5 Great Ways To Save Money As a Real Estate Investor

1) Check your utility companies for rebates for energy upgrades!

My local energy company provides discounted LED bulbs, rebates for exterior door upgrades, smart thermostats, increased insulation, and upgrade to HVAC systems. Tenants love having new things like a Nest Thermostat and it did not cost me anything!

2) Menards, Lowes, and Home Depot Rebates

If you are in or invest in the Midwest chances are you have a Menard's near you. Menard's is known for their 11% everything rebate which is great for real estate investors but what a lot of people do not know is that if you have a Home Depot in the same market they will do an 11% rebate when Menard's is! They do not advertise it but go online and find the form to submit your receipt info and get a gift card in the mail! Lowe's and Home Depot also offer military discounts so utilize those if you are able to!

3) Restore/ Facebook Marketplace

Restore and Facebook Marketplace have been great resources for me for one off items. I utilize Facebook Marketplace often for appliances as you can find some good deals! I use Restore not only for donating my unwanted building supplies after a job but also for smaller one-off items like bathroom mirrors, or smaller projects like bathroom flooring.

4) Set up contractor accounts with supppliers when you can

Some suppliers have strict rules when it comes to a contractor account like needing to be licensed or having to have a specific EIN but others just need a business name and address. I set up an account at Sherwin Williams and it was easy to do and now I save 30-50% on paint and other items and have record of what colors and paints I ordered in the past!

5) Standardize

I know it may not be as fun to make each rental look the same it can save you a ton of money, time, and headaches. If you can get your colors to one scheme, your hardware one color and style, and your outlets/switches all one color you can buy in bulk and save a  ton of money and also you will have some on hand when maintenance calls come. It will also make turning over rentals that much easier! 

For more tips watch my TikTok JaredHottleRE