Caring for rental properties is no easy job, especially when dealing with short-term tenants. Repairing damage and replacing parts are problems that every landlord has to face. In 50 Money-Saving Tips, Mike McLean, one of the most successful landlords in the Philadelphia area, shares his secrets for succeeding in this challenging business.
Through the use of humorous, real-life stories and an abundance of practical advice, McLean covers virtually every aspect of maintaining and upgrading rental units. His tips will teach you how to deal with difficult tenants; cheaply and efficiently eliminate infestations; repair floors, walls, and ceilings; fix plumbing problems; maintain your confidence, and much, much more. On the way, the author will prevent you from making the mistakes that he made before becoming a savvy landlord.
Whether you’re just starting out as a landlord or have already been one for several years, 50 Money-Saving Tips for Every Landlord will show you how to trim down your budget in ways you never knew existed.
Mike McLean has been a landlord for over fifteen years with a focus on purchasing single-family homes and renting them to low-income tenants. A highly sought-after speaker, Mike is a regular guest lecturer at many Landlord Association meetings and shows.
Contents
Introduction
Legal Protection
Tip 1. Insulate Yourself with a Great Lease
Tip 2. Take Photographs before Move-in Day
Tip 3. Video Record the Entire Property
Your Business
Tip 4. Consolidate Loans into a Blanket Mortgage
Tip 5. Stay Organized
Tip 6. Keep Showing Your Property
Tip 7. Remain Confident
Dealing with Tenants
Tip 8. Do Not Give Your Personal Phone Numbers to Tenants
Tip 9. Just Say No
Tip 10. Don’t Spoil Good Tenants
Tip 11. Don’t Stress about Tenant Cleanliness
Safety Safety Safety
Tip 12. Keep the Doors Locked
Tip 13. Don’t Open the Door
Tip 14. Deny being the Landlord
Tip 15. Always have Someone Foot Your Ladder
Tip 16. Know Who You are Hiring
Tip 17. Perform a Background Check
Tip 18. Never Use a “For Rent” Sign
Tip 19. Never Hold an Open House
Interior Work
Tip 20. Quickly and Efficiently Clean Out Your Property
Tip 21. Change All of the Light Fixtures
Tip 22. Eliminate the Garbage Disposal
Tip 23. Choose Stoves Carefully
Tip 24. Remove the Dishwasher
Tip 25. Remove All 220-Volt Electrical Outlets
Tip 26. Replace Wall-Mounted Sinks with Vanities
Tip 27. Stick to Single-Handle Faucets
Tip 28. Always Use Caulk
Tip 29. Hang Shower Curtains
Tip 30. If the Flooring is Okay Leave it Alone
Tip 31. Think Long and Hard before Installing Carpet
Tip 32. Replace Outlets and Switches
Tip 33. Use Thick Sleeves to Paint
Tip 34. Do Not Let Your Tenants Paint
Tip 35. Make Sure the Interior Doors are Solid
Tip 36. Use Structo-Lite to Repair Basement Walls
Tip 37. Install Dropped Ceilings
Tip 38. Limit Damage Caused by Leaks and Floods
Tip 39. Prevent Roaches without an Exterminator
Tip 40. Purchase these Life-Saving Tools
Exterior Work
Tip 41. Do Not Grant Tenants Access to the Garage
Tip 42. Choose Rubber over Tar Roofs
Tip 43. Cover Windows with Plywood and Siding
Tip 44. Replace Remaining Basement Window with a
Tip 45. Cover the Porch Ceiling with Vinyl Siding
Tip 46. Do Not 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
Conclusion
Index