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Increase Cash Flow WITHOUT More Properties!
Listen in to how Bridgette increased her monthly income WITHOUT buying more property! Click Here for the audio only version. Just like real life, Real Estate ebbs and flows. You save up for a property, get your loan, close on your property and then move on to renovations or getting it rented. Then after all that, you get to start at the beginning again! This could take months or even years to do! And that whole time, your dreams sit on hold because you can't find a way to increase your cash flow until the next purchase! Well, wait no more! What I love about investing is that it's a puzzle to be solved and there is always a solution. Using that lull between properties is a great time to assess what you have and see how you can increase your cash flow with what you already have. And you don't even have to own property to make it work! There are opportunities all around us and we need to take a step back sometimes to see what is actually in front of us. Here are a few ideas of what you can do to increase your cash flow with your existing home or rental property:
1. Rent rooms. Apparently, I was a Landlord back before I even knew it. When I was in college, I lived off campus in a 3 bedroom townhouse. I loved the house so when my roommates moved out, I took over the lease and sublet (with my landlord's permission of course 😉) the other rooms. I was able to charge what I wanted and ended up making money every month instead of having to pay my own rent. Consider renting out extra space that you have to decrease your cost of living. You can also switch things up in your rentals to rent by room! Bonus if you are in a college area where students are used to this model already! 2. Repurpose space. For most people, when they buy a house, they see bedrooms, kitchens, bathrooms, etc. But, we aren't most people. We are investors! We need to have vision to look outside the box and see opportunities. And income producing opportunities! Take time to think through the current setup of your property and see if there is a better way to use the space. Sometimes moving a wall, opening up space, or sectioning off an area will allow you increase rent for a more favorable layout. 3. Build an addition. Just like Bridgette described in this week's Lady Landlords Podcast episode, you too can add value to your current home or rental. Can you add a bathroom or bedroom? Maybe convert garage space? When you look at new properties, you assess what upgrades and additions need to be made, so why not do the same for your current home? Sometimes with a few tweaks and a small investment, you can have a fresh, new property with an equally fresh, new rental price! So what can you do to increase your current cash flow? Have a happy Tuesday!