Being a landlord for the past 10 years has taught me a lot about how to save money in the long run. Especially when you own more than one house, these costs can become exponential.
Keep in mind, when you're investing in homes 15-20+ years old that have never been updated, the shelf life of many of the appliances, major things like the roof, will start to have problems.
So here are a few tips from me to you, to help save you a couple hundred if not thousands of dollars in the months to come.
Replace your Hot Water Heaters and HVAC
- If they are 10+ years old, review the condition, may not need to replace
- 15+ highly consider replacing
- An investment now, will give you a piece of mind for the next 5-10 years. worth it? Yes.
- When it comes to your tenants comfort, water, heat, and air conditioning are the 3 essentials you don't want breaking.
Changing Air Filters
- Prolong the life of your HVAC
- Less maintenance
- Leave a years worth and charge the tenants
- Replace yourself, or send someone to replace them every 3-6 months
Clearing Your HVAC Condensation Line
- Bleach once every month
- Leaking? – try blowing out the line
- save you $150 per trip
- takes only 5-10 minutes
- use a commercial vacuum that blows OUT
Cleaning Your HVAC
- Summer time, or during high pollen months
- IMPORTANT! Turn off the outdoor unit
- Should have a special breaker box, pull out the clip
- open the lid
- spray from IN to OUT with your hose
- creates less stress on the unit
- prolongs the life
Avoid Leaks and Expensive Master Plumbers
- Old and rusted lines, replace
- Not updated, try and replace
- Old copper Hot and Cold pipes – replace
- Hot and Cold water valves – Old – Replace
- Bottom line: Leaks cause MORE damage. Don't risk it.
As a landlord, repairs and maintenance can get REALLY expensive, especially in older homes, Pre-1990's, even more so. To avoid the headache, get ahead of the problem and update your house. The costs now, will make things a MILLION times easier later down the road, and trust me, you can't put a price on that. I hope this video gives you a better idea of what needs to be done so you're not spending tons of money and grey hairs on things you can prevent.