Here’s a quick lesson that I just re-learned last week on how to quickly incease cashflow on my rental properties without increasing rents on my tenants.

Last week I just got a $30/month “raise” just by doing a yearly audit of my expenses.  Ya, $30 isn’t enough to change your life…  but when combined with other cashflow increasing changes it can really add up over time. 

So, what did I do?  All I did was take a look at my fixed expenses on one of my properties and tried to find places that I could cut costs.  One of the areas I audit every now and then is hazard insurance.  In this case, my hazard insurance ran a cool $79/month with a $1 million umbrella liability policy.  I didn’t think it was too bad so I overlooked it for a year or two. 

But, last week I called up my auto insurance agent (Allstate) and asked him to give me a quick quote on insuring my apartments as well.  Of course, he was more than happy to shoot me a quote because I have been with them for my auto insurance for a few years now.  He came back with a quote for identical coverage that was $30/month less!  That’s a pretty big difference! 

So, late last week I switched my hazard insurance over from my previous carrier, Farmers Insurance, to Allstate.  On a side note, Allstate Insurance has been great to me over the years and is worth a look at if you know a reputable agent. 

I didn’t write this post to brag about the extra $30 a month I now have in my pocket…  I wrote it to remind you to check your fixed expenses from time to time and find places you can cut costs.  For me, insurance ended up being a great place to cut costs and I was able to keep identical coverage at a $30 a month savings. 

So…  check your costs this week and shop around on your hazard insurance.  I’d be willing to bet that you can widdle away some of your expenses easier than you think. 

If you have had an experience like mine where you were able to save some bucks on expenses with simple changes… let us and your fellow readers know about it.  Feel free to make a comment!

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Categories: cashflow, landlording, real estate investing
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