SMARTERLANDLORDING

ADVICE FROM EXPERIENCE

Tools

Looking At Properties? Take These Tools

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You’ve read the books.

You’ve found the blogs

You’ve networked with investors.

You’re ready to jump in!

There are a few things that you absolutely have to have before purchasing an investment property. These tools will be a resource to you as you analyze potential deals. Keep them in your car because you never know which corner opportunity happens to be hiding behind.

  1. Camera (or phone with a camera and flash). As you look through properties, keep them organized by first taking a picture of the address. Then, make sure to take pictures of each potential repair. This approach will be invaluable. You could look at a hundred properties before you find the right one.
  2. Hammer. When looking at properties, there are going to be some areas you don’t want to touch. Maybe you want to check out the siding or wood strength/malleability. Maybe you smell a dead animal in the walls. A hammer is a good tool to bring along, and also a tool you’ll use again and again.
  3. Tape measure. A tape measure can also serve as a level. If think the floor is sloped, pull out the tape measure and find out. I have 4 tape measures…
  4. Flashlight. I looked at plenty of properties that didn’t have electricity. It also helps when you want to check out those small crawl spaces and underneath sinks. I recommend picking one that you can also wear on your head. Since I do a good deal of rehab after working hours, having a hands-free flashlight is a gem.

It should go without saying that the internet will be one of your best resources as well. Make sure you are searching through the brick and mortar—as well and combing through the paper trail of each property.

 

Kevin—have I left anything out?

Tools of the Trade – For Real Estate Beginners

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It felt like I was preparing for the first day of school. Do you remember getting excited about shopping for school supplies? I would map out everything I needed, and I would carefully plan out how to best organize them to prepare for a whole new year of challenges.

I re-experienced this excitement after closing on our first house/investment property. The first thing I did was run to the store with a list of tools and supplies that I was sure that I would need. I went home, unpacked them, and organized them perfectly.

I was ready to rehab.

Upon reflection, I could have been smarter. Some of the things I bought were surprisingly useful, like our step stool. I never anticipated using it as much as I do. Other items were just a plain waste of money. So, what tools do you need to begin the path of real estate investing? This post should help.

  • Cordless drill, socket/bit set
  • Wonder bar
  • Crescent wrench
  • Ladder
  • Utility knife
  • Channel locks
  • Putty knife: one wide, one narrow
  • Wire Strippers
  • Electrical tester
  • Dolly
  • Step stool
  • Tool box/bucket
  • Extension cord

Of course, this list is assuming that you have already purchased the bare necessities while you were searching for the perfect property.

There are quite a few other tools that I purchased during my rehab, but I’m not sure how soon every beginner will need them: drain wrench, basin wrench, and dremel tool. When I asked Kevin whether or not this list was exhaustive; he said that his reciprocating saw has been his best investment.

I can say, with complete confidence, that any expensive tools that you can borrow is money well saved. The costs of these items add up quick, and so do your materials.

 

Are you an experienced investor?

If so, which item has been most valuable to you?

Have I left anything off?

A Key (Box) For Saving Time and Aggravation

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Ever notice that tenants will lock themselves out at the worst possible times?  Mine have called while I’m on vacation or out of town even once during an anniversary dinner.

Repairs needing help from contractors were always fun too.  They would tell you when they would show up so you could meet them and let them in the property.  But, those contractors always took a little longer on the jobs before yours and that wait was always a little (a lot) longer than you thought.

I used to go to my properties to let locked out tenants in (yes, I did charge them) or to let in contractors.  As I got more properties however running here and there to unlock doors became quite the time consumer.  I am lucky, most of my properties are pretty close to my home, but I know other landlords who live much farther away, even in the next town.  So quickly running over to their property was not an option.

My solution to recapturing my time and reducing aggravation was to place key lockboxes at my properties, in which I put keys to every lock on the property.  Now, if a tenant calls while I am on vacation or simply out of town, I can provide them with the access code to get their key and open their apartment.  Now, when a trusted contractor needs to go to a property to make a repair, they have the access code to get the keys, make the repair and then lock it up upon leaving.

I use a lockbox from Master Locks.   This lockbox has space for several keys. It is sturdy and hangs easily.  Plus the combination code can be set and reset easily which I do from time to time or if a tenant has gained access.

These boxes have been a true time saver.  No more going to let a locked out tenant in.  No more waiting for contractors to show up.  Now I just text them the address, the problem and the lockbox code and they text me back when done.  Take some of your time back and get some of these lockboxes for your properties today.  To save money and time, I get mine from Amazon.com.  You can too by clicking this link.