How to Make 3% More Rent Automatically (Takes 5 Minutes) (Rookie Reply)
Summary
This article discusses how hosts can maximize interest earned on their rental income by using high-yield savings accounts or banking platforms like Base Lane and Relay Financial. It also touches on deal finding challenges in the Chicago market and provides insights into evaluating offers and market conditions.
Key Insights
- •High-yield savings accounts typically offer significantly better interest rates than traditional accounts; current rates are around 3% or slightly above.
- •Traditional checking accounts often earn very little interest (e.g., 0.001%), leading to a loss in value due to inflation.
Action Items
- ✓Evaluate if a CD (Certificate of Deposit) is right for you, or if a high yield savings account is better suited for your cashflow needs.Effort: lowImpact: medium
- ✓Consider switching to a high-yield savings account or a real estate-focused banking platform like Base Lane or Relay Financial to maximize interest earned on your rental income.Effort: lowImpact: medium
- ✓Check if your bank offers cash bonuses for switching accounts and analyze which bank offers the best rewards.Effort: mediumImpact: medium
Tools & Resources
- →Base Lane: Base Lane is mentioned as a banking platform built for real estate investors that offers high yield savings accounts and automated bookkeeping.
- →Relay Financial: Relay Financial is mentioned as a platform that offers strong interest on savings accounts and is built for implementing Profit First.
Watch Out For
- ⚠Locking funds into a CD if those funds may need to be readily available for operational needs.
- ⚠Keeping rental income in a standard checking account that doesn't earn interest will lead to your money losing value every year.
Related News
KB Home bets on built-to-order strategy amid a spec-heavy market
KB Home is shifting its focus to a built-to-order (BTO) strategy, aiming for higher margins in a challenging market. Hosts should pay attention to this trend as it may impact competition and pricing in their local markets, especially if private builders react to the changes.
![An Overview of Dynamic Pricing for Hosts [+5 Tools Included]](/_next/image?url=https%3A%2F%2Fwww.igms.com%2Fcontent%2Fimages%2Fwordpress%2F2022%2F10%2FDepositphotos_dynamic_pricing.jpg&w=3840&q=75)
An Overview of Dynamic Pricing for Hosts [+5 Tools Included]
This article discusses dynamic pricing for short-term rentals, explaining how it works to optimize revenue and occupancy by adjusting rates based on market conditions. Hosts should consider implementing dynamic pricing, using tools that automatically adjust rates, to stay competitive and maximize profits.
United Real Estate CEO Dan Duffy on the roadmap for competitive advantage
This article highlights the importance of data and AI in gaining a competitive edge in the 2026 housing market, emphasizing that hosts who prioritize data-driven decisions and adapt to market changes will thrive. Hosts should focus on leveraging data and AI to make informed decisions about their STR business to capture market share.
Foreclosure Starts Fall 7.6% Nationally, But These Key Counties Show Rising Distress
Foreclosure starts are down nationally, but certain counties are seeing a rise in early-stage filings, which can indicate future pre-foreclosure opportunities. Hosts in Florida, California, Ohio, North Carolina, and Texas should monitor county-level data to anticipate potential distressed property sales and consider how this might affect their local markets.