All Forum Posts by: Lisa V.

Making it easy for your tenants to pay you can be a valuable asset. Over the years depending on my management responsibilities I have taken money in every form. As a result, I utilize all payment forms to be as accommodating as possible. I understand as well that keeping track of multiple tenants and payments can become overwhelming so it's all a matter of time, balance and strategy.

Making it easy for your tenants to pay you can be a valuable asset. Over the years depending on my management responsibilities I have taken money in every form. As a result, I utilize all payment forms to be as accommodating as possible. I understand as well that keeping track of multiple tenants and payments can become overwhelming so it's all a matter of time, balance and strategy.

There are 100 ways to manage your property based on lots of variables. One size does not fit all.

Hacking a single family home can be extremely lucrative if you are in a high rent area. My Seattle home was originally a 2 bedroom home with a full daylight basement. A prior owner had finished the basement adding two  small rooms and a laundry area. Ultimately, by renting out rooms, hacking spaces and lots of trial and error I managed to create 3 separate units in the basement which give each tenant their own maximum space (minimal sharing). I continued to live upstairs renting out the second bedroom for $800 as well bringing my rental income to $3200 downstairs. After a while I knew I could get more from renting out the 2 bedroom house upstairs and eventually moved in with my girlfriend and was able to get $2000 for the upstairs space alone bringing the total to $5200/mo. 

This transition happened over about 7 years where I learned lots about tenants, maintenance and strategy. In order for me to be able to move out I had to have eyes on the property so I found an unemployed carpenter who I trusted enough with my room and who was willing to trade. He then became the full time manager.  Ultimately I had him build me a two story mini house in the backyard which I can rent for at least $1000. He has been living there ever since he completed it though my plan is to move him back into an $800 room as soon as I get a vacancy (which is rare). I stopped having a job about 2 years ago and have not looked back.  On to the next challenge!