Real estate is undoubtedly one of the effective ways to invest your money. Most people often buy a second house or any other additional property to avail higher returns during an uptrend. However, that’s just one way to make money from your property.
Yes, you read it correctly!
Apart from this, there are several other ways you can make passive income using your property. Let’s learn about these ways in detail!
Allow Advertising Agencies to Film Commercial
Advertising agencies often look for new and attractive houses to film commercials. Not to mention, if your property is well-managed, the producers are often willing to pay you a generous sum of money. For instance, if you reside in Los Angeles, you can earn somewhat between $1,000 to $5,000.
This price obviously depends on where you live, the condition of your house and your negotiation ability with advertising agencies. Nevertheless, even if you get 3 or 4 commercial bookings every month, you can earn an impressive amount of money.
Turn Your House into a Vacation Rental
Another obvious way to earn passive income is by renting out your property. It will ensure regular rental income that you can use to offset different expenses or for investment purposes. Nevertheless, your house holds great value for you. So you need to practice utmost caution while finding a trustable tenant.
Fortunately, there is an easy way that you can try to manage your house and tenant, i.e., contacting a property management company.
Continuing the above example, you can contact your Los Angeles property management company and let them handle everything. In simple terms, you need not worry about day-to-day necessities, property repair or maintenance, or regular rent collection. The professionals can do everything on your behalf, so you can sit back and enjoy your income.
Make Use of Extra Outdoor Space
It might come as a surprise to you, but the additional outdoor space can also help you make money. Perhaps, you are wondering- How?
Well, the struggle to find a good parking space is real. So, you can rent out your parking or garage space and get some extra dollars. If not for everyday parking, you can use this idea particularly during the holiday or vacation season.
Likewise, you can also rent the garage or parking space for a whole month for someone who is going out. Nonetheless, make sure to advertise your space so that you can avail good deals.
Let People Store Their Luggage
Last but not least, people nowadays like to travel handsfree. That’s why the demand for luggage storage is on the rise. However, these are also very expensive and often affect the travel budget. Therefore, you can provide some storage space to these travelers at a relatively low price.
It will help you earn, while the travelers will enjoy their trips more comfortably.
The Bottom Line
These will help you offset expenses, such as utilities, property taxes, mortgage payments, and other expenses. Plus, these will also help in elevating the value of your property. So, you must take these into consideration and start making money from real estate!