How to save money on real estate investment repairs

As a real estate investor, there will come a time when you will begin to see certain repairs over and over again.  From fixing sinks to laying carpet, the nuances of owning real estate can be pretty overwhelming, if you let it.

Knowing little secrets of the trade and being able to get things fixed at a lower cost will save you time and money.  Here's a few things I know about flooring that may save you some cash!

Carpet Replacement

Without fail, carpet repairs and installation will always be one of the most common and most expensive things you will come across during renovation or re-leasing time.  Being able to save money on carpet can significantly change your cash flow and your overall income on a property.  Here are a few ways you can save on carpet or speed up your renovation.

#1.  Remove the carpet - By pulling up the old carpet and disposing of it during bulk trash pickup, you could save yourself 25-30% on the cost of installation.  Want to save even more?  After you get the carpet measurements, pick the carpet up from the warehouse and save the carpet guy a trip.

If the carpet is budding up to another room, be sure not to cut beyond the seam that connects the rooms, you may find that your previous measurements are now off because you cut off a few inches of carpet that you may have needed. 

You may also be able to salvage the floor nail tacks which are used to hold the carpet in place.  By gently pulling up and toward the wall during removal, you may save yourself from having to repair or install new tack strip altogether.

Depending on the age of the padding, this may also be something you can salvage.  Remember to be careful of your step when walking on floor padding.  It seems to stick to the ground like Velcro and will tear if you don't pick up your feet while walking on it.

#2.  Do it yourself - Laying carpet is not rocket science.  Remember some basic rules and for the most part, you may be able to do your own small room repairs and carpet laying.  Some things you may need to lay carpet are:  a knee kicker, stair tool for tucking carpet near walls and  a carpenter knife.

Small rooms are fairly easy to do for a beginner, especially if they are rectangle or square.  Make sure you over measure your length and width by at least 4-6 inches.  Also, if the room does not bud up to another room with carpet, you are in luck! 

New and used carpet do not do well together and when you have to seam a old carpet to a new one, the old carpet is very noticeable.  This is why many people will replace carpets in their halls and common areas if they are replacing carpets for their house.

Tile and Laminate Flooring

Tile is fairly resistant to cracks and damage, but on occasion they may have to be replaced.  As tile is more expensive than linolium and laminate, I tend to use the latter in most rent homes.  Laminate and linoleum flooring are very inexpensive and easy to install.

 I always buy more than I need when I lay tile in a home.  You never know when your going to need to replace a tile.  However, sometimes this just can't be helped, especially in a home you may have bought where there were no replacement tiles.

#1.  Single Tile Replacement - The first thing you have to do when replacing tile is to try and match the tile.  If you do not have a replacement tile, you will need to remove the broke tile and take it to a tile shop so they can match the tile for you.  

If you can't match the tile, you may have to do the checkerboard technique.  The way this is done is by removing sporadically placed tiles in the room and replacing them with accent tile that has an appealing contrast to the tile in the room.  This is often done on purpose, so why can't you do it when you have to!  Make sure you buy extra tiles this time so you don't get in this situation again!

#2.  Self Adhesive Linoleum/Laminate Tile - This is a very inexpensive way to tile a room and still maintain and great appeal.  I have seen some stick tile that looks almost as good as your medium grade ceramic tile and in some cases, better.  Again, you will want to buy more than you need in case the stick time is scuffed or damaged, but this is one if the easiest ways to do floor covering at a very low cost.

When replacing stick tile, you will need to scrape up the adhesive residue that is on the concrete before laying new stick tile.  If you do not do this, you may find that the tile start to bow up because it can not stick to the concrete very well.