What Are Some Life Hacks that Landlords Can Teach Others?

Question

Obviously there are life hacks that we as landlords pick up over the years — how to negotiate with people (e.g. contractors) who want to kick you around, how to buy inexpensive yet durable flooring, where's the best place in town to get rid of crappy furniture, etc.

Does anybody else have some good ones?

Asad Shaikh · Answer

@Logan Allec these are not my hacks. They are my father's, he owns multiple rentals and I have observed him over the years.

-He drives to meets contractors in a crappy car.

-He always negotiates pricing at first, but gives guys who perform repeat business what they are looking for as long as its fair. Reliable service > cheap service within reason.

-Once he establishes a contractor relationship, handyman, plumber etc. he gets their cell phone and will do a group text intro to tenant so they can coordinate mutual time to resolve any issue.

-I help him advertise rentals, and my simple hack is to have all prequalifying criteria in the first sentence of listing description to weed out all the tire-kickers.

-If I have a rental listing I need filled, I pay $100 for nice rental pictures and do one showing on the weekend only to get all potential tenants competing with each other.

James Wise · Answer

Non locking handles - Using a deadbolt with a non locking handle prevents tenant lockouts as well as cuts your lock change time & cost in half at the next turnover.

Justin Kane · Answer

oh so many.. this is a good thread.

I am Ron Burgundy?

Jassem A. · Answer

*If someone asks how much the deposit is, asks for a reduction in the deposit/rent or if they want to work out a payment plan on the deposit then they will probably not be the best of tenants

*Dollartree is great for cleaning supplies, soft pretzels and paint brushes; you will want copper sponges for baked on filth and magic erasers for kids' artwork at minimum (Make sure to run the pretzel under water before adding the salt or cinnamon sugar then put it in the microwave)

*A crescent wrench can be used as a meter key in a pinch

*The better than wax toilet seals are less messy than wax and toilet bolts usually require a sawzaw to remove; Flappers come in two sizes: 2" and 3"

*Sharkbites and pex make plumbing at least 100 times easier

*Drill augers work pretty well to clear drains and bathroom sink drains can sometimes be cleared with a screw slid around the stopper to remove hair

*Thinset also works as grout and caulk also works as mastic in a pinch

* A garden hose cap or shutoff will resolve a leaky hose bib for right now; Can't pressure wash without a hose bib? Connect to the washing machine valve, or a faucet sometimes works (Can substitute almost anything as pressure wash detergent-that stuff is expensive)

*The wife will turn your positive cash flow negative by going to Starbucks too much and there's nothing you can do about it

Steve DellaPelle · Answer

- Pre-screen prospects and schedule one-hour blocks (per week) that fit your schedule

- Inquire about the "cash discount" with contractors, some will take off a nice percentage of the final invoice

- Pay the extra money to have a Master Key that fits each residents lock

What Are Some Life Hacks that Landlords Can Teach Others?

What Are Some Life Hacks that Landlords Can Teach Others?

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