Do you have some spare room in your house, condo or apartment?
If so, renting out that otherwise unused space is a great way to make some extra income every month without a lot of effort.
Take our house, for example.
We have an in-law suite in the back of our property that’s roughly 400 square feet. We almost never use it, so we decided to list it on the rental app Airbnb to make some easy money.
The app is dead simple to use, and it allows us to mark dates the space is available for rent based around our schedule.
If we have friends or family coming into town and they want to use the in-law suite, we just close-up shop until we’re ready to rent it out again.
And as soon as folks leave, we hire a cleaning crew to come and get it ready for the next set of renters. So, we basically do next to no work to make $500, $600 and sometimes even $700 a month renting out space we already had available.
Now, we know you’re probably thinking: I don’t want a stranger in my house or apartment while I’m there. And I don’t know if I trust someone staying at my place while I’m away.
To that, we’ll say… think about it this way: When you travel, do you ever stay at your hotel for long periods of time?
You’re out on the town exploring the sights and having a good time. And the same is true of the people who rent out Airbnbs.
Folks who stay at our property are literally almost never there. They come back to shower and sleep, and then they’re gone for most of the day.
So, a good portion of the time, someone is basically paying me to store their clothes and travel accessories for a few nights.
We honestly can’t think of a much easier way to create a secondary source of income — if you have the space and you’re willing to answer the occasional travel question from your guest.
So, consider turning that spare room or unused garage of yours into a little “home away from home” and list it on Airbnb.
You can always decide later that it’s not for you and cancel your rental listing. But, if you’re like us, you may end up loving it and decide to keep doing it to make some easy money.
Until next time!
The Future of Wealth