Systematizing Ideas
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Systematizing Ideas (by Drew [CO]) Jul 13, 2019 1:46 PM
       Systematizing Ideas (by S i d [MO]) Jul 13, 2019 2:16 PM
       Systematizing Ideas (by Drew [CO]) Jul 13, 2019 2:28 PM
       Systematizing Ideas (by David [NC]) Jul 13, 2019 3:03 PM
       Systematizing Ideas (by Richard [MI]) Jul 13, 2019 4:12 PM
       Systematizing Ideas (by Laura [MD]) Jul 13, 2019 11:49 PM
       Systematizing Ideas (by Drew [CO]) Jul 14, 2019 12:17 AM
       Systematizing Ideas (by Jeffrey [VA]) Jul 14, 2019 9:08 AM
       Systematizing Ideas (by Drew [CO]) Jul 14, 2019 9:30 AM
       Systematizing Ideas (by AllyM [NJ]) Jul 14, 2019 10:31 AM


Systematizing Ideas (by Drew [CO]) Posted on: Jul 13, 2019 1:46 PM
Message:

For years I had been working full-time and was just trying to stay full, fixed, and bills paid. Now, after 13 years and 16 rentals (but now not working FT), I am waking up to the potential of making things more efficient, organized, and systematized. I'd like to have less surprises around repairs and maintenance and a more proactive management style on all levels. I am gradually moving to just one brand/style of kitchen and bathroom sink faucets. Simplifying along these lines everywhere I can, same paint schemes, etc. I was feeling burnt out and maybe ready to sell but thinking I really just need to upgrade my methods and expand skilled handyman team(um to get one) so I can find more ease again. What tips, ideas, or systems have made a difference in your rental business world? What's made less stress or confusion and more ease? --172.58.xx.x




Systematizing Ideas (by S i d [MO]) Posted on: Jul 13, 2019 2:16 PM
Message:

I was where you are now about 5-6 years ago. Some of the easiest, most cost-effective things I have implemented:

1) One paint color for all units and stick with it.

2) Vinyl/resilient flooring. Get rid of carpet.

3) Website for pre-screening, scheduling viewing.

4) Lock box showings.

5) Master key system w/changeable cores. I use the iCore system from LandLord Locks.

--107.216.xxx.xxx




Systematizing Ideas (by Drew [CO]) Posted on: Jul 13, 2019 2:28 PM
Message:

Great ones, Sid! Yes I am paying the price for yesterday's sins around multiple paint colors. I didnt start it! I just would do the easiest thing at the time and paint match and touch up what came with the place, figuring someday I would uniform them all. Well, someday has arrived! --172.58.xx.x




Systematizing Ideas (by David [NC]) Posted on: Jul 13, 2019 3:03 PM
Message:

Bootcamp --209.131.xxx.xxx




Systematizing Ideas (by Richard [MI]) Posted on: Jul 13, 2019 4:12 PM
Message:

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




Systematizing Ideas (by Laura [MD]) Posted on: Jul 13, 2019 11:49 PM
Message:

This is what the bootcamp addresses. --66.87.xxx.xxx




Systematizing Ideas (by Drew [CO]) Posted on: Jul 14, 2019 12:17 AM
Message:

Ah, OK, 2 votes for Bootcamp! I will have to check that out. And Richard, you got me at "regular inspection and maintenance." Meeting with my new handyman this week and once we go over what I know is on deck waiting, we can develop system for regularly inspecting and maintaining places. --172.58.xx.x




Systematizing Ideas (by Jeffrey [VA]) Posted on: Jul 14, 2019 9:08 AM
Message:

Drew, if I was looking for the "ideal" landlord candidate who would greatly benefit from the boot camp experience, your initial comments would be the perfect advertisement. What you described is exactly what we just fully covered over the last two days. --172.58.xxx.xx




Systematizing Ideas (by Drew [CO]) Posted on: Jul 14, 2019 9:30 AM
Message:

Ah, thanks, Jeff! Good to know. I asked on another thread... I see I just missed the last bootcamp. Are they offered just the one time each year? --172.58.xx.x




Systematizing Ideas (by AllyM [NJ]) Posted on: Jul 14, 2019 10:31 AM
Message:

Change whatever might break, before each new tenant. If you have had a two year tenant you want to change all the faucet cartridges or washers. Check the inside of the toilet and change flappers or fillers. Don't have a heater more than twelve years old. Change water heaters at ten years old if you are in a cold area or have had a particularly cold spell the previous winter. Have a paid landscaper/snow removal guy. Put equipment at your property for them to use if their equipment breaks. I have a good working snow blower at every property and I have them cleaned etc. every two years. Change out the fridge every five years. Have extra window AC units stored in case of failure at a property. Supply window AC units rather than having your windows smashed by the tenant's unit. Get your HVAC equipment checked spring and fall. Have good professionals who come out fast because your check is good and you don't haggle about the cost of their service. I only have six units left, had 20, but I have no sleepless nights since I have quick fixes ready and was prepared to have no problems with old equipment. Worry less about how the rent check is going to get to you and more about how to keep the system running so people don't get mad and withhold the rent. For example, new tenant wants to put his drum set in basement. OK, so I explained that it can get wet with an unusual downpour. Then I got the electrician to install an auxiliary pump next to the main one. Now I don't have to worry when it rains that the power might go out. I will also suggest that tenant get renter's insurance and will send him some sources of that so all he has to do is dial the phone. --173.61.xxx.xx





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