Let me tell you something you already know. Typically, as real estate investors, we buy property and hold it for the long-term so that we can enjoy the equity growth. This is the hope, the reason we got into real estate investing in the first place. The downside is that we need to pay for and maintain that property while we wait, sometimes for years, until we can cash in on that equity growth. To offset some of the expenses of maintaining the property and even create a small cash flow in the meantime, we become landlords and rent the property to tenants. We always hope that we will find reliable, honest tenants who will pay on time and take care of our property like it was their own. However, that is not always the case. For too long property owners have been struggling with tenants who do just the opposite. If you’re like me, then you are tired of spending time going through the lengthy and expensive eviction process. Well, I have good news for you. Now you can double your rental income while eliminating the need to ever have to evict a tenant again.
I got the idea one day when I overheard two cab drivers talking. The experienced cabby was bragging that he had scored on a long distance fair by driving from New York to Washington D.C.. He asked the new cab driver how much he had made the same day. He was shocked when the new cabby told him he had made almost three times as much. “How did you do that?” he exclaimed. The new driver innocently explained that he had made as many trips as he possibly could, no matter how short. The powerful income secret behind this strategy was that each time a new customer got into the cab, the meter was started fresh at $5 and the increased quantity of meter drops, or high turnover, had resulted in almost tripling his income.
By applying this same concept to rental property, I began renting to as many people as possible throughout the month on a short-term nightly basis. I was soon earning double my regular monthly rental rate. The best part was that the guests stayed for a short time and then happily left to go on to their next destination, so I never had to worry about evicting anyone. Even during slow months when the property was rented for only a few days, I would still at least break even. And I was thrilled to discover that there was also a lot less wear and tear on the property because it was constantly cleaned and maintained.
Imagine being able to come and go in your own property as you please, without being subjected to the restrictions of tenant law while at the same time earning a high return on your investment. Now there is a way.