Rental Units: Extra Amentities can mean extra rent!...Increase that positive cash flow!

Rental Units: Extra Amentities can mean extra rent!...Increase that positive cash flow!

As I think about rental properties, I always think about ways to increase the positive cash flow and the return on investment(ROI). I know that there are certain amentity "extras" that tenants like such as appliances, a dishwasher, window blinds, new carpet and little things that are an attention to detail. For example, if a tenant requests a laundry washer and you do not normally provide one, you can then state you can provide a washer for an extra $25 of rent per month.

The tenant may agree for the convenience and the washer pays for itself in less than a year! Just factor in all the costs and make sure it does not increae your expenses if youy furnish utilities such as electric or water. You can even take this one step further because stores like the Home Depot may offer free financing on all appliance for up to one year. Thus, you are able to pay for the appliance each month with the extra rent. I hope this helps. Good luck with all your rentals. Believe and Achieve! Smiling - Joe

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Good tip thanks!

Good tip thanks!


Joe

Great points to consider! Thanks Joe...........Lubertha

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Thanks Joe

Once again some great info, these are some awesome tips!

Jeremy

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This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
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commercial

im hoping someone is on line or can help me i just recently structured a no money down deal on a 5 unit and get this no payment for a yr. the purchase price is for 62k a 4 unit just sold for 144k in the same area how do i cash out once i get it up and running since commercial deals are harder to get financed.


Washer/Dryer

Jan and I are looking into putting in a washer and dryer in the basement of our multi family. We would just need to lay down some pavement down there and buy the washer and dryer. In the area, people don't want to travel to wash clothes, so we might put them in and make the machines take change, by doing this we will have the water bill covered each month by the money we make from the machines.

Jeremy

__________________

This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams

Bruce Springsteen


Joe,

Excellent pointer. Thanks yet again! Smiling
-Mike Hutchins


Commercial loan

Kennysells,

What you need to do is goto a local savings loan or credit union or a good mortgage broker that can start the process to refinance you out and what you need to do. You also need to approach a bank with a business plan as a realesate investor and how you are going to do business. You can try and locate a good investors club and ask them who they recommend. What area do you live in?

Evan

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Dishwasher

I also added a dishwasher to one of my newer rehabs and added an extra 25.00 per month until it was paid off. Another thing you can do is when you are remolding a house, try to move the washer and dryer to the second floor or first to get it out of the basement. By the way using a goose neck faucet in a kitchen will help keep tenants from breaking a regular faucet.

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commercial

im located in springfield,ohio.Also thank you for responding to my humble cry please could you please give me another exit strategy.


Kenny G and Lubertha

Thanks for the comments. Continued success on all your currrent and future deals. Believe and Achieve! Smiling - Joe

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Jeremy,

A coin-op washer and dryer is a great idea for extra revenue. They should pay for themselves in no time. You may be able to even charge a little higher than the local laundromat for the added convenience. Things such as these can really add a few additional dollars to your bottom line. Keep up the good work! Good luck on all your future deals! Believe and Achieve! Smiling - Joe

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Mike,

Thanks for the comments. Good luck on all your current and future deals. Believe and Achieve! Smiling - Joe

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Evan,

Thanks for the comments and additional tips. The dishwasher is a great idea. Anytime you can add value to get a slightly higher rent that is a great thing that ultimately adds value to the cashflow of the building. Good luck on all your deals. Believe and Achieve! Smiling - Joe

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Jeremy,

Obviously it is out of the quesetion for you, but is Jan close enough to go and empty a coin operated machine regularly?

Not sure, but I would think that as long as you are making money, make this equal or less than the local laundromat as an extra incentive for tenants or potential new tenants.

Angela


Angela

Yes, Jan is only 5 minutes from the house so going to empty the machine would not be a problem at all. We are not going to do this just yet, but I think we are going to do it a few months down the line. I was also thinking if our tenants would like the washer and dryer downstairs, we can charge each unit $15 extra a month for the use of the machines and forget about the coins. That is $60 total extra coming in a month, this money could pay for our water bill plus some.

Jeremy

__________________

This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams

Bruce Springsteen


Jeremy,

It is always a great idea to add items to add value to rental units because you can normally command a higher rent per unit. This can be a great idea, just check into the cost of the water for your area and try to make sure the tenants are not doing laundry 24 hours a day. A friend of mine lived in a duplex and told me the landlord provided a washer and dryer for both tenants to use and all their friends would visit them and do the laundry "for free" at their place. Good luck. Believe and Achieve! Smiling - Joe

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Jeremy,

Joe makes an excellent point here!

I would have suggested something closer to $40 a month for Laundry - $10 a week is reasonable but if your tenants invite a bunch of friends in to use a 'free' laundromat, you could really lose out!

Don't you just love that you can put an idea out on this site and get a perspective that didn't even cross your mind that benefits you and your partner.

Joe, you rock man!

Angela


Angela and Joe

Thank you guys for the input. You really are the best and help and support so much!! We are lucky that in the town the house is in, the water is municipal so the bills are dirt cheap. Either way we will be increasing our income by doing this. And don't worry, our tenants know we do not play games, we will make sure no guests are doing laundry at our place.

Jeremy

__________________

This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams

Bruce Springsteen