When most people think of side hustles and passive income, they think of creating a blog, becoming an Uber driver, or taking on odd jobs. However, one big asset most people overlook is their home.
That’s right, you can leverage your home to create additional streams of income for you, even while you’re still paying your mortgage. With a little creativity and elbow grease, you can put your house to work for you, creating passive income while you sleep.
In this video, we’ll discuss 5 ways you can make money from your home itself so you can build passive income, spend more time with your family, and live a #lifebydesign.
When most people think about making money from home, they think about side hustles like creating a blog or becoming a virtual assistant. However, what if I told you that you could make money, literally from your home?
That’s right. You can actually make money from your house itself. All you need is a little creativity and ingenuity to get you started.
In this video, I’ll share with you 5 ways to make money from your home. Not 5 ways to make money from home through side hustles like listing your Aunt Edna’s antique doll collection on eBay, but actually 5 ways to take your house and turn it into a cash-making machine.
Personally, I’ve used a number of the methods I’m about to share with you to put my home to work for me, to create passive income for my family.
So are you ready? Okay, let’s dive in.
The first way to make money from your home is to rent part of it out to people who need a place to live. Some people refer to this as house hacking. Essentially, house hacking means that you rent out part of your home, while you’re still living in it. You collect rent every month from your tenants and use that rent to help pay your mortgage.
This is how I first fell into real estate investing. My husband and I were living in Washington, DC, at the time, where rowhomes are quite popular. We bought a rowhome with a basement in-law suite, fixed it up, and rented it out.
We lived in the main unit upstairs, and our tenants lived in the in-law suite downstairs. Every month, they would pay us rent, which would help us to pay down our mortgage and other expenses.
If you live in a single family home, you can rent out some of the bedrooms in your home. Then, you can charge your tenants monthly rent, which will help you pay for things like your mortgage and utility bills. Best of all, you will be helping to provide housing for people who need it, and you might even make some friends in the process.
The second way to make money from your home is to rent out storage or parking space. If you have a garage, basement, attic, or shed that has a fair bit of extra room, you might consider renting that extra space out.
People are always looking for places to store their extra stuff, including their cars, boats, RVs, camping gear, ski equipment, you name it. So if you have extra room in your home, take photos of the space, measure it, and consider listing that storage or parking space on Craigslist.
Similar to house hacking, you would charge monthly rent for using that space. But unlike house hacking, you are dealing with stuff, not tenants, which can be less of a hassle.
The third way to make money from your home is one that you might not have thought about. And that is to rent your home to a film company.
Film companies are always scouting locations for their latest projects. And don’t worry, you don’t have to have a pristine home or a mansion to be chosen. That’s because film productions vary in their needs. Some are big movie projects, sure, but there are also many local production needs for things like commercials and short films.
The daily rate for renting out your property to a film company could be as much as a whole month’s mortgage payment. That’s right, you could make your monthly mortgage in one day by renting out your home to a film company.
To get started, check out locationshub.com and filmlocationswanted.com.
The fourth way to make money from your home is through short-term vacation rentals, through sites like Airbnb. If you have extra space in your home, you could rent those extra rooms to travelers to stay in while they’re visiting. You could also rent out your entire home when you’re out of town on vacation.
Setting up your vacation rental will involve some hands-on management on your part, especially up front. You’ll need to photograph your space and set up the listing, manage the dates that the home will be available, manage the rates, communicate with your guests, check them in, arrange for the house to be cleaned after each stay, and so on.
But, don’t be scared off by all this work. It’s not as hard as you might think, and short-term rentals can be quite a lucrative venture, especially if you live in a place that attracts a lot of tourists.
The fifth and final way that I’ll share with you on how to make money from your home is to do a home exchange. Now, I’ll admit, this won’t put money directly into your pocket, but it is a great way to save money on your vacations.
I’m actually on a home exchange right now, as I’m creating this video. We’re in a small town in Basque Country in northern Spain for the month, and rather than paying for expensive hotel or Airbnb stays, we’re staying here for free.
That’s because we were able to find a family here who wanted to visit the San Francisco Bay Area, where we live. So we are swapping homes with them for this month. They are currently in our house in Oakland, and we’re in their house in Spain, just outside of Bilbao.
Again, this doesn’t make us any money directly, but it saves us a ton of money on lodging and enables us to live the lifestyle we want, without breaking the bank. There are a number of home exchange websites you could use. The one we personally use is homeexchange.com.
So there you have it. Five ways to make money from your home itself. You can rent out part of your home through house hacking, rent out storage or parking space, rent your home to a film production company, do short-term rentals through a site like Airbnb, or try doing a home exchange.
Whether you choose one of these methods to make money from your home or come up with an alternative, all you need is a little creativity, some out-of-the-box thinking, and a healthy dose of hustle to get you going.
So, do you currently use any of these methods to make money from your home? Or are you considering trying any of them? If so, comment below and let me know which ones!
And if you’re looking for a way to create passive income, but you don’t want to deal with the hassles of being a landlord or managing an Airbnb, you might consider investing passively in something called real estate syndications, which are essentially group investments.
As a passive investor in a real estate syndication, you get all the benefits of investing in real estate, including monthly cash flow distributions and great tax advantages, without having to fix a single toilet or talk to a single tenant.
To learn more, sign up for our free 7-day email course, Passive Real Estate Investing 101.