Subject: Managing Shared Utility Meters In Multi-Family Properties

WILMOTH Updates
A quick reference for residential investors from WILMOTH Group. Providing creative solutions, strategy, services and support in the residential investment community since 1994. 
Sorry If We Alarmed You!

Last week's newsletter created more response than anything we have sent since the confusing days of early 2020 (think Covid).  We did not mean to alarm, but the headline caused quite a few questions. 

Last week's email headline was "Your Tenant Has Requested to Break Their Lease".  When you opened the email there was an article from our website on early lease terminations.  Many took the headline literally and responded with specific questions such as "why do they want to do that" or "what are you going to do".   A few inquiries were received that simply stated..."Newsletter..right?  Not my actual tenants?"

To everybody that was confused when seeing that headline, we apologize for the angst.  At the same time, it was great to know so many of you do pay attention to our weekly communications.  We will keep that in mind the next time we consider a catchy headline.

Have a great weekend!

WILMOTH Team
Managing Shared Utility Meters in Multi-Family Properties
One of the common issues investors find when they acquire a multi-family property is shared utility meters. Sometimes buildings will already have been fitted with submeters which makes charging each unit simple. But, when the building has single shared utility meters, the owner will need to decide a plan for bringing the building, and all of its tenants, into a fair utility sharing arrangement.

When first acquired the owner may find the building has a hodgepodge of different utility processes. The first step is to review each inherited lease. The processing of utilities will be governed by those leases. If the previous owner did not have a uniform utility policy, there will be some decisions to make. Even if they did, it is prudent to review utilities and make sure the best approach is being used.
Why WILMOTH?
 Effective Tenant Eviction Process

WILMOTH Group will represent it’s owners when an eviction is needed. The cost of the court filing and attorney average $325. Different courts will cost different amounts.

This cost also includes filing for damages. Those hearings usually are about 60 days later. 

Want To Grow?

WILMOTH helps investors with much more than just property management. If you are looking to grow your portfolio, we are your partner in the acquisition process. 

Here is how to put our market expertise to work for you!

Get In Touch!
Questions?  Own a property that is just not performing?  Ready to increase your portfolio?  Or just want to discuss anything?  Let us know and we will get right back to you!

WILMOTH Group
Residential Real Estate
Property Management | Brokerage | Investor Services
WILMOTH Group, 9855 Crosspoint Blvd. Suite 148, Indianapolis, Indiana 46256, United States
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