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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
MORE RESOURCES: Real estate transactions top $4M for Jan. 9-15 Steamboat Pilot & Today Aspen Real Estate Snapshot Jan. 20, 2025 Aspen Daily News Real Estate Transactions, Jan. 20 edition Hopkinton Independent These 8 charts show what bubble-spotter Ivy Zelman thinks will happen in the US real-estate market after the least affordable year since 1984 Business Insider Trump moves to end birthright citizenship: Will it impact the Indian real estate market? Hindustan Times The U.S. Government Has a Landlord, and Trump Isn’t a Fan The Wall Street Journal Barron Trump business partner clarifies future of luxury real estate venture: 'Will not be relaunched' Fox Business New report predicts rough 2025 for Las Vegas Valley residential real estate Las Vegas Review-Journal In addition to its new Delano office, this firm is now opening on the west side, too - Wichita Eagle Decoded: The ‘behind-the-scenes demands’ over Clear Cooperation Real Estate News RioCan Real Estate Investment Trust Announces Offering of $550 Million of Senior Unsecured Debentures Business Wire The Next Big Thing: Market Trends 2025 to explore the future of Southwest Florida’s real estate market on March 20 Priority Marketing Accurately analyzing the local real estate market Bitterroot Star 'Council Isn't Immune': Property Values Are Rising. Here's How Much Elected Leaders' Homes Went Up. The Roanoke Rambler Kirkley offers 2024 DeSoto County real estate market trends and 2025 outlook DeSoto County News Anywhere Real Estate’s Charlotte Simonelli on navigating 2025 with financial discipline and the help of AI HousingWire APCO's Camarco Handles Bain's Real Estate Deal O'Dwyer's PR News Barron Trump reportedly following in father's footsteps, launching his own luxury real estate venture Fox Business Hamptons Real Estate Market Data – Week of 1/14/2025 Hamptons.com How Northeastern students are redefining real estate with purpose and perspective The Huntington News Trump Orders ‘Emergency Price Relief’ on Housing—What Does It Mean? Realtor.com News Chicago real estate brokers accused of discriminating against housing voucher holders Crain's Chicago Business Revolve Real Estate, for all your real estate needs PAHomePage.com Why one broker took on NAR: ‘They just keep overreaching’ Real Estate News A horse-lover's haven in Middleburgh - Real Estate Roundup The Daily Gazette Central Texas real estate agent shares insight on the 4,000+ homes sold in Bell County in 2024 25 News KXXV and KRHD Real Estate Transfers Fairburyjournalnews Energy Value: A New Imperative in Assessing C&I Real Estate Microgrid Knowledge Radio Real Estate 1/18/25 My Bellingham Now Texas Permanent School Fund adds to $250m real estate IPE Real Assets West coast real estate firm acquires first Valley property in Tempe Daily Independent Real estate transactions recorded from January 0-13 Americus Times-Recorder Redfin Welcomes December Agent Hires Redfin News Hernandez Development, XSITE Real Estate close on site for future Deer Park self-storage facility REjournals.com These Trump executive orders could impact real estate The Real Deal NexPoint Diversified Real Estate Trust Completes $95 Million Refinancing of Marriott Dallas Uptown PR Newswire Barron Trump's luxury real estate business 'teased with five word statement' from friend The Mirror US Americans Can Easily Buy Real Estate in These 8 Countries House Beautiful Pinellas Beaches Real Estate January 14-17 The Gabber Newspaper January 14-16 Gulfport Real Estate Sales The Gabber Newspaper LA fires spark a call for real estate ‘unity’ Real Estate News Barron Trump launches real estate company as father Donald reclaims US presidency The Times of India Lange Real Estate expands residential development with new teams, office The Business Journals 10 Years In Prison For Former Real-Estate Attorney Jersey Shore Online Davis Real Estate Fund 2025 Annual Review Seeking Alpha Undercover sting exposes rampant housing discrimination across Chicago area, watchdog group says WBEZ Chicago Inside the Gaza Deal: How a New York Real Estate Developer Took on Netanyahu and Hamas The Wall Street Journal Resilient California Housing Market Defies Challenges in 2024 Norada Real Estate Investments Parvis Launches the Parvis Direct Access Fund to Broaden Real Estate Investment Opportunities Yahoo Finance Top Real Estate Agent in Kirkland, WA, Honored for Advocacy and Leadership at Annual Realtors Gala openPR 'It's going to hurt': Real estate expert discusses how Trump's deportation plans could affect housing Yahoo Finance Bill Ackman Offers $1B For Real Estate Giant Howard Hughes To Emulate Berkshire Hathaway Yahoo Finance FGE says no protection for Dispossession Cartel that illegally seize real estate - Riviera Maya News Projects to watch in 2025 The Business Journals How the Fires Will SEVERELY Impact L.A. Real Estate, According to Celebrity Agents - House Beautiful Commercial+Real+Estate+Roundup+for+Jan.+17%2C+2025 Idaho Business Review DEEDS | 01.17.2025 James Lane Post Living takes top spot for cross-border real estate investment demand for the first time Institutional Real Estate, Inc. Letter to the editor: Real estate prepared Trump Washington Times Venture One Real Estate acquires industrial property near O'Hare with plans for redevelopment The Business Journals Actor buys specialty grocer's Pinellas real estate The Business Journals |
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