5 Creative Ways to Create Additional Income with Real Estate

Episode Transcript:  

  Where there is real estate, there is opportunity. When you have real estate, yeah, you can charge rent on it, but did you know that there's a lot of other ways to make property really profitable? Today we're gonna talk about five creative ways to create additional income with real estate. Let's get REady2Scale

Hey guys, my name is Jeannette Friedrich. I'm the director of Investor Relations here at Blue Lake Capital, where we specialize in buying and managing multi-family properties across the United States. So when we get a property, we're not just looking at, okay, how much can we charge the tenants? Rent, of course, that's an important part of the equation.

But the reality is, is that if you get creative, there's a lot of additional ways to take that real estate and make money with it in many other ways beyond rent. So for starters, I'm gonna just point out some of the obvious low hanging fruit that's not, you know, rocket science, installing ATM machines, vending machines.

Solar power panels, uh, you know, electric car chargers, all of those are some pretty standard ways that people are able to create additional revenue streams for their properties. But if you get really creative, you can actually find even more so. First of all, one of the ones that we really like to use is basically a revenue share for either utilities and or both internet services.

So if you get, say, bulk internet installed on your property, you are able to typically get it at a lower rate than what's available in the market. Then you can take that, apply a little bit of a surcharge to that, and charge that to the tenants that are using either the utilities or the internet service Now.

Typically, some people might think, Hey, that's not gonna work because all you're gonna do is make their rent higher. But typically these types of services actually provide a benefit for the tenants as well, because you can still be under market rate, even with your markup. So doing creative revenue shares like this is one very fast and easy way to create an additional income stream with a real estate investment.

Now the second one is even more creative, thanks to a lot of the new apps that have come out, especially one called neighbor.com. You can actually now rent individual spaces like a parking spot. So for example, if somebody is looking for somewhere to store their RV or they need to park their boat, you can actually offer up.

Parking spots that are not used on your property, on apps like neighbor.com, in order to be able to provide people with that service and still create yet another income stream, you can do the same as well with unused storage spaces or unused garages. So if you get creative, you can really make some creative income streams for a long period of time that you're holding the property in addition to the rent.

Now a third way that you can get really creative with the space is looking at your clubhouse or at least an apartment world. Uh, we have our model units. A lot of times creators are looking for staged spaces that they can create their content. And so now you can make these types of spaces available on an app called peerspace.com.

Now another creative way that you can also make some additional income is by looking up at your roofs. If you offer rooftop access on apps like gigster.com, a lot of drone operators will use these for them to be able to gain access to roofs to get the premium type of footage that they're looking to create so they can turn around and sell that.

And then last but not least, take a look at the full picture. What kind of sports accommodations do you potentially have? One of our favorite things to do is to take tennis courts and repurpose them into pickleball courts, and then you can lease those out to local pickleball leagues or pickleball clubs on a weekly or even monthly basis.

In addition to that, you can do that with a green fill, throw a couple of goals on there and rent it out to a local. Soccer league. There's a lot of ways to take real estate and make it even more profitable if you just get creative at leveraging the space for everything you can. I hope you guys found this helpful and I'll see you on the next episode.

Ready to Scale is brought to you by Blue Lake Capital, where we hunt down the best multifamily investment opportunities that we can find and invite investors to join in with us. We target Class B value, add multi-family properties across the Sunbelt. Our CEO Ellie Perlman invest a substantial amount of capital into every deal.

This means our interests are aligned with yours. If you're an accredited investor looking to expand your portfolio and diversify sponsors, be sure to visit us at bluelake-capital.com. Blue Lake Capital, be bold, be extraordinary, and keep moving forward.