How to increase cash flow

Question

Hello all, I really have a tough time recently since I just lost my job, the lucky thing is that I still have 2 properties with mortgage. I already rent them out, do you have some ways to increase the cash flow from my properties? Need to continue my life…

Travis Holmberg · Answer

Hey Evan, sorry to hear about losing your job. With only two properties I would highly recommend you focus your time on finding another job at the moment. I know nothing about you but the fact that you have two properties that are rented out currently, which to me tells me you are already in a better place than 99% of the country.  Keep your head up. Your skills are worthwhile and you'll be OK.

To increase cash flow you can look to management costs on your current properties. Do you hire out lawn care or property management? If so, that'd be the first things I'd look into.  Remember to treat your tenants the way you'd want to be treated. Be fair, but if you're undercharging them and their leases are coming up look into increasing rent reasonably as well.

Domenick T. · Answer

@Evan Brookman

I don’t know why everyone is telling you to find another job without even knowing how much cash you clear from your properties.

Is it almost enough to live off temporarily? Are you single or do you have a fam to support?

If i was in your situation, single and had enough cash flow to live then I would use this opportunity to get motivated and find more investments. Jobs suck and they just make someone else rich!

Dennis M. · Answer

Just find a new job . Two units isn’t going to do much for your income and if a major repair pops up your going to be in a difficult position . Start looking for work ASAP . The good news is our economy is doing great right now so go pound the pavement

Steve Rozenberg · Answer

I would start making sure you have dependable income.. that’s a job for now. Don’t put yourself in a bad financial position because you want to look “Insta-famous and rich”

You can do a lot of value adds for your tenants to make it win/win.. very similar to upcharging you get at restaurants, movie theater, airlines etc

Things you can do and charge an override off top of my head...

Also make sure you can charge things to tenants. Some states you can not legally... and always disclose if you are making a profit to the tenant..and some of these may require a new lease to be signed and agreed to

Yard service

Scheduled car wash service

House cleaning

Charge tenant a technology fee if you use software

Lease renewal fee

Monthly add on for pets

Upcharge maintenances from contractors

Service call / charge

All bills paid

How to increase cash flow

Most Popular Reply