How can I get more income from my multifamily property?

Good question.

In general most properties you can easily find around 5% more income by just looking around for some additional charges. When you look at a property you should look not only at the rental income currently in place but other sources of new income.

Some examples would include things such as laundry income, parking income, water and sewer income, late fees, lease reservation fees, pet fees, lease transfer fees, early termination fees, non sufficient funds fees, cable income, internet revenue, and telephone income.

Another source of income is cable company payments. Sometimes cable companies (particularly large apartment communities) will pay thousands of dollars to stop you from advertising other competing cable companies. For example, you might be able to get TimeWarner to pay you not to advertise Comcast to your tenants.

The new investors that do the best in multifamily don't look for apartment communities to invest in on Loopnet. Instead, they look to find experienced apartment investors that will let them invest into their deals. Being a limited partner you will avoid all the problems a general partner faces. If you go this route, you will have a lot less work.

If you are the type of person that wants to do things the easier and more efficient way, I created a group that can help you learn how to invest.

My group, the Benjamin Z Miller Investor Networking Group, meets every Sunday on Zoom. I created the group for new and experienced investors to network and make more contacts.

If you would like to learn more about multifamily investing, you should join the Benjamin Z Miller Investor Networking Group.
Once you attend one of the Sunday meetings you will receive a Google Sheets document with the phone and email of the other investors that attended.

From there you can reach out to numerous multifamily investors. I also am good friends with some of the best well known multifamily investors so if you need an introduction to a particular investor in some cases I can help you.

Before you do any investing you should invest more time and money in your financial and legal education. I offer education and training to new investors, landlords, engineers, doctors and dentists, and many others that would like to learn how to enjoy the benefits of multifamily as quickly as possible.

If that sounds interesting contact my office by going to www.benjaminzmiller.com and fill out the contact form.
You also can register at meetup.com at the link below:

https://www.meetup.com/benjamin-z-millers-investor-networking-group/

I hope that helps and good luck with your investing!

Benjamin Z Miller
www.benjaminzmiller.com
1-817-203-4160
[email protected]
https://www.linkedin.com/in/benmillersells/
https://twitter.com/BenjaminZMiller