If you’re a property investor in Kansas City, you may be looking for ways to increase your cash flow. Fortunately, there are many creative ways to achieve this goal without having to make significant investments or updates to your property. Here are five ways to increase your cashflow from your Investment properties In Kansas City.
Happy Tenants
One essential factor that can significantly impact your cash flow is tenant happiness. To keep your tenants content, ensure that you have written rules, effective screening and placement services, and a highly responsive maintenance and repair team in place. Quality property management is critical to attracting desirable tenants and preventing disturbances and damage that can lead to vacancies. A happy tenant is that pays!
Rent Increases
Rent increases can also help boost your cash flow. Consider incorporating an annual increase as part of your lease agreement to avoid upsetting your tenants. If you’re feeling the squeeze of increases in the cost of living, you can increase the cash flow from your investment properties in Kansas City by enacting a rent increase. Rent increases are a normal part of operating rental properties. 3% increase per year is the industry standard, but consider more if economic conditions make it necessary.
Reduce Expenses
Reducing your overhead is another effective way to increase your cash flow. Refinancing your mortgage or making security improvements that can decrease your property insurance costs are just a couple of examples. You could also challenge your property tax bill or negotiate with your utility providers for lower rates. If your paying a property management company to manage your property for you, be sure to review your maintenance costs to ensure they arent charging too much to maintain the propery. Consider self management or running your own maintenance team.
Additional Streams
You can also explore additional income streams by providing on-site coin-operated laundry facilities or charging a pet fee. Offering storage space and supplies such as boxes and tape for packing and moving can also increase your cash flow. Review your lease to determine if you can begin to charge tenants for damages and consider writing a clause to do so. There can be many ways to increase your cashflow adding simple revenue streams.
Organization
Organizing your financial records and maximizing your deductions at tax time can also help you increase your cash flow for your properties in Kansas City. Financial hiccups can turn into big problems and time intensive issues if left unchecked.
If you’re interested in learning more about increasing your cash flow for your properties in Kansas City, consider consulting with professional buyers like 1st Key Homebuyers. Their seasoned experts have years of experience maximizing profits and can help identify leaks that may be draining your cash flow. They offer full-service, in-house teams of industry specialists, including top-notch property management services. Working with professional buyers like 1st Key Homebuyers can help you relax and enjoy increased cash flow while they handle all the worries. Don’t forget to ask about their current inventory of the best investment properties available in Kansas City.
At 1st Key Homebuyers, their passion is helping other investors achieve the highest possible returns on their investments. They offer everything it takes to make investing in Kansas City real estate easy, so call (913) 428-9445 to get started on maximizing your cash flow today.
Call 1st Key Homebuyers at (913) 428-9445 Today!