Investor · Peachtree Corners, GA · Member since 2014 · 1k+ posts · 1k+ votes
I've learned a few money saving ideas over the years mostly from @J Scott. These include using one paint color for all houses whether flips or rentals, ordering carpet considered "seconds'," buying at the pro desk usually with a $2,500 plus order and for us military members and veterans using my military ID card to get a 10% military discount.
I'm very interested in hearing what you do to save money! Thanks!
Investor · Peachtree Corners, GA · Member since 2012 · 131 posts · 83 votes
12y
Do it right the first time.
This comes from a rental outlook. When you purchase the house and are rehabbing it for rental fix it right. I don't care if it cost you more money now... You'll save in the long run. Use a good exterior paint so you aren't repainting every 3-4 years. Use tile in areas that have water. You can use cheap carpet but use a better pad. If the plumbing fixtures are old.. replace them now. If you are going to buy new appliances buy them in the scratch and dent section... If not you can find great deals on almost band new ones on CL. If the water heater is getting old.. .8 plus years... replace it. Home depot has them for $239. Much cheaper then having it go out and you have to rush a plumber over there. Learn to do small repairs yourself.
You want to prevent your houses from having problems. A lot of small problems add up very qyuickly.. not only in cost but in pissing off your tenant.
Investor · Peachtree Corners, GA · Member since 2014 · 1k+ posts · 1k+ votes
12y
@Lisa Miller I couldn't help but laugh at the irony when seeing the related discussion just below your post and remembering your excellent first? post! The get off the highway one.
Investor · Port Orchard, WA · Member since 2014 · 41 posts · 23 votes
12y
Hey Cal, That was my first post, thanks for remembering it. I was so excited to post I didn't notice the one below it. Extreme opposites! lol
The forum has been busy today causing some posts to be a few pages back before they are seen. I think this should be up front again because there are so many tips and ideas to be shared and we all need to save money. Keeping expenses down creates Bigger Pockets, full of money and isn't that the goal!
Investor · San Francisco, CA · Member since 2010 · 910 posts · 889 votes
12y
Just some thoughts off the top of my head.
Every fee at the title company is negotiable. You can get investor rates if you do repeat business with them. Same for mortgage officers, I negotiated fees for repeat business.
Try to have your rehab scope include everything for the initial bid, additions to the bid after work has been started can be overpriced.
IKEA clearance items can be a great bargain. Many creative ways you can use those items.
If you have an AC unit, change the filter every three months with the cheap filter. The cheap filters allow good airflow and changing it often allows the AC to not work as hard saving you from replacing an AC too soon.
Investor · Lenexa, KS · Member since 2010 · 215 posts · 121 votes
12y
This may seem counter-intuitive, but DON't use the cheapest bid just because. Having to do it over or going back over someones works ends up being more than a better reputable bid almost every time.
"No one has the time or money to do it right the first time, but they always seems to find both when they have to do it over."
Investor · Peachtree Corners, GA · Member since 2012 · 131 posts · 83 votes
12y
Do it right the first time.
This comes from a rental outlook. When you purchase the house and are rehabbing it for rental fix it right. I don't care if it cost you more money now... You'll save in the long run. Use a good exterior paint so you aren't repainting every 3-4 years. Use tile in areas that have water. You can use cheap carpet but use a better pad. If the plumbing fixtures are old.. replace them now. If you are going to buy new appliances buy them in the scratch and dent section... If not you can find great deals on almost band new ones on CL. If the water heater is getting old.. .8 plus years... replace it. Home depot has them for $239. Much cheaper then having it go out and you have to rush a plumber over there. Learn to do small repairs yourself.
You want to prevent your houses from having problems. A lot of small problems add up very qyuickly.. not only in cost but in pissing off your tenant.
This comes from a rental outlook. When you purchase the house and are rehabbing it for rental fix it right. I don't care if it cost you more money now... You'll save in the long run. Use a good exterior paint so you aren't repainting every 3-4 years. Use tile in areas that have water. You can use cheap carpet but use a better pad. If the plumbing fixtures are old.. replace them now. If you are going to buy new appliances buy them in the scratch and dent section... If not you can find great deals on almost band new ones on CL. If the water heater is getting old.. .8 plus years... replace it. Home depot has them for $239. Much cheaper then having it go out and you have to rush a plumber over there. Learn to do small repairs yourself.
You want to prevent your houses from having problems. A lot of small problems add up very qyuickly.. not only in cost but in pissing off your tenant.
I agree spending some money upfront wisely as you have depicted is much better than jumping through hoops to repair a problem. I'm a little unclear on what you mean by use tile anywhere there is water.
Do it right the first time.
This comes from a rental outlook. When you purchase the house and are rehabbing it for rental fix it right. I don't care if it cost you more money now... You'll save in the long run. Use a good exterior paint so you aren't repainting every 3-4 years. Use tile in areas that have water. You can use cheap carpet but use a better pad. If the plumbing fixtures are old.. replace them now. If you are going to buy new appliances buy them in the scratch and dent section... If not you can find great deals on almost band new ones on CL. If the water heater is getting old.. .8 plus years... replace it. Home depot has them for $239. Much cheaper then having it go out and you have to rush a plumber over there. Learn to do small repairs yourself.
You want to prevent your houses from having problems. A lot of small problems add up very qyuickly.. not only in cost but in pissing off your tenant.
I agree spending some money upfront wisely as you have depicted is much better than jumping through hoops to repair a problem. I'm a little unclear on what you mean by use tile anywhere there is water.
I think he means don't cheap out and use peel-&-stick vinyl, for example. "Real" materials mean better longevity, not to mean better rental rates and renter satisfaction.
Investor · Chicago, IL · Member since 2013 · 451 posts · 96 votes
12y
Buy in bulk - and get priced on the most you can out of a laborer in one shot. In my experience the more work i have to offer the cheaper the overall pricing becomes and it doesnt have to be in the same property.
Investor · Peachtree Corners, GA · Member since 2012 · 131 posts · 83 votes
12y
Originally posted by @Jeff Blanchard:
Originally posted by @Cal C.:
Originally posted by @Watson Smith:
Do it right the first time.
This comes from a rental outlook. When you purchase the house and are rehabbing it for rental fix it right. I don't care if it cost you more money now... You'll save in the long run. Use a good exterior paint so you aren't repainting every 3-4 years. Use tile in areas that have water. You can use cheap carpet but use a better pad. If the plumbing fixtures are old.. replace them now. If you are going to buy new appliances buy them in the scratch and dent section... If not you can find great deals on almost band new ones on CL. If the water heater is getting old.. .8 plus years... replace it. Home depot has them for $239. Much cheaper then having it go out and you have to rush a plumber over there. Learn to do small repairs yourself.
You want to prevent your houses from having problems. A lot of small problems add up very qyuickly.. not only in cost but in pissing off your tenant.
I agree spending some money upfront wisely as you have depicted is much better than jumping through hoops to repair a problem. I'm a little unclear on what you mean by use tile anywhere there is water.
I think he means don't cheap out and use peel-&-stick vinyl, for example. "Real" materials mean better longevity, not to mean better rental rates and renter satisfaction.
Cal C,
I meant in places like bathrooms, laundry rooms and even kitchens. If water gets under your sheet vinyl and rots your sub-flooring it becomes more of a mess. Tile will last you 10+ years easy. Vinyl might make it 3 before ripping it up and laying some new. All depends on your tenants. Mine are lower income and tend not to care as much so the more industrucatble the better.
Visalia-Fresno, CA · Member since 2009 · 1k+ posts · 863 votes
12y
Rotating locks can save you some money. Managing keys and locks is a science. If you can keep a few good sets to rotate as tenants move out you can save a few bucks. My locksmith price is $55 trip charge and $10 per lock.
Rental Property Investor · San Diego, CA · Member since 2011 · 1k+ posts · 1k+ votes
12y
Credit cards for rewards points.
I went to Belize for free last year, who knows probably Panama this year. If you even do a modest amount of purchases for projects or your business and bounce reward programs you can easily have 3-5 free flights a year.
Rotating locks can save you some money. Managing keys and locks is a science. If you can keep a few good sets to rotate as tenants move out you can save a few bucks. My locksmith price is $55 trip charge and $10 per lock.
Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes
12y
Get a good handyman. Send him over as soon as you are told about a leak or loose carpet or even torn vinyl. they repair fences, cut down hanging tree branches, etc. Having someone at 1/4 of the cost of a plumber or carpet layer is very penny wise. They can replace faucets and even unclog simple kitchen grease clogs. I also have them go replace furnace filters 2 or 3 times a year and report house conditions back to me.
Investor · Southeast, MI · Member since 2012 · 2k+ posts · 1k+ votes
12y
Replace all plumbing valves when you purchase a property and use quarter turn ball valves. Don't buy them at Home Depot. Plumbing supplies cost roughly half what HD charges if you go to a plumbing supply house.
Professional · Baltimore, MD · Member since 2014 · 93 posts · 23 votes
12y
I did a very small townhouse that had a 6' long countertop. I asked my granite contact for their least expensive, d-spec piece of stone that was a runoff sitting in a warehouse. I was quoted 2k for a 6' long ctop which was 10% of my budget (needed a new hvac and water heater). I went to Home Depot and bought 1x1 sf black granite tile and had my contractor install it. All in, around $200. I would be surprised if the buyer even knew it was tile.
I did a very small townhouse that had a 6' long countertop. I asked my granite contact for their least expensive, d-spec piece of stone that was a runoff sitting in a warehouse. I was quoted 2k for a 6' long ctop which was 10% of my budget (needed a new hvac and water heater). I went to Home Depot and bought 1x1 sf black granite tile and had my contractor install it. All in, around $200. I would be surprised if the buyer even knew it was tile.
Do you have pictures? I'd think there would be seams?
Real Estate Investor · Cincinnati, OH · Member since 2014 · 15 posts · 1 vote
12y
I'm so glad you posted this. Read my mind!
1. Saving a buck per sf is great but running around town is not. Buy everything from one place and save yourself some time. Time that could be spent finding more deals.
2. Paint the ceiling and the walls the same color. I was scared to do this initially but 3 houses in, you can't tell the difference. Of course, I mean a light color like light beige or grey. Contractor can spray the walls and ceiling and don't have to spend so much time cutting in.
3. The other posters recommended buying in bulk. I think I might call up my appliance dealer and ask them to sell me several fridges, ranges, microwaves, dishwashers. I'm doing it anyway. Might as well get a bigger discount. Only problem is having so much money out at once.
4. Use Schulter strips instead of bullnose. Nice straight edge, lots of savings. Also, not every tile comes with a bullnose.