Here are a few I use:
Autopsy for rent. Take the money on due date.
Payday due dates. (Most of my places are C class units. People who rent these have little savings and quickly get behind.)
ZERO TOLERANCE. Other than screening the tenants 3x good, this is the biggest money saver and loss preventer.
Next biggest money saver is REGULAR INSPECTION AND MAINTENANCE. Tenants make messes and wont tell you about leaks and damages. Check on a regular basis!
No rugs. Sometimes I just paint the subfloor and leave it at that. Tenants can get their own throw rugs or carpet.
Baths get sheet vinyl, whatever is on sale. Maybe $25
Faucets from Habitat Restore $10.
Light fixtures from Habitat Restore $5
Curly light bulbs from Habitat Restore 25 cents each.
Up here there is little need for air conditioners. If they want one for a few weeks in the middle of summer, there are used window units on Craigslist for about $50 or new at Wal=Mart for $120. They are free to get their own. I do not supply them.
Water heaters- for $15 a month, the electric company has a program where they will fix both water heaters and furnaces. When one goes out in the middle of the night, tenant calls the electric company, not me.
Furnaces: see water heaters. Same method to handle them.
Baseboards and window trim: I use 1x3 utility boards from Home Depot- under $2.00 for an 8 foot board. I make everything craftsman style- butt joints only. Stain all of them before starting, dark color like walnut. Door trim the same.
Doors to replace: Habitat Restore about $20-$30
Windows- Home Depot, about $70-110 plus installation.
Exterior siding - Hardiboard , vinyl. Under $1.00 per square foot on sale at Home depot. Plus installation.
Roofing- Metal. Under $1.00 per sq Ft +trim and underpayment, plus installation.
Cabinets: home depot, IKEA, or habitat Restore cheap ones.
Countertops - post form only. Home Depot or Habitat Restore, generally $25-75 plus install.
Sink and faucets for kitchen and baths - Habitat Restore ,about $10-20. I've found very few tub-shower faucets at Habitat Restore, mostly get them new at Home Depot.
Appliances: refrigerator, stove, etc. I do not supply them unless I absolutely have to. If I do, Craigslist at $50-$100.
Please be aware here that my units are mostly Class C rented to people who make under $15 per hour. Rents are $500-650 a month and there is a MASSIVE DEMAND for these. Nicer units go $750+ for 2 br up to $1300+ for 3 br or if they are in better areas. $15 per hour workers, those on disability or social security cannot afford $1300+rents.
WE HAVE NO SLUMS HERE. NONE! Of course, there are many bad tenants out there waiting to trash places and not pay rent, but word gets around and they are soon gone to larger towns downstate where there are slums or they live in tents in the woods, with the bears and critters and sub zero cold. I wont put up with them and most other landlords won't either. Like I said, it's a small town and most landlords know each other and who the trash is.
--172.222.xx.x