Hatfield, PA · Member since 2012 · 1k+ posts · 629 votes
I thought it would be nice to have a collecting point for day to day money/time savers for rentals. Some things I do or have seen on the forum so far:
Remove storm doors.
Advertise rentals on craigslist
Remove or lock outside spigots.
Submeter or RUBS the utilities you pay yourself.
Put in low flow showerheads and put 2 liter soda bottle in toilet tank.
Convert laundry room to pay.
Convert all bulbs to fluorescent.
Replace grass with groundcover, gravel, flowers, etc.
Buy your own pressure washer - $85 at WalMart.
Buy post 1989 buildings (lead).
Advertise & Rent entire duplex to one family (I did this).
Have tenant rents ACH or have them deposit to your account.
PLEASE keep items to one sentence and list each separately!!!
Investor · Southeast, MI · Member since 2012 · 2k+ posts · 1k+ votes
13y
A lot of good responses.
I would like to add a few:
When I buy a property and a bedroom door has a hole in it (probably from a fist), Instead of buying a new door, I buy a $6 mirror at HD and cover the hole with it. They make a special tall and narrow mirror (36 x 12 inches?) that is made for a door. Takes two minutes and only eight screws.
I use the same locks over and over and change them from house to house. I bought a key machine off CL for $50 and buy key blanks on the web for 17 cents each. I can make a key as fast as a high school dropout at the hardware store. I keep the original keys and give copies to the tenants. If they lose one, so what? Those locks are going on a different house and I still have the original. I then charge the tenant for the missing key from their security deposit.
I have all water bills mailed to me. I check and make sure the last bill was paid and then send it to the tenant for them to pay. It's in my lease that if they don't pay the water, I will pay it, add a $25 fee, and then give the tenant seven days to reimburse me. I let them know when they move in, if they only have enough money one month to pay the water or the cable - PAY THE WATER.
Unfinished basements require all plugs to be GFCI protected. If they are not protected, I put one in for laundry and remove the rest. They don't need to be hanging out down there anyway.
Garages usually have a bunch of scary looking electrical. Remove it.
Change all plumbing valves to quarter turn ball valves. It will save you money and grief in the long run.
When a property is vacant in the hood: Install motion sensor lights and leave them there. Lock the gate to the backyard. Leave a radio playing. Light on a timer. Install deadbolts that are keyed on both sides. If someone comes in through a window, they won't be leaving out the back door with all of your copper. You can change the locks out when a new tenant moves in.
SFR Investor · Orange County, CA · Member since 2009 · 1k+ posts · 1k+ votes
14y
This is a great idea for spreading tips. Many things on your list, however, we don't do because we don't pay for our tenant's utilities. So low-flow shower heads, bricks inside toilet tanks, and CFL's don't really help us. Besides, are these really effective? I usually spend more time under a low-flow shower head because it takes longer to rinse off. And make sure your tenants don't have to flush repeatedly because you reduced the tank's capacity. The best toilets match their tank capacity to their bowl volume. Screwing with this ratio may hurt flush performance. And I usually rent or borrow a power-washer since I use one sparingly. I rarely ever advocate purchasing cheap tools. If that $85 power-washer only lasts a few months, it was hardly a bargain.
Otherwise, yes, we use Craigslist for advertising, minimize landscaping with use of mulch and gravel, and like to keep to newer buildings (post '78 will usually avoid lead). We also hold open houses or set viewing times so we're not running over to our rentals everytime a prospective tenant wants to see it.
Some other things to also do.
Re-key your own locks between tenants. A kit costs about $12 and is a lot cheaper than a locksmith or purchasing new locks.
Where feasible, install Y's in your wastelines with a cleanout plug. The plumber will charge a lot less to snake out a clog if he doesn't have to remove the trap.
Provide your tenants with pre-addressed envelopes or have them deposit directly at your bank's local branch.
Paint the walls with satin or semi-gloss sheen for ease of cleaning and longer periods between repainting.
For small areas, look for suitable paint on the clearance rack.
Use random patterned earthy colored carpet to help hide stains.
Place any landscaping on a sprinkler and/or drip system with an automatic timer so the tenant doesn't have to "remember" to water the yard.
Investor · Hampton Bays, NY · Member since 2009 · 907 posts · 258 votes
14y
I am an out of state landlord and the most important person on my team is a handy man who can fix almost anything. If I had to hire a separate plumber, electrician, carpenter etc for every minor problem I wold explode my maintenance costs. My handy man saves me thousands a year and I treat him well. The prior property manager was killing me with overpriced repairs.
Investor · -, IL · Member since 2010 · 409 posts · 616 votes
14y
Stay out of the hood.
In low income properties, remove the following:
Ceiling fans
garbage disposal
dishwasher
Carpet
Storm doors
Closet doors
Towel racks
Mini blinds
Pretty much anything that moves or has pull chains
I use the exact same paint for all my rentals
Solid wood doors (a single punch and a hollow core one is toast)
Door stops behind the doors
Caulk the crap out of the bathroom
Make tenants in houses responsible for cutting the grass
Tenants responsible for any clogged pipes unless caused by roots
Tenants responsible for any glass breakage
Investor · Atlanta, GA · Member since 2010 · 186 posts · 14 votes
14y
Michael Lauther, can you provide an out of state landlord like myself with a tip to find a reasonable and reliable handyman who can do almost everything? I have the exact problem with my Las Vegas property manager.
Specialist · Portland, OR · Member since 2010 · 3k+ posts · 1k+ votes
14y
If you have wood floors that are a lower quality that is found in many older homes, painting them is a good way to go. Many younger renters prefer this as do allergy prone types.
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
14y
Know the real value of your time and know your skill levels.
While you may be able to do something yourself, like mowing grass, if you end up running around with 8 renatls mowing, then you're in the mowing business hauling mowers around, going to get gas, and doing things that really don't make you any money. Do what makes money and pay a lawn guy, if you know what your time is worth you can do that well.
If you are not handy, messing up trying to put cove molding might cost you more in the long run than hiring a skilled guy to do it. You can certainly save money doing repairs yourself, but don't exceed your skill levels as it can cost you.
Hatfield, PA · Member since 2012 · 1k+ posts · 629 votes
14y
One way to find handyman is:
1) From Craigslist.com, use the righthand directory to find your exact state & region
2) Click "labor" under Gigs on the bottom right
3) Click "Post" on top right.
4) Select "I wnat to hire somebody"
5) Select "labor"
6) Put a brief title - I need a handyman (or roofer, or carpetner or whatever your need"
7) Put in your location and your email TWICE and select Anonymize
8) Describe clearly what you need done. I suggest you put in "must have experience with XYZ" - whatever skill you are seeking. You could also put in must have references, car or whatever other restictions
9) Select Pay and fill in something reasonable. I suggest DOE or Negotiable. It gives you flexibility,
10) Press Continue at bottom and review your ad on next page (edit again to make changes)
11) IF your first time, follow confirmation directions - they call your phone# or maybe email. Once confirmed, it will take 15+ minutes to display
12) In cities you may get a lot of responses and can be picky. In rural areas you may get few and need to be flexible.
Real Estate Consultant · Lansing, MI · Member since 2011 · 356 posts · 306 votes
14y
Rather than rekey, my property manager has a few extra sets of locks/knobs she uses to just switch them when there is turnover. It only takes a few minutes and you never need to buy (or spend money to rekey) another set.
Another tip I have picked up is to have leases end /begin in the summer. While not the case for all properties, those that are marketed to college students (favorite tenants!) get rented quite easily if they can move into the property in July or August.
Investor · Southlake, TX · Member since 2009 · 950 posts · 338 votes
14y
Originally posted by Patrick Snyder:
Another tip I have picked up is to have leases end /begin in the summer. While not the case for all properties, those that are marketed to college students (favorite tenants!) get rented quite easily if they can move into the property in July or August.
This is a good strategy for families as well. It works around the school year.
Investor · Hampton Bays, NY · Member since 2009 · 907 posts · 258 votes
14y
Naga: wish I could impart some magic advice but I found my handy man through trial and error and referrals from from contacts I made while visiting the community. He has owned his own properties in the past but has come on hard times. If I am able to expand my reach i this community with other investors I will give hem a more prevalent role and perhaps help him get back into investments.
Investor · Atlanta, GA · Member since 2010 · 186 posts · 14 votes
14y
Ken Latchers, Michael Lauther
Thank you for tips. I know the best way to find a reliable handyman is through referrals from other (more experienced) investors in the market. But, I've heard that investors usually hate sharing their own handymen with others because they want their own handymen to be available to them whenever the needs come up.
Is that true? That is why I hesitate to ask my colleagues here on BP which handymen they use.
Investor · Hampton Bays, NY · Member since 2009 · 907 posts · 258 votes
14y
Naga: I find the opposite is true. I don't have enough work for a full time handy man and If anyone in Dayton is interested in putting my friend Tom to work I would be happy to recommend him. He is working full time now at a job he would rather leave behind and he wants to get back into real estate. I would not hesitate to ask your fellow investors in Detroit for recommendations.
Specialist · San Dimas, CA · Member since 2011 · 350 posts · 122 votes
14y
Ryan Moseley - I agree you need to be charging market value, however my point was trying to get the TOP of the market does not make much sense, IMO. If you have to wait 2 months to fill a vacancy, you are better off charging middle "market value". You can, as you pointed out, increase the rental income over time.
Realtor · Houston, TX · Member since 2011 · 916 posts · 296 votes
14y
Buy mis tint paint
Buy clearance items like tile when they go on sale even if you don't need them right away
Buy unfinished wood cabinets and stain them for rentals
Investor · Mission Viejo, CA · Member since 2012 · 627 posts · 204 votes
14y
Originally posted by Naga A.:
Michael Lauther, can you provide an out of state landlord like myself with a tip to find a reasonable and reliable handyman who can do almost everything? I have the exact problem with my Las Vegas property manager.
Thanks
Who are you using in Las Vegas. Our manager, Dane Brooks at Valleywide Property Management has a handy man.
We've got the same problem with the bone-heads managing our houses in memphis, so will be replacing them.