4 Awesome Ways of Making More Money through Rental Properties

If renting out properties is one of your sources of money, you might be looking for ways to boost your cash inflow through this way. If you think acquiring more and more properties for rent is the only effective way of increasing your income, we would suggest you focus on the rental properties you currently have instead. There are ways you can make more money through your current rental properties. Let’s look at some of these ways.

1. Reduce Vacancy

To reduce vacancies, it’s best to look for long-term tenants so as not to deal with turnovers. However, in case a tenant must move, you can minimize the vacancy by ensuring that turnaround time is minimum. So, the moment you know of the move, post ads about your vacancy. If your property is in a high-demand area, you will receive immediate interests and get a new tenant the moment your old tenant leaves.

If your property is located in a low-demand area, know that the demand of almost all properties in all areas is good at a price. In case your vacancies are high consistently, you may need to give a thought to your price point.

2.  Minimize Turnover

There are several ways turnovers can be expensive for you. There are costs of advertising, replacing the flooring and painting and patching walls, and of course, there is a vacancy. Although a bit counterintuitive, in this context, a relatively lower rent might tend to increase your revenues.

Aim to get quality tenants that pay the rents consistently and keep your property in a good condition. When you get such tenants, do your best to keep them.

3. Increase the Rent Strategically

After discussing how lower rents can drive higher revenues, I’ll suggest that you increase the rents for the tenants of the longer-term. For this, you need to have knowledge of the value of your property relative to that of your competition.

As discussed before, tenants tend to be more loyal when they cannot find properties with lower rents elsewhere. However, this does not imply that rent should never be increased even if there are good reasons to do so.

Tenants have to spend money for moving too. If your property’s value is substantially higher than a new rental property’s value plus the moving costs, your tenants are likely to prefer your property.

Have a good idea of the rents in your property’s area by researching sites like Craigslist, Rentometer, Zillow, and MLS. You may find that it’s possible to heighten your revenue by small amounts (1% – 3%) every year while still remaining competitive.

4. Act Diligently on Late Fees

When it’s about late fees and rent collection, showing respect and kindness to tenants does not imply being a pushover. Although collections are not that pleasant for landlords but are quite important to keep your business running profitably. Ensure that your tenants know that it’s a business; a contract has been signed by them, and completing this transaction is part of your job while following the contract along with all applicable laws.

In case you let tenants get away with late payments that don’t include the appropriate fees, your money is being lost. Additionally, the tenants might try getting away with making the payments late several more times, leading to extra stress and work for you.

In case a tenant makes a payment late without adding the fees, explain politely that you cannot consider the rent until all the fees are paid. Hold firm so that they understand that they cannot take any advantage of you. It’s most likely that they will comply then.

Apply these tips to increase your money inflow from your current rental properties. You will be surprised to find the remarkable raise your revenues get with proper employment of these ways.

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7 Easy Car Renting Tips to Make Money Today

If you have a car that you are not using it regularly, then think of it being an investment that you can use to earn high returns!

That car that is sitting pretty there can bring you a steady flow of quick money if you can rent it out for different occasions to different people. After all, almost everybody is on the move and are looking for convenient ways to reach their destination.

Pleasure, work or vacation there are a number of ways that you can use or rent out your car to earn handsome returns.

Here are 7 easy car renting tips that will help you earn good money today!

1. Let your car work for the regular rental service companies that provide hire a car service. A lot of people are looking to use cars when they are in different cities. You will come across standardized rates for such hires and can be sure of your car’s safety that is taken care of by the rental company.

2. Think of rideshare groups and earning using your vehicle in such groups. You can rent it out to such groups of drivers that will share the cost among themselves and drive it too. You can sit back and earn the returns without having to do much other than renting out your car! The earnings can be well above hundred dollars a month with the exact amount depending on how regularly riders hire it.

3. Surely, you’ve seen those sassy vehicle wraps that make a pretty sight on the otherwise dull and congested roads! It is a great way of making money by letting companies place advertisement wraps on your vehicle. While you can go about doing your daily dose of driving, the company that advertises benefits from the ads on your vehicle. You get paid handsomely at the end of the month for such advertisements.

4. If you have a reasonably large vehicle with a lot of boot space, renting it out to help move people can be a great way of earning. There are plenty of small-sized homes and offices that need quick and reliable transportation. You can be the woman/man with the van that does just the job and earn at least 20 to 50 dollars an hour. So, just get moving!

5. Elder care service often involves driving them around for their daily needs or even for pleasure. You can opt to offer services to individual elders or rent out your vehicle to them on a rideshare basis. This way you can earn depending on the financial status of people either letting them travel around solo or letting them split the costs while you earn well too.

6. Babysitting and taking children for rides, picking them and dropping them is a need in most cities now. You can use your car to do all of this giving their parents the much-needed service and also earn for yourself.

7. Allow delivery of items for e-commerce portals like Amazons for delivering items to customers and earn well for yourself. With more and more people opting to shop online, there is a huge demand for delivering them safely and fast. You will never run out of delivery orders when renting your car for such delivery.

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Renting V/S Buying: Which Is Better And Why?

Owning a lovely house is a dream that most people cherish by the time they are in their late teens. In fact, going to school, college and then work is usually followed by buying of a home that you can call a place of your own!

The traditional way

Seeing our elders own their property has more often than not turned to be an inspiration for the younger generation to own their own property. But the scenario has changed largely in the past couple of decades and is still on the go. This means that more and more people are left debating with themselves whether to own a property or to opt for renting one.

Home buying pros and cons

There are two sides to the issue much like both sides of a coin. Both buying and renting have their pros and cons that depend on your life situation, the type of work that you are in and of course the place that you are planning to live in.

buy a sofa

  • Buying a home entails the same mortgage rate anywhere and a fixed portion of your monthly income will be dedicated to it.
  • The price of a property is sure to go up over the years giving you better options for the future.
  • You can sell the property to buy a bigger home as per the needs of your family and move on.
  • There is also the option of renting out the property that you own and accommodate yourself in comfortably near the city that you work.

But there are also several flip side to owning a home and a lot of millennials and the younger generation are opting out to live in rented place than own a home.

  • Maintenance costs of owning a home is always something that you will have to live with.
  • Owning a property ties you down to a place that leaves you with very little flexibility of changing jobs and moving out to another state.
  • Children grow up fast. Their education and jobs take them to other places leaving you alone in a large home that you may find difficult to manage by yourself

Renting pros and cons

When it comes to renting, there are pros and cons too but that too will depend on how you choose to live and where.

home

  • Living on rent gives you the freedom to ask for the amenities and their installations made to your landlord without you having to bother about them.
  • You get to live a more flexible and carefree life while living on a rented property choosing to terminate the contract as life situations change.
  • Especially for unmarried couples, renting a property is a much better option than buying a home especially if the deed is in the name of only one person.
  • There are no legal complications in case of unwed couples splitting up when living on a rented property as in owning a home.
  • Career options are changing fast in today’s world and can take you to places far away from where you live. Moving out of a rented property is far easier than from the home that you own.
  • It is easier to adjust the lease contract for rent than to find a buyer for your home and sell it over a few months.

The other side of the coin is also true:

  • Renting is often thought to be more expensive than owning a house in the long run. The truth is however somewhere in between.
  • Rents in certain cities are rising faster than income and it is becoming increasingly difficult for people to live with it.

Keeping pondering on them all and see which suits you and your lifestyle best before you take the final call on whether to buy or rent a home!

Happy Thinking!!!

 

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