I started this blog in 2011 to document my progress towards generating enough side income to cover my monthly mortgage.
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 Property, Top 10 Ways Landlords Can Build Equity, and How to make money on Airbnb.
But this is what you actually said in 2011 was the purpose of this blog: https://leadinglandlord.com/honorable-intensions/
“Please join me as I attempt to assemble a body of knowledge to help inner city landlords deal with drug dealer, prostitutes, litter, crime, and other issues unique to inner cities. My intentions are to document my lessons learned and interview other inner city landlords who are transforming their communities.”
So….
You’ve followed my evolution. Please see the resulting book: Building Wealth with Inner City Rentals.
I accomplished the initial mission and kept going.
How about you? Are you working on a big challenge? I’d like to hear about it.