Are you maximizing revenue from your real estate investments? If you have rental property, there are literally hundreds of ways to make extra money. I often thought if I had 20 properties to take care of that it would be a full-time job for someone, possibly me. In addition to the rental income, at a time I was running a small lawn care company, trying to generate enough money to live on. That mowing, plowing and miscellaneous maintenance also generated capital to kick-start my seed money for real estate investing. Never underestimate the power of saving money, or the ability of a side gig to create a lot of extra capital. Every hour you spend making money for yourself, is an hour less you have to work for someone else.
Now that I have my rentals, I always look to save money or generate new revenue streams from my tenants. I am not looking to gouge them, but for ways to leverage my skills and their money.
Here are a few tips that I have either done, or have thought about doing. Actually I have implemented all but one of them, although not every one on every tenant. Most are common and not rocket science, some are not.
If you have ever wanted to quit your full-time job, and wondered how it would be possible with only a few rentals, this could be a way to help with your ticket out of the drudgery of working for a boss.
This is why your blog is worth coming back. You provide guidance and so many ideas that I haven’t even thought of. Just an example of buying your own key maker. I’ve spend over $400 on key and lock last year. Ouchy. Anyhow, I’m still learning.
Thank you for the compliments!
I used to spend quite a bit at the locksmith too. Always making sure I had enough keys to rent a unit, plus a few extras. And there are always a few lost keys. I had 5 keys made at home Depot once, all five were bad. A rip to a locksmith is ~8 miles, and they are only open from 8-5, right when I am working too. So I bought a key cutting machine.
It saves a ton of money and time. The machine has more than paid for itself.
Nice blog. Very informative. I’m glad I found your blog. I like RE investment very much, but dare not to go in since the market price has been up a lot, especially for the market in Los Angels.
I’m following your blog.
All the best,
MU
Welcome Aboard and thank you for subscribing!
The RE market is a bit frothy, but there are still opportunities out there. It takes a sharp eye to find a pre-foreclosure/flip, but that is where the money is. The MLS is too high priced.
Lovely read, thank you for sharing it. Vending machine idea, love it.
Thank you for the compliments!
A vending machine, especially in a multi-unit property with a common area, could generate quite a bit of extra cash flow.
Thanks for sharing the article, it was very interesting and great ideas to increase revenue. I never thought of writing do not copy on the keys. Great idea.
Thank you for the compliments!
I do not like having a bunch of keys out there, even though I change locks between each tenant. The key cutter has been a great way for me to save money and time.
A vending machine and really anything coin operated placed in a common area is a great idea for more revenue. Thanks for the great advice!
Thank you for the comment!
As long as you have a bit of traffic, even 3-4 turns a day adds up. Selling 10 cans of soda a day can make a couple of hundred a month.
are you licensed real estate realtor?
Thank you for reading!
I am, but I acquired all my properties, except the most recent one, before I became a Realtor. I got my license to sell properties to my tenants as they leave. I do not actively solicit too much business.