Making $500K/year on Mailboxes | Lisa Song Sutton
Ken McElroy Show
Ken McElroy
4.8 • 692 Ratings
🗓️ 9 May 2024
⏱️ 45 minutes
🧾️ Download transcript
Summary
Check out Lisa's website: https://lisasongsutton.com
Ken McElroy talks about mailbox rentals with Lisa Song Sutton, a former corporate lawyer turned entrepreneur. Lisa reveals how she built a thriving business generating over $500,000 annually from tiny mailboxes. Learn the keys to her success, the strategies that got her profits, and how you, too, can turn a simple concept into a steady stream of income.
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Visit Ken's Bookstore: https://kenmcelroy.com/books
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ABOUT KEN: Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, and The ABC’s of Property Management. With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. This podcast is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income. Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.
Ken's company: https://mccompanies.com
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Transcript
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| 0:00.0 | Welcome to the Real Estate Strategies podcast. Let's get right into this episode. So Lisa, you're making |
| 0:05.7 | over $500,000 a year in this mini mailbox business. How does it work and how do people get into it? |
| 0:12.0 | How did you get started? I love this business model. Basically, this is independent mailbox rental |
| 0:16.9 | pack and ship stores. So think like a UPS store, but independent. So we're an independent |
| 0:21.4 | store, ship Las Vegas are what I called mine, and we serve as UPS FedEx and the Postal Service. |
| 0:27.1 | The way the business model works is that think of your mailboxes as many storage units. |
| 0:32.2 | These are mailboxes that we have just kind of right in the front of the store, and we rent them |
| 0:37.3 | out at $20 a month for the small, 30 a month for the medium, 35 a month for the largest. |
| 0:42.3 | So the mailboxes are the steady recurring revenue. |
| 0:44.8 | That's what keeps your lights on. |
| 0:45.8 | That's what pays your staff. |
| 0:47.6 | And then the shipping is ancillary and seasonal. |
| 0:49.9 | And so we've added a few other revenue lines as well to that between shipping, notary, and |
| 0:54.8 | U-Haul and other items. |
| 0:56.4 | So this is really mailbox money. |
| 0:58.4 | It's legit, like literal mailbox money. |
| 1:02.0 | It's really mailbox money. |
| 1:03.1 | And it's awesome. |
| 1:03.5 | I know I started, when I started, it was like people used to say boxes. |
| 1:07.1 | You know, we're talking about apartments. |
| 1:08.4 | And then my buddy started doing self-storage and they're smaller. |
| 1:11.0 | And then my other friend was started doing wine storage. |
... |
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