Tag Archives: landlord

Advice on fixing up rental properties.

This section is for rental properties but trust me you can use this advice on your on home, plus this will help you out if something happens at your house you will have the experience to deal with the situation.

When getting new carpet  installed  take the time to throw  away the carpet yourself. Even if you have  to  cut it up and place it in a few garbage  cans, when I had my carpet installed  labor was a great deal price of carpet was great and the materials, but since  I already had carpet in my house  they charged my a disposal  fee which cost around $900 so this was less than 40% of the total bill, next time I will dispose of the carpet  myself.

Some people hate negotiations or negotiate  on repair jobs, or asking for quotes one thing to do, is have repairmen come out at the same time as the other repair person so they will know  that they better give a great price the first time, and if you like the person but not the price you can ask if you can do  it  for this  price you will beat the other  bid and you have the job.

My tips on Rental Properties, real estate

When you first acquire a property get the lights, gas, and water turned on asap. Sometimes it takes a week or so to turn on. Have a plumber to make sure everything is up to code and nothing is wrong with the gas and water. Have an electrician look to see if anything is a hazard and up to code. Let them know you are doing this because you want everything OK. Not because the lights have been off for more than 6 months – depending on your state.
Always prepare for the next tenants, weather lease agreements, repairs, paint colors, upgrades, and anything else that you can think of. Always have the mind set of what needs to be done for the next tenants. As your experience grows, you will know better for next time.
Keep the same pattern going for taxes always keep up with taxes so when it comes to tax time, you have everything prepare. Keep an excel file with all the repairs and expenses you have on a property one tab for one property and another tab for the second property.
Keep a notebook for tips, PW / ID, you will need this for your accounts with the gas, energy, and water companies. Also a folder on your PC called real estate. Within the Real Estate folder on your PC have another folder called PICS and have a folder for each property and take pictures of everything, (the good, the bad, the ugly) take pics of repairs, take pics of the tenants life styles if they are clean, trashy, whatever. The pics will come in handy when you list the property for rent, and if you had to look back at a repair, take pics of the parts add them to your collection.
Get a PO BOX, have your PO box on your checks, business cards, and if possible make sure section 8 is using your PO box for paperwork. If not they will have your personal address on the tenants paperwork.