3 Quick Tips On How To Effortlessly Boost Cash Flow

Join us on this episode of weekend wisdom to learn about 3 easy ways to boost cash flow without having to do much. --- Transcript   Michael: Everybody, welcome to another episode of The Real Estate Investor. I'm Michael Albaum and today I'm joined by   Tom: Tom Schneider.   Michael: And in today's weekend wisdom, we're going to be talking about different ways to increase the rental amount you're able to command on your properties. So let's get into it.   All right, Tom. So what are some of the ways that you've seen heard experienced, done about adding additional rental value to properties? All right,   Tom: I'm pulling out a sword that has two edges on it. And that double edged sword is allowing pets dogs, I think one of the thing that's special about a single family home is it's you have a yard. So a way to increase the rent that you're collecting is to allow dogs and you know, charge for that have an extra or security deposit have an extra pet rent, a couple of other different ways of monetizing that amenity because a lot of times if you're renting, you're not able to do that. So that's a way that you can add your bottom line but as I said, the double edged sword. If you have new carpets, that may not be a great idea if you have just because anyone who is how to dog dogs do stuff that carpets that are that are bad. I have a dog Bodie that does bad things to carpet. So bad Bodie. Bad Bodie. Sorry, I just threw him under the bus. Sorry. Sorry, buddy.   Michael: So do you, in your opinion, should pet rent, actually, you can charge a pet rent to up your monthly rental amount. And then you talked about a security deposit, which is really only helpful. I mean, if you're keeping the deposit, so would you make a pet security deposit non refundable?   Tom: I would try to take it to the rent. So like if the tenant I think is going to be there for a long time. And I you know if they have a pet, and that makes them that much more happier and that much more likely to stay? Oftentimes, you know, carpets have a shelf life anyway. So like, depending on how old it is, I'm going to be replacing it anyways. So might as well capture that extra income with the pet rent rates, you know, give Bodies' friends a place to…    Michael: A place to do naughty stuff.   Tom: Yeah. What about yourself? What are your thoughts?   Michael: And yeah, so I think pet rent is a great way to go. Especially because some in rentals don't allow pets. So it can be oftentimes a no brainer, especially in the single family space. I used to be a big advocate of non refundable pet deposit. And that way, I'm just getting that chunk of change and I'm keeping it for the inevitable damage is going to be caused is that…   Tom: Hold on a second non refundable deposit, I heard you said that before? It's kind of like an oxymoron like isn't it a deposit like something you might be able to get back?   Michael: That's a really good point, a non refundable fee for the pet, I guess we would call it.   Tom: A fee!   Michael: Yeah, like a pet. Yeah, for cleaning fee an upfront fee, though. And I was chatting with a property manager of mine and she was like I'm not a big fan of those because the tenant is now disincentivized let's say the pet does some damage. I was like, well screw it. I'm not getting my deposit back. Anyhow, what's the difference versus a deposit you're kind of hanging over someone's head, you're incentivizing encouraging them to clean up after their pet and return the place to as it was when they received it. So I definitely backed off from from that mindset quite a bit.   Tom: Yeah, it's like it's almost when you pay that fee. It's like Alright, good news dog, you get to do whatever you want to do. I like that there is sort of like connection to it.   Michael: Absolutely. Absolutely. All right. So shifting gears here What are your thoughts on appliance rentals or furnishing rentals?   Tom: You know, I've purchased properties that came with appliances so li