One of my dreams is to have lodging houses for rent. I saw a big money potential in this business. As a student away from my small town, I have to rent a room or bed space near the University where I schooled when I was in college.
My landlord was a very strict and as I counted all the students in the lodging house and computed the total rentals minus the maintenance of the house I found out that he earned big bucks by doing almost nothing. He only fixed the water pipelines if there are some clogs and changed the bulb and florescent lamp if they were boosted. At the end of the month he started collecting money and invests it in other venture.
Here are some guidelines if you are interested in this business:
1. Buy a parcel of lot near in school, hospital, government offices, near the mall, processing Zone or any place where a lot of people are going for works, shopping or going for government services.
2. If you have a lot near to any of those locations then you can start building your house. You don’t need to beautify but just simple but durable so you could save money. Be sure to make it safe for any unpredictable calamities like fire, storm and burglar too. It should be of high standard. Of course you have to take a building permit and other papers requirement. You could ask an Engineer to see electrical wiring and etc.
3. Start posting a vacancy or it is better to ask for a referral for anyone who wants to rent. It is very hard now a day to trust anyone whom you don’t know. If you are running a big or lots of lodging houses, it is better to insure your properties to insurance company.
4. Maintain your lodging house like fixing the bathroom, lights, and other facilities. Ask your boarders what they need. Make your rules clear to them from the very start.
5. Treat them as part of your family too. Be friendly to your tenants.
6. You can also offer laundry or food catering; these will add income to your business.
Indeed lodging house is a profitable business. It has low maintenance and your capital is intact. Whether you are an overseas worker or just around to maintain this kind of business, you are sure of big return and easy money out of it.
My landlord was a very strict and as I counted all the students in the lodging house and computed the total rentals minus the maintenance of the house I found out that he earned big bucks by doing almost nothing. He only fixed the water pipelines if there are some clogs and changed the bulb and florescent lamp if they were boosted. At the end of the month he started collecting money and invests it in other venture.
Here are some guidelines if you are interested in this business:
1. Buy a parcel of lot near in school, hospital, government offices, near the mall, processing Zone or any place where a lot of people are going for works, shopping or going for government services.
2. If you have a lot near to any of those locations then you can start building your house. You don’t need to beautify but just simple but durable so you could save money. Be sure to make it safe for any unpredictable calamities like fire, storm and burglar too. It should be of high standard. Of course you have to take a building permit and other papers requirement. You could ask an Engineer to see electrical wiring and etc.
3. Start posting a vacancy or it is better to ask for a referral for anyone who wants to rent. It is very hard now a day to trust anyone whom you don’t know. If you are running a big or lots of lodging houses, it is better to insure your properties to insurance company.
4. Maintain your lodging house like fixing the bathroom, lights, and other facilities. Ask your boarders what they need. Make your rules clear to them from the very start.
5. Treat them as part of your family too. Be friendly to your tenants.
6. You can also offer laundry or food catering; these will add income to your business.
Indeed lodging house is a profitable business. It has low maintenance and your capital is intact. Whether you are an overseas worker or just around to maintain this kind of business, you are sure of big return and easy money out of it.