Portfolio
of any realtor is incomplete without a property put on rent. Some of the property
owners think that the only way of earning through a rented property is to get
monthly rent. However, if you think out of the box, there are more than 100
ways of earning with the help of your rented property. In this post we will
share a few of them.
No, we
are not going to teach you some black hat tricks with the help of which you can
thug your tenants. The points shared her are fair and practical. According to
Dean Graziosi, in order to get most out of your business, you must think out of
the box. This is the message delivered by Dean's Think A Little Different.
Dean
Graziosi is a real estate millionaire who joined real estate world at the age of 18, some twenty
years ago. Two successful decades of work have taught him so much that now he
is sharing his knowledge with those who are willing to achieve heights of
success, just like Dean. He started his business as a dealer of auto parts and
later turned to real estate.
Dean believes
in thinking different from the masses. He urges his students to try new and
innovative ways and take advantage of modern technology. Considering Dean's
advices, following are given a few creative ways of earning extra bucks through
your rented property.
- Build a garage and then rent it either to your existing tenant or to any other individual. With the passage of time garage will give its cost.
- Build a covered carport and follow above-mentioned strategy with it. Mostly existing tenants are interested in renting covered carports.
- If you own a multistory big property that is given on rent, consider coin operated laundry facilities.
- For a multistory rental building, you can also choose small vending machines.
- Arranging referral programs in collaboration with local workers and companies is an excellent way to earn a few more bucks. For example, if you own a number of rental houses, contact with your local lawn mowing company and introduce them to your tenants. This is a good deal for all of the parties. Company will get clients, your tenants will be safe from hassle of searching for a mowing company and you will get some referrals out of the deal.
- Most of the tenants do not prefer separate kitchens and dining rooms. They prefer a single kitchen. You can convert your dining room in to an extra bedroom. Consecutively the amount of the rent will increase in accordance with increased number of the rooms. Here it is also important to note that while increasing rent of the property, you must check local city code. By checking local city code, you will make sure that you are not violating State law.
- You can increase rent of your apartment with the help of local directory, compare what is the price of a two-bedroom house and what is price of a three-bedroom apartment.
- If you have some extra space in to your apartment or home (under the stairs, near garage, behind balcony or kitchen etc.), convert that space into storage area. Tenants are always excited to see some storage space for their extra luggage. Charge a few bucks more on your property.
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