Turn your residential rental property into a cash cow

By Bruce Firestone | Uncategorized

Nov 24

real estate invention, https://profbruce.tumblr.com/post/67161119777/real-estate-invention

•Turn your residential rental property into a cash cow
•Rent to students
•Double up by adding property to airbnb.com during fallow summer months
•Add highly valued services
Add furniture 
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•Nathan Richard
•Kingston ON
•5, 2-bed apartments + 1, 1-bed
•11-beds

Student housing potential

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•Rent to students
•Say, $600 per month per room
•12-months per year
•Cost to student?

$7,200 including 2-months they can’t use

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•Say, $650 per month per room instead
•But only 10-months per year
•Cost to student?
•$6,500
•Student saves $700

But Landlord loses $700, right?

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image
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•Wrong
•Use rooms for airbnb.com during summer months
•Say, $85/night x 60 nights x 50% occupancy

Landlord gets extra $2,550/room/year

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•By furnishing rooms, can get more rent from students as well
•Cost of furniture must be factored in
•Other services should be added as well—Netflix, wi-fi, Internet, d-link Ethernet, large wall screen TVs, magic jack phones, basic cable

High value add/relatively low cost

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[Inspired by the work of students Nathan Richard and Andy Silis, Real Estate Investing Made Easy course, Spirepoint.ca Aug-Nov 2014]
•Bruce M Firestone, broker, Century 21 Explorer Realty Inc
•call: 613.422.6757 x 250
•email: bruce.firestone@century21.ca
•text: 6137628884
•tweet: @profbruce

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About the Author

Bruce is an entrepreneur/real estate broker/developer/coach/urban guru/keynote speaker/Sens founder/novelist/columnist/peerless husband/dad.

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