We are in the mist of the $100 per month expense reduction challenge. I’m hanging my creative problem solving credentials on the fact that I can figure out how to shave $100 off my month expenses without creating more work for myself.
“Everything is Figureoutable” – Marie Forleo
To get straight to the point, I went after some low hanging fruit and asked my tenants to kick in $10/unit to defray Wi-Fi expenses (which they use on a complimentary basis). I got two pledges, so that saves me $20 on this $71 expense. Okay, now I’ve got $80 more savings to find.
Here’s the current list of expense reduction ideas you might try.
Expense Reduction Challenge
How about you? Are you looking at your own holdings and trying to find savings? I’m calling you out – I dare you to join the crusade.
It’s a big deal! If you save $100 per month ($1,200 per year) that equates to $12,000 of equity (assuming a 10% capitalization rate). So that’s what I’m talking about…$12,000.
$20 Home Depot Gift Card
I’m offering a $20 Home Depot card to the first 10 subscribers that save the equivalent of $100/month on one of their rentals and can produce supporting documentation.
Are you up for the challenge? Leave a comment below and let me know you’re in.
Caught the BP podcast and I wanted to share with you a potential money saver. Artificial lawns. I just put one in my rental here in Denver. I imagine you pay to water and lawn upkeep for your multiplexes. They probably average $100/month for the lawn care and perhaps $100/mo extra for water. I put in artificial grass in my SFR for ~$5/sq ft. You can’t tell its fake until you get right up on it. It always looks nice. We saved some money on the installation by putting in other landscaping to minimize the artificial grass. 450 sq ft was $2500. 20 year life. While I don’t save the money directly, my tenant does and the property looks nice compared to others on the block. If you have any playground equipment, they can put foam padding underneath the grass for the kids.
Nice idea. Thank you for sharing the numbers. I’m going to include your tip in the list I’m compiling. Hopefully your idea induces others to do something to improve their curb appeal.