Many of the folks using VerticalRent are do-it-yourself landlords who use our system to protect their investment with tenant credit and background checks. Generating cash flow really comes down to a few key factors that most successful landlords fully embrace. Here are a few tips for landlords looking to save money and increase cash flow margins:
- Stop going "high end" in your apartments! It’s an apartment, not your home. Your renters aren’t going to care for your rental like you would. For that reason, we recommend heading to the clearance aisle at your local Home Depot or Lowes. Even more, check out CraigsList! There are always good deals on appliances, cabinetry, etc., on CraigsList.
- Re-finance that rental property. Interest rates are rock bottom. What is stopping you from calling the bank and re-financing that rental property? You don’t need to squeeze the equity out of it – keep it there. When you re-finance, you’ll get 2 free months without a mortgage.
- Raise the rent! Too many small landlords are afraid that if they raise the rent on their existing tenants they’ll move out. Who cares? Let me them move out. If your market can support a small increase in the rent, then do it! That’s a few extra bucks in your family’s pocket every month.
Do-it-yourself landlords have to be smart. Starting with comprehensive tenant screening from VerticalRent, you must find reliable tenants who can pay the rent. Beyond that, you need to search for every opportunity possible to squeeze more margins out of your property. Remember, it’s a long-term game that we’re playing here – so always keep your eye on the prize.