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165: Turning Dormant Spaces into Lucrative Storage Assets with Joseph Woodbury
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Millions of square feet of space sit unused and are often forgotten about. One innovative company is working to change that.
On this episode of Zen and the Art of Real Estate Investing, Jonathan sits down with Joseph Woodbury, co-founder and CEO of Neighbor.com. Neighbor’s mission is to match people who have vacant spaces with people looking for somewhere to store their cars, RVs, boats, and other personal items. Those providing the vacant spaces for rent have an opportunity to create a truly passive income.
Jonathan and Joseph discuss how Joseph started Neighbor and what differentiates it from other platforms. Neighbor has evolved since its inception, and they explore the low barrier of entry to passive income and why multifamily and commercial real estate are driving its growth. You’ll hear why renters love using Neighbor, how rev sharing gets them on board, and the benefits of having a storage space nearby rather than in another part of town. Joseph explains how using ancillary income can help owners maintain appreciation and add value. He also shares the selling point Neighor creates and why it offers more options by presenting an additional source of income on a property. Finally, Jonathan and Joseph cover how Neighbor assists with evictions and the environmental benefits of using existing square footage versus building more.
With some extra land or unused facilities on a property, Neighbor is helping property owners create the ideal passive income scenario.
In this episode, you will hear:
- Joseph Woodbury’s real estate story and how he started his company, Neighbor
- What differentiates Neighbor from other platforms and how it’s changed since its inception
- The low barrier of entry to passive income with Neighbor and how multifamily and commercial real estate are driving growth
- Why renters love using Neighbor for storage
- Rev sharing with tenants and what renters love about it
- The benefits of having a storage space nearby using Neighbor rather than in another part of town
- Using ancillary income to hang on to maintain appreciation and add value
- The attrition rates of tenants using Neighbor to locate storage spaces
- Creating a selling point and more options by offering an additional source of income on a property
- How Neighbor helps clients handle evictions
- The environmental benefits of using existing square footage versus building more
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If you enjoyed this episode, we've created a PDF that has all of the key information for you from the episode. Just go to the episode page at https://zenandtheartofrealestateinvesting.com/podcast/165/ to download it.
Supporting Resources:
Neighbor website - www.neighbor.com
Neighbor on YouTube - www.youtube.com/channel/UCqMhzAkQu2xcpgOCBSiy0ww
Neighbor’s Facebook page - www.facebook.com/storewithneighbor
Get the Neighbor app - neighbor.app
Connect with Joseph Woodbury on LinkedIn - www.linkedin.com/in/josephwoodbury
Joseph on Twitter/X - x.com/woodburyjoseph1
Website - www.streamlined.properties
YouTube - www.youtube.com/c/JonathanGreeneRE/videos
Instagram - www.instagram.com/trustgreene
Instagram - www.instagram.com/streamlinedproperties
TikTok - www.tiktok.com/@trustgreene
Zillow - https://www.zillow.com/profile/StreamlinedReal
Bigger Pockets - www.biggerpockets.com/users/TrustGreene
Facebook - www.facebook.com/streamlinedproperties
Email - info@streamlined.properties
Episode Credits
If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.
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