Increasing monthly cash flow is accomplished either by increasing rent, lowering the mortgage payment or a combination of both. After all, income less expenses equals profit and an adjustment to either side of the equation can affect your bottom line.

For those who want to lower the monthly payment,creating cash flow it’s a matter of refinancing an existing mortgage. If you’re a landlord now and you’ve had an existing mortgage on a property for say five years and haven’t refinanced, why haven’t you? If it’s because you’re not sure you can qualify with two mortgages this time around take note that with landlord experience and tax returns showing rental income and expenses, the lender will credit the rental payments to you and even add the cash flow to qualifying income.

You can also look at lowering your insurance premiums or protesting property taxes to a lower rate. Maybe even extend the loan term to 30 years if you haven’t already done so. Beyond that, there’s little else you can do to lower your monthly payments.

Can you raise the rent? Maybe, you can take a look at what other rental properties are charging and raise the rent if you can at the next lease but if your rent is similar to others you may not have a lot of room. You can offer certain upgrades or there is something unique about the property that could demand higher rent. Your kitchen and bath areas might be on the higher scale or you have a pool or a nice view.

Getting quality tenants upfront is perhaps the most important consideration. You can raise the rent to meet market but if a tenant skips out just one month it can wipe out several months’ worth of profits. Refinance your existing mortgage, lower your expenses and eliminate your vacancy rates. That keeps the cash coming.