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Rent your tools and gear
That San Francisco homeowner I told you about earlier didn’t stop at renting bedrooms. His property also had a former stable that was transformed into a handful of car stalls, so they also brought in a pretty nice amount from neighbors who wanted off-street parking.
If your garage is not that big, you can still cash in some way. You just need to use your imagination. Maybe you have a stroller, surfboard, bicycle, boat, camera equipment, ladder or a great selection of power tools. Perhaps your backyard would be a great place for a wedding, or your home’s interiors would be great for a photo shoot. Peer-to-peer rental sites like Nextdoor (neighborhood connections), Peerspace (meeting and film location venues), BabyQuip (baby equipment), ShareGrid (camera sharing), CurbFlip (parking spaces), Zilok (gear and possessions), Boatsetter (boats) and Spinlister (bicycles) can help get in touch with people who occasionally need such things but don’t want to buy them.
Kathy Kristof, creator of the SideHusl website, interviewed a guy who paid $2,000 for a used car that he frequently rents through a site called Turo. “Now he has four cars that he rents out. It’s a pretty nice passive income,” Kristof said.
Regardless of what you choose to rent out, you should know that ordinary insurance might not cover commercial use of your property. Some items might be covered by an insurance rider, but it would be better to consult an insurance agent in case you need a separate policy.
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Get rewards for credit-card spending
If you’re using credit cards to make your purchases, make sure you receive all the rewards that come with it. The form that reward takes is up to you.
Some people want airline miles while others ask for gift cards that they can use for essentials, nice-to-haves or gifts. Another option would be to cash in your rewards in the form of a credit against your monthly card statement, or as cash deposited in your bank account. If you find it difficult to choose between the variety of programs, all with their own pros and cons, you can visit the Solutions Center and get help.
