Maybe I’m missing something, but did you say that the difference between positive cash flow and negative cash flow is whether or not the tenants pay the electric bill? How did you get into such a weak deal?
Anyway, to answer your question about splitting the 3 into separate meters, yes, it can be done. It’s usually not that expensive, but it does depend on the configuration of the building and, of course, you will need to make sure it complies as a multi-family unit.
I’m looking at a 3-unit building that has electric baseboard heat. Currently, the owner of the building pays the heating bill. Other comparable apts. in the area rent for the same BUT the renters pay their own heat. The only way to create a positive cash flow on this building would be to have the renters pay their own electric bill. Is it very complicated (expensive) to have the system set up so each apartment would have their own bill for their electric heat?
Posted by Colonial Carl on March 31, 2000 at 23:29:50:
This question should be directed to the one and only infamous JPiper. Nobody knows more than he. He is like the man behind the curtain on the Wizard of Oz. I think JPiper does this type of electrical work on the side, and if I’m not mistaken (He Travels Too) He rewired my whole apartment complex after the fire! Thanks JPiper! Everything is working great!
His rates are so affordable too. He even goes the route of payments too!