One interesting option that is now available to you with which to increase your monthly income is a website called Airbnb or VRBO (Vacation Rentals By Owner). Through this service you can rent out everything from one room, a shared space, a Basement Suite, or an entire house. You could literally start earning income from your present house immediately. Even if you only have an extra bedroom you can post an ad to rent it out. A friend of ours has a place in Vancouver and he travels a lot so he rents out his bedroom and makes more (A lot more) then he’s actually paying for rent. We have personally rented through these sites as close as Edmonton to places all over the world.
An executive rental is also an option. This is where you add furniture and possibly basic linens and kitchen items and you rent your income property out on a more short-term basis (preferably one month at a time but some people will do it even for two or three days). It does require more management but it also means more profit. I had a property that would normally rent for approx. $1200/month but I bought $5000 worth of furniture and household items and I ended up at one point renting it out for $2650 a month. That’s a pretty great return for a small investment.
You could take a little Basement Suite that you have and instead of getting $600/month you could furnish it and probably get $900/month instead.
Just a few options to think about!
#TeamKander
#HowToBeALandlord
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#YouHaveOptions
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