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...
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