Saint Louis, MO · Member since 2014 · 23 posts · 5 votes
Wondering if anyone has found or offers any type of continuity programs to their renters to create additional streams of income? If so, please explain.
Investor · Cincinnati, OH · Member since 2013 · 2k+ posts · 1k+ votes
12y
@Denayer Burns let's address your ultimate outcome of making more money from exiting properties a slightly different way. Instead of adding on incremental paid services perhaps look at incremental free services you can give them that way they stay longer and you can command a premium for rent.
Example:
- negotiate with a local business (or two, three, four...) an exclusive discount for your residents. You can then give your residents a Resident Card (print 250 at Vistaprint for $15) that they show at time of purchase.
- I did this for a large apt community in Cincinnati and it helped reduce our turnover and increase our bottom line. Plus, it makes them want to renew to keep getting discounts and because I'm constantly adding more local biz. If you have a single family house rental then you can do the same program - you'll just need to find the right biz that wants to make more sales and grow with you as your portfolio expands.
Real Estate Investor · Arlington, TX · Member since 2014 · 33 posts · 14 votes
11y
I have a great way to generate additional income if you have property in a deregulated electric market. You can act as an affiliate with Ambit Energy and receive a commission each month your tenants pay their electric bill. You don't make a lot but over time it can add up, especially if you have several units. Texas, California, New York, and Illinois are their bigger markets but they are in some of the smaller states in the northeast.
Property Manager · Livonia, MI · Member since 2011 · 4k+ posts · 1k+ votes
11y
the problem with "providing and charging" for extras is when they break down. if they have no internet at 10pm, will you answer the call and instruct them on how to reset the router?
Investor · Mechanicsburg, PA · Member since 2017 · 110 posts · 50 votes
9y
My first post here. I recently came across BP by accident but got hooked instantly. I am not sure if its a good suggestion and applies to all kind of investment properties or not, but I have always had this thought of offering cleaning services to tenants (split between investor and tenant). Serves the purpose of keeping your house maintained and if you can negotiate with cleaning company, you can make some profit from it.
Nacogdoches, TX · Member since 2016 · 1 post · 0 votes
9y
Amit, that sounds like a reasonable method. I too am hooked on this forum and podcast. Lots of great info. Another way would be to refer tenets to services they need such as electricity or natural gas. I have found something that is generating a nice residual income while providing value to the customer (usually lower prices). Lots of ways to provide value and benefit.