Mobile Home Investor · Spanaway, WA · Member since 2008 · 1k+ posts · 578 votes
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??
Mobile Home Investor · Spanaway, WA · Member since 2008 · 1k+ posts · 578 votes
14y
Charles Perkins do you have room on your property for a billboard? Does your property have the traffic count to benefit someone renting space on your property for a billboard? I know of one individual that got started in real estate investing just looking for properties that could be used to rent to billboard advertisers.
We had considered storage space rental, but then over thought the process and worried about what if something happens to their property while in the storage space. Like a water pipe bursting and damaging all of their belongings. Kept us from doing that. Hope it has worked out well for you.
Cell phone towers take a lot of space as they need the anchor wires to help support them. Looked into one of these at our MHP in NC for the selfish reason of hoping to improve our own cell phone reception!
They decided there was not enough space for their tower so did not get a contract, but did at least have two different companies look at it.
Landlord · Seattle, WA · Member since 2010 · 3k+ posts · 1k+ votes
14y
My current properties are not located in spaces that a billboard or cell tower would make any sense. I have looked at several apartments though were a billboard or cell tower would make a great deal of sense. I always keep my radar up on potential revenue streams or other value add opportunities.
Seems though that cities and counties have a great many more restrictions now on cell towers making it harder to work with cell phone providers.
Landlord · Seattle, WA · Member since 2010 · 3k+ posts · 1k+ votes
14y
Another reason I like to have a handle on what may or may not be possible before I purchase a property. Hate to go into a deal thinking a billboard was doable when in fact the city or county may not be allowing new billboards or may have size limits that deter advertisers wanting to lease a space.
Milwaukee, WI · Member since 2009 · 203 posts · 50 votes
14y
I once looked into a building that had a billboard on the side. Decided against the building for an unrelated reason. But at the time the husband of a colleague at work was some area manager for one of the two billboard marketing companies and I tried to get some number I can add to the monthly income.
She said there is no way you get anything done with a billboard if you are not marketing/"reselling" through one of the two companies. No advertiser deals with all the John Does for a single billboard to put the Coke bottles up, not efficient.
An average location city billboard would have gotten me $50-100 a month. No hassles and no time spent on it, though.