Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
People love "life hacks." A life hack is a simple strategy/process/tool/trick for improving your life in an unconventional way. For example:
So...
I am writing a post about "Landord Hacks" - it's the little things that a landlord can do to make their life easier, save money, etc. And I need your help!
So my question is: What is your best Landlord Hack(s) ?
I'll give you a couple quick examples:
1.) Have a hole in the middle of a hollowcore door? Rather than replacing, just buy a $5 mirror at Wal-Mart and screw it to the door. Not only does it hide the hole, it makes the hallway look larger and ads some decoration to a boring space!
2. ) From @Darren Sager - Always write the paint color that a unit is IN the lease when you sign it. That way, when you need to repaint, you know exactly what color you used.
So... your turn! What are your best Landlord Hacks?
Rental Property Investor · Roanoke, VA · Member since 2011 · 95 posts · 65 votes
12y
1) I send birthday cards to each tenant with a $5 Starbucks card
2) I send a postcard to each 'door' once a quarter, asking them if there's anything I can do for them.
3) On a tenant's one year anniversary, I give them an 'upgrade' of their choice, within reason. It's usually something I would do when they move out anyway, I just get to do it with them there.
4.) I have five properties and eight doors, I've never had a move-out, a late payment or an eviction. Special attention works.
Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
12y
If you're a licensed agent buying a rental for yourself, you probably don't want to take a commission. Instead, you should consider rolling the commission into the purchase price as a credit/discount. In other words, if you're buying a property for $100K and are entitled to a $3K commission on the purchase, ask them to knock the purchase price down by $3K (to $97K) instead.
Commissions are taxed at ordinary income and profits when you sell the rental are taxed at capital gains rates. So, you'll save money on taxes by taking the profit on the back-end (when you sell) than on the front-end (as a commission).
Two caveats:
1. If your marginal tax bracket is lower than your capital gains rates, you can ignore everything above.
2. If you plan to hold the rental forever, you'll likely be able to earn more on the commission reinvestment than what you'll save in taxes (time value of money). But, if you'll be selling in fewer than 5 years, rolling it into the basis is probably a better investment.
Rental Property Investor · Roanoke, VA · Member since 2011 · 95 posts · 65 votes
12y
1) I send birthday cards to each tenant with a $5 Starbucks card
2) I send a postcard to each 'door' once a quarter, asking them if there's anything I can do for them.
3) On a tenant's one year anniversary, I give them an 'upgrade' of their choice, within reason. It's usually something I would do when they move out anyway, I just get to do it with them there.
4.) I have five properties and eight doors, I've never had a move-out, a late payment or an eviction. Special attention works.
Real Estate Investor · Sebastian, FL · Member since 2014 · 812 posts · 432 votes
12y
We use standard paint colors, the same tile, same faucets, same toilets, same door hardware, same shingles, same ceiling fans etc on all of our rentals. When we need to do repairs, touch-ups etc it is obvious what the specs are. Leftovers don't get wasted, just stored until needed.
Unfortunately it doesn't work for flips since there is a need to customize according to price range.
I like to custom fit shower wall panels as a back splash for the kitchen sink and behind the stove. The back splash stays white forever and they are very to clean. No more repainting.
Doing that behind the stove is probably a code violation since that is a combustible panel that will be very close to the heat source (flames) of the stove.
Investor · Waynesville, NC · Member since 2014 · 408 posts · 121 votes
12y
@Michael J. I also do the mulch and agree it looks nice.
One thing I would like to add for a hack is I use cardboard for weed blocker under the mulch. There is always tons of cardboard after a rehab, and it makes great weed blocker. Once it gets wet, it conforms to the ground and you'll never know its there. It is easy to punch holes through for adding plants as well. Best of all, its FREE!
Could someone please tell me how I can save/print this thread, other than just saving the URL? When I try to print to PDF, the format gets all out of whack.
Investor · Vancouver, WA · Member since 2013 · 3k+ posts · 4k+ votes
12y
HOW TO KEEP THE CATS OUT OF THE FLOWER BED: If you have cats in the neighborhood who have discovered your planting beds as a good place for their deposits, lay down chicken wire mesh on top of the soil and cover it lightly with mulch. It is the only deterrent that has worked for us. Plants can still be planted by cutting a spot in the chicken wire mesh. You or your tenants can also place potted plants on top of it. The cats try scratching once, get their claws caught on the wire and won't come back.
Could someone please tell me how I can save/print this thread, other than just saving the URL? When I try to print to PDF, the format gets all out of whack.
thanks.
Not sure what you really are interested in here. If you want a hard copy, you will miss out on any new ideas and updates that get posted. If you are willing to refer back to this thread online, you have a couple of options. One is to use your browser to bookmark, or even bookmark in the cloud. The other option is to monitor the topic. If you monitor the topic, you will get emailed updates to the thread when they happen (but you have to make sure your profile says to get emailed on updates). And there is a forum tab for your monitored topics so you can go back to reading them when you choose to.
If you really want hard copy, you can copy and paste into your favorite editor software.
@Gautam Venkatesan that pic used tiles so had to be glue down. But you can use sheet vinyl similarly and no need to glue that in place.
In a couple of our very low income rehabs we have actually used vinyl flooring as a shower stall wall.
Glued onto the wall(s) & siliconed to the bathtub lip one is still up after 5 years. We bend it around the corners to avoid cut edges that could eventually separate & leak.
I have also applied it to the shower stall ceilings to avoid moisture issues & paint peeling.
Real Estate Broker · Aurora, IL · Member since 2013 · 13 posts · 16 votes
12y
YOU SHOULD BECOME A BIG FAT LIAR!
I found that when I told tenants that I was the owner of the building/rental they felt they could ask me for things and try to negociate with me. Citing that they pay all this money, and the least you can do is "Insert some request here." Sometimes their request is valid, but many times it's not... They may ask "why can't you buy one of those new front loading washer and dryers for us?" Or why can't you lower our rent... so and and so forth. You can try and explain that this is a business and that everything must make sense financially for the business but they don't want to hear that and will ultimately have a bad taste in their mouth that you didn't help them. This puts a bit of a wedge between your tenant landlord relationship. I have found it much easier to tell my tenants that the owner is some retired lawyer in Florida, and that I am a lowly property manager here that takes care of his units. Any requests you have I will make a case for to the owner...But I can't make any promises. It's really the way to go in my opinion, however if you are like good George Washington, you may find this strategy to be unethical. Some ways that I work this strategy:
Google voice number that directs to my cell phone: I only give tenants this number so I always know it's a tenant calling me. I can answer the phone accordingly...
Properties are owned in partners names and eventually transferred to LLC so that even if they ever did a search they wouldn't see that I'm the owner.
I can act as a mediator between the "Owner" and the "tenant" Hey the owner is pretty upset that you are late this month but I convinced him to waive your late fee this time. I know you're in a tough spot, so I made a case for you. Just remember the owner counts on this income on time and it is very inconvenient for him when it is late. If you're late again we will have to charge the fee. You look like a hero for waiving fee but also get the point across that it wont happen again and that next time "the owner" won't be so willing to do so.
Many more ways you can work this role those are just a few examples.
Investor · Crystal, MN · Member since 2013 · 486 posts · 277 votes
12y
@Marcia Maynard - I agree with you. But, I will truthfully tell my tenants the owner of the property is the LLC, and that I am not the only business partner in the deal. I will truthfully tell them that I must discuss any requests with my business partner. I've also studied and will soon put properties in Land Trusts, with my LLC as trustee and property manager. It does not misrepresent the truth that my LLC is the trustee and property manager. Who the beneficiary of the trust is, I cannot divulge. The main issue is to treat the tenant with respect and truthfullness. I don't give them my home address. I give them a well maintained property compared to my competition. They don't ask for stuff they already have.
To make the @ work, do the following: Hold down the shift key and type @? Look below this Window, and you will see a list of names of people that have posted in this thread. Click on the name of the person that you want notified via an email, that you responded to them. If you are a Colleague with anyone that has NOT posted in the thread, and you want them to see your post, hold down the shift key, type the @ and the first 4 letters of their First or Last Name. Then look below this Window and click on that person's name. Raymond
Real Estate Investor · Sebastian, FL · Member since 2014 · 812 posts · 432 votes
12y
A different thread just reminded me of a hard lesson learned years ago. A refrigerator or freezer transported on it's side or back needs to sit for at least 24 hrs. before being plugged in. Otherwise you might be buying another one.
Real Estate Investor · Somerset, KY · Member since 2011 · 211 posts · 64 votes
12y
I paint all my units ceiling and walls with white satin paint b/c its wipe-able yet dont show as many imperfections. Its easier to repaint and I do not let the tenants paint or use wallpaper or borders. White makes it look cleaner, brighter and bigger.
I have also spray painted hvac registers and return grills white, easier than cleaning them. You can also paint ceiling fans but you gotta clean em first. Cheaper than buying new ones. Can spray paint light fixtures also if you like.
I always replace the wood under the cabinets and any bathroom floor with advantec wood so it wont ever rot and have to be done again. Saves money later.
Dont re-stomp bad spots or holes on the ceiling. Lightly mud over the hole and let it sink in when it dries then take a thin piece of cardboard, bend the edge into a 'S' type shape to match your stomped pattern and just remake the same pattern on your spot. Try to use the same amount of mud on your lines as the original. when it dries knock off sharp edges if needed. Most likely no one will ever notice once painted.
If you have a bad spot on the bottom half of your interior doors just go buy 2 cheap square metal vents (look like hvac return covers) and cut out the square almost the same size to fit one on each side of the door. It also helps airflow in the home.
Wrap your paint pans, rollers, brushes etc with kroger or walmart sacks to keep paint fresh for the next day. It keeps the air out. You dont have to rinse them out and waste paint, just open and use then throw the bags away.
You can use bondo on wood and also drywall mud on smaller spots/cracks and it works just fine. Better than spending crazy money on wood filler!!
If you have a small hole on the wall but the unit doesn't need repainted and you need to rent that place out just put a blank light switch cover over the spot until next time you paint, you will find it!!!
If you have a bad spot on the lower part of your vinyl siding just put a vent cover over it.
Have an ugly water heater you want to hide?? Build a 2x4 frame around it and make the front part have a henged door. Cover with drywall and use corner trim to cover the edges then have a cabinet magnet on inside that holds the door shut in the middle. make sure to leave the trim on the corner where the door opens loose on one side and permanent on the other.
Have a bad spot where a pan burnt a counter top???? Dont replace the top just buy a small square of granite or ask for scraps and glue it over the bad spot. INSTANT HOT PLATE!!!!
Rental Property Investor · Roanoke, VA · Member since 2011 · 95 posts · 65 votes
12y
No way is it ok to lie to your tenants. If they ask for something unreasonable, simply tell them it's unreasonable. Brandon gets around this by saying he's the property manager, which he is, but never divulges who the owner is. Is lying to them about a fictional owner unethical? Um, yeah. Totally unethical. I WANT my tenants knowing I own their building. If they respect me and the job I"m doing they want to take care of it for me.
Investor · Waynesville, NC · Member since 2014 · 408 posts · 121 votes
12y
I thought I was the only person in the world that did this! I do it in my mobile home rentals and it works great. I have had on in place for probably 10 years and it still looks good. My property manager looked at me like I was crazy when I suggested he do it in some of the properties he manages for me. They are in different cities and he's never seen it. Can't wrap his mind around it at all!
Investor · Baltimore, MD · Member since 2012 · 1k+ posts · 655 votes
12y
Originally posted by @Account Closed:
I thought I was the only person in the world that did this! I do it in my mobile home rentals and it works great. I have had on in place for probably 10 years and it still looks good. My property manager looked at me like I was crazy when I suggested he do it in some of the properties he manages for me. They are in different cities and he's never seen it. Can't wrap his mind around it at all!
Investor · Chicago, IL · Member since 2013 · 2k+ posts · 1k+ votes
12y
@Brandon Turner : here's a simple landlord hack we use and I'm surprised MOST landlords don't use it: have the tenant sign you an authorization to write checks out of their bank account. Every first of the month, we print the tenants' checks out of our printer and then deposit them in our bank account. We get paid FIRST before their other bills are due.
If the tenant-prospect is NOT OK signing a check writer authorization, we do not accept the tenant.