There are some simple things you can do to minimize your maintenance costs. Certain chores such as cutting the lawn, shoveling snow, and removal of garbage are all things that you can include in your lease as tenant responsibilities. If your tenants do not want to undertake these responsibilities, then you can offer them an option to have them done for a small charge.
If you find that you are spending a lot of time and money to patch holes in walls, painting and fixing broken windows, include some terms in your lease that cover specific damages and charges that will be applied. When tenants know you will charge them $50 for a broken window, they will be more careful or get the repairs done on their own.
When tenants leave, let them know in advance that they will be charged a cleaning fee if the property has to be professionally cleaned. Give them a chance to get it clean before your new tenants move in and inspect it before they leave. If you have to, hire a professional cleaner and remove the money from the security deposit so you do not have to cover this cost. Make sure your lease covers any deductions that will be removed from the deposit.
Get together with other landlords in the area to negotiate lower prices for services that you can all use together. If you can find 2 or 3 neighbors that all need a lawn service for example, you might be able to find someone who will do the jobs for less because they will get a lot of business. You might be able to arrange significant discounts if you all use the same service provider.
Check with your local housing authority to find out about any specific requirements before charging tenants.
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