All Forum Posts by: Patricia Hinojos
Patricia Hinojos has started 2 posts and replied 23 times.
Post: Move in/out tenant training suggestions?
- Investor
- Plano, TX
- Posts 23
- Votes 10
Sounds like a great idea. I am looking for something like that right now.
Post: What are your methods to remove pet odors?
- Investor
- Plano, TX
- Posts 23
- Votes 10
I wish I'd know that you should try to get rid of the odors (with any/all methods above) BEFORE you replace floors, paint etc. If any odor/urine lingers in surfaces, any coating/painting/repairing work you do may only mask the odor ...temporarily.
I'v already replaced all flooring with porcelain tile ( on slab that was probably not cleaned good enough), Kilz ceilings and wall surfaces, replaced windows and all base boards and odor still lingers.
My last ditch effort will be a heavy duty Ozone machine I am renting. Arriving later this week.
TIP: Make every effort to rid the odor AFTER demo and BEFORE you start replacing with new!
Post: Should We Make Our Kids Take Finance/Business Classes?
- Investor
- Plano, TX
- Posts 23
- Votes 10
My experience...Don't wait for schools to change! Do what YOU can control... take action where YOU can make a difference in this area. I've seen good things by doing...
Games: At school or at home.. Rich Dad Poor Dad's game called Cash Flow for Kids. Very young kids can "get it" by playing. Future Real Estate moguls start here :-)
Volunteer: Check out organizations like Junior Achievement and be a volunteer to teach concepts relating to money & commerce. Starts in kindergarden thru high school. At the time I did it, it was not restricted to underserved communities.
Volunteer: Look in to NFTE (National Foundation for Teaching Entrepreneurship) and be a mentor or judge for underprivileged students who are writing and defending business plans in front of adult judges. Start with middle school age. I love this organization. It will give you hope. This is a program done in underserved public schools (major cities).
Volunteer: Get out and help those who are craving guidance. Your church or community center may have opportunities to mentor or teach a personal finance program to adults wanting to change the legacy of their family.
Take your kid to your financial planner/broker: After a 30 minute chat with my broker, my 18 year old daughter said "I learned more in that 30 minutes than in 4 years of high school" (on subject of money). [She's now in college living in our rent house that her roommates are paying for, of course.]
A Google search may bring up various options to volunteer or even to speak at a youth organization.
We are ALL teachers, right?
Post: Ways to upsell "extras" to raise monthly rental income?
- Investor
- Plano, TX
- Posts 23
- Votes 10
Originally posted by @Eric S.:
i like to give tenants a choice to pay monthly, bi-weekly, or weekly. i give them a price for each option, and the bi-weekly and weekly cost more for the convenience. you would be surprised at how many tenants choose the bi-weekly option.
also, i charge extra rent for pets, not a deposit. this allows me to keep the money without having to account for extra deposit funds. recently, i charged an extra $100 a month for a small dog.
also, tenants frequently ask for upgrades when they are interested in a unit. most of the time i complete them, and charge extra rent for them based on the cost of the upgrade.
i only rent sfr's, though.
I am so grateful for all the creative ideas being shared, such as this! I like the "pets are people too" strategy.... and thus pay rent too, idea! Maybe I'll charge by the pound (no pun intended).
Post: Ways to upsell "extras" to raise monthly rental income?
- Investor
- Plano, TX
- Posts 23
- Votes 10
Originally posted by @Beau Blinder:
Be careful with internet, once you start offering it I believe you become liable for what the people on your network do.
Yes you do need to be careful! I recently had SuddenLink service stop at my student rental house. When I called it was reported that there was some illegal music downloads or something. Denied by my daughter and roommates, of course. It got turned back on without a fee or anything but it was a distraction and PIA.
So, yes, beware.
Post: Ways to upsell "extras" to raise monthly rental income?
- Investor
- Plano, TX
- Posts 23
- Votes 10
Originally posted by @Wade Sikkink:
This is a great topic. We have a coin op laundry in the basement of our building. It brings in a couple hundred a month, but repairs are expensive when they happen. I'm considering adding a soda vending machine in the laundry room.
We previously owned a 4 plex that had washer/dryer hook ups in the units. We decided to put a used washer and dryer in every unit. After negotiating with the local appliance store we got them all for under $1000. We then advertised the units as including a washer and dryer and charged above market rates. We filled up the building in 2 weeks and the investment paid back in less than 6 months and was gravy after that.
I've also wondered about providing wireless internet service.
Thanks, Wade. This is exactly the validation I am looking for for the duplex properties I'm buying. I will take the tip to negotiate with one of the many used appliance dealer in my area.
I love rent with GRAVY! :-)
Post: Ways to upsell "extras" to raise monthly rental income?
- Investor
- Plano, TX
- Posts 23
- Votes 10
Originally posted by @Mike Hurney:
@Patricia Hinojos anyone providing cable?
I'm providing cable on a student rent house, mostly because my daughter is one of my renters :-) I think it could be a perk to attract renters rather than a profit generation strategy. I'm not sure you can over charge on cable to make a profit...the cable companies are already painfully expensive! And that is one area I wouldn't want tenent to think I provided service for when then can't figure out how to work the remote...haha
Post: Ways to upsell "extras" to raise monthly rental income?
- Investor
- Plano, TX
- Posts 23
- Votes 10
Originally posted by @Zoran M.:
You might consider rental furniture if your portfolio is large enough.
E.g. For $100 more a month, you could own (or rent) this 3-piece living room set.
Be like Aarons or Conns. Lease-to-own structure w/ 20% interest rate.
Interesting idea @Zoran M. I'll investigate if this may be working for other RI's in my area. I can set up another side business doing staging/rental furnishing :-)
Post: Ways to upsell "extras" to raise monthly rental income?
- Investor
- Plano, TX
- Posts 23
- Votes 10
Originally posted by @Dennis Hernandez:
In Boston, a lot of landlords i have worked with have used in-unit washer/dryer as an extra. For that alone they have gotten as little as $100/mo extra.
Great. This is what I'm hoping to try in the duplex I'm rehabbing. I can "bargain hunt" the purchase of the washer/dryer. Not sure if Dallas would support $100/mo for that, but worth a shot. Thanks for the input!
Post: Ways to upsell "extras" to raise monthly rental income?
- Investor
- Plano, TX
- Posts 23
- Votes 10
I was wondering if anyone has been successful "upselling" rental income by offering extras to boost monthly rent. I'm thinking things like extra $ for optional wash/dryer, stainless frig, security alarm, even a flatscreen TV....whatever.
I've heard stories of this strategy so higher monthly rent continues well after the desirable "extra" item's cost is paid for.