Do you want to make money with real estate? Here are 4 ways you can make cash starting today. You do not even have to own the property (subject to area laws, insurance, and landlord approval). I get asked on a regular basis the following: How can I invest in real estate without any money? It is usually followed up by some complicated theory that they either read about, or learned about in a seminar.
When I get asked this question, I always ask: what is the end result you are trying to achieve? You see people have been investing in real estate for many years, and many of these investors did not ever consider themselves investors. They did not write about or in most cases talk about their experiences. I want to share some easy ways you can get started today. This is a great baseline, and some ways you can tryout being an investor to earn some cash to make ends meet, maybe pay a car payment, maybe to cover your bills, or just add a few extra bucks in your pocket every month with little to virtually no effort.
#1 Rent a room in your home or apartment. This is not a new idea, and is definitely making a come back over the past decade with the rising costs of housing in many cities. If you do not own the property, you will have to make sure it is OK with your landlord, as well as your insurance company. You need to have proper lease agreements, as well as do proper tenant screening. You can charge more if you include meals or do laundry. A lot of people are looking to rent rooms. It is a great way to make cash. If you are considering this option, make sure to check out this 12 step guide to renting out a room in your house.
#2 Rent storage space. The self storage business is growing at record speed. We might be, becoming a society of hoarders. I still find it hard to believe how many storage facilities there are. You can rent space in an attic, basement, shed, under a deck. You could build self storage lockers in your basement. You can buy shipping containers and rent them out. You could rent space in a room you are not using in your house. The demand for storage is huge. People will pay good money to store their goods. Storage tenants can be fantastic low maintenance long term tenants. The better the access to their stuff, the more money you can charge. This article about how their are more storage facilities in the USA than McDonalds surprised me.
#3 Rent your garage. Do you have a garage you are not using? Also if you buy an income property with a detached garage, always make sure to rent it out as a separate property. A garage or space in a garage can be rented to a person looking to store or work on a car or a motorcycle. Maybe even an art or craft studio. If you own or have control of a garage, it can be a great low maintenance space to rent out. Check out this how to rent out your garage article.
#4 Rent a parking spot in your driveway or on your property. Do you live in an area where parking is limited and you have a space you are not using, or perhaps you have a property that would accommodate a camper trailer or motor home. Renting a single space can provide you with great easy cash every month.
I hope this will get you motivated to start making cash today.
Until next time,
Design your landlord experience,
Michael P Currie
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