Utility Bill
- Thread starter dcres
- Start date
Well, a friend of mine invests in single family homes. Typically the main floor of the house is a 3 Bedroom, so a family would rent that, and the lower level/basement has a 1 bedroom. So he figures it to be about 70/30 split, or 60/40...something along those lines.
What he does is has the utilities all in his name. He then calculates the annual cost for each based on past records, Hydro and Gas. Let`s say Hydro is $1,000.00 and Gas is $1,000.00. He then figures how much each tentant needs to pay. In this case...
Hydro @ $1,000.00/12 months= $83.3/month
Gas @ $1,000.00/12 months= $83.3/month
He then rounds it up to $90.00 for Hydro and $90.00 for Gas, which he has them add to their monthly rent. Now if I`m not mistaken, its illegal to profit from gas and hydro. So at the end of the year, he sits down and calculates how much he has paid for both. If he is a bit over he either collects it from them or doesn`t bother, and if its its under, he reimburses the difference back to them.
By doing it this way, he never has to worry if the utilities not getting paid, etc...
Does this help?
What he does is has the utilities all in his name. He then calculates the annual cost for each based on past records, Hydro and Gas. Let`s say Hydro is $1,000.00 and Gas is $1,000.00. He then figures how much each tentant needs to pay. In this case...
Hydro @ $1,000.00/12 months= $83.3/month
Gas @ $1,000.00/12 months= $83.3/month
He then rounds it up to $90.00 for Hydro and $90.00 for Gas, which he has them add to their monthly rent. Now if I`m not mistaken, its illegal to profit from gas and hydro. So at the end of the year, he sits down and calculates how much he has paid for both. If he is a bit over he either collects it from them or doesn`t bother, and if its its under, he reimburses the difference back to them.
By doing it this way, he never has to worry if the utilities not getting paid, etc...
Does this help?
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- Mar 11, 2008
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QUOTE (dcres @ Oct 7 2008, 08:42 AM) I have a Duplex with a Up/down suite. When the Upper unit was vacated the Tenant didn`t pay the Electric Bill, which was in
his name. So Enmax was going to cut the power if I didn`t pay the entire bill. How can one guard againest this?
Point out to Enmax the `law of contract`. You are not responsible for someone else`s debts incurred in THEIR own name.
his name. So Enmax was going to cut the power if I didn`t pay the entire bill. How can one guard againest this?
Point out to Enmax the `law of contract`. You are not responsible for someone else`s debts incurred in THEIR own name.
[quote name=`wealthyboomer` date=`Oct 7 2008, 11:51 PM` post=`37635`]
Point out to Enmax the `law of contract`. You are not responsible for someone else`s debts incurred in THEIR own name.
Yes that`s true, but if the tenant who signed the contract didn`t pay before vacating the other suite would suffer.
Before a tenant moves out, their electrical account should be checked to see if it in good standing.
Point out to Enmax the `law of contract`. You are not responsible for someone else`s debts incurred in THEIR own name.
Yes that`s true, but if the tenant who signed the contract didn`t pay before vacating the other suite would suffer.
Before a tenant moves out, their electrical account should be checked to see if it in good standing.
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Some utilities will require property owner to make payment on account for the property
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QUOTE (housingrental @ Oct 8 2008, 12:20 PM) Some utilities will require property owner to make payment on account for the property
That`s called `EXTORTION`!
That`s called `EXTORTION`!