One of my favorite things about being a personal finance blogger is getting to discover and read some great books. This week I want to share some wonderful stories and experiences I read from Clark Howard’s new book, Living Large for the Long Haul. It’s a wonderful read that you should check out!
In it he shares the stories of over 50 different people from all socio-economic backgrounds who have improved their finances even through The Great Recession. Included among the numerous stories are couples, young and old, who are working together to get out of debt, build their wealth, and invest in their futures.
Renting Out Your Space for Money
There are many ways to increase your income, one woman found a way to use her condo to generate money for herself. When the real estate market tanked a few years ago, Samantha found herself with a condo that had fell in value. In addition to that distressing problem, she discovered that her condo association had specific rules and she couldn’t get a long time renter for the place as the cap had been met in her development.
She read the bylaws carefully and found a way to keep compliant AND give herself a way to make some money by doing short term rentals. Working with Airbnb, she was able to list her condo and has made around $1,500 a month. This income covers her condo’s expenses and still gives her a little extra income. She has visitors from all around the globe staying at her place in Atlanta.
Earning More on By Renting Out
- Paid for Graduate School (about $34,000)
- Paid off his 30-year second mortgage in 6 years
- Built a sizable emergency fund
Before you go out and rent your space, please check to make sure you’re legally able to. For Samantha, she found that she could only do short rentals with her condo. You may also want to check on your insurance policy to see exactly what it covers.
While renting out your space may not be for everybody, the idea of increasing your income can help you reach your financial goals quicker. I’d love to hear from you about growing the gap between your income and expenses. Please share your family’s successes with earning more and how you’re using your money now to plan for the future.
Photo Credit: Prinsotel la Dorada