Creative Way to Increase Your Cash Flow

[Max James]

I'm restructuring some of my leases to increase cash flow on a per building basis.  For example, I am going to provide my tenants 2 window AC units, free parking, free storage, and some other amenities that they can include in their lease if they wish.

One other option I am thinking about including is a portable dishwasher since these units do not have them.  Has anyone ever provided portable dishwashers in their units?  Does anyone have any other creative ideas to include other options for a fair increase in rent?

[Account Closed]

I would consult with the tenant and ask some questions;

• How long do you intend to stay with us?
• What services would you like to see in your unit; new paint, carpet, washer dryer, cable, security, new doors, windows, out side lights, alarm
• Let them know you want to improve the apartments
• Negotiate with the tenants, agree on a rent increase to cover the up-grades
• As a bonus, agree not to increase their rent for another 2 years
• A gift of a fat turkeys for the holidays
• An end of year bonus for paying on time
• A gift certificate for something they may like

I consider a tenant a customer, take good care of them and you'll find you will get your rent as agreed.

Remember "late charges" increases your net also.

Be kind and understanding when tenants don't pay on time, listen to their excuses or problems, you may be able to help them.

Tenants are just like us, we all have problems at times, a little leverage, understanding and kindness goes a long way.......they won't forget you.

When we have tenants with financial problems I consul with them, we talk about how to earn extra money (that is usually what the problem is...lack of money).

I suggest different ways they can earn money without a job; if your tenant is handy; painting, plumbing, roofing, fixing cars, teaching a course, bookkeeping. I suggest they pass out flyers promoting their services.

I had a tenant that was able to fix broken windows, I helped him with a flyer, told him to get a nice workmanlike uniform to look professional. He was surprised at how many cracked or broken window there were in the neighborhood. He did well, now when he needs some money he finds work by walking around the neighborhood.

Most all tenant can do something to earn extra money.  I suggest they try to earn an extra $50.00 a day doing something.  I think if they can earn $50.00 a day, they'd be able earn a $100 a day. (people will pay for these small services if approached right)

I use to give my troubled tenants a book, it was call 500 Ways to Make Money Without a Job. Look it it up.

Maybe there is something the tenant can do for you to cover some of the back rent; painting, removing trash, cutting grass, pushing snow, showing apartments for you, landscaping....etc.

Tenants who help you pay your mortgage are a great asset.....work with them.

Charles