Ask Gerald: 3 Ways to Reduce Rental Property Expenses

Q: We recently purchased a rental property. We’ve got an infant at home with another baby on the way. Our expenses seem to keep piling up, how can we reduce our rental property expenses? (3 ways to reduce rental property expenses)Darren, Fairfax, Virginia

A: Great question, Darren, for all the landlords out there. Here are 3 ways to reduce rental property expenses:
1. Replace older toilets with more efficient low-flow models. Less water down the drain, means a lower water bill.
2. Tighten up your rental lease to make tenants responsible in writing for apartment damage
3. Separate the heating and the electric meters for each unit so that each renter pays their own heating & electric bill.

Thanks for your question, Darren. For more real estate tips, free reports & for information on my real estate coaching program, visit performanceproperty.com. I’m Gerald Lucas and I’ll see you again soon.