Gateway is excellent. They come on time, fix the problem, and return (at no charge) for follow-up if there are any further problems. However, their rates are ridiculously high. I always feel like a chump when I pay them and wish someone could recommend a good reasonably priced plumber.

Posted by: newsloper06 at May 29, 2009 11:41 AM in response to Plumber recommendations

Our gas bill is about $100 a month just for non-heating (cooking gas for two apts. plus two driers) in our 4 story brownstone and oil is around $500 per month during the winter season, so I would think what you're paying is not out of line.

Posted by: newsloper06 at February 2, 2009 1:47 PM in response to $600 Gas Bill Normal?

You have to remember that you're running a kind of a small business. Times are hard for everybody. Perhaps your year end bonus wasn't as high as it has been in the last couple of years--does that mean you should raise the rent to cover it? No. Nor does it mean you should NOT raise the rent simply because your tenants are expecting a baby. (Would the guy running the shoe store down the block charge them less for a pair of shoes because their expenses are increasing this summer? No.) I admit you're in a bit of a pickle, but in general you should follow the market. As a landlord, I raise the rent a little bit every year (3%) but elected not to raise it this year because the market doesn't seem to warrant it. In your case, I would raise rents minimally because you haven't done so in the past. If your tenants want to pay less, they can (and should) go see what else is available in their price range.

Posted by: newsloper06 at January 8, 2009 12:53 PM in response to Raising Rent, Followup

I actually loved the I LOVE LUCY clip. It made me smile (and made me happy that I don't have that kind of kitchen, though I wouldn't mind the VIEW).

Posted by: newsloper06 at August 22, 2008 2:58 PM in response to What's a "Hollywood" Kitchen?

chasing the market rate is a fools game...you end up with yearly turnovers and college students as tenants...that said, just go 10-15% under market and you will get great long term renters...my tenants put in an entirely new kitchen on their own dime because of this (marmoleum floors, milk painted cabinets) ..being a greedy pig is fast proving to be a bad business model in america

Posted by: eman1234 at January 9, 2009 9:31 PM in response to Raising Rent, Followup

Dear OP: Be sure to let us know if there is an uprising when you raise the rent $80/month. And if the sky starts falling too.

Posted by: corolla at January 10, 2009 10:11 PM in response to Raising Rent, Followup

I am a secret subsidizer.

I enjoyed this entire thread, and am summoning the courage? to significantly raise rents ($300.00) for (3) long time tenants. There was a fuss two years ago when I went from $1200.00 to $1500.00. But market should be 1800-2200 in CH West. All leases expire this summer, and I planned to renovate units to market rate. These three units are mainly, partly , and not really improved.

Posted by: brucef at January 12, 2009 10:42 PM in response to Raising Rent, Followup

Actually you just brought up a very important consideration: the quality of your units vs. others in that price range. Good apartments will rent.

Survey rents on CraigsList before you send the notice to your tenants to do a reality check on prices and do what you need to do. I guarantee ConEd will not be getting cheaper just because it's a recession....

Posted by: corolla at January 13, 2009 12:57 PM in response to Raising Rent, Followup

DIBS,

Your understanding is the same as mine (it is what we did) and, now that I reread Johnny, he was saying the same thing. I just didn't want OP to think that the heating costs were not deductible at all, which was what I misread johnny to say. Sorry, johnny. OP, hope this is all clear to you now.

Posted by: slopefarm at February 2, 2009 1:57 PM in response to $600 Gas Bill Normal?

Dave:

I just checked with a tax accountant:

The carrying cost of a multiple family house (heating) is deductible. When the house is new and you are preparing it for rental it is deductible. The same is true when you are between tenants.

You would only have a problem if you were to deduct the carrying costs and then fail to rent the unit for a unreasonably long period of time.

Posted by: SenatorStreet at February 2, 2009 2:05 PM in response to $600 Gas Bill Normal?

I stand corrected. Reasonable expenses to prepare the place for rental would, I believe, be kosher deductions in some way, shape or form.

Posted by: Johnny at February 2, 2009 2:15 PM in response to $600 Gas Bill Normal?

we have a brownstone in harlem - a rental duplex on the top two floors and a owners triplex (parlor floor, basement/ground floor and finished cellar). The rental pays for their own heat. The gas bill received on Friday was $600 but it was estminated. The last bill was a little over $500 when they read the meter. Our house was a gut rehab, so we have new boilers, insulation etc. the ceilings on the parlor floor are 12 feet. In total, our unit is approx. 2,500 sf (not including rental). The house was built in 1901.

Get your accountant on the case. We used to do our own taxes until we hired someone and realized we weren't realizing all the tax benefits. Our rental was vacant for a few months and I know that our accountant deducted something...

Posted by: harlem123 at February 2, 2009 2:17 PM in response to $600 Gas Bill Normal?

We have a 4 story 20' wide brownstone: two kitchens (all gas) and one shared laundry room (gas dryer). Furnace and hot water are gas. Our last bill was for 365 therms used = $592.25. this winter has been brutal - I think your bill is right on target.

Posted by: parkslopemom at February 2, 2009 3:01 PM in response to $600 Gas Bill Normal?

I agree with those who say it sounds about right. My most recent gas bill for a 4-story, 25'x40' house (32 days, late Dec-late Jan) is $655. That's heat and hot water; actual, not estimated. The tenants who control the thermostat seem to keep the place pretty hot, unfortunately, but I'm not there to keep pushing it back down.

Posted by: casacara at February 2, 2009 4:22 PM in response to $600 Gas Bill Normal?