Many landlords find this blog while researching Dr. Cash Flow, Nick Sidoti’s method of special needs housing which I first wrote about here. So to further that discussion, I researched some information I found on The Successful Landlord Blog about veteran housing.
Landlords can offer housing that meets the needs of veterans and generate a nice income stream to boot. If that sounds interesting, then here’s how to get a quick start:
You may be like me and feel more comfortable checking a map before setting off to a new destination. And if you are wired that way, then I want you to take a look at my map of the community revitalization process. It shows there are four stages along the path: Safety, New Norms, Lag, and Catalyzed. Once you understand what stage a neighborhood is in, you’ll be able to deploy the most relevant tactics to move it forward.
Now just like the volunteers that work a water station during a marathon race, landlords can play a vital role in helping a neighborhood move forward.
Would you buy a $100 treasury bond for $80 (at a $20 discount) if you had to wait five years to cash it? Maybe … but imagine if you could do something to get the $100 two years earlier. That would really sweeten the deal right?
If you can shorten the time needed to reach your financial goal, then you can:
Well, landlords can pull off such maneuvers by investing in inner city real estate.
This post is a follow up on my investigation into Ambit Energy‘s potential to reduce your energy bill. They show the lowest natural gas cost per therm in Northern California: $0.41 per therm commercial and $0.45 per therm residential. As of May 2013, Ambit is currently available in CA, CT, IL, MD, MA, NJ, NY, PA, TX, and DC. Use you zip code to see if Ambit is available and what the rate is for your area.
Anyone who takes a minute to compare these rates to what’s on their gas bill will see the opportunity to save money. There is no cost to switch. Pretty simple decision right?
I would love to brag that I invented an amazing cost-cutting technique, but the tactic I used is pretty underwhelming. I simply applied the principle Jack Canfield describes in The Aladdin Factor [affiliate] – I unapologetically asked for what I wanted.
Deborah B. is the first winner in the $100 Expense Reduction Challenge! She did it by fine-tuning her insurance policies then converting them from Replacement Cost Value (RCV) to Actual Cash Value (ACV). The cost-cutting scheme saved her over $200 per month ($25 per property)!!!
This concept of RCV vs. ACV was new to me. I had to have several people explain it to me several different ways before I could really grasp it. Here’s a really good explanation from BiggerPockets.com.
This series started by exploring if switching from Pacific Gas & Electric to Vista Energy Marketing could lower your gas bill. The switch created an underwhelming savings – but a savings none the less.
The $100 Expense Reduction Challenge is underway!
Are you going to step up to cut down your expenses? Keep the money in your pocket!
Click HERE for a list of equity-boosting cost cutting ideas.
Here’s an Idea
Install floating vinyl plank flooring instead of carpet or linoleum.
Floating Vinyl Plank cost nearly the same as rental-grade carpet or linoleum ($1.45 per SF) but comes with a 25-year warranty! Plus, it looks great AND you can easily install it yourself!
So think twice before replacing your existing flooring with the same old thing. There are real cost savings to be had in terms of installation, durability, cleaning, and repairs.
Check out this video and see what I mean: Floating Vinyl Plank Flooring – A Cost Saver
The Back Story
I had just received comments from my editor on my eBook and was starting to get serious about marketing when I got an email from Brandon. He invited me to be a guest on their podcast which currently ranks in the top 20 of all business podcasts. This was a new author’s dream come true!
We are in the mist of the $100 per month expense reduction challenge. I’m hanging my creative problem solving credentials on the fact that I can figure out how to shave $100 off my month expenses without creating more work for myself.
“Everything is Figureoutable” – Marie Forleo
To get straight to the point, I went after some low hanging fruit and asked my tenants to kick in $10/unit to defray Wi-Fi expenses (which they use on a complimentary basis). I got two pledges, so that saves me $20 on this $71 expense. Okay, now I’ve got $80 more savings to find.
Here’s the current list of expense reduction ideas you might try.