Share on Facebook Share on Twitter Share by email You may have spent a lot of money on your home and everything in it, so why not earn some back? A bevy of new apps and online services gives you more options than ever for making money from your property and belongings.
But what if you could cover the cost of your mortgage without working extra hours or taking on a side hustle? In fact, with some ingenuity, you can earn passive income that covers your mortgage and have money left over.
Here are five ways you can turn your home into a money-making machine.
Passive Income: How I Make $7,200 A Month (5 Ways)
Rent out your lot to tiny house dwellers The tiny home movement is boomingas people look to save money and downsize their lifestyle. However, one of the biggest obstacles tiny homeowners face is where to park their house. Many counties prohibit tiny houses unless they are on a lot with a traditional home.
If you have a large lot or live in the country, you can make money by renting the space out to tiny house enthusiasts.
Latest on Entrepreneur
You can even charge more if you can offer amenities like electric, septic, or water hookups. Many tiny homeowners live completely off the grid thanks to solar panels, water reservoir stations, and composting toilets. What to how to make money for your home in your 40s to retire a millionaire 2.
Many advertising agencies look for modest houses for their commercials. You could book three commercials in one month, and then not book anything else for a year or more.
That unpredictability means you should treat commercial shoots as windfall, and not count on the cash for your regular bills. List your home on Airbnb Cost-conscious travelers are increasingly skipping hotels for budget-friendly rentals through sites like How to make money for your home.
If you have a spare bedroom, you can rent out that space for a few nights a month to make extra income.
Cars & travel
Depending on where you live, the rental fees can add up to hundreds every month. Even better, getting started is quick and easy.
You can list your home and start accepting reservations in just a few minutes. Sites like CurbFlip and JustPark allow you to advertise your space, and travelers or daily commuters can rent it from you.
Your Home Can Be a Source of Income as Well as a Place to Live
Let people store their items in your home Storing extra stuff can be expensive. Sparefoot found that, in more expensive areas like San Francisco, storage space costs are nearly double that number. Budget-conscious renters looking to save money try to find alternatives. If you have an unused shed, spare bedroom, or closet, you can turn that empty space into regular, monthly income. Store at my House is a company that connects renters with homeowners who make money by transferring them extra space in their homes.
For example, if a customer wanted to rent a square foot unit in Brooklyn, N. Store at my House is available all over the country, and it takes just a few minutes to list your space for rent.
Using your house for profit Since you already made a huge investment by buying a home, it makes sense to use it to earn more money.
Consider using one or more of these strategies to earn regular income.
2. Rent out your space!
Sign up with the sites mentioned to make easy money just by being a homeowner. Reprinted with permission of Student Loan Hero.
More from Student Loan Hero.