Single family houses are good income properties. Tenants are usually long term and require less management. When considering how you can increase you cash from the property other than raising rent consider these options.
- Lower you water bill replace toilets with low consumption models. Replace shower heads with low flow units. Fix dripping/leaking faucets. Remove outside faucets saving water from washing cars, watering grass and children playing in the water. Put a clause in lease if water bill exceeds a certain amount the tenant to pay the difference.
- Charge for the garage use twenty five dollars extra a month is common.
- Make clause in lease that tenant is to mow grass and maintain yard and shovel snow on walkway. This will be a significant savings.
- Charge late fees and make tenants aware you have every intention to do so. Anything after the 5th of the month and a fee on past due amounts is reasonable. This can be a significant amount as many get paid certain days and are always late.
- Charge rent for appliances i.e. washer/dryer.
- Make improvements to the property with the goal to raise the rent. Trying to get your property into the premium rental market.
- Consider offering the property as a rent to own. A tenant will pay up to $300 more a month towards down payment over 2-4 years. Actually some after the 2-4 years change there mind and forfeit the money they were additionally paying. This happens often usually 50% of the time. People choose to move to another area or decide to get a different house.
Even a couple of these options create extra income from a single family investment property.