I shared a discussion panel with Lisa Loud, President of ELF Homes
. Her company provides high-end corporate housing to Silicon Valley workers. ELF Homes has recently expanded into hotels and their first one is in Baton Rouge, Louisiana.
After the discussion, Loud challenged me to think of some cash flow ideas for a large room near their hotel’s lobby. She had come up with the excellent idea of making it into a 7-Eleven type store, but wanted to consider some other concepts.
The Ideation
I developed the following ideas for the ELF Express Hotel that mostly houses men working in the oil and gas industry along with film crews. My restrictions were that ELF wanted to steer clear of beer and liquor and didn’t want to encourage the prostitution crowd ever present under the former management.
Here’s the wide ranging list I generated for her:
1 – Fill room with a vending store and specialized vending machines.
2 – Create a Vapor/Hookah lounge.
3 – Create a billiard hall.
4 – Operate a U-Haul dealership from the space.
5 – Convert it into a Yoga studio.
6 – Use the space as music/video recording studio.
7 – Laundromat – A wash and fold open to the general public.
8 – A supper club equipped with a professional indoor grill where guys could grill restaurant quality meat provided by the hotel. Place several large screen TVs in and furnish with other man cave necessities.
9 – A Barber Shop
10 – Hang cliff tents in the A frame rafters and rent them overnight.
11 – Form a consignment shop or eBay drop off center operated by front desk staff.
12 – A gym for patrons and the general public.
13 – For rent conference room.
14 – Luxury AirBnB suite.
15 – Co working office.
Let’s follow their progress and see what happens.
How to Generate Far Flung Money Making Ideas for your Rental
You can generate plenty of cash flow ideas by looking at a situation from various mental frameworks. However, that’s not as easy as it sounds.
Being so close to your investment makes it hard to think creatively.
But help is on the way.
I’m in the final staging of writing my new book: 40 Ways to Increase the Net Income of your Rental Property.
It will help you stretch your imagination and view the other revenue opportunities at your disposal.
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