I understand that many people and businesses have been in a hoover mode as they wait to see the election results, and the fed trends, and the economy, and the season - and a whole bunch of excuses not to improve their business.

What have you changed in 2024 that has allowed you to make more money?

I like the topic Ray! In 2024, we have done:

1. Regular rent increases

2. Increased the application fee

3. Rented out storage space

4. Focused on pre-marketing units before move outs to get the vacancy time reduced

5. Created a solid process to keep tenants current on rent and bills

6. Focused on speed of unit turn to reduce vacancy time

7. Get rid of the time wasters to be able to focus on the main goals

Always working on the processes. For us that means learning and using the tools we already have (Buildium) to make things faster, or easier, or to help us gather more useful data. It means including my son in more and more of the decisions and giving him more responsibility in management.

Growing by acquisition would be foolish right now as even the worst trailer sitting in a puddle in a flood zone with an open hole in the roof is listed (not selling) for $300k+

So we are concentrating on improving what we have instead of just moving folks in and out like a conveyor: our streak of 100% no vacancies and no lost rent over the past several years has definitely been broken - by conscious decision. We have also "acquired" one more this year by finally creating a brand new one-bedroom cottage in a building that has been sitting as storage for a few years. It's now close to the finish line, goal is to be done well before end of year.

I've been buying while others hoover [sic]. So in a way, I am the "hoover"... sucking up all the deals that others think do not exist.

Got one under contract last month. Price $65K. I will list it as a flip to a rehabber the day after we close (Oct 4) for $95K. Ought to sell in a month. Did a similar deal on a similar house in almost the same neighborhood last year in Oct, but it sold for $105K.

Bought one in June this year. Listed on MLS but they had the wrong facts. They advertised as a foreclosure 2/2/1 with no access due to angry tenant/buyers whom the previous owner screwed over by stealing their down payment and monthly payments and never paying her mortgage. I got inside because my Realtor had a previously established relationship with the tenant/buyers who were getting evicted and found out it was a 4/2/1. Pristine condition except for a few minor cosmetic issues. Nicely updated. Contract price $130K. Selling to the tenant/buyers for $190K. They're scheduled to cash me out in July 2025, or if not I put it on the market for full market value, estimated around $220K. I'm doing them the favor because they let us inside and we got the deal on the property when no one else, not even the foreclosure selling agent, could get inside.

So while every one else waits, I get deals.

Please... keep waiting and hovering. There's, um... nothing to buy out here. Nothing at all. Just sit tight. Maybe there will be deals next year. *grins

P.S. I know the post is titled "cash flow", but what I've found is these off market / poorly marketed flips, if done consistently, greatly improve one's income / cash flow.

I have reviewed all the task that routinely get completed monthly. I selected specific task for specific properties that I consider making the most sense to outsource.

I was over at place I bought installing some upgrades when the neighbor from up the street stopped in. He said he saw the for rent sign and wanted to talk to me. I was expecting the typical talk an owner would end up saying to the new landlord on the block. Instead he said he understood how things are was looking to unload a triplex himself.

I am not all that excited about buying two 1 BR and a 2 BR but at least the units are complimentary. The building does have old galvanized water lines that need pex. The price is right though, only $40,000 a unit with rents at the $600 or better price point each.

We raised rents quite a bit over the last few years but in 2024, we took two units out of circulation pretty much for good so our income looks as if it has not grown as much as it has per unit.

Our family has grown both in number and actual size (kids, grandkids growing UP!) so we needed extra bedrooms and bathrooms to house them over holidays and vacations. They are all too old to camp out on blow-ups on the floor anymore. I mean, some of my KIDS are looking towards retirement and the oldest grandchild is closer to 30 than 20 (we still have one little one, age 4, and hopefully another one soon but most of us are full-grown adults with bad backs and knees.)

The good news: kids still want to come and spend time with us and we can afford to lose the income - the rent increases on the rest fully covered it.

Wow ... kudos to Ken.

Raised rents on every property. Did improvements to half the properties and raised rents again.

Got rid of my worse tenants and replaced them with higher paying, better class people.

No hoovering here; rather, purposefully downsizing to keep the same or more cashflow with less stress. Just when we thought we were going to sell something, we gained a set of tenants, upped the rent $200 for that unit.

Improved cash flow and more personal time by:

-attending our first MR LL convention in Columbus, OH

-renting spaces for storage

-raising rents of all current occupants

-planning updates to command higher rents

-decreasing expenses, shifting some to the tenant's

- Sold 1 flip in May

- Just closed on another flip yesterday that should net over $50k

- Listed my 6-unit for sale

- Started back marketing consistently for deals this year after taking a few years off

Jerry

You are wise enough that you are simply replacing that hammer in the truck with a sale contract. That wrench with a lease option and that screw driver with business cards saying we buy houses.

Do I really replace all metal tools with paper ones? Nope. If there is a small leak, and I have the 15 minutes to spare, it will get done there. More and more though, I have just leaving the tool box in the truck and relying on my thinker rather my ticker.

Sold a place that we didn't like. Put a couple others on contract that we didn't like.

Plan is to use the time and extra CF by finding better quality places.

Rent increases are in place, although just found out that one slipped by the one year mark. Will remedy that by first of the week.

Went to the con and the boot camp this year. Still working on everything learned there but it is already increasing cash flow.

Slowing down the purchases of spare parts. That in itself will increase CF by a lot. Figuring out what I actually have in the storage buildings will make it easier.

If that post was for me I appreciate it.

Had lens replacement Wednesday and the other is set for Monday.

Once I can see without all the fuss I will take you up on that offer.