I would like to share some ideas with you to help you increase your income on each property that you already own. Any way that you can increase your income on a property is worth looking into. There are many ways to increase your income without increasing the rent itself. You may know some of these and you may not but sometimes it is just as important to be reminded, as it is to learn something new.
The first way is to lease appliances. You may be able to pick up a washer and dryer for a couple hundred dollars or less and ¡°rent to own¡± them to your tenant. They will pay anywhere from $25.00 to $60.00 to rent from you. What if your property doesn¡¯t have a washer/dryer connection? How about asking the tenant how much they would pay to have one installed. You will be surprised how much a tenant will pay to avoid the weekly laundry mat trip. You could do this with any appliances, furniture or added improvements. How about sending all your tenants a letter listing any improvement that you can think of (new deck, vinyl siding, carport, fenced in yard, etc.) and asking which ones they would be interested in paying a little extra to enjoy? Isn¡¯t it still your property? You are getting paid to improve your home! Now, in that same letter put a list of appliances and furniture that they could rent to own from you and the monthly payment. Anytime you get a call from a rental center to verify your tenant¡¯s occupancy, you should immediately contact the tenant and offer to rent whatever they are wanting.
What we have been talking about is the same principle as buying paper at a discount only in our examples we are working on a smaller scale and we are creating our own paper.
I hope these ideas have helped in some way. Feel free to contact me if I can help with anything by calling our office at 803-831-0056 or Larry@financialhelpservices.com.
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