- Rent out Space in Your Driveway.
I used to have two cars, even though I could only drive one at a time. I decided to sell the extra car, invest the money from the sale, and start renting out the additional parking spaces in my driveway. I have five parking spaces in my driveway. I rent four parking spaces for $175 each per month for a total of $700 a month and $8400 a year. Some of the cars are never even moved as the owners have collector cars that they want to store. I haven’t had any inconvenience at all, and the cars make it seem like someone is always at home which has been an added safety feature. There are websites, such as Parking Cupid, CurbFlip, Pavemint app, MyflexiPark app, or ParkEasier, that allow you to list your parking spaces for long term or day use.
2. Renting Your Place Short Term.
I live in a studio house and rent it out two days a week for $200 a night. I take my mom and dad out for a lovely evening and spend the night. Or, I pay for my weekend getaway somewhere by renting my house for the weekend. On weekends, hotels are the most expensive so it’s easy to rent, and you can get a higher return per night. It generates an extra $1600 a month or $19,200 a year for me. When I decided to update my kitchen, I just rented out my house for more time, and I got my new kitchen for free. When I want to stay at home, I don’t accept reservations. Flip Key, Airbnb, Furnished Finder, Transplant Housing, HomeAway are good sites to get started on for short term rentals. Make sure you check the laws in your city, so you don’t get burned while trying to make money from your home.