The $200 Auxilary Income Challenge
Congratulations to those who attempted last year's $100 Expense Reduction Challenge. I bet the good thinking paid off.
But now it's January 1, 2014 .... time for a new challenge.
Let's try to create $200 per month in income without raising rents.
I'm hoping we buy and hold landlords can all work together to pull this off.
It would be a HUGE win for all of us.
Let me know if you're in.
Comments (11)
Along the same lines as the pop machine you could do the dvd machines. But again that is only going to work for a huge building.
James Wise, over 12 years ago
You would need a pretty large building to be able to make any money on pop machines. If you have a large enough traffic base the big companies. Pepsi, coke, 7up will put one in for free and then you just directly buy the pop from them. They deliver it and stock/maintain the machine...I used to work for 7up.
James Wise, over 12 years ago
Yes, absolutely James. I bet I'm overlooking opportunities for small fry landlords. It will sound obvious after someone illuminates the idea.
Al Williamson, over 12 years ago
I own bulk candy vending machines but it's not incredibly lucrative... It also requires minimal upkeep and effort (which is why I like it. Can you say passive income?). I just bought a 4plex with an exceptionally large backyard for the area. This is in a trendy neighborhood... I've considered adding storage units for rent back there or even sectioning it off into "plots" for people who want to have a self-sustaining vegetable garden. I wasn't sure how viable an option like that would be... but you guys got me thinking again. Hmmm.
Jenna Stonecipher, over 12 years ago
A couple of signs might be all you need to gauge interest in your garden idea. Let's get a min. viable product up and going. Test your market. Regarding storage: I think that's a strong idea. Have you seen how much a storage unit goes for these days? One Tough Shed and you're up and going. You might be able to sign a contract first, then buy the shed.
Al Williamson, over 12 years ago
Shop 24 a vending store can sell over 200 items. A drug store machine that has generated $2400 per week Google it.
Al Williamson, over 12 years ago
There are some that advocate installing soda machines (some may call them "pop" machines) in their buildings, but does is junk food really the way to go? I would advocate finding something outside of vending machines with junk. Maybe healthful machines?
Dawn Anastasi, over 12 years ago
Roy, you're a money magnet. I really need to hang out with you.
Al Williamson, over 12 years ago
Canada Post has announced it will be phasing out home delivery in urban centres over the next five years - means every neighbourhood will receive those colossal "Megaboxes" where folks will need to pickup their own mail. It's the continuation of the long downward trend in the venerable postal service - with the advent of e-mail, Canadians are sending <20% of the letter mail volume they did 20 years ago. Since the megaboxes are coming, I've offered up two of my properties - corner lots or mid-block in their neighbourhood - as potential locations for a set of the megaboxes. Canada Post will lease an easement to place the boxes ... likely for 25+ years. We will see if it works.
Roy N., over 12 years ago
Per property is my goal. But let's start without any restrictions. Good Ideas are scalable. Dawn, I would be honored if you loaned a fraction of your massive brain power to help my quest.
Al Williamson, over 12 years ago
Is this per property or across all properties one might own?
Dawn Anastasi, over 12 years ago