2. Renting out a room
If you have space that’s not being used, why not rent out a spare bedroom, or an even bigger portion of your house?
These aren’t necessarily long-term leases. In fact, it’s more profitable if they’re not. Lots of consumers are looking to travel, but also looking to avoid costly hotel stays. They’ll pay pretty good money for a less-conventional place to stay, though, including someone else’s home.
And getting started with such a venture isn’t difficult to do. Companies like Airbnb (NASDAQ: ABNB) and VRBO manage websites that allow property owners to connect with travelers. Those platforms will take a small portion of your fee, but they’re worth it in that they attract thousands of travelers.
Depending on where you live, short-term landlords can collect on the order of $1,500 to $3,000 per month on just one property.
3. Selling online (or offline)
Technology and the internet haven’t just made it easier to find or rent lodging. They’ve made it easier to buy and sell pretty much anything. Just look at Amazon!
You don’t have to become the next Amazon, however, to make some good money by selling stuff online. eBay (NASDAQ: EBAY) was built from the ground up with smaller sellers in mind. Meta Platforms’ Facebook Marketplace or even Craigslist are also great ways to notify prospective buyers that you’ve got something to sell.