One of my favorite fountains of knowledge, BiggerPockets.com, recently shared a new blog post written by Brandon Turner that I want to share.
The author of this blog post is one of the hosts of the Bigger Pockets Podcast and after listening to him almost every day for over a year, I really trust what he has to say. He has admitted many times that he is guilty of being a "mechanic" in his business by not outsourcing the management of his properties to property managers and doing all of the maintenance and collection himself. Because of his resistance to paying that 10% management fee, I'm sure that he has tried most of these tips with great success. These tips and tricks are most certainly not only useful for those in the real estate industry. Judging by the popularity of these kinds of articles on Pinterest, I would bet that anyone with a home of their own will find some of these things to be useful.
I have only been a landlord once (by default). But I am actively trying to collect as many rentals as I possible can! Being a landlord does require a lot more maintenance and attention than you would think. Anything that can be done to reduce those maintenance calls and invoices while the tenants stay happy and undisturbed is great!
There are a number of things that I've found to be super helpful in the rehabbing business. I'll share a couple. First is to decide what style makes both you and your demographic happy and try to systemize (If you are an entrepreneur, you should be systemizing EVERYTHING-ALL THE TIME anyway!) the materials that you buy. I am still in the trial and error phase, but if I like a product, I will use that same thing in every house from then on. Example: If I find that a kitchen sink matches well with the appliances that I use and it is a sound product, I will relay that information to my contractor and we will use that one product exclusively. That eliminates one small mystery for me and my guys. I use a MyLowes card on nearly every purchase to track what products I have bought. This is specially handy with paint colors and finishes! I have chosen Lowe's over Home Depot. For no particular reason other than choice. And Lowe's gave me an accounts receivable account, so that totally helps!
Invest in a professional caulk gun! They're a few dollars more and the difference is incredible. All of my work pants have been ruined much quicker because I always wipe the excess caulk on my pants. The pro guns don't shoot caulk out so irrationally and have a much more consistent release. They also work great for adhesives, tubed grout, silicone, etc.
There are so many more, but it's Saturday and I haven't had half a day off in a couple of months!
Thanks for reading.