Utilise Your Tenants
Every property investor will agree that without tenants you do not really have a property business.
Your tenants will pay the rent set by you. This rent will be used to pay for:
? Your mortgage repayments
? Recurring property maintenance
? Fixtures and furnishings in a furnished property
Any money left over will be used by the property investor for
? Advertising
? Finders fees for further property acquisitions
? Further acquisition financing costs
? Legal fees
? etc.
As you can see, there are numerous expenses here. To be successful, you need to treat property investing as a business and not just a hobby.
I know of a lot of people who have tried property investment only to find that their costs far exceed any income – this is certainly NOT the right way to run a successful business.
As with any business you need to look for ways to reduce costs or increase the income. Now the only way for you to increase the money coming in would be to increase the rent. This is not as easy as it may at first look. read more…
