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Are you looking for ways to earn some more money? If so, you might want to consider renting out some space.
Clark Howard’s book, Living Large for the Long Haul, has stories and tips from people who have paid down their debts and grew their net worth.
There are many ways to increase your income, one woman found a way to use her condo to generate money for herself.
Renting Out Your Space for Money
When the real estate market tanked a few years ago, Samantha found herself with a condo that had fell in value.
She also 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.
After reading the bylaws carefully, though, she 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 covered her condo's expenses and gave her a little extra income. As an added bonus, she's had visitors from all around the globe staying at her place in Atlanta.
Earning More Money By Renting Out
If you're considering getting a renter for a room or your place, Mike from Renting Out Rooms shared some great tips on finding the best renters.
Thanks to renting out his rooms, he managed to:
- 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.
Thoughts on Renting
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.