When faced with 26% vacancy rate in 2009, I began collecting ideas on how to pay the mortgage without tenants. Here’s a summary of my ideas along with some gems from helpful contributors. You may also be interested in seeing ideas developed during our $100 Challenge. Please send in your realistic or futuristic cashflow business ideas and I’ll add them to the list. I’ll also give you a trackback link to boot.
Resident-Independent Cashflow Strategies
- Convert large closet or unused space into a back office space and rent to a small businessperson – Gary Zaremba
- Convert yard space into business equipment or machinery storage space (if they can access area without disturbing tentants) - G. Zaremba
- Sell on-site generated power to a utility company (solar, thermal, wind, etc.)
- Rent parking stalls to zipcar
- Rent driveway/parking stalls to non-tenants
- On-site sewage treatment/scalping plant
- Add on a greenhouse and growing plants or food for sale
- Install a webcam and 1) selling ads on feed or 2) using it to catch illegal dumpers for reward
- Lease space for a cell phone tower
- “Rent” Wi-Fi to neighbors and have them start from your affiliate home page
- E. Chandler Loft Gardens - Add a billboard to your building – G. Zaremba
- Collect management fee for providing landscaping services – Camille Baptiste
Resident-Dependent Cashflow Strategies
- Convert space into a youth hostel – T. Sumpter
- Redeem collected recyclables
- Install vending machines
- Install coin operated washer & dryers
- Provide free Wi-Fi with residents using owner’s home page affiliate program
- Rent furniture
- Rent out use of common area to view fireworks, parades, or special events – assuming you have an awesome view. – Camille Baptiste
- Rent storage lockers – G. Zaremba
- Display ad boards in laundry room and lobbies - G. Zaremba
- Convert roof decks into patio area – rent extra space to tenants - G. Zaremba
Equipment Rental
- Vacuum cleaner rental
Electronics Rental
- Rent TV or audio-video entertainment equipment rental
- Rent cell phone
Concierge-Type Services
- Charge a little extra each month for bi-annual carpet cleaning
- Charge for door-to-door trash collection service
- Provide on-site weekly car wash or detailing service
- D. DeMasters Landlord Marketing Secrets - Provide weekly housekeeping service - D. DeMasters
- Offer gardening/landscaping service as an ad-on - D. DeMasters
- Pet sitting / dog walking / on-site grooming service - D. DeMasters
- Plant watering service - D. DeMasters
Financial Services
- Paycheck-cashing service (for rental payments) – D. DeMasters