Maximize Your Property’s Rental Income
One of the easiest thing you can do is to maximize the income of existing properties. There are several ways to determine fair market rents. Two of my favorite resources are zillow.com and rent-o-meter.com
Here are my top 5 ways to maximize income.
- Add a bathroom. If you can convert a 3/1 into a 3/2 you will surely increase your rental income and make the home more desirable to a larger market. Although with some home designs this is not possible, with others its fairly straight forward. When you purchase your next rental property look at the potential for adding a second bath.
- Include Appliances I’m sure some people would take issue with this, but its a simple numbers game. If you can add a washer and dryer for $300 and charge $50 more per month rent, the appliances break even at 6 months and are generating extra income from there on out.
- Upgrade kitchens and/or baths If you can make one or both of these rooms a little better than expected, you can charge a premium for these. Just be sure to carefully weigh the cost versus the expected return.
- Fence in the Yard This will not only help your property be appealing to families but you can also charge a little extra for this convenience.
- Any Premium- I think by now you get the point, from play sets to storage shed anything that is unique about your property will help you improve the monthly income.