1. Increase the Rent, but be Competitive
If you price your unit too low, you'll fill it quickly, but might miss out on thousands of dollars in rent. You need to ensure that you're correctly calculating the cost vs. revenue on each property.
2. Work Smarter, Not Harder
Technology offers modern landlords opportunities to significantly reduce their property management overhead such as Cozy.
3. Take Advantage of All Tax Breaks
Landlords can claim all the maintenance and repair costs on their properties. You can also deduct mortgage interest as well as the costs you incurred buying your properties. Other deductible expenses include insurance, business-related travel, and contractors.
4. Target Your Ideal Tenant
Getting the perfect tenants for your property is a triple financial bonus; you'll be able to set a higher rent and if they're suitable they are less likely to leave, saving you costs associated with vacant units and tenant turnover.
5. Install Solar Panels or Rent Storage Space
Going Solar is an efficient way of opening up another income stream from your property. Once you've installed the solar panels, you can sell back excess energy to the grid. Your tenants will benefit from lower energy bills and as prices are predicted to keep rising, this is an advantage that could become even more attractive over time.
To find out if you qualify for a no-money-down Solar project, request a Complimentary Solar Feasibility Study. Or, please email us at firstname.lastname@example.org or give us a call at 760-615-5033.