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Extra Income From 4-Plex

I manage a 4-plex in Cashmere for our daughter and  son-in-law, who currently live in England.  Before they bought this 4-plex, I managed it for another ower.  This previous owner  had an on-site manager who cleaned out the quarters from the washer and dryer every few weeks.  Reportedly, it was returning $75 or  less  per month.  She was telling the owner (who lived 200 miles away) that none of the tenants were using the washer and dryer because it was too expensive.  Well, it's certainly not any more expensive than using the laundromat, which is alot less convenient.   After our daughter and son-in-law took ownership, I took control of the laundry machine keys... and boy, what a jackpot.  We are getting up to $200 per month in income.  This computes to an additional $50 per unit.   That is significant.    I DO report all the income, but take about $5 per month to cover the cost of my gas to get up there and back (plus the cost of a couple of donuts from the Cashmere Bakery).  Our daughter and son-in-law are fine with that!  :-)

The point of my post is to seriously consider having a coin operated community laundry room for tenants.  It requires very little maintenance and gives a significant return for the investment.    And, I don't believe it reduces the rent value factor. 

Have a nice week-end,
Carol

Posted on Saturday, June 18, 2005 at 05:02PM by Registered CommenterCarol Williams | CommentsPost a Comment

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