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
  • 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

Your Business

  • 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

Dealing with Tenants

  • 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

Safety

  • 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

Interior Work

  • 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)

Exterior Work

  • Tip 41 - Don't grant access to the garage
  • Tip 42 - Rubber insetad of tar roofs
  • Tip 43 - Cover windows with plywood and siding
  • Tip 44 - Replace basement window with hopper
  • Tip 45 - Cover porch ceiling with vinyl siding
  • Tip 46 - Don't install or repair screens
  • Tip 47 - Remove all shrubbery
  • Tip 48 - Make tenants responsible for oil heaters
  • Tip 49 - Switch to cheaper plywood
  • Tip 50 - Patch concrete sidewalks before inspection

Topic: Real Estate Investing

Source: UA Library


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