Increasing your cash flow from an existing property is like printing money.
The most important thing is that cash flow isn’t always about increasing income (though we love when it happens), it can also be increased by lowering expenses (we like this as well).
Here are some simple ideas for increasing cash flow for three different types of properties:
- Raise the rent
- Reduce expenses (change insurance, alter pet deposits, etc.)
- Charge rent by the roommate (especially when it’s near a college)
- Increase rent to protect amenities (pool, lawn)
- Make it an Airbnb or Vacation home
- Add a guest house and rent it out (but only if that’s legal where it’s situated)
- Charge for garage space
- Add a coin-operated washer and dryer (or other amenities)
- Make one an Airbnb (we have found this to be very lucrative)
- Increase rent
- Reduce expenses
- Rent out the garage as storage
- Build on it (Want to know more about building? Click here)
- Let people store RV’s and boats on it. (Believe it or not, this is a critical service that can make a property owner some cash because more and more subdivisions aren’t allowing owners to store their toys on their own properties.)
- Improve it and sell it
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