Archive for Cash Flow

5 Tips For Setting Your Rent Price

One of the first questions I had when deciding to rent out my property was, how much rent can I ask for?

The answer to this question was going to determine if I would become a landlord or not.

I made a video for you to tell you how I went about setting the rent price for my first rental.

 (Let me know what you think about the glasses!)

 

In this video I talk about the 5 things that I used to set my very first Rental Price including:

1) Your Gut

2) Friends in the Industry

3) Comparables

4) Test Ads

5) What you need to be Cash Flow Positive

Let me know what you think in the comments below!

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Posted in: Cash Flow, Real Estate Market, Rent Price

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Thinking of Becoming A Landlord? Check Your Cash Flow!

Are you thinking of becoming a landlord? Not sure you are cut out for it? Afraid of getting calls in the middle of the night because your tenant has a clogged toilet?

Well…if I can become a landlord, anyone can become a landlord. I truly believe that. That means you! Yes. You can become a landlord. And as far as the calls about clogged toilets go, that’s what plumbers are for. Unless you ARE a plumber. Are you a plumber? If not then stop worrying. If you are then get your tenants to call another plumber. Or your plumber buddy.

My point is that you are worrying about something that probably won’t happen and definitely should not stand in your way of becoming a landlord. The first thing you should worry about is if your potential rental property is cash flow positive or not. To figure this out you’ll want to make an informed estimate of your potential income (rent) and your potential expenses (maintenance, mortgage payments, taxes, etc.).

Subtracting these two figures will give you a very rough estimate of what your potential cash flow could be but I would recommend putting a lot more effort into figuring out your cash flow than just what I have mentioned here. The more homework you do on figuring out your cash flow the better your chances of success when renting out your property.

So instead of worrying about getting calls in the middle of the night from problem tenants I would put your effort into figuring out your potential cash flow. This is time much better spent by a new or soon to be landlord.

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Posted in: Cash Flow

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