If I were a crazy landlord with too much money ...
If you've listened to my podcast, then the secret is out that one of my hobbies is board games.
Well, I was thinking the other day that if I was a landlord who was both eccentric and had too much money, I think it would be fun to have a dice game with my tenants. The tenant would be able to play the game if and only if they paid their normal rent on time and in full by the due date.
Here are the rules:
a) They could roll a d20 (a 20-sided die for you non-gamers) and if they rolled a natural 20, they would get $50 in cash paid to them on the spot.
b) They could get $5 cash paid on the spot OR take the chance on rolling 2 d6s (two standard 6 sided dice):
- If they rolled a 7 (statistically the most rolled number on that combination of dice), they would nothing.
- If they rolled 3-6 or 8-11 they would get $10.
- If they rolled a 2 or 12 they would get $20.
Knowing how many people like playing the lottery this would be a fun way to pay your rent each month. What would that do for tenant retention? NO other landlord would do this type of thing!
Yes, I'm a little crazy in that even when I'm not working in/on real estate, I have thoughts like this!
Comments (4)
I'm moving in Dawn. When's your next opening?
Al Williamson, almost 11 years ago
Yes this would not be income-producing, only for tenant retention and trying to get tenants to pay rent on time and in full each month. If they win nothing or $5 they might not have that much incentive, but the first time they win $50, their eyes would light up! Just look at when people win at the casino or on lottery tickets -- suddenly they're buying more or spending more money.
Dawn Anastasi, almost 11 years ago
Seems like there should be a way to monetize this so you can make some money too. Since they are going to waste money on loto tickets where they will most likely just end up in the whole maybe organize some kind of "Reduced price" casino type night. They will still probably all enjoy it and might be a cool little social event for them all and you might actually end up with a little extra scratch yourself.
Shaun Reilly, almost 11 years ago
Unless I am missing something this is only a cash benefit to them right? You can't make anything with your personal best case is just not giving them any cash. Might be an interesting little relational building thing you can do with them.
Shaun Reilly, almost 11 years ago