Ideas for Money: Putting Your Things to Work
It’s an idea as old as time with a brand new spin.
We all have things in our home we rarely use. They’re gathering dust but we don’t get rid of them because we use them once every year or two. A recent trend is to rent to others the things we own. One source for this article even rents his dog to others! Have you looked at your things, the unused stuff in your home? Could someone else be using some of it? Might someone pay you a rental fee to use it?
What kind of stuff are we talking about? Just about everything, from electric sanders and drills to cars, camping equipment and furniture.
There are plenty of ways to make this happen depending on how much time you have to invest, your comfort and security in meeting people you don’t know and your ability to make it a business.
If you are a do-it-yourselfer through and through, you’ll rely on flyers posted on community boards. Otherwise, there are sites that help you source renter prospects. Importantly, these sites have rules for payment and methods for recovery should an item be damaged.
While on the subject, some owners of get-away property rent their vacation homes by the day, week or month through Vacation Rentals by Owner.
Is parking at a premium? During baseball season, some homeowners near Wrigley Field in Chicago rent their parking spaces to fans. Do you live near a popular spot? Do you live near a business area? Consider leasing a garage or parking space. Always remember the cautionary side of this, to check out the person renting from you, their financial background and their law-abiding habits.
As we say throughout this site, treat every moneymaking activity as a business. Use a business structure and, most important, protect your personal and economic safety. Do not put yourself at risk in any way. Instead, find an alternative route to added income.
Sourced in small part from The Daily Beast/Newsweek November 2011 article by Ron Baedeker.