INCREASING RENTAL INCOME

Owners,

I am sure that many of you are concerned with your return on investment here at the MGL. I for one am looking for ways to increase income or decrease expenses. My cash outflow is significantly higher than my cash intake from rental, making this a very expensive investment, in fact I'm not sure if it is really an investment at all. Add in the loss in value from current market conditions and competition from Boyne and other nearby rentals the property looks to be nothing but a drain on my pocket book for years to come. I am not blaming anyone because I chose this property and at the time it looked good. I've had it for sale for 3 years and haven't had any lookers even at a price way below my cost. So I'm in for the long haul, so what can a owner do?

Here are the only two ideas that I can come up with.
1. Appeal property taxes, has anyone done this at the MGL? What was your outcome? Property values have certainly dropped my guess is 10-20%.
2. Employ a outside rental agency to handle rental and cleaning at a reduced price.

Of course renegotiating your loan or refinancing is a possibility, however I currently have about the best loan I can hope for in this economy.

What other ideas do you have?

Gene Carlson