Unused spaces often go unnoticed, but one innovative company is turning this underutilized real estate into a source of passive income. In this episode of Zen and the Art of Real Estate Investing, Jonathan interviews Joseph Woodbury, co-founder and CEO of Neighbor.com. The company connects people with vacant spaces to those needing storage for items like cars, RVs, and boats. Through Neighbor, property owners can rent out unused space, creating an opportunity to earn passive income while helping others solve their storage problems.
In their conversation, Jonathan and Joseph delve into the unique aspects that set Neighbor apart from other platforms in the real estate space. They explore how Neighbor has evolved, highlighting the low barrier to entry for generating passive income, particularly through multifamily and commercial real estate. Joseph explains how the platform’s revenue-sharing model attracts renters and the convenience of storing nearby. They also discuss how ancillary income from renting out space can help property owners maintain appreciation and add value. Neighbor’s role in managing evictions and promoting environmental benefits by utilizing existing spaces rather than building new ones further underscores its appeal.
Jonathan and Joseph cover the following topics more in-depth:
- Neighbor offers its property owners unique benefits, including creating passive income from unused spaces, the ability to scale across a portfolio and property types, and the opportunity to increase property valuations by adding NOI.
- It’s more convenient than self-storage, offering better locations, cheaper rates, and minimal management required.
- With Neighbor, owners have an opportunity to offset housing costs, making their properties more affordable.
Owning extra land or unused spaces could be an incredible untapped resource, and Joseph Woodbury is showing others what’s possible with Neighbor.
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