The turning process does not have to be painful and it is something that a landlord should anticipate over the life of a rental property.  If a tenant has lived in your home for five to seven years, you should plan for a substantial “turn” before a new tenant can move in.  One way to mitigate your expenses is by doing some work yourself or having a great team.  

This is one of the reasons that “building a team” is part of the initial process of preparing to invest in rental property.   An 1,800 square foot home should not cost you $6,000 to paint.  Painting an 1,800 square foot, two story rental house could cost you maybe $1,800 to $2,400, if you shop for vendors and build relationships.

It is helpful to educate yourself on common repair costs, such as:  
● What’s the average cost of repainting my house?  

● What’s the average cost, per square foot, of installing a basic carpet in my property?

● What’s the average cost of having to repair or replace granite?  

● What’s my 3–5-year plan for maintenance or upgrades?    

These are some of the things that owners should take into account to help with planning and potentially budgeting for the turnkey services.  You never know how you’re going to get the property back from a tenant.  However, preparation and the anticipation of costs, can make these challenges more than manageable

Periodically we flush the plumbing lines and have them cleaned out.  If you have not had your lines cleaned out, and let’s say you had two or three tenants over a period of time, if you have large trees in the area, those are things I do recommend.  You will not know whether you are having an issue caused by the tenant or an issue based on deferred maintenance.  So, I do recommend having some, if not all, of these issues addressed at least every three to five years. 

The best solutions around maintenance are service plans and home warranties.  I have a team that does that for us.  If you’re a landlord, I don't recommend conducting your own evaluations.  I recommend you do a bi-annual walkthrough of your property. 

Downloads

• Inspections
• Handling General Maintenance
• How to Prep a Home for Safety

Lesson Activity

Inspections, regular maintenance, and preparing your property for tenants, are essential tasks for any landlord. Print the files for each of these important tasks and make a list of the team members you already have in place to help you. Then, make a list of team members you are missing- what types of tradesmen and women do you need to form relationships with? Who is missing from your team?