There are several ways to increase the cash flow on your investment property, and essentially it requires you to increase your income and reduce your expenses. Today, we’re sharing some ideas for how to do that with your Dallas rental property.
Get a Tenant
Renting your property out quickly will help you earn more cash flow. Make sure you aren’t doing anything that will extend the vacancy or turnover time between tenants.
Keep a Tenant
When you have a good tenant in place who pays rent on time and maintains your home, you want to do whatever you can to keep your tenant in place and renewing the lease year after year.
Keep the Property Maintained
When you keep the property well maintained, you’ll have an easier time keeping tenants in place. When a tenant calls with a problem, don’t wait weeks to repair things. Roof leaks, air conditioning failures, and other problems can cause larger expenses in the long term. Take care of those things right away when you want to increase your cash flow.
Challenge Your Property Taxes
Many people that we speak with don’t seem to be aware that they can challenge the amount of their property taxes. It’s not difficult. In most counties, there’s an automatic increase with your taxes, but you can challenge that increase. There are companies that will represent property owners to help you get tax deductions. In some cases, they won’t charge you unless they can successfully get your taxes reduced. It’s a good deal.
Adjust Your Mortgage Payments
Another way to reduce your monthly payments is to put more money down when you buy the property. That reduces your monthly mortgage payments, and allows you to keep more of the rent that’s coming in every month.
Pay attention to those big items, and the small items will fall into place. You’ll find your property cash flow is increased, and being an investment property owner is a lot easier.
If you have any questions about increasing your rental income and keeping your expenses down, please contact us at Residential Leasing and Management.