Rental Fees / Aditional Income

[David Nacco]

What are some additional fees you guys can think of to increase income as well as additional income for rentals?

Examples of fees: pet fees, application fees, late payment fees, etc.

Examples of additional creative income: Storage building / basement with units tenants can rent monthly, laundry, etc.

Whether they apply to single family, multi, or both lets hear what you guys got.

[Gregory DeRosso]

I thought of storage in an uninhabitable basement recently when I looking at a multifamily. I was trying to be creative in how I can get that extra % in ROI so I asked a contractor I know to get a rough idea to run numbers and the first thing he asked is "is it dry?".

Another note.... Late fees should always be written in to your lease.  Its not a fee I want to bank on though.  I would screen tenants to ensure that you get the best tenants are the ones who pay on time.