With maintenance costs eating up his rental profits, our guest started looking for new ways to generate enough side income to cover the monthly mortgage on his apartment buildings… and he found them!
Al Williamson—LeadingLandlord.com, is a former civil engineer and the author of Building Wealth With Inner City Rentals: Success the Catalytic Landlord Way. And today, he joins us to talk about the ancillary cash flow opportunities for your rental properties.
Al spent years doing the research, packaged all his ideas up and put them into a book called 40 Ways To Increase The Net Income of Your Rental Property.
On today’s show, Al explains how the short/long term rental business works and shows us some creative ways to earn extra money on your property rentals every month.
With years of testing, Al has concluded that furnished rentals set the stage for all these other income streams, earning about 30% above market. Listen in as Al delves into the details of this strategy and how it compares with corporate extended-stays. Plus, we dive into:
- Other ways to bring in extra money
- Rental arbitrage & the risks
- Worst advice Al has seen given
- Airbnbs and more!
Also, find out the details behind the incentives he offers to his long-term tenants… it’s a win win situation for all.
Al proves that he is not your traditional landlord, he has taken an old strategy and put a unique spin on it by constructing the perfect formula of cash flow options, which covers the mortgage on his units without using the rent!
Plus, Al has generously offered to give one of the Art of Passive Income listeners, his book. Check out The Motivation & Wealth Creation Group for details!
TIP OF THE WEEK
Mark: Learn more about Al Williamson and his incredibly creative ways to increase the net income of any rental property by visiting LeadingLandlord.com.
Scott: Check out Elephant.Rocks for text reminders. What’s cool about it is that you can text elephant and use real normal language like, “Hey, remind me to call mom tomorrow at 10:00 AM”, and then it will schedule it and remind you at 10:00 AM to call your mom.
Al: My tip of the week is to practice preventative maintenance, use Green Gobbler for your drains before clogs appear. It’s a biologically friendly product that is proven to prevent clogs and prevents any unnecessary plumbing bills.
Isn’t it time to create passive income so you can work where you want, when you want and with whomever you want?