How to Make Money With Extra Space in Your Home
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Everyone wants to find sources of passive income. It just makes sense. As you’re exploring your options, there may be a potential source of passive income that you’re overlooking.
What about the extra space in your home?
If you have an extra bedroom or storage area in your house that you’re not using, optimize that extra space! It could be earning you cash flow.
You may be able cover part of your monthly expenses by providing someone else with the space they need.
Rent your extra bedroom to a housemate
You may think only college students, single people, or people without children have roommates, but that isn’t true. More and more people are seeking creative living situations that benefit both parties.
If you have an extra bedroom or suite in your house, maybe because you’re an empty nester, why not consider renting that space? With careful consideration, you could end up with a housemate that fits in with your lifestyle and helps share household chores.
The key to success is to wear two hats at the same time, roommate and landlord. You’ll want to screen potential renters carefully, check in to their renting and credit history and verify their income. You’ll also want to make sure their personality and lifestyle mesh well with yours.
After careful vetting, you could enhance your life and your bank account with a roommate.
Become a vacation host
If you’re not quite ready to share your space full-time, you could offer your house, or a portion of it, as a vacation rental.
Consider renting out your spare bedroom as an AirBnB based on your desired schedule. As a host, you decided when to make your space available and when to block it off for your own use.
This is an easy and convenient way to bring in some extra income.
Provide storage space
If you have an extra parking space in your garage or driveway, you might be able to rent this space to a commuter who needs a place to park, or for event parking.
The extra room in your basement could become an artist’s studio.
You could even rent out storage space.
There are all sorts of reasons people in need of space would be willing to pay you for yours.
Live in your multifamily investment
If you are hoping to launch your investment career and want to get started in multifamily, a duplex is the perfect way to get started.
It can take a while to do your first 20-unit apartment building deal, but buying a duplex shortcuts your process. Duplexes are easy to find and you need less money to buy one.
Why not live in one side and rent out the other?
The best time to get started on your investment journey is right now.
Why wait when you can jump in and start bringing in passive income with what you already have?
It simply takes a perspective shift and a bit of creative thinking to start generating cash flow.
