5 Ways to Make More Money Off Your Rental Property

Owning and making a rental property available to tenants is one of the must lucrative sources of passive income. Even mortgaging the property, and then renting it, can be quite profitable since often the rental income will cover the cost of the mortgage you’re paying, allowing you to leverage your renters to build your own equity. But as with any money making venture, it’s important to look for ways that can maximize your income and bring the most in while seeing the least flow out. Storage space, for example, is often something many people lack and are looking for; putting some of your property’s storage spaces on the market can be a quick and very simple way to see extra checks each month. Staying on top of the inevitable expenses that come with property ownership, such as regular repair and required maintenance, can be a bit of a gamble sometimes. Obtaining a warranty to smooth over the bumps that pop up as things break or need fixing can keep your monthly cash flow from taking a hit. As for rent itself, while it’s tempting to crank it up, that can drive a similar increase in vacancies as you scare away potential tenants. The modern twist is AirBNB, which does a lot of the work of connecting your available space with paying customers. And never be afraid to charge for extra things at your property, like pet fees or extra tenant fees; these additional fees are fair and open.