Some people say their home is their greatest asset, but without it generating any type of revenue, that asset is kind of a dud until you sell it. If you’re looking for ways to turn your home into an income generator check out these ideas to start taking in some extra cash with your home.
1- List a Room or Even Your House
From listing a shared room, to even your whole house, Airbnb has you covered. This is probably the best ways to make extra money using your house. You choose the rates for what you are listing (Airbnb has an awesome tool that shows you what’s best to charge), and you get to interview the people before they rent from you. For more on Airbnb rates in your area, you can check here.
Best of all Airbnb is free to sign up and simple to get started. You can sign up in a matter of minutes for free. There is no cost to list your place and they only take a small commission once you have a guest. Plus, they handle all the money so there is no awkward collecting from the guests who stay at your house.
2- Home Away Your Property
Have more than a room to rent out. Why not rent out your whole house! We’ve used Home Away and it is a great system for both the renter and the owner. Best of all you can earn some really good extra money. This is a great way to make your house earn money for you. Check out VacationRentals.com for free or sign up with Home Away.
3- Buy a Rental Property
If you don’t like the idea of renting your own place you could buy a separate rental property. This is a big investment, but it can turn into a great stream of revenue if you find the right place. Best of all you have your tenants paying your mortgage down and you can find yourself owning a second home mortgage free sooner than you know it. Here are some books to get started:
- The Book on Managing Rental Properties: A Proven System for Finding, Screening, and Managing Tenants with Fewer Headaches and Maximum Profits
- The Book on Rental Property Investing: How to Create Wealth and Passive Income Through Intelligent Buy & Hold Real Estate Investing!
4- Offer Indoor Storage
If you have space in your home you can start renting out an area for people to store things. I know of a few people that rent a place for their boats, or other seasonal items that they don’t want to keep in their house because of space.The storage industry is a multi-billion dollar space. Maybe it’s time you get in on it?
5- Offer Vehicle Storage
If you have a garage, you can turn that space into cash. A lot of people want to keep their precious summer car out of harms way for the winter. Why not offer the space for a monthly fee.
6- Offer Outdoor Storage
If you have a large yard or a space you aren’t using, you can rent it out to people with large motorhomes to store through out the year. There are several people outside of our city that do this. With enough space you could easily cover your mortgage payment with just renting out your yard.
7- List Your Home With Movie Agencies
Movies are always needing places to shoot their films. We have several friends in our town that have offered up their place to use in filming multiple movies over the years and have been paid very well for it. There is a great article on this here.
There you have it. If I come up with any other ideas I will add them in. In the meantime you can pin this post and check back on it.
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