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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•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
Making Impossible Possible