50 Money-Saving Tips for Every Landlord: A Practical Guide to Maintaining Short-Term Rental Properties by Mike McLean

(New York: Square One, 2010), 114

Legal Protection

Tip 1 - Insulate yourself with a great lease
- write a strong lease plus addendums to explain it simply
- you can buy his lease for $30: http://www.bulletprooflease.com/
Tip 2 - Take photographs before move-in day
- have the tenent sign the back of each photo during the tenant walk-through (or could do this electronically)
- this also encourages tenants to take better care of the property
Tip 3 - Video record the entire property

Tip 4 - Consolidate loans into a blanket mortgage
- banks will be more creative to get a bigger deal done
Tip 5 - Stay organized
- label keys and keep on a key-board
- keep files on each property
Tip 6 - Keep showing your property
- don't consider it rented until you have security deposit in your hand
Tip 7 - Remain confident
- every mistake you make has a solution

Tip 8 - Don't give your personal phone number to tenants
Tip 9 - Just say no
- don't be a sucker from the beginning
Tip 10 - Don't spoil good tenants
- only spend money on repairs that benefit you
Tip 11 - Don't stress about tenant cleanliness

Tip 12 - Keep the doors locked (when doing repairs)
Tip 13 - Don't open the door
Tip 14 - Deny being the landlord
- "I don't know what the guy is doing...I'm just a contractor. I can give you his number."
Tip 15 - Always have someone foot your ladder
Tip 16 - Know who you are hiring
Tip 17 - Perform a background check
- you likely won't get good information from the present tenant's landlord
- he suggests showing up at their current residence unnounced to see if they are hiding anything
Tip 18 - Never use a "For Rent" sign
- this invites theves
Tip 19 - Never hold an open house
- instead space your showings apart

Tip 20 - Quickly and efficiently clean your property
Tip 21 - Change all of the light fixtures
- replace all light fixtures and celiing fans with cheap fixtures to reduce replacement cost and remove liability
Tip 22 - Eliminate the garbage disposal
- garbage disposals are just headaches (and liability)
Tip 23 - Choose stoves carefully
- avoid electric stoves
Tip 24 - Remove the dishwasher
Tip 25 - Remove all 220V outlets (to prevent window AC units)
Tip 26 - Replace wall-mounted sinks with vanities
Tip 27 - Stick to single-handle faucets
Tip 28 - Always use caulk on tubs & sinks
Tip 29 - Hang shower curtains before they move in
Tip 30 - If the flooring is ok, leave it alone
- use stick-down tiles if you need to replace
Tip 31 - Don't install carpet
Tip 32 - Replace outlets & switches
Tip 33 - Use thick sleeves to paint
Tip 34 - Don't let your tenants paint
Tip 35 - Make sure the interior doors are solid
Tip 36 - Use Structo-Lite to repaire basement walls
Tip 37 - Install dropped ceilings
- instead of fully repairing damaged ceilings
Tip 38 - Limit damage caused by leaks and floods
- show tenant where main water shutoff is for property
- include flood addendum in lease
Tip 39 - Prevent roaches
- seal borax with caulk between baseboards to keep roaches from ever being a problem
Tip 40 - Buy these two tools
- Husky razor knife
- Jet Swet (for soldering plumbing)

Topic: Real Estate Investing

Source: UA Library

Created: 2018-11-15
Updated: 2022-06-01-Wed