Recession-Proof Your Home With These 10 Passive Income Ideas

Your housing is often your biggest expense, but did you know it can also be a great source of income? Once you own real estate, there are many ways to have it make money for you. Once you get these passive income projects up and running, they can help recession-proof your home. In addition to assisting with your mortgage costs, some of them can even provide you with a nice profit. Let’s dive into 10 ways to Increase your Cash Flow:

1. Offer Part of Your Home on Airbnb  

Airbnb is one of the most popular ways to make money. You can turn any furnished part of your home into a short-term rental. This pays especially well if you’re near a desirable tourist attraction or recurring local event. The biggest task associated with this money-making idea is cleaning your property between clients. If you want the process to be entirely hands-off, Airbnb will even help you find a cleaning service to hire.

 

 

2. Rent Out Your Driveway/Extra Parking Space

If you live in a city with limited parking, this is a great way to generate income with minimal effort. All you have to do is offer to let someone park in your yard, driveway, or garage. Even if you don’t have neighbors desperate for parking, this can be a real income earner. Many people are looking for space to park boats, ATVs, or cars they’re working on. In exchange for sacrificing a small amount of space, you can get a few hundred extra dollars. For best results, be sure to keep things official. You’ll need a solid contract in place to avoid disputes or unauthorized parkers.

3. Rent to a Visiting Nurse Service Provider or Corporation

If you have a furnished living space, traveling nurses are the ideal clients. These brave healthcare workers temporarily move to a location to work in a hospital or healthcare clinic. While they’re in town for a few months, their job will typically pay for housing. A similar option is corporate rentals. This can be a very reliable way to make money because businesses tend to pay rent more promptly. Also, they are often willing to pay more than private renters because their expenses are tax-deductible. Some helpful sites that let you search for clients include corporatehousing.com, bluecorporatehousing.com, and furnishedfinder.com.

4. Host a Foreign Exchange Student

Did you know that people who host foreign exchange students aren’t doing so strictly out of the goodness of their hearts? The organizations that oversee student exchange programs offer funds to help host families with student upkeep. Depending on where you live, this may be up to $2,000 per month. The average host family makes between $30 to $60 a day. Just keep in mind that you are usually required to provide the student with food, utilities, and other essential care. The whole process is strictly regulated, so you can’t just give the student a house key and be done with it. However, if you’re willing to spend a little time helping out a newcomer, this can be a great option.

5. Provide Space for Special Events or Filmmaking

If you have a roomy house with stunning views or a picturesque setting, you’re in luck. There is a huge demand for unique event spaces, so you may be able to rent out your house. When choosing this way to recession-proof your home, carefully consider the effort and costs for various events. For example, offering your home as a wedding venue pays very well, but it requires a lot of work. You might find it easier to choose less labor-intensive options like film shoots. You can often find clients through helpful sites like SetScouter and LocationsHub.

6. Offer Storage Space

Those who have extra room on their property can make money by offering to store items for other people. You can usually make the most money by offering secure, temperature-controlled environments that are easy to access. However, you don’t necessarily have to install multiple sheds with electricity in your backyard. People who rent or travel a lot are often very motivated to find a safe place to store their belongings. You might be able to make some money just by offering your spare room or an empty closet to others. Typically, the only cost associated with this is a little extra insurance to ensure your clients’ belongings are safe.

7. Board People’s Pets 

If you love animals, this is a money-making venture for you. All you need to do is offer to take care of pets while their owners are away. People may hire you to watch their dog on vacation or ask you to temporarily house an animal they don’t have room for. Pet boarding comes in a variety of shapes and sizes. In some cases, pet boarding can be an elaborate business with multiple kennels you oversee each day. In other situations, it might be a casual arrangement where you care for a horse that lives in your field. This is a very flexible business idea, so you can make a quick buck over the weekend or arrange months-long contracts.

8. Put a Tiny Home or ADU In Your Backyard

There is a huge demand for housing right now, so one of the best ways to make money is by becoming a landlord. Check your local building codes to see requirements for accessory dwelling units or tiny homes. These are often very simple to design. You simply need a decently sized space with electricity, plumbing, and a few essential appliances. Once you have this setup, you can begin making thousands of dollars each year. A nice thing about this opportunity is that you have a lot of different ways to rent. You can choose to do short-term rentals through a site like VRBO, or you can choose to do a long-term rental for a permanent tenant.

9. Lease Your Land for Forestry or Agriculture 

Did you know that many farmers don’t own the land they work on? If you have acres of space, put it to use by renting it to a farmer. Since it takes months for crops to grow, you can have a very reliable form of income available. Even if you don’t have acres of cleared cropland, you may still have some chances to make money with your property. Land with a lot of mature trees may be of interest to lumber companies. You can also offer your land to those who want to start a tree farm.

10. Turn Your Property Into Spaces for Livestock

Especially if you have a lot of unused pasture space, this is an ideal way to recession-proof your home. People who own livestock are regularly looking for ways to keep their animals well-fed. You can turn your pastures into feedlots or grazing spaces for cows, goats, or other animals. This opportunity typically doesn’t require any additional effort beyond providing sturdy fencing and fresh water. In addition to giving you extra funds, it also has the nice benefit of reducing the need for lawn care.

As you can see, there are a lot of great ways to make money with your home. Once you get these money-making ventures set up, you can relax and enjoy some extra income. Remember, if you’re looking for more ways to safeguard your property and your finances, Evergreen Investments is here to help. Contact our team today to learn more about our real estate investment services.