Sunday, March 17, 2013

Earn Quick Money: Rent Out Your Gear

Okay, Get up and go to your closet or in my case .  . . closets.

Go deep.

Push away all the clothes hanging on the far side.  Yeah, look at that thing, deep in the corner.  It's an old guitar, or ski boots, or work-out equipment or . . . just an old piece of equipment that you havent' touched in like three years, gathering dust and hiding out by that outfit that you can't fit your butt in if you worked about 1,000 hours in the gym.

Now, take that thing out of the closet and do something with it that you never thought you would ever do.  Rent it out.  You heard me, rent it out.  Somebody else could be using that old guitar, that camping equipment, that ski equipment - you sure aren't using it.  And guess what?  You could earn money from letting someone else use it.

There are now websites that allow you to list your gear.  If anyone wants to use it, they contact you, pay the price, pick it up, use it and then return it to you in the condition that they picked it up in and wha-la! you have a little extra money in your pocket.

It's great putting the things in your house to work for you.  It almost makes your possessions assets.  And the cool part about this is, you can do this over and over again.

Okay, so here are some things you should know before you rent out your stuff.  You know I have to sprinkle a bit of reality on the situation.

1.  The peer-to-peer websites that allow you to rent your stuff lets you, the loaner, decide the terms, price and security deposit.

2.  You, as the loaner, can approve or deny any offer or request.

3.  Make sure to label all your stuff.

4.  Both parties identities are guarded through these services until both sides agree to the transaction, then both parties get addresses and contact information in order to negotiate and meet.

5.  Borrowers and loaners handle payment and delivery themselves.  I advise you to be able to accept credit card deposits, check the person's ID and confirm phone number and other contact information before handing your item over.

*TIP FROM ME: Though cash is king, it's best to have a Paypal and/or Square account that lets you accept payments online and via smartphone.  Both have FREE sign-up.  So it doesn't hurt to be prepared.

6.  These peer-to-peer loan websites provide a rental agreement that protects both parties and usually they have a pricing comparison list to help you price your item.

7.  On the peer-to-peer loan websites everyone rates each other, so you have a way of seeing the borrowing history of the person wishing to borrow your item. Using this peer-to-peer website's rating system can hopefully give you assurance that the person you are renting to will handle your items with care.

Now that you are well informed, these are the places you can go to list your stuff.

Oh My God!  Just imagine how much money you can make from the stuff in the GARAGE!

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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1 comment:

  1. This review is awesome! Wish you luck, and lot's admiring trips!


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