The life and times of an Arizona Investor

This will be my personal journal to document my failures and successes during my real estate experiences in Arizona. All stories, thoughts, and successes will be documented..

Tuesday, September 20, 2005

Problems with the residents already! Hosue #2

I got a call from my resident ( a local attorney said its better to call them residents versus tenants) and he told me the water was turned off today! What!

Turns out the previous owner never made a water bill payment and owes over $600!

To make a long story short, I transfer my name to the property, no I don't take ownership of her bill, and the resident may not get his water turned on until tomorrow. So I left 10 gallons of water for toilets and showers at his house.. What else can I do!

The water/sewer fell through the cracks on the closing.. It just occurred to me that I didn't account for water in the cash flow calculations, so take off $100-$150 a month for the tri-plex. Ouch!
|| Bginvestor, 5:15 PM

3 Comments:

The city of Tucson was able to turn on the water last night. The residents were very happy!
Blogger Bginvestor, at 5:42 AM  
Oh, man, that sucks that the water bill comes out of your profits! I guess now that you mention it, I believe water is normally covered by the landlord in multi-units. When I was an apartment resident, I paid a set amount each month as part of my rent for water. I think it was $12 or something. You might consider doing the same. As you lease out the units, you could tack on a set water fee to the monthly amount.
Blogger Trisha#1, at 9:58 AM  
Thanks for the advice!
Blogger Bginvestor, at 5:19 PM  

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