Generate More Monthly Cash Flow???

Generate More Monthly Cash Flow???

Property Manager · Alpharetta, GA · Member since 2018 · 163 posts · 117 votes

At this point my wife and I are just throwing ideas out there, and then researching them down their respective rabbit holes. We're trying to think of ways we can generate more monthly cash by offering "services" to our tenants. (No, not like that). When my wife and I were newly dating, I moved from Texas to Georgia, and she moved down from Tennessee. She had the credit score, but was MAXED to the gills. I had the great job, but had a credit score of "get out of my office." We had plenty of cash, when finding our first apartment we found that cash didn't make things any better for us. All of the snooty apartment complexes we looked into were so corporate there was no wiggle room for cash.

The first item, of course is Pets. A deposit up front, and a monthly charge per animal. I did another post on that subject (and smoking) so if you wanna holler at me about it, go over there. :P 

I can get a Washer and Dryer that isn't terrible for 300 bucks on Craigslist, and rent it to the tenant for $25.00 a month.

My son can mow their lawn for $25.00 month, since we already have the mowers, and I can deduct them!!!!!

Then came the idea of cleaning services...I promised my wife I would write that one in here, though I think she over estimates the quality of renter we will get.

Furniture rental, I don't know, maybe like a kitchen table or something.

Does anyone else do this sort of thing? What are some other ways? I know lots of renters who have the cash, but don't have the credit, even to the point of utilities. Probably a slippery slope with that last one.

Anyway, proceed with knowledge sharing.

Thanks,

DK 

0Reply
21 views

Most Popular Reply

Investor · Philadelphia, PA · Member since 2015 · 3k+ posts · 3k+ votes
8y
Not providing washer and dryer puts me at a competitive disadvantage in my market. The maintenance is not a problem. Used machines are cheap. So are new ones. I have a good repair tech guy.
See this reply in the discussion

11 Replies

Jump to latestLatest
  • Walnut Creek, CA · Member since 2015 · 3k+ posts · 2k+ votes
    8y

    Why not just charge weekly rate, higher dollar figure at end of year..

  • Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
    8y
    Really A lot of those ideas depend on how good the property is and what class of neighborhood it’s located in . I can tell you this you are asking for trouble by charging a flat fee for the laundry unless they are paying for the water
  • Corby GoadeBusiness Member
    Investor · Boise, ID · Member since 2014 · 3k+ posts · 3k+ votes
    8y

    Are you trying to cater to this population because it's close to your heart? If it's just an angle to make some money, it sounds like a lot of work when you could either just find long term, great tenants or run an AirBnb, doing much of the same work but making much more money. We don't do washer and dryers for tenants, it's a maintenance nightmare with no upside. You'll be replacing those appliances before you make your money back.

  • Property Manager · Alpharetta, GA · Member since 2018 · 163 posts · 117 votes
    8y

    I hadn't thought about the water or the maintenance on the washer and dryer. Make no mistake, this is much more of a business idea than it is a kindness idea. My wife may disagree. I'm just thinking of ways to increase the cash, again I didn't see the downside. Thanks for straightening me out.

  • Investor · Philadelphia, PA · Member since 2015 · 3k+ posts · 3k+ votes
    8y
    Not providing washer and dryer puts me at a competitive disadvantage in my market. The maintenance is not a problem. Used machines are cheap. So are new ones. I have a good repair tech guy.
  • Member since 2018 · 37 posts · 15 votes
    8y

    For a short period of time we were looking at renting out our primary residence.  We were looking to include pool maintenance, lawn service, and once a month maid service for top dollar rent ($4,200/mo).  I am not sure how it would have worked out though.  Maybe good, maybe not.

  • Lender · Pensacola, FL · Member since 2017 · 658 posts · 626 votes
    8y

    The large apartment complex where I live charges an extra $15 per month per pet and $20 per month for assigned parking.

    At one point, they sold space in one of their spare buildings for storage, but they're no longer offering that service.

  • Real Estate Agent · Atlanta, GA · Member since 2015 · 295 posts · 117 votes
    8y

    I love this post  @Account Closed , getting creative!

  • Investor · Taylor Mill, KY · Member since 2016 · 2k+ posts · 964 votes
    8y

    @Account Closed Maybe someone else mentioned this already, but do you have any extra space you can turn into storage and rent that?

  • Property Manager · Alpharetta, GA · Member since 2018 · 163 posts · 117 votes
    8y

    @Grant Rothenburger great idea on the storage! Hadn't thought of that one.

  • Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
    8y

    In low income areas if you are paying the water and providing laundry you are basically going to be opening up a laundromat in your building . They will be doing load after load and then invite their sister ,cousin ,and mother over to your place to do their laundry too because it’s free ( after the 25 bucks )and available . Also If you have an outdoor spigot located at the house you will be starting up a lucrative car wash service for the neighborhood without even realizing it ! You’ll be smiling ,patting  yourself  on the back for the extra 25$ In your pocket ...right up to the day you get that 400$ water bill in the mail 

Join the conversationCreate a free account to reply, vote on answers and follow this thread.