Imagine what it will be like to have a steady cash inflow from your old residence. Sounds interesting? Yes, over and again. Zillow says that about 20% of the household monthly income is consumed by the median mortgage payment. But the silver lining is that you can scale through your mortgage cost by relying on recurring income from your residence.
Let’s get the show on the road, and discover new ways to earn steady cash from that old residence of yours.
Rent Some Space or Give It All
Do you have one or more rooms and a secured parking space that’s not in use? Is your property located in California; precisely Oakland; a place known for its redwoods and natural saltwater lake? If yes, this is your chance to partner with property management Oakland, California, and make money from travelers and temporary lodgers seeking a place to stay from a few nights to a few months before moving on. Here’s the best part. You alone decide how much you want to give your space out.
Leverage on Advertising Agencies
Advertising agencies rent houses from homeowners to film commercials. It means bringing over a set, cameras, and other equipment to your house. If this does not bother you, you stand a chance to earn an average of $1200 a day. Want to know the best part? You don’t need to have a big house before you can earn from advertising agencies. Most advertising agencies look for modest houses that will make their commercials appear real.
Host a Foreign Student
Every year, students keep trooping into the country to study. So what can you do about it in making some cool extra cash? Release your house to a foreign student studying in the country and make a good earning.
On average, you can earn about $1000 monthly from a foreign student. Honestly, it is an effective way to earn recurring income from your old residence because foreign students are evergreen.
This works best if you have a big house or an extensive exterior. Also, your house must be located in a serene and secured environment. From weddings to birthdays, it is a perfect idea to make money from your old residence. But here’s a warning; make sure to check for laws and policies regarding house events within your locality. In some areas, big concerts may be prohibited and considered an offense.
Convert Your Living Room to an Office
Another good way to have a steady cash inflow from your house is to rent your living room to business owners. But first, make sure your living room is spacious and standardized for formal use. It will make a perfect office location for people like nannies, call center agents, etc.
Allow People to Store Items in Your House
We won’t fail to mention this. Allow people to bring in their items and store them in your house. It is a good way to make money without any hassle.
Can you really afford to pay exorbitant mortgage fees for a house lying idle? So take the next step to start earning recurring income from your old residence. It is up to you to choose the source of revenue you find comfortable.