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Your Space, Your Profit: Unlocking the Power of Innovative Storage Potentials with Joseph Woodbury, ep 315
REady2Scale - Real Estate Investing
Join us this week for a very creative and innovative approach to yet another passive income stream! Featuring Joseph Woodbury, CEO of Neighbor.Com, this episode delves into strategies for optimizing underutilized spaces in properties, from converting non-performing floors in office buildings to storage, to maximizing returns from excess parking, and everything in between.
Whether you're an everyday passive investor, or an operator faced with challenges in the office sector, this episode offers insights into how individual and smaller real estate investors can enhance their cash-on-cash returns. If you are looking to explore innovative ways to increase your real estate income, this is an episode not to miss.
Key Takeaways:
Optimizing Underutilized Spaces: There's potential in spaces that are often overlooked. For instance, underperforming floors in office buildings, especially the first or second floors that are less desired for leasing, can be converted into storage spaces.
Parking Space Utilization: Excess parking, especially those that remain unused, can be rented out to the community. This provides an avenue for consistent cash flow. Some multifamily providers even hand over all their parking management to third parties to ensure maximum utilization.
Challenges in the Office Sector: The office real estate sector is currently facing challenges, with many spaces, especially in commercial office areas, seeing reduced demand. This presents both challenges and opportunities for investors.
Residential Conversion: While there's talk about converting commercial spaces into residential ones, it's only feasible in specific circumstances. The building's structure and location play a significant role in determining the viability of such conversions.
Alternative Investment Opportunities: Some investors are exploring alternative property investments, such as purchasing lots for vehicle storage, which can offer higher yields compared to traditional real estate investments.
Importance of Loving the Craft: For long-term success and to avoid burnout, it's crucial to be passionate about what you do in the real estate sector. This passion can drive consistent growth and innovation.
Support Systems: Building a robust support system, be it family or community, can provide the necessary energy and motivation to continue in the challenging world of real estate.
Contact Joseph:
Website: www.neighbor.com
Email: joseph@neighbor.com
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