I’m often asked, “Mike how do I increase my cash flow on my property (or properties)?”

Here are two methods I can offer you to help improve your cash flow!

1. Have a Competent Management Team

The #1 Reason a property struggles is because of poor management.

Is it time to Hire a property manager, or perhaps Fire a property manager? If things aren’t being run properly you SHOULD know and make decisions accordingly.

Run your Property as a Business. Review the income statement and look for issues.

Is property generating proper rent? The better you run you’re business, the stronger the investments will be.

2. Reducing Expenses / Costs

Look at your current mortgage rate and term for savings.

Challenging your property taxes to reassess if you believe the value is to high.

Renegotiate terms with your property manager to have his fee reduced for a term commitment.

Have tenants pay utilities instead of incurring this expense every month.

Have a contractor as part of your team instead of property manager contractor. Instead of having your property manager hire someone to fix things (and obviously up-charge you) have a contractor on your speed dial to take care of those things directly!

These are money saving tips that could add up to big dollar amounts at the end of every year.