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Sell Your Income Property For More
Selling income property isn't like selling a house. You can paint a house, and get a little more because it looks nice. Rental property is different, because it's bought by investors, who look at income more than new paint. Raise income, and you increase value. Let's assume investors in your area expect a capitalization rate of .08. That means that they want a net return (before loan payments and taxes) of 8% on the purchase price. If your three-plex generates $12,000 net income annually, they'll value it around $150,000 ($12,000 divided by .08). Make it generate $16,000, and you make it worth $200,000. Get More Income From Your Income Property Higher rents is the obvious way to boost income, if you can justify it. Find out what similar units are renting for. If you're $60 below the going rate, you can raise rents and not lose your renters. Raising the rent $60 for three apartments means $2160 more net income annually. At a .08 cap rate, you just added $27,000 to the value of your property. Consider other ways to raise rents. Your tenants may agree to $30 more per month if you have a carport built. That's $1080 more net income annually, meaning roughly $13,500 more value added to your property. ($30 x 3 units x 12 months = $1080 divided by a .08 cap rate = $13,500) Build that carport for $4,000, and that's a good return on investment right? What else do they want? Consider other ways to get more income. Rent storage sheds to tenants or put in a coin-operated washer and dryer. If you own a larger income property, you could install pop machines. Reduce Rental Property Expenses Can you add insulation to reduce the heating costs? If you're paying $80/month for lawn care, will one of the tenants do it for $40? Can you get cheaper insurance? Look for any ways you can reduce expenses. A new $4,000 furnace that saves $800/year on heating costs means you just turned $4,000 into a $10,000 higher sales price. These things are never an exact science, and of course appearance and other factors matter. Increasing that net, though, is the surest way to get more for your income property. Just make the changes at least several months before you try to sell the property. Also, learn how do the math - it really does matter. Steve Gillman has invested real estate for years. To learn more, and to see a photo of a beautiful house he and his wife bought for $17,500, visit http://www.HousesUnderFiftyThousand.com
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The Bakersfield Californian Kevin Owens joins Scottsdale-based Lessen real estate company | Scottsdale Independent Daily Independent Bedford board votes to keep real estate tax rate level Lynchburg News and Advance Pigford marks 50 years as licensed real estate agent Meridian Star Real Estate Development Firm Seeking Community Input For Honey Creek Road Property in Rockdale County News-Daily.com Collierville shopping center sold to Atlanta-based real estate firm - Memphis Business Journal The Business Journals CoStar Group acquires Matterport for digitalizing real estate GIM International Pro boxer Caleb Truax retiring to become Twin Cities real estate agent - Minneapolis / St. Paul Business Journal The Business Journals Quebec Real Estate Investor Luc Poirier Looks to South Shore Brossard for Future Growth CoStar Group Real Estate Development Firm Seeking Community Input For Honey Creek Road Property in Rockdale County Rockdale Newton Citizen Manhattan Real Estate Update: "Embrace the Boredom" westsiderag.com Who's Who in Residential Real Estate 2024: Berkshire Hathaway agents - Pittsburgh Business Times Pittsburgh Business Times Massachusetts housing crisis: Greater Boston Real Estate Board campaign slams transfer fees Boston Herald 10 most expensive homes sold in Monroe County, April 15-21 lehighvalleylive.com 10 most expensive homes sold in Lehigh County, April 15-21 lehighvalleylive.com Positive week for Mivne Real Estate (K.D) Ltd (TLV:MVNE) institutional investors who lost 6.9% over the past year Simply Wall St The Highest Paid Execs in Real Estate Mike DelPrete Real Estate Property Transfers in Franklin for April 1, 2024 Williamson Source California, United States Luxury Real Estate Home California Listings What changes to real estate industry commissions could mean for you | Dollars & Sense ABC10.com KXTV 10 most expensive homes sold in Berks County, April 15-21 lehighvalleylive.com Invest DSM selects real estate firm to manage mixed-use building in Highland Park Local 5 - weareiowa.com 10 most expensive homes sold in Northampton County, April 15-21 lehighvalleylive.com Real Estate Sales Include Two Falconer Commercial Properties Jamestown Post Journal 10 most expensive homes sold in Bucks County, April 15-21 lehighvalleylive.com Is The Housing Market Going To Crash? 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