Rental Property Additional Sources of Income
Have you thought about increasing your bottom line with additional sources of income at your rentals? Here are some we have seen:
1. Telephone Contracts: Tenants do not have a phone so you rent space for a pay phone. Now everyone has cell phones so probably would not work in today's environment.
2. Laundry Facility: Lease space to a laundry company to install washers & dryers and split the income. Leases are hard to break and not very profitable.
3. Soda machine in Laundry or Hallway: Kids usually spill soda everywhere and then you have an ant invasion - you call soda company and cancel their lease and have them come pick up their machine.
4. Rent to own carports: You pay or finance a carport and then tenants pay you back with interest with their monthly rent payments.
5. Rent to Own Washer & Dryer: Only for those units with washer/dryer hook-ups.
6. Rent to Own Big Screen TV: They all love these so why not collect payments.
How about some other wild & wacky ideas you have came up with to increase your income stream from the rental property??