7 Ways to Lower Rental Property Expenses by Thousands Per Year

These are seven ways to lower your expenses and save money on your rental property. Most investors obsess over finding their next property. They renovate. They increase rents, but they're bleeding thousands of dollars every year on expenses they honestly just don't need to pay. These are things like closing costs, insurance, materials, higher property taxes, software, and more. And these add up to thousands of dollars per property, and almost all of them can be negotiated or reduced. So today, we're breaking down seven ways to cut your expenses and keep more money in your pocket on every single property. Some of these will save you a few $100. Others can save you thousands. And you don't have to cut corners or downgrade on quality. This is about being smart with your money and being willing to shop around when other investors won't. What's up, everyone? I'm Dave Meyer, chief investment officer at BiggerPockets. My cohost, mister Henry Washington, is also here with me today. Henry, how you doing? I'm doing great. I've got my Onyx I mean, McDonald's coffee, and I'm doing fantastic. Onyx is the bougie coffee shop in Henry's town, and he likes to make fun of me and our producer, Ian, for liking bougie coffee. I'll drink McDonald's coffee too. I've had tons of it, but, like, given the choice, I would have a nicer coffee if I have the option. Well, actually, the discussion of McDonald's coffee is very on topic for today's show because we are talking about some of the ways that you can reduce your expenses, save money, and increase your cash on cash return for every property you buy. And no, I'm not one of those people who's like, oh, if millennials just stop drinking coffee out, they could buy more rental properties. But we did get on the right topic talking about saving money on coffee. Oh, very Dave Ramsey of us. Yes. Exactly. But these are actually seven great tips that you can use if you're buying a new deal. And even actually if you're already managing a property, these are some ideas that can take a deal that is completely underperforming, isn't up to standard, and turn it into a good one. And we're gonna go through these seven topics, and as we do, I'm gonna actually share with you some really cool new stuff that BiggerPockets can actually do to help you with this. We just announced this week a few brand new pro perks for the BiggerPockets Pro membership that can help you save serious, serious money. We're talking reducing your costs on investment properties, on your loans, on your insurance. It's the biggest addition we've made to the pro membership in years, and we'll talk about some of those opportunities that every one of you can utilize as we go through these. But let's just get into this. Our number one is getting closing cost credits and looking for down payment programs. This is …