I’m not a super-rich property mogul…. okay, I’m not even a property mogul, period. But just because I’m a regular dude, that doesn’t mean I can’t make money with income properties. It’s easier now than ever to make money from your house. If you’d like to know how to make money from property, this article will be showing you how to do just that!
Before I show you how to make money from your home, I need to make a note about a certain app you may have heard of.
A Note About Airbnb
Many of the methods for making money from your home will involve Airbnb. But since the platform offers so many different opportunities for turning your home into a business, I decided to break them up into different methods. But if you’ve heard about Airbnb, but aren’t sure how it works, I’ll give you a quick primer first.
Airbnb is a platform that connects travelers with regular people who are willing to rent out their property. That includes everything from a single room, to an apartment, to a house… all the way up to a mountain ranch!
People sometimes treat it as a side hustle – I renovated my spare bedroom and rent it out via the app to help offset my rental costs. For some, it’s something they do once. And there are people who go all-in. They convert entire homes into rental units, which they make available on the platform. So it gives you all sorts of cool options to make money from your home, whether you’re a regular dude with a spare room like me, or a loaded person with multiple “spare” houses.
So like I mentioned, most of these methods will include Airbnb. Now, if you’d like to know more about how to make money from your own home, read on!
Rent Out Single Rooms
Consider this the “starter pack” of making money with your house. Renting out a single room requires minimal investment and hassle. Note that I said “minimal.” Just because you’re renting out a relatively small space, that doesn’t mean you shouldn’t spend money to make it desirable. So that run-down room with a ratty pull out bed won’t cut it. Airbnb has standards for safety and sanitation, and you’ll have to meet those standards – actually, it’s better if you exceed them, since competition is stiff.
Also, even if you’re just renting out a room, you’ll want to make the rest of your house presentable. Your guests will still have to pass through other areas of your house, so make sure common areas are nice and clean.
Rent Out Your Entire House
This option is definitely not for everyone since, well, most people actually need their homes! But if you go on frequent out of town trips, you should consider renting out your house via the app while you’re away. It’s a great way to make sure your house isn’t a sunk cost while you’re out. This also provides an unintentional benefit: house security. Since your house is occupied, you don’t have to worry about your house getting broken into.
Manage Properties for Renting Out on Airbnb
This is the next-level method for making money from your properties – and for sure, this isn’t applicable for most of us. But if you’re lucky enough to have “spare” houses – whether they’re spare apartment units or spare houses – you can make big money renting them out through the platform.
A well-off cousin of mine does this. She used to rent out her units to long-term tenants, but eventually went the Airbnb route. Having guests only stay a few days to a few weeks at a time allowed her to manage the units more easily. She didn’t have to worry too much about wear and tear on the long-term, since she could assess the condition of her units more frequently.
Also, her earnings were better since, the guest turnover rate is higher.
Rent Out Your Pool for Parties
Got a pool and ample yard space? Rent it out for parties! I’ve seen a lot of houses in my neighborhood do this. Most of them hardly use their pools, so why not rent them out for an afternoon? I don’t think there’s an Uber of Pool Parties app just yet, but you can easily advertise that your pool is available on social media, Craigslist, and local bulletin boards.
Become an Urban Gardener
I live in a modest two-bedroom apartment, but in addition to renting out my second bedroom through the app, I found another way to make money from my space: urban gardening. I’m lucky enough to have a unit which faces east, which means lots of sunlight for my plants.
During spring and summer, I sell various vegetables and spices, which are grown in my balcony. This includes basil, onions, oregano, and various chilies… basically, anything that doesn’t require a large swath of land to grow, I try to raise them in my balcony. The chilies are my biggest sellers, since there’s a pretty big demand for exotic peppers that aren’t available in supermarkets.
The earnings from these plants help offset my monthly expenses. If you’ve got a green thumb, give this a try!
Rent Out Your Garage or Driveway
If you’re not quite ready to have strangers stay in your house, here’s a nice mid-way earning method: rent out your garage or driveway! Of course, this means your car has to be out when your guests arrive, but you can always coordinate your schedules with renters. If you’re out at work or in an out of town trip, your guest can park their car at your place.
If you’re wondering why anyone would pay you for your garage space or driveway, the answer is simple: parking space. This is especially true if you live near an office building or business area. Instead of paying higher fees near their office, people will pay you so they can park at your place, then either walk or commute the rest of the way.