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Old 02-26-2021, 05:29 PM
 
305 posts, read 198,975 times
Reputation: 229

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Quote:
Originally Posted by thedwightguy View Post
And what country would this be happening in? Boy, that's cheap rent if it's in any "dollar" that I know of.
Nice suburb of Dallas. I am lower middle class but we really don't have ghettos here.
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Old 02-26-2021, 08:55 PM
 
Location: Somewhere in America
13,465 posts, read 12,296,971 times
Reputation: 23177
Quote:
Originally Posted by JonahWicky View Post
"Backed by the government" never gives me the warm fuzzies. They can change the rules whenever they want.
Yup. I've seen apartment complexes be built for low income housing. A few years later it's no longer low income housing. Guess why? They weren't making enough to pay off the loans!
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Old 02-26-2021, 11:21 PM
 
628 posts, read 419,044 times
Reputation: 1283
Hmm in Texas a master metered apartment complex is required by law to apportion the water bill for conservation purposes. In other words if the apartments aren't individually metered they have to split the bill up according to some formula like by bedrooms or sq. ft. It's in the water code. That being said water consumption is very low for an apartment building. Water/Sewer bill would most likely not be more than $30 a month.

On a new build they are required to separately meter for water(also water conservation) . This usually means that an apartment would pay more because usually the expensive part on a small house or apartment is the base meter rate not the water. In a large apartment building the base meter rate gets spread among dozens of units.

In other words it's cheaper to be apportioned on one meter with similar level users than to have your own meter.

Converting master metered electric or plumbing to individual metered or even sub metered is always way too expensive to be worth it for a landlord. You basically only submeter if you have a large user on a master meter that clearly has substantially more use than the others(like a restaurant or laundromat in a shopping center). Even then you submeter just the large users to carve them out.

If the new place is a standard tax credit deal you should check really carefully to see if the market rate units have rent freezes in place. Typically they do not.

I'd stay put.
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Old 02-27-2021, 04:34 AM
 
52 posts, read 10,245 times
Reputation: 159
Quote:
Originally Posted by MrRational View Post
$1100 ÷2 = $650.00 each
Try again.
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Old 02-27-2021, 06:13 AM
 
Location: The Triad (NC)
31,424 posts, read 70,151,443 times
Reputation: 37544
Quote:
Originally Posted by robocall View Post
Try again.
OP: More space and less cost to you. Make it work.

1BR @ $800 ÷1 = $800
2BR @ 1100 ÷2 = $550 each <-- mea culpa on the math error
3BR @ 1400 ÷2 = $700 each
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Old 02-27-2021, 11:11 AM
 
305 posts, read 198,975 times
Reputation: 229
Quote:
Originally Posted by ss20ts View Post
Yup. I've seen apartment complexes be built for low income housing. A few years later it's no longer low income housing. Guess why? They weren't making enough to pay off the loans!
I believe (and I could be wrong) that they are bound for 15 years. I do not plan to live there forever. The only reason I am staying in the HCOL area is because of the school district. My son has some special needs and this is a really good school district. I plan to move to one of the surrounding areas when he is 18. We moved in a 1BR because the current complex had verrry low turn over because of below market rents. My intentions were to "get my foot in the door" so we could move to a 2BR. Well, things did not go as planned because people literally do not move out, haha.
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Old 02-27-2021, 11:16 AM
 
305 posts, read 198,975 times
Reputation: 229
Quote:
Originally Posted by jackalope48 View Post
Hmm in Texas a master metered apartment complex is required by law to apportion the water bill for conservation purposes. In other words if the apartments aren't individually metered they have to split the bill up according to some formula like by bedrooms or sq. ft. It's in the water code. That being said water consumption is very low for an apartment building. Water/Sewer bill would most likely not be more than $30 a month.

On a new build they are required to separately meter for water(also water conservation) . This usually means that an apartment would pay more because usually the expensive part on a small house or apartment is the base meter rate not the water. In a large apartment building the base meter rate gets spread among dozens of units.

In other words it's cheaper to be apportioned on one meter with similar level users than to have your own meter.

Converting master metered electric or plumbing to individual metered or even sub metered is always way too expensive to be worth it for a landlord. You basically only submeter if you have a large user on a master meter that clearly has substantially more use than the others(like a restaurant or laundromat in a shopping center). Even then you submeter just the large users to carve them out.

If the new place is a standard tax credit deal you should check really carefully to see if the market rate units have rent freezes in place. Typically they do not.

I'd stay put.
I lived in an apt where everything was separate. It sucked because regardless of how much water I conserved, I would be billed based on the entire building, not my individual apt. Those bills were around 50-60 dollars and it did not include sewer gas etc. I would also be billed for 2 people although my son it typically with his dad 3-4 days out of the week because of our custody agreement.

I will def. no some research on rent increases. My understanding is that even on market rate units, the increase can only be so much as they are capped. I will def. look into it more.
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Old 02-27-2021, 01:26 PM
 
Location: Dallas, TX and Las Vegas, NV
6,852 posts, read 5,738,258 times
Reputation: 15433
Is there any level of difference in the kinds of neighbors? Just wondering if there is more riff-raff in subsidized housing? I have no experience in that arena.....
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Old Today, 12:42 PM
 
305 posts, read 198,975 times
Reputation: 229
Quote:
Originally Posted by WorldKlas View Post
Is there any level of difference in the kinds of neighbors? Just wondering if there is more riff-raff in subsidized housing? I have no experience in that arena.....
No, I don't think there is "rif raff" this is more for middle class people, not to say that middle class people can't be "riff raff."
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Old Today, 04:04 PM
 
Location: Dallas, TX and Las Vegas, NV
6,852 posts, read 5,738,258 times
Reputation: 15433
Another thing to consider is, if you in fact have a decrease of your income and would qualify for subsidized housing, would you in fact be able to automatically convert to a subsidized status at these apartments you are considering? I thought that, especially in Texas, the newer subsidized apartments had to maintain a ratio of regular to subsidized units. So if you haven’t verified, perhaps check to make sure this option — which plays a large part in your thinking — would really be available to you.... or would you have to go into a new process of getting a voucher and then being on a list?
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