Week 45: Grow Income, Tactic 12

What can you do this week?

• Look at assets you currently own, whether it’s your own home, cars, parking spots, or storage space..

• Determine if you have a business opportunity in renting them out.

• Plow the net revenues obtained from renting them into wealth building for your future.

Grow Your Income With Rentals

• Are you sitting on untapped income potential?

• The sharing economy is an economic system that leverages technology to facilitate the exchange of goods and services between people.

• It could also be a means of you creating wealth beyond your career, business interests, and other investments.

• This could be a spare room on Airbnb, unused office space, or even a vehicle. Apps like Turo and Neighbor may make it easy to monetize underutilized assets.

  

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Earn Extra Income with Airbnb, Turo, and Neighbor.com

1. Airbnb: Turn Your Space into Income

Got a spare room, a guest house, or even an occasional empty property? Airbnb allows you to monetize your living space.

Getting Started:

• Prepare Your Space: Ensure it’s clean, well-furnished, and inviting. A fresh coat of paint and good lighting can go a long way.

• Set Competitive Rates: Research similar listings in your area to price competitively, balancing affordability with profit.

• Offer Perks: Free Wi-Fi, a coffee machine, or local guides can attract better reviews and higher bookings.

• Take Quality Photos: Listings with clear, professional-looking photos attract more guests.

Potential Earnings:

Depending on your location and the type of space, you can earn hundreds or even thousands per month.

2. Turo: Rent Out Your Ride

If your car spends more time parked than driven, Turo can help you monetize it. This peer-to-peer car-sharing platform allows you to rent out your vehicle to others in your community.

Getting Started:

• Check Eligibility: Your car should meet Turo’s age, mileage, and condition requirements.

• Set Your Schedule: You control when your car is available for rent.

• Price Smart: Turo provides pricing suggestions based on demand and your car type.

• Offer Extras: Things like pre-filled gas tanks or delivery to the renter can justify a higher fee.

Potential Earnings:

Depending on the make and model, your car could earn you $200–$1,000 per month. Luxury or electric vehicles may earn more.

3. Neighbor.com: Monetize Your Storage Space

Neighbor.com allows you to rent out unused storage space in your home, garage, or property to people who need affordable storage options.

Getting Started:

• Identify Storage Areas: Think garages, attics, basements, sheds, or even a driveway.

• List Your Space: Provide details like size, accessibility, and security.

• Set Competitive Rates: Check local storage unit prices and aim slightly lower for a quicker deal.

• Ensure Security: Make renters feel confident by offering locks, cameras, or insurance options.

Potential Earnings:

Homeowners can earn $50–$300 per month depending on the size and location of the storage space.

Tips for Success on All Platforms:

• Communicate Clearly: Respond to inquiries quickly and professionally.

• Be Transparent: Clearly outline rules, pricing, and expectations to avoid disputes.

• Maintain Your Assets: Regular upkeep of your property, car, or storage space keeps customers happy and boosts repeat business.

• Leverage Reviews: Positive reviews are gold. Go the extra mile to ensure a great experience for your customers.

  Long term, stacking these income streams and investing them can create serious wealth.

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