Owning rental property is an excellent way to build wealth. Not only do you get wonderful tax benefits, you also get decent cash flow providing you manage your activities correctly. Whether you are a seasoned landlord or a newbie, chances are you lack one of my five essential maintenance assets. Whether you decide to invest in one or all five, you will save money and experience great payback.
A Pickup Truck
If you own rental property, you really need a pickup truck. I am not giving you permission to go out and buy a $50,000 Ford Super-Duty. A small used two wheel drive pickup truck will do just fine. All you need is something you don't mind getting a little dirty and that can haul landscaping equipment and appliances. If you don't own your own truck, you will have to rely on contractors and friends.
Landscaping Equipment
Landscaping equipment includes a lawnmower, weed eater, blower, hedge trimmers, and basic hand tools. If your rental property has a small lawn, I would just stick to a self-propelled push mower. You can get a decent push mower at Sears for under $400. If you do your own lawn maintenance, you can save quite a bit of money. I enjoy mowing the lawn and doing light landscaping at my rental property - it's great exercise and a great way to make your presence known to your tenants. Nothing looks better than a well landscaped rental unit.
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