The average, annual expenditure for most American household needs is about $60,000. Yet, the average American makes about $47,000 annually. Even in a household with two working adults, that means that every single dollar gets stretched as far as possible. The standard of living is very high in the United States. I have been studying how to make appreciable passive income with my home, car, and various properties.
With the advent of social media and P2P entrepreneurship, you can monetize almost anything today. I found several ways to try to make $2000 in several weeks with my house, spare car, parking space, and even bicycles.
Rent Out a Room on AirBnB
Everyone knows about AirBnB by now. You can list your house or a room on the site for rent at your own rates. High demand, and living in or near a metropolitan area, increases your chances of making good money. Over 50% of AirBnB hosts make about $500 a month.
P2P Car Renting
A peer-to-peer, or P2P car rental service allows you to rent out your car to other people via an online platform. Instead of renting a room through AirBnB, you’re renting out your vehicle. P2P car rental services like Turo, Getaround, and Maven offer this service online and through apps as transaction facilitators. All you have to do is make an account, list your car’s specifications and posts some pics.
You choose who rents your car through the site or app. Also, you set the hourly rental rate. The P2P company offers insurance and customer support when the car is rented. Whoever rents your car picks it up from you and returns it with the same amount of gas they used. Many P2P car rental services, like Getaround, claim that you can make $800-a-month renting out your vehicle.
How much you can make depends on the vehicle model, its functionality, and how often you rent it. A Jeep Wrangler rented out for 15 days could raise $850. Meanwhile, renting out a Tesla Model X for 11 days could net you $1,800.
An average car, like a 2006 Saab, might get you $350 over 15 days. So, curb your profit-making enthusiasm accordingly. If you have a seldom-used car, live in an area of high demand, keep your car well maintained, and rent it out 20 days or more a month, you can make good money.
Rent Out Parking Space
Pavemint, Parkgene, MyFlexiPark, ParqEx, and SPOT, are P2P parking space rental companies. You list your parking space, like the area in front of your house or garage, for rent. However, you will only make money based on local demand. The greater the demand, the more you can charge. Not practical if you live in a remote area. Most sites take a 15% fee per transaction, or more. If you made $30-a-day for a month, after fees, you’d make $765.
Rent Out Bicycles
You can rent out your bicycles on P2P rental sites like CyclingBoom, Spokefly, and Spinlister. The bikes you rent out should be in perfect condition. Also, you need to be in an area with high demand for bikes. The P2P rental company will take 17.5% per transaction. Let’s assume you make $40-a-day for two weeks. That is $495.
Analyze Local Demand
Listing your home and various properties within itself won’t ensure success. Try to rent out during peak travel periods. Or, when there are local concerts, sporting events, conventions, and other activities occurring that will draw large crowds. Research local hotel and car rental rates to undercut them yet still profit. Employ such strategies every time you rent out.
With a lot of strategy, research, and a little luck, you might make $2,000 in no time. Or, a little less after P2P fees and commissions are deducted, of course.
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Allen Francis was an academic advisor, librarian, and college adjunct for many years with no money, no financial literacy, and no responsibility when he had money. To him, the phrase “personal finance,” contains the power that anyone has to grow their own wealth. Allen is an advocate of best personal financial practices including focusing on your needs instead of your wants, asking for help when you need it, saving and investing in your own small business.
