Do you live in a house and have a room that you do absolutely nothing with but store all your crap that you need to throw away?
Do you rent an apartment with an extra room that you use as an office but you never go in there? And for you people with a one-bedroom apartment, do you have a couch someone could sleep on?
But most importantly, do you live in or near a big metropolitan location where plenty of people like to travel to sightsee or attend educational or business conventions?
If you have any of these options and you need to make some money, then you should think about renting out a room, a bed or a couch to make extra money.
I personally have a friend that bought a two-bedroom one and half bath house in a nice university town in the Bay Area that rents out her room maybe two weekends out of the month on average which gains her 60% of her mortgage payment. If you have room to spare you should really think of taking advantage of the many "vacay rental" or "couch surfing" sites like AirBnB.
It's very simple (not easy, just simple) and lucrative as long as you follow a few tips:
1. You have to be okay with people living in the same space you live in. It's important to get your mindset right. Even if you have a separate space with a separate entrance to offer, you will still hear noises or have to deal with occasional requests and problems.
2. Take all your personal effects out of the room. Think hotel room when you are cleaning and clearing the room. Have useful items in it for a guest staying there, but those are the only items that should be in that space.
3. Make sure your landlord is okay with this if you rent. Make sure your home association will permit this activity if you own. It's a good idea to check your local zoning laws as well.
4. Clean the place, or better yet have a professional cleaner come in and do a deep clean. Make sure everything in the space works (windows should open easily, doors should close tightly and locks work, fire extinguishers, fire alarms, etc.) Even if you have all kinds of things not functioning in the rest of the house, make sure wherever the guests are placed everything is working well.
5. Light the room well and take great photos. If you are not very good at taking photos, get a friend that it's into photography or even a photography student from your local community college to come in and take some shots.
How to get the highest ratings and make the most money
There is one word that that will get you more money and high-star ratings: AMENITIES. There are three things you need to be concerned about. Cleanliness, Safety, and Amenities. Think about investing in a professional cleaning service. Make sure the space you are renting out is super clean. You can add a "cleaning fee" to your rate on your room to recoup that expense. Safety is key, make sure you have smoke alarms, carbon monoxide detectors, first aid kit and fire extinguishers fully functional.
But what will put things over the top are the amenities in your room. When you think of amenities, think of these items:
Electronics
Wi-Fi access
Television with a Firestick attachment (Netflix)
Small Electric Fan
Universal (international) Charging Station
Bluetooth Speakers
Work Station
Small table with desk supplies (could be a TV table with chair)
Grooming
Hair Dryer
Non-Frangrance shampoos, soap, and lotions
Extra toothbrushes, toothpaste, and tissues
Iron and Ironing board
Full-length mirror
One size fits all bathroom robe
Simple suitcase stand
Snacking
In-room coffee maker
Coffee, teas, cream/sugar, honey, etc.
Bottle opener
Bottles of water (in an ice bucket for cold water)
Sleeping/Bedding
Pillow mattress topper
Hypoallergenic/waterproof mattress cover
High-quality white bed sheets
Great pillows + two extra pillows (2 soft and 2 firm)
Extra blankets
Earplugs and Eye-masks
The wow factor
Complimentary welcome basket (with local treats)
Fresh Flowers
Local area books and magazines
Card with a personalized message for guests
Consider listing every amenity you provide. This will allow you to compete with top-ranking host properties.
You can make even more money if you are able to rent out an entire apartment, condo or house.
Articles to help you prepare:
How to prepare your room for guests.
How to set up every type of space to rent on AirBnB
How to Prepare Your Home for Airbnb, VRBO or other Short Term Guests
7 Tips to Make Bank with AirBnB
Places to list your space:
AirBnB
They began in 2008 when two designers who had space to share hosted three travelers looking for a place to stay. Now, millions of hosts and travelers choose to create a free Airbnb account so they can list their space and book unique accommodations anywhere in the world. The experience hosts share their passions and interests with both travelers and locals.
VRBO
In 1995, VRBO introduced a new way for people to travel together, pairing homeowners with families and friends looking for places to stay. We were grounded in one purpose: To give people the space they need to drop the distractions of everyday life and simply be together.
Since then, we've grown into a global community of homeowners and travelers, with unique properties in 190 countries around the world. VRBO makes it easy and fun to book cabins, condos, beach houses and every kind of space in between.
NoirBNB
"Noirbnb is global travel community that provides experiences and events with a focus on including and celebrating travelers of color. Our accommodations take our guests all around the world to popular destinations and events inspired by the African diaspora. Noirbnb was born in October 2015 after our co-founder, Stefan's experience while booking a stay in Atlanta. We realize his experience was not an isolated case and more importantly, that there was an opportunity to create a better, safer experience for travelers."
Inclusive Vacation
Bringing the global community together - Travel the world with dignity and love. Innclusive was founded as a result of the discrimination marginalized groups were facing on other rental platforms. We're building a place where you can travel with respect, dignity, and love, regardless of race, sexual orientation, gender identity or any of the other things that humans use to discriminate against other human beings.
PERSPECTIVE: The quick money series on Telecommuting Millionaire? is to help you find funding so you can take your first steps to following your dreams. After you read a few of my Quick Money articles, you will realize that Money is Everywhere. Don't use these quick money ideas, unless you understand that you are using these ideas . . . not to pay off debt, not for extra salary, not for "fun money" . . . but as a stepping stone to financing the first steps of your dreams. Dog-gone it, we are going to gain our financial freedom together! Read: Money is Everywhere to get the proper perspective.
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