If you want to make more money than you are right now without having to get an extra job, what can you do? The reality is that one of the best ways to make passive income and enhance your financial well-being is to consider the benefits of renting out space. Here are a few ways that a “side hustle” of rentals can be the right move for you:
Rent out a room
As you think about making some extra money quickly while paying off your home mortgage, think about how renting out one of your extra rooms could be beneficial. It can allow you to have extra income flow that you wouldn’t have otherwise and allow you to save in other areas. While you’ll always want to be sure to use a tenant screening service before renting to someone in your home, it’s a great way to have some passive income in your life.
Rent out your entire home
If you have the ability to live somewhere else or don’t even live in the same city as, say, your first property, what could be a better idea than renting out an entire house for a big buck? While you’ll want to be confident that your home is being taken care of by tenants and that you keep up with maintenance, the return on investment is typically worth it. Consider hiring a property manager to help take care of your home and tenants, especially if you don’t live in the same area.
Invest in condos for extra cash
Another thing that you can do for that rental side hustle income is to start real estate investing. For example, in a city that is quickly growing, the demand for rentals increases, meaning you could get a good rate for your space. If you want to “cash in” on-demand, consider investing in condo real estate so you can easily rent out your extra property as a nice addition to your monthly income.
Work with an experienced realtor to help you find the ideal spot that will get you the money you’re looking for. After all, if you’re investing in real estate, it’s something that you want to pay off in the long run.
Rent out your event space
If you have the space, you might as well use it. A gorgeous, landscaped garden that is large enough for plenty of guests is something that could be turned into an event space for anything from meetups to weddings. If you have an extra building on your property, that could also be used for events. Some people have had homes in their families for generations but no longer need as much space as their family once needed.
So, if you have a huge piece of land or plenty of building space that you’re not using, don’t sleep on the idea of renting it out for special events. Events can pay a pretty penny, and you could be making some nice extra cash.
Rent short-term
Short-term rentals like Airbnb or Vrbos are all options that you can consider if you want to be sure to achieve long-term goals of extra income. While you’ll need to be on top of managing these types of rentals, they can definitely bring you an ROI if you do it right. It’s important to get good reviews on these platforms, so take your time setting up a property rental that allows you to easily make that extra cash while making your guests happy.
In Conclusion
From short-term rentals to long-term home rentals, there are many ways to make extra money from property space. Events aren’t to be ruled out, either. Talk to a realtor about the best way to make use of your property if you’re looking to make extra money in this day and age through the real estate market.