Increasing Your Return
Have a look at what else you can do with your existing properties. How else can you bring in more income? Can you do something with the beaten up old shed at the back? Can you turn it into a laundry? Can you have another storage facility out of it? Can you build something on your existing premises? How else can you increase the return that you’re getting on your property? Are you able to put another residence on it? Can you turn it from a single occupancy into a dual occupancy? What else can you do to make this thing earn you more?
That’s something you have to think about all the time regardless of whether it’s a new property that you’re going to go out and buy or whether it’s an existing property that you already have. When you concentrate on that, when you’re constantly looking for ways to increase the yield on your property, that’s what’s going to happen particularly now when you’re out there searching for properties, you’re not going to have properties that are as cash flowed as you used to be able to. Sometimes you have to think a little bit alternatively as to how you can manufacture that; how you can make it, how you can create it. Look at what else you could do with a property at all times.
We always recommend that you seek professional advice as this blog is for general information only