REAL-LIFE MONOPOLY:
Real estate investment and rental properties are a super strategy that is employed by thousands of people to provide some passive income and build up personal (or business) equity. Most of us have played the game, Monopoly, at some point in our lives and it is actually a great example of why owning properties in the right places can be very lucrative.
Remember how you felt when you picked up this card though?
If you weren't properly prepared the bank was going to have to bail you out with some heavy re-financing. So how can you reduce costs? There are ways to stay ahead of that. We came across a great article on Appfolio by Bryan Ives and it inspired this post and the video below:
VIDEO SUMMARY - REDUCE MAINTENENCE AND REPAIR COSTS ON YOUR RENTALS:
Enjoy the video - it's only 6:45 long and packed with some great tips!
Long term planning, background checks, knowing what to outsource, and when to get involved are all great points. We like to drill-down a little deeper on the specifics of our area which is water treatment. That falls into the long term planning and using the best materials and equipment when redying your properties for rental.
FOCUSING ON THE LONG TERM WHEN IT COMES TO HARD WATER TREATMENT:
Scale accumulation in a rental property can be a major profit killer that leads to complaints, call outs, fixture replacements, water heater replacement, appliance replacements and in severe cases the need to re-house tenants while piping is replaced.
This can occur even when a salt based softener has been installed by the property owner. Unfortunately tenants cannot be relied upon to keep a salt softener’s brine tank dosed with salt or to even check that the softener is functioning. Leaks and malfunctions can go unreported leaving property unprotected from the negative impact of scale. For some great water treatment options you can rely on, visit this page.
TAX SAVING TIPS
Finally, if you would like some more savings ideas and a helpful checklist, "Top Ten Tax Deductions for Landlords" just click here.
WHAT DO YOU THINK?