This may seem a bit outlandish when you first think about it but once explained you will understand. When we make a large purchase we cringe about the amount of money we just gave up. Should we have saved it? If you look at the situation differently, you can make everything cheaper. So instead of stealing, the main way to get things for free, we are going to rent them out. You can rent anything you own and can dramatically decrease it’s cost.
In this post we are going to go over the basics of renting out purchases whether old or new to negate their costs.
Renting Out Your Car:
Renting out your car seems very risky and it can be. Relay Rides extends its $1,000,000 liability coverage for your car if anything was to happen. Not only can you control the price of your car’s rental but you also control who can rent your car. It costs nothing to list your car and you can quickly build a nice “fleet” of vehicles to rent out on a weekly basis to generate some, somewhat passive income.
“I’m estimating that I will make $40,000 a year from my three vehicle fleet on RelayRides. It’s a great way to have a car without incurring the expense of a car. I get the luxury of a vehicle and don’t have to worry about paying for it!” – Dylan R. – Chicago, IL
I cannot wait to test this service and truly see it’s potential. Once I develop a nice strategy and find more people who have successfully profited using this service, I will post my strategy for all readers to use.
Don’t trust others with your car but still want to take advantage of this kind of renting? Lyft allows you to turn your car and yourself into a taxi for a night or as long as you like. So not only can you rent out your car but you can start your own small taxi service on the side.
Renting Out Your Apartment or House:
Although this is nothing new, it can’t be left out. Renting out a room or multiple rooms of your apartment or house can save you thousands each year and if done correctly, could let you live for free. I am the first to admit I am not a huge fan of having room mates but there are some things you can do to ensure you have a good living relationship with your tenants.
You should always meet and hangout with your tenants before hand and know their financial situation. Doing so allows you to see if your personalities match up and make sure they can pay the rent each month.
AirBnB allows you to rent out a room for the night, a weekend or even per month. So you can start by renting out a room for a night or weekend to see your comfortability level. By correctly renting out parts of your home you can save on your rent or mortgage. There are many people who purchase apartments just to rent them out for profit on sites like AirBnB.
If you love dogs and don’t want to rent out your home to people, DogVacay is the way to go. You set your rates and availability and choose which dogs you want to watch. Essentially you’re dog sitting but in the comfort of your own home. although the site does not display earning potential, their are many testimonials of people leaving there full-time jobs to dog sit on the site. This is a very easy way to make income with zero expense and honestly not that much time.
Live Near Something Cool?
ParkingPanda allows you to rent out your drive way or any parking areas you may own. Although you need to be located near something like a stadium for this to be useful, it’s nice to have in your arsenal of income earners.
You can see how easy it can really be to make an extra $500-$1,000 per month utilizing these kinds of services. If scaled properly, you can easily turn this into a full time income. I’m sure there are many more services like the ones stated above. If you know of any, please post them in the comments and share them with me!
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