Few investors have unlimited funds to fuel their portfolio growth; you’re always looking for ways to accomplish your tasks with what financial resources you have available, even if they’re not as ample as you might desire. Some investors will try to compensate for limited funds by looking for ways to grow their portfolio, so there are many sources of incoming revenue. Another strategy, however, is to instead look for opportunities to increase the revenue from properties you already have interests in. This attempt to maximize investment income from your rental properties can allow you to grow up rather than out as you build your property investments.
One way is to look for service opportunities at your existing rental properties, and seek to fulfill them so tenants and renters obtain those services from you instead of another vendor. Landscaping and laundry are two easy examples.
Separating garage and other storage or parking space from the main rental contract, so it’s an additional monthly fee, can also boost your income from renters.
Another opportunity is property investments that add value to the holding, and thus increase the rental income tenants are prepared to offer. This could include, for example, renewable energy such as solar, which would allow tenants to pay those utility fees to you rather than the power company.
Also, consider furnishing your properties, so tenants are willing to increase what they’re paying to rent in exchange for the furnished property.
Want To Ramp Up Your Rental Income? We Have Exciting Tips That Will Keep You Ahead Of The Game! #Ironclad
- 1Millennials are going to be one third of the population by the year 2020 and they are very willing to pay for convenience related services.
- 2Updating your property by adding a garage can generate more income.
- 3Offering dry cleaning services, dog walking or snow removal provided by you can generate more income.