Trimming the fat off your rental portfoilio

[Stanley J Okazaki]

Wondering if any experienced landlords/ property managers out there have figured out how to "trim the fat" off their rental property expenses & or time allotted to them? Examples include: 

-writing into the contract that the tenant is responsible for the first $100 of any repair

-automatic deposit

-switching out carpet for hard flooring

-homogenize paint colors, 

[Matthew Olszak]

@Stanley J Okazaki

-writing into the contract that the tenant is responsible for the first $100 of any repair

If you charge the tenants, you'll never hear about a simple leak under the sink due to a failed $1 p-trap washer, and will instead find a rotted cabinet bottom and/or floor after they move out. Charge them for what's their fault, pay for maintenance otherwise and work that average % into your rental rate.

-automatic deposit

Doesn't save much time, still have to reconcile the payment unless you use a 3rd party service, which likely will charge you so the net difference will be 0 between the time savings and fees charged.

-switching out carpet for hard flooring

Depends on your long-term plans - how many carpet replacements will it take to pay off your hard flooring? How many tenant turnovers do you have during that period (because normally that's the only time you'd replace).

-homogenize paint colors

Yes, do this. Same with hardware and finishes between properties. If they all use the same tile, door handles, paint, etc, replacement is much easier and less costly as you likely have leftover in your own stock.

Another one is to buy/use durable fixtures. Spend the extra $100 for a good toilet, spend the extra $10 for name-brand door handles and faucets. You'll burn up those 'savings' 5 times over in just one replacement in labor costs to replace in the short lifespan of the discount brands.