What's You $100 Expense Reduction Tip?
What can a buy&hold guy do to shave an extra $100 off monthly expenses without taking on additional work for himself? Tips I've gathered so far are a combination of the following: challenge property taxes, shop for cheaper insurance premium, refi loan(s). What else should we add to the list?
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Some other less obvious suggestions I have:
- Install high velocity toilets when buying a property, a backed up sewer line can cause a lot of damage
- Do not have garbage disposals. They break or get broke way too often.
- In the yard grass is your friend and flower beds are your enemy ( unless you enjoy digging cigarette butts out of bushes) Or paying someone to clean them up for you.
- Make sure no trees over hang or come close to touching your rough. Squirrels can really do some damage once they find a way into the attic.
- Always install heavy duty door stops!!!!
- When remodeling a property use orange peel texture for walls, It is the easiest to match when doing a patch job.
- I am very pro installing floating vinyl plank flooring. It is very tough and does not need replacing after getting water on it. If a section is damaged it is very east to repair.
- Have at least one unique feature in every property to separate it from the competition and save on idle time. For example a nice shower head will make a big impression on a high percentage of potential renters
- Always and I mean Always really check the condensate drain for AC units.
- In single family homes, put a clause in the lease saying not to store anything in the attic. If they put stuff up there they will leave it ( and no you will not find old baseball cards, gold coins, or a Shelby cobra up there. Instead it will be half of a Christmas tree and the elf outfits)
- Use cheap mini blinds, anything else will cost too much to replace
Any way that is just a few