Many people think of rental properties as a headache of crazy tenants and endless maintenance, but for me, they’ve been a consistent source of income and wealth. I’m Noelle Randall, and I went from broke and bankrupt to a multi-millionaire through real estate. The key to my success wasn’t magic—it was a strategic approach to managing my rental properties. Here’s how you can double your income and eliminate stress.
The Secret to Better Tenants
The foundation of a successful rental property business is securing great tenants, and this goes far beyond a simple credit check. To truly find the best people for your property, you need to go deeper. This includes verifying their employment by calling their employer directly to confirm a stable income. It’s also crucial to run a thorough criminal history check on all occupants to avoid potential issues down the line. The biggest mistake you can make is rushing to fill a vacancy out of desperation. Be patient and wait for the right applicant. I use TurboTenant to screen for the best tenants, making it easy to run full background, credit, and eviction checks.
How to Increase Your Rent Over Time
Many landlords miss out on significant income by underpricing their properties. Don’t be the cheapest on the block. Instead, use data to price your unit fairly in the middle of the market. Tools like those offered by TurboTenant’s premium service can provide you with an accurate valuation of your rental property. To keep up with inflation and rising costs, build rent increases into your lease agreements. With TurboTenant’s customizable lease agreements, you can easily create legally compliant documents with built-in rent increases, ensuring your income grows over time.
Protecting Your Investment with Proper Maintenance
Your rental property is an asset, and it’s your responsibility to maintain it. Don’t assume tenants will care for it the way you would. Implement a proactive maintenance schedule rather than just fixing things when they break. This means scheduling regular inspections for things like plumbing and electrical systems. It’s also vital to keep meticulous records of all maintenance and inspections, which can increase the property’s resale value. TurboTenant helps you manage and track all maintenance requests and records in one organized place.
The Power of Furnished Rentals
For a significant income boost, consider furnished rentals. While it requires an initial investment, the returns can be substantial. Furnished properties can command a much higher rent—I often charge a 10-12% premium. This strategy attracts a specific clientele, such as corporate relocations and international professionals. You also maintain control over the property’s aesthetics and can ensure it’s always presented in its best light. You can use TurboTenant to advertise your furnished rental across multiple listing sites, reaching a national audience of potential tenants.
Choosing the Right Location
The decision of where to invest is crucial. Focus on growth areas with positive net migration, higher incomes, and economic development initiatives. While monthly cash flow is important, the true wealth comes from appreciation and the equity built as tenants pay down the mortgage. I sell properties every few years to unlock this equity, often making at least $100,000 on each sale, which I then use to reinvest.
Take Control of Your Rental Income
My most surprising piece of advice is that you can fire your property manager. By managing the property yourself, you keep the 8-12% of income that would otherwise go to a property manager. With a tool like TurboTenant, which is free for landlords, you have access to everything a professional property manager uses—from screening and lease generation to rent collection and maintenance tracking. This allows you to manage your properties with minimal hassle and maximum income. You can sign up for a free TurboTenant account and start managing your rentals like a pro today. Just go to https://NoelleRandall.com/TurboTenant to get started!
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This is Noelle. To your success!
