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Rental Properties: 10 Ways To Increase Income
What if you want better cash flow from your rental properties? You can't just raise the rents arbitrarily. If tenants leave, income goes down, not up. There are other ways, though, including the ones listed below.
1. Install coin-operated washing machines. Even if you don't have the money to do this yourself, you can find a company that will do it for you, and share the income with you.
2. Rent extra parking space. When I got tired of a renter's extra car, I just started charging a weekly fee. Then I didn't mind so much.
3. Raise the rent. Okay, we did dismiss ARBITRARY rent hikes as a cash-flow solution, but check on the rates for similar units. Are you renting at below-market rates?
4. Rent storage sheds. Especially if your apartments are small, your renters may need a place to store their things. Don't let them spend their money elsewhere. Put a few sheds on the property.
5. Enforce late fees. It is perfectly fair to have a fee for late payment of rent, and guess what? Those who are chronically late usually don't even mind - they just don't look at these things the same way as others.
6. Offer improvements for rent increases. If it's worth $25 more monthly rent to a tenant, install that dishwasher. Even on a credit card you'll pay less than that per month for it.
7. Install vending machines. If your rental properties are large enough, others will do this for you for free, and give you a share of the income.
8. Rent by the room. A four-bedroom house might make more money if you include all the utilities and rent by the bedroom. This has made a lot of fortunes for investors in college towns. It does mean a lot of management, however.
9. Rent-to-own sale. Usually there's a non-refundable deposit, and higher than market rents in these deals. When renters change their minds, as they often do, you got the deposit and better cash flow. This is great when poor cash flow makes you want to sell. You either sell or get the better cash flow as you repeat the process.
10. Reduce expenses. Every dollar of expense you cut goes straight to the bottom line. List every expense of your rental properties, and look at them one at a time. How can you reduce them?
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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Purchasing Florida Investment PropertyConsidering researching the purchase of Florida Investment Property or properties for sale in central Florida? Do you find yourself wishing you didn't have that lawn to mow and the constant upkeep on a home? Purchasing Florida Investment Property can relieve you of all those household chores but purchasing a Florida Investment Property requires you do some homework. You need to know what you are looking for in a Florida Investment Property.
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You Wanna Get High With Me?
Being a home inspector is great. It's fun, it's interesting, and I get to meet wonderful people.
Spanish Estate Agents and Inspection Visits
The only way to buy a home in Spain is during an inspection visit. If you are serious about buying a property, and are in a position to purchase, this is the most effective way to ensure your find the ideal home, in the ideal area at the right price for you.
Finance Your Real Estate Investment Properties
Unlike traditional residential real estate mortgages, real estate investment financing is way more creative and offers more options than you think. The golden rule in real estate investment is OPM (Other People's Money).
Purchasing International Real Estate
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Selling Your Home In The Winter
In many parts of the country, selling a home during the winter months can be a challenge. Dreary, cold weather and the end-of-the-year holidays can keep buyers away and heighten fears of your home staying on the market longer than expected.
Real Estate Local FAQs.
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Destin Florida Triples In 3 Years
Do you want to see something that is absolutely amazing? Let me show you what has happened in Destin, Florida over the last 3 years. Back in August of 2002, the median price of a home selling in Destin was $229,000.
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