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Boost Your Rental Cash Flow!
There are a great many ways that you can get more out of your rental home investment.
Refinance your mortgage
With long-term interest rates near historic low levels and short term rates heading lower, now is a good time to evaluate your ability to refinance at a lower rate. Your mortgage may have terms that were very attractive at the time but no longer reflect your best available opportunity. Whenever interest rates plummet, refinancing your mortgage becomes an opportunity to leverage the equity in your rental home, while reducing your monthly payments and firming up your bottom line.
Make home improvements to command higher rent
You can use the equity in your investment property to fund improvements to your property which may increase your homes value and translate into an ability to seek a higher level of rental income. Some improvements will pay off more so than others. It is best not to make large expenditures on features that may not be popular with all tenants or may reflect no more than the passing interior design trend of the moment. It is best to stick with sound investments in improvements to your property's most deficient and most essential aspects. Firm up the home's weaknesses and tend to the basics that all residents need. Some of the things you may consider:
- Building an addition for added living space
- Improving the houses exterior with paint, siding or landscaping to increase curb appeal
- Replacing old flooring or carpeting
- Upgrading appliances and cabinetry
- Replacing older bathroom fixtures
- Modernizing the heating and cooling system
- Replacing the roof
Seek professional leasing service
Making sure you derive the most value out of your rental investment requires a strategy for optimizing rental income and avoiding interruptions in revenue flow. A home that is aggressively marketed and subsequently attracts a tenant willing to pay just $50 more in rent per month will generate thousands in additional revenue over time. On the other hand, a protracted vacancy can quickly become a sizable financial loss. Professional marketing and quick maintenance coordination and turnover is essential in keeping vacancies as short as possible.
Seek professional property management
You can profit from having professionals undertake the same effort you would, with the same care, while doing so in a more efficient, experienced, and sweeping manner than you alone could do. You can rely on professionals to juggle the details of rental management, including rent collection, maintenance, landscaping, tenant screening, leasing, bill payment, inspections, showings, marketing, bookkeeping. The best professional property management pays for itself in three ways. First it helps to reduce your costs through experienced bidding of work. Second, it reduces your exposure to legal and financial liability through established expertise. Most important, professional property management frees you of obligations so you may spend more time earning income doing what YOU do best in this world.
Acquire additional investment property
You can use the resources you gain by refinancing or seek a home equity loan to invest in additional homes. You increase your equity in your rental property as your loan is paid down. You can harness that additional equity, convert it to cash through refinancing and use it to fund further real estate investments. Making full use of the equity in your investments will broaden your investment reach and put you on the road to long-term wealth.
Janet S. Regan, MPM, RMP
Broker
Horizon Properties
News articles
Boost Your Rental Cash Flow!
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Tax Withholding for California Non-Resident Landlords
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Housing crisis -- no end in sight
August 26, 2007
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July home sales hit 11-year low
August 12, 2007
Surplus homes help keep area rental rates low
October 19, 2006
Region is due for rent increase
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Region's rental market stagnant for a third year
April 20, 2006
Fevered growth cools in Roseville, Elk Grove
May 2, 2006
Bill to let landlords reject sex offenders
April 25, 2006
Rental vacancy rate up in area
January 20, 2005
Population boom in the Valley
January 19, 2005
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