This isn’t going to be available to everyone but if you have a spare room or property you are able to rent out, it could be the easiest way you can make a passive income. The risk is you get an undesirable person stay but that is why you meet them first, get to know them and find out their situation. Most people want the same things, somewhere comfortable, quiet and secure to live. It is a small risk compared to the amount of cash you can make. In the UK the government allows you to earn up to £7,500 (currently in 2020) tax free by renting a room in your house.
There are a few ways you can rent your property, you could advertise yourself locally, on social media or Gumtree. For long term rentals one of the best sites to find tenants is SpareRoom. Alternatively Airbnb gives you the choice to rent out spare rooms in your home, outhouses or entire properties. They also have a feedback and rating system so you don’t have to accept someone you would rather not stay with you. Some people even make money when they are away on holiday by letting their home out. It may seem a bit daunting at first but like so many things you won’t know if you don’t try it. The good thing is that you don’t have to accept anyone who books to stay and of course you can get to meet people from all over the world. You set your own rates but you want to price it competitively depending on where you live.
Also if you have a driveway or extra land you can rent out a parking space with JustPark. You probably won’t make as much from this but it is less risk as essentially you only need a bit of extra land. No one is going to be entering your property. In fact you don’t have to ever actually meet the person which the vehicle belongs to and payment is taken care of through the website.
If you want to take it a step further you can actually rent other peoples property and rent that out either as serviced accommodation or as a HMO. This is an advanced strategy but can be incredibly profitable. It is recommended you get some training on these sort of strategies. Progressive Propertyis the largest training company in the UK.
If you don’t like the idea of someone staying in your property you may be able to rent it out for people to use for storage.
Accommodation available to rent on Airbnb varies hugely and it doesn’t have to be limited to a spare room in your home. All of the following are available to rent on Airbnb so perhaps you have access to or could put one of the following on your property: attics, cellars, tents, wigwams, camper vans, caravans, tree houses, boats, converted barns, sheds, aeroplanes, castles, caves and no doubt a few other weird and wacky ideas.
You can also use Airbnb to find cheap and interesting holiday accommodation or use JustPark to save on your parking costs.
Sites to use
Progressive Property – Learn how to profit from renting other peoples property.
JustPark – Rent your parking space.
SpareRoom – Find tenants for your property or room. Ideal for long term.
Airbnb – Find people to rent your room or property. Ideal for short term.
Gumtree – Advertise your property or room to rent.