Create Extra Income from Your Tenants
If you’re a landlord, here’s a simple way you can earn a little more income from your tenants. If your tenant wants to buy new furniture, a plasma TV, or a new laptop, they’re probably going to charge it to their credit card or have the store finance the purchase with an interest rate. Why not offer to finance their purchase and collect the interest? For instance, one of your best tenants wants a TV that costs $1,000. They won’t be able to save up $1,000 but they can make payments slowly. Find out what TV they want, and try to negotiate a 10% discount before having it delivered to your tenant. Then charge your tenant $1,000 plus a processing fee, and have them sign a contract where they pay $50 a month for 24 months. This will earn you around 20%.