse in the winter, as they are here in New Hampshire, now is the time to look into a submetering or RUBS (ratio utility billing services) system. Of course, any benefits from transferring utility costs will begin as soon as you implement the system.
Although my personal home is only eight years old, I’ve known for a while that…
Fuel prices are already taking a huge slice out of family budgets with soaring heating…