I started this blog in 2011 to document my progress towards generating enough side income to cover my monthly mortgage.light at end of tunnel And now, in 2015 …I’m within one renovation of accomplishing that goal!!!

One of my long-term tenants moved out and I can easily convert his unit into another Doctor Dormitory. That would bring my side income to around $1,780 per month which is more than my $1,630 mortgage.

But that would be too easy.

So, I’m considering:

1 – Creating a corporate housing unit and recruiting someone with a large housing per diem.
2 – Creating a pet-friendly Airbnb unit.
3 – Creating a housing on demand unit.

These options, especially pet-friendly housing, might allow me to make more than a DocDorm would yeild. Also, these ideas might work in tandem with another DocDorm unit.

OK, enough rambling.

Main Point for Your Consideration

It is possible to pay your entire mortgage (whether it’s a single-family or multifamily) entirely with side income. Meaning your tenants’ rent will be available for other uses besides mortgage payments.

If you have a rental, then you have natural resources…. untapped resources. But, I’ve got to ask you…

Are your resources making any money for you?

If not, I can help! Check out my Airbnb for Landlord’s home study course.

Image courtesy of adamr at FreeDigitalPhotos.net

For more information on increasing your revenue as a landlord or property manager take a look at The Profitable Sequence To Remodel A Rental PropertyTop 10 Ways Landlords Can Build Equity, and How to make money on Airbnb.