To advance the mission of finding auxiliary income streams that could exceed gross scheduled tenant rents, I offer the following fictional story:
It’s pretty underwhelming as you approach this “tenant-proof” apartment complex.
You can see some wind turbines on top of the three story building, but it basically looks like a nicer version of the other buildings on the block. However, this complex has gained fame because the owner has figured out how to use the building to generate another source of income that exceeds gross scheduled rents.
The back side of the building reveals a surprising story. From the back, you can see what looks to be a large black blanket covering the entire building with cut outs for the windows.
Lori Mills is the owner and creator of this now “mixed-use” building. She is a middle-aged lady; notorious for wearing denim jeans and white button ups shirts. Mills has successfully integrated a moderately profitable algae farm with her multifamily rental. She uses the building to hang the pads that capture carbon dioxide to grow the algae.
Growing algae that absorbs greenhouse gases has become a popular way to mitigate climate change. The growing market for trading carbon credits has spurred many entrepreneurs into action. And Mills is the success story.
According to Mills, the Supportive Corporation takes credit for her algae’s ability to reduce greenhouse gases as a way to lessen their permit fees. Supportive’s $25,000 yearly contribution to the plant is enough to cover Mills’ mortgage and expenses, but less than the $100,000 Supportive Corporation would otherwise pay if they accounted for all of their emissions. It’s a true win-win for both Mills …read more