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The rents that can be charged depend on a number of things, including current national economic conditions, economies of local areas, and the type and location of a rental property. Raising rents above current market rates for comparable units usually results in increased vacancy rates and longer vacancy periods. It's a certainty that vacant units produce less income than units rented at market or below rates. While, certain upgrades can be profitable in the long term, they can require an expenditure.
Reducing expenses is also not without problems. First, many expenses, including loan payments, property taxes, insurance, and house utilities cannot always be lowered without adverse effects. The after-tax benefit of refinancing is not always cost-effective or even possible, property taxes are usually totally beyond control, adequate risk management requires a certain level of insurance coverage, and conservation of water and energy or transfer to tenants of these costs may be severely limited, depending on the property.
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Included in the first category are spaces. This includes such spaces as parking spots, carports, and storage space. Some tenants may require more parking spaces than others, some may be willing to pay extra for covered parking instead of open spots, and some may need more storage space than others. These spaces can sometimes be rented separately from the basic living space units. For example, renting a garage space for only $50 per month creates additional annual income of $600 with almost no additional expense or work after you've once created the related lease clauses or addendums.
There are basically two ways to provide coin-operated laundry equipment. First, you can purchase your own equipment. In this case you will have to invest capital in the purchase and you will be responsible for its maintenance. The latter will not necessarily be an issue because new equipment will come with warranties and additional extended warranty periods can be purchased. In any event, if it's your equipment, you keep whatever ends up in the coin boxes.
Second, you can contract with a coin-operated equipment vendor. In this case, although there are a variety of possible contract terms, usually you will not have to invest capital and the vendor will take care of maintenance. The vendor will also usually empty the coin boxes and send you a check for your share of the collections. If you decide to go the vendor route, it is best to choose the vendor based on recommendations from other landlords.
When renting anything other than living space, you will probably want to consider having separate leases that are completely independent of the living space. A primary reason for doing so is that the laws for regaining possession of leased personal property or leased non-residential space are significantly different than for re-gaining possession of residential unit itself which can require an eviction. The details of such issues are beyond the scope of this course. Because laws vary greatly among the states, landlords who are interested in considering rental of personal property and/or non-living space should consult sources of information on the subjects or a competent attorney.