At some point, all real estate investors will have to deal with painting. Whether you’re a flipper or a landlord, you will have to paint your places at some time. Even wholesalers can get in on the act to spruce up a property. Or at least negotiate with the seller to have it done.
There’s a good reason for painting a property. Three letters describe that good reason – R. O. I. – Return On Investment.
A nice paint job can really make a difference in a property’s appearance. Many regular people (not investors as much) buy or rent properties on emotion. Detailed analysis is not necessarily in Suzy or Steve Homemaker’s thought process. For maybe $1-2k max for the cost of a painter and materials, you can add up to $10k- $12k to the value of your house.
Having a freshly-painted rental property will also help to loosen a potential tenant’s wallet.
Even with the great return though, smart investors are always trying to save time and money. Whether you are doing the painting yourself (we don’t recommend it) or hiring it out, we found some nice little gadgets that will speed things up or decrease the time spent.
Check these out…
Evernote
Say what? A computer program that helps you paint? Actually, no. But Evernote will help you remember what kinds of paint you used. Create a note about painting for each property. Then just take a picture of the can’s label and stick it in the note.
Now the color is easy to remember for next time.
Paint Touchups with a Pen
The folks over at Slobproof have developed a pen you can use for paint touchups. Think about when your renters move out and spackle over the holes in the walls where their pictures used to be. Or you’re about to show your flip and notice chips in the paint right on the front entry way.
What do you do? Just pull out your Slobproof pen. You use the syringe that is included to pull paint right from the can and stick it in the pens. The pens are vacuum-sealed once the paint is in there, so the paint can last for years.
Sure beats trying to find the old paint can, prying off the lid and hoping the paint is not all dried up.
There is a similar tool called a ‘Perfect Match Stain Marker’ that does the same thing as the Slobproof paint marker but with stains. The syringe is incorporated right into the marker. Just stick the marker in whatever stain you are using and fix up any nicks or dings in that old cabinetry you refinished.
Tape Dispensers
Trust 3M to come up with a quick, easy way to lay down painting tape.
The 3M hand masker is great for applying painting tape. It can also apply the tape and film, plastic or paper in one easy step. The hand masker can lay down coverings up to 144” wide.
It will make preparing for that big paint job much easier while protecting your floors. It’s great for drywall sanding protection, too.
For smaller paint jobs or areas where you don’t need as much protection, try the Scotch Blue Tape and Paper Dispenser. For around $20, you can be done with your paint preparation in no time.
Sticky Drop Cloths
‘Sticking’ with the 3M theme, we found these drop cloths that are slightly sticky, so they stay in one place as you walk on them. When you pull them up, they won’t leave any residue on your flooring.
The cloths also have ‘conformable edges,’ so you can wrap them around stair bannisters, cabinets or other parts of the house that were not designed to make painting easy. And they will stay where you put them.
If you happen to spill paint on them, the material can soak it up because it is 10mm thick. Many other drop cloths are 8mm thick or less – which means many times the paint just bleeds right through it.
Large-Capacity Paint Holders
If you buy those cheap roller pans at the big-box store, you have to frequently refill them. Rollers go through a ton of paint and those trays quickly become empty.
We found this larger-capacity tray that will hold up to a gallon of paint. Once you pour it all in, you are ready to go to town on those walls and ceilings.
Granted, a gallon of paint is a little heavier than the cheap tray capacity. So the manufacturer added handles to make it easier to carry. There is also a magnetic strip to stick a brush to and keep it out of the excess paint.
If you prefer a bucket, here is a 4-gallon paint bucket. It should allow you to paint a pretty sizable area without having to refill it.
Another feature of the bucket is that you can use garbage bags as liners instead of buying extra liners. Clean-up from the bucket is quick and easy with little mess. You can even take the garbage bag and snip a little hole in the bottom when you want to pour the excess paint back into the original can or 5-gallon drum.
Get with It
Look, technology is finding its way into so many different areas today to make our lives easier. Take advantage of it as much as you can.
Although painting might not sound too appealing to you, the difference between a good paint job and a lousy paint job could be the difference between cashing out on your project right away or letting it sit on the market.
If you do the painting yourself, make your job as easy as possible. If you hire it out, see if your painting contractors are finding ways to cut down on the time they spend on the job but increasing the quality they put into it.
Got a Paint Tip?
We want ‘em. Share some tips in the comments section below.
Become More Productive – Look at your To Do List every day. What actions will provide the biggest return on the time you put into them? Do those actions first.
Integrate Innovation – Many people call it technology, but technology is just a tool to do the job better. Be on the lookout for new innovations you can bring to the table.
Outsource What You Can – Don’t paint if you don’t have to. Find other people to do tasks like painting. Your time is more valuable. Use lessons like this to see if who you’re hiring is trying to improve their business as well.
JP Moses
is a real estate investor in Memphis, TN, with experience ranging from land lording to note buying, rehabbing, and wholesaling. However, wholesaling is the area that he enjoys most and where he bring the most experience and expertise to his students.