Cincinnati, OH · Member since 2019 · 14 posts · 8 votes
Hey ya'll! I've been using my time during stay-at-home to put together some processes. I was thinking that it would be a great idea to have a list of creative ways to add value and increase cash flow on buy and hold properties.
A few that I've thought of:
Convert dining rooms to bedrooms
Convert large single family to duplex
Billboard advertising if the home is next to a highway or busy street
Subdivide a large lot and build another rental
Convert to student housing
What creative things have all ya'll done to make a good deal even better?
Some others that I've used/am considering/had recommended to me:
On-site, coin-operated laundry machines (most relevant for multi-family properties)
Renting out storage space in basement or on-site shed
Renting out unused off-street parking (where I live, winter RV parking is at a premium)
Converting non-conforming to conforming rooms (including basements) to allow for re-organization and classification as bedrooms
Adding accessory dwelling unit(s) to your property (may not even require separating lots)
Separating utility metering (or installing individual unit readers) on multi-unit properties that are currently metered together
Depending on your market, furnishing a portion of your units and renting them out fully furnished to shorter-term renters
*Some (most) of these will depend on how individual properties are zoned, what zoning requirements are in your locale, and what there is demand for in your market.*
Eager to follow along and see what other suggestions are shared!
Rental Property Investor · Rochester, MN · Member since 2017 · 224 posts · 323 votes
6y
@Alexandra Wenzel I’ve heard of people using an app called Padsplit. You put your house up for rent, and people rent out the bedrooms individually. So for example rather than renting a 3 bedroom house to one family for $1200, you could get three separate parties to pay $600 per bedroom. Probably more management intensive than some other options, but if cash flow is what you’re after...
Real Estate Broker · Watertown, NY · Member since 2016 · 1k+ posts · 1k+ votes
6y
@Alexandra Wenzel - I turned a SFH into a short term rental for transient workers. Normal rent would be $1300/month. I'm getting $2600 when fully occupied.
@Alexandra Wenzel I’ve heard of people using an app called Padsplit. You put your house up for rent, and people rent out the bedrooms individually. So for example rather than renting a 3 bedroom house to one family for $1200, you could get three separate parties to pay $600 per bedroom. Probably more management intensive than some other options, but if cash flow is what you’re after...
@Alexandra Wenzel - I turned a SFH into a short term rental for transient workers. Normal rent would be $1300/month. I'm getting $2600 when fully occupied.
Probably a good demand near hospitals right now especially. I have a family member that worked on oil pipelines and he was also always looking for temporary housing. That's awesome you found that niche and it seems like it's working well for you!
Some others that I've used/am considering/had recommended to me:
On-site, coin-operated laundry machines (most relevant for multi-family properties)
Renting out storage space in basement or on-site shed
Renting out unused off-street parking (where I live, winter RV parking is at a premium)
Converting non-conforming to conforming rooms (including basements) to allow for re-organization and classification as bedrooms
Adding accessory dwelling unit(s) to your property (may not even require separating lots)
Separating utility metering (or installing individual unit readers) on multi-unit properties that are currently metered together
Depending on your market, furnishing a portion of your units and renting them out fully furnished to shorter-term renters
*Some (most) of these will depend on how individual properties are zoned, what zoning requirements are in your locale, and what there is demand for in your market.*
Eager to follow along and see what other suggestions are shared!