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:
The game has changed. Unlike the Monopoly game, you no longer need wait to own four houses before getting into the hotel business. Check out Airbnb.com. It allows any landlord (or anyone with an extra bedroom) the ability to attract business travelers and tourists via their website. Since travelers compare your rates against hotel rates instead of rental rates, you should be able to net a larger profit. (more…)
What’s your definition of the landlord job description? Does it center on collecting rents and keeping the property looking nice and in good working order? If so, you’re in step with me – and we’re both limiting our incomes.
I’m still collecting ideas on ways landlords can provide more lucrative services to their residents. Check our summary of “other income” ideas.
In the process, I find myself hitting roadblocks. The problem is the word “landlord” itself. My version of the landlord job description conjures up too many stereotypes (like the arch-villain Snidely Whiplash). The job title is great for communicating with others, but it’s terrible for brainstorming.
To break free from the gravitational pull associated with the word, we need to dump it.
We’ve been discussing how to grow your rental income stream by coordinating tenants and neighbors to create new savings. This isn’t a novel idea, but I want to take it to the extreme – that is, after all, how we do it here.
Groupon, Inc. has grown in popularity and is quickly approaching profitability (Ticker: GRPN). They don’t have warehouses full of inventory or sell anything directly. They simply act as matchmakers between their subscribers and businesses offering steep discounts.
Here’s how it works: Companies make deeply discounted offers if, and only if, enough Groupon customers prepay for the offers. Once the threshold is met, the deal is on and Groupon splits the proceeds with the business.
This is a terrific business model, but there is room for improvement. Groupons are typically for dog grooming, vacations, and other luxuries – rarely for necessities.
I believe landlords can improve on the business model by connecting tenants and neighbors to companies supplying non-luxury items (toilet paper, food, etc.). (more…)
I tuned into the REIClub’s webinar where they featured Dr. Cash Flow, Nick Sidoti. Nick advocates renting rooms to high-functioning handicapped people on government assistance. He claims this private co-housing approach is cheaper and more efficient than what the government can do, so it saves social agencies money – and is therefore a sustainable model.
The nutshell summary goes like this: special needs individuals may only have an $800 housing allowance which may barely cover their rent and utilities. Nick places three or more of these type of tenants in a nice house (one per bedroom), provides a housekeeper, pays all utilities and collects $800 from each person. This is how he can gross $2,400 per month from a house that might normally rent for only $900. Solid idea – check out Nick’s website to learn more.
Dr. Cash Flow says he got this idea from an amusement park pizza vendor who sold one slice of pizza for $4 but an entire 8-slice pizza for $16.
The vendor had the ability to charge 50% more for a slice because he had a niche product for a niche customer. (more…)