Cha Chin! It's the first week of the month and it's time to cash the check. It's not always easy, but I love owning a rental property. Especially now the rent is going through the roof. The challenge now is finding a property to buy. If you've been lucky enough to acquire a few properties in the last few years, you're doing very well, but you might be able to do better than that! Further improve your rental portfolio Here are 4 ways to do it. Consider renting additional space . There are big advantages. Garages come to mind, but I also rent a separate shed and I've heard of people renting out part of the property for riding or extra storage space. owns It is a parking lot for 2 cars rented for $200 a month. This one strategy of his increases my earnings by 10%. And since garage leasing costs little to nothing, it actually increases your profits even more. Rent additional items. I've heard stories of landlords renting out TVs, computers, furniture, etc. to increase their income. I didn't but rented a separate washer and dryer. Washers and dryers are not included in the rental unit as they are prone to malfunction. When purchasing a property with a washer/dryer or taking over from a tenant who has moved out, we usually provide it for free or lend it to the tenant. Of course, renting a washer and dryer will increase your monthly cash flow, but if something goes wrong, you're on your own. It may give you a headache, but it will also increase your profit. If tenants don't want to rent them from you, you can give them away for free or remove them. The last thing you want is your responsibility to make sure your washers and dryers are working without revenue for extra hassle. For some reason this was difficult for me. I was thought early on that as a landlord you should pay for the water. The argument is that water is the only utility you can mortgage your property for non-payment. That's true, but you can still make the renter pay for the water. Worst case , the renter does not pay, you have to pay. Requiring tenants to pay for all utilities is becoming more and more acceptable in my market. Two benefits are increase cash flow and reduced consumption. I was talking to Travis at my office about this. He has a triplex with very high water bills. He struggled to make sense of it and paid that bill every month as a landlord. This was cutting his profit by more than $300 a month!! The solution for him was to pay the company his $2,500 for a system that would measure each of the 3 units . was to install. Within a month, he discovered that one unit was responsible for most of his water use and was growing marijuana. Those tenants were evicted and replaced with better tenants, saving Travis over $150 a month. His next step is to charge each tenant a water bill. This adds another $150 to his earnings. Lower the turnover rate. This may sound obvious, but it is often overlooked. Transactions can be very expensive. In fact, it is not uncommon for a unit to lose profit for two years or more on sale. Causes include lost rent, recruiting new tenants, and repairs. Reducing sales can be complicated. Here are some ideas to help you do that. Screen Renters - This is the best way to keep your sales low. Finding quality renters is very important and the only way to do that is with proper due diligence. Of course, credit checks and criminal investigations are essential, but it's also a good idea to ask prospects why they're moving and why they want to rent from you. Live your life , take care of your belongings (look in your car if you see one), and have an emergency contact to help you out when you're in financial trouble.

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