12 November 2009 ~ Comments

HOW TO WASH MONEY FOR PROFIT

How to

money washing2

Almost every rental property I have ever owned had a tenant leave a nice working washer and dryer in the unit at some point. Most of the time they are buying new or the next place they are moving to already has them, so they will no longer need the old ones.

So instead of being lazy and doing nothing, I choose one of two things.

First, I see if the new tenants will need them. If they do, we negotiate a price between $10-$20 a month to rent the washer and dryer from me.

$20 month x 12 months = $240 a year profit from a FREE machine. Now imagine if you have 5-100 units paying you this.

Do you wonder what happens if they break them? Easy, I go on craigslist and buy a set for $50-$100 to keep making that good rental money. If it was an old machine, I really don’t care. However if  I can tell the tenant went out of their way to break it, I will charge them the replacement cost for nice used appliances off craigslist.

OR….

If you don’t want to make extra money month in and month out, sell the appliances left behind on craigslist for QUICK-N-JUICY MONEY WASHING PROFITS BABY!

What do you do to make extra money from your rentals? Let me know by leaving a comment below.

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  • surrealestatestories
    Well let me tell you some of the things I have seen tenants try: Meth labs, prostitution, stealing tools off my job sites and selling them on Craigslist , climbing up the side of the house to splice into the electric service coming from the pole, and thats just for starters.
  • iowainvestor
    Do I hear the voice of a burned out landlord? You will have to expand more on the meth labs and prostitution next time we hang out.
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