Make Money From Property Without Investing

The majority of “making money from property” tips tend to require investing in real estate, which isn’t accessible to everyone.

Indeed, more and more people today are unable to get  their first foot on the ladder when it comes to owning a property, let alone looking into finance options and the type of property management provided by http://www.benchmarkmgt.com/residential-property-management/, as they simply don’t have the money to put down or credit history to secure a mortgage.

That said, you don’t need to own a property in order to make money from it.   Of course, if you’re a tenant yourself it does make it a little tricker, but it’s not impossible, particularly in the days of AirBnB where everyone seems to be turning into a micropreneur with a side hustle to their name.

Here are some options for you to consider, if you want to tap into the passive income potential of property without having the resources required to invest.

If you have a spare room, then getting a lodger can be a great way to make a consistent and reliable monthly income from your property.  

Of course, if you rent, you must be a little careful in terms of violating the terms of your tenancy agreement – and similarly, if you own the house, you must be careful in terms of what is considered a “commercial arrangement” versus merely renting a room out, as a “normal” person.

Renting a spare room often provides a more reliable monthly income than concepts such as AirBnB that are more sporadic in nature, yet of course, monthly rent will be capped in terms of the amount you can make – whereas AirBnB has potential to make a lot more money.

AirBnB offers a more profitable alternative, at least in terms of the amount you can charge each night, than the idea of getting a full-time lodger.  It’s also much more flexible in the sense that you can decide when people stay or when you want your house to yourself – by simply blocking out time on your availability calendar.

There are pros and cons to both AirBnB and having a long term lodger, so it depends on what you’re looking for, but if you live by a major airport or venue, AirBnB might make a lot more sense as you can sell your room at a premium due to the economics of supply and demand.

If you live in a busy town and are centrally located, or near a transport hub, such as a train station you might want to consider renting out your driveway as a parking space.  

If you work office hours yourself this could be particularly useful, as during the day, when the driveway would otherwise be empty you can make money whilst adding to the security of your home due to it looking like someone is in.

In summary, whilst you’re going to be a millionaire from property unless you invest in it, you are still able to make passive income from property – even as a tenant.

Happy [not] investing!

[a contributed post]