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In the world of real estate, other income refers to money earned from sources that aren't rent payments. This can include things like fees from laundry facilities, vending machines, and parking spaces. These extra sources of income can help property owners make more money from their investment.
A landlord owns an apartment building with 20 units. In addition to collecting rent from tenants, the landlord also makes money by offering a paid laundry room, parking spaces for a monthly fee, and a vending machine in the lobby. These extra sources of income, known as other income, help increase the overall profit from the property.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
In real estate, oh you'll find,
Income comes in different kind,
Not just rent, you'll soon see,
Other sources, there can be.
Laundry fees and parking too,
Vending treats, for me and you,
These extras, you might glean,
Can add to profits, oh so keen.
So when you own, a building tall,
Or even one that's rather small,
Look for ways, to earn some more,
With other income, you can explore.