Neighborhood is a cornerstone of our value system. Just ask Mr. Rogers. But not only is it polite, it can also make money.
Yes – you can only make serious money if you are a helpful neighbor and open your garage door or guest room. Many neighbors earn an additional $ 300 a month in passive income.
How? A website and app called Neighbor connects people who need storage space with people who have space – be it a parking lot, a backyard shed or an unused closet.
Earn passive income every month from your extra space
Neighbor lets you list your additional storage space and the employees in your area will pay to use it as storage space. It’s likely that your own neighbors have opened their homes, garages, and unused land to other locals who need an alternative storage solution – and have made money off of it.
How much you can earn depends on your location and the type of room. Garages in San Francisco are probably worth more than a parking lot in the suburbs of Cleveland. But no matter where you live, you will still make more money than if your empty property had stayed empty.
On average, hosts make about $ 300 a month, but neighbors do Earnings calculator can help you figure out how much you could be making. For example, a middle school teacher makes nearly $ 10,000 a year by hosting the storage rooms of her home. And the fitness business owner is well on his way to making $ 50,000 by renting out parking space while all classes are virtual.
It’s an easy source of passive income, with the peace of mind of a $ 1 million free host guarantee protecting you from personal liability. Signing up is free and easy. Once you’ve checked yourself and your space, your empty closet is ready to make money.
How to get started
Do you still have space? To log in as a host on Neighbor:
- Enter your location and type of room into the profit calculator to view it how much you could earn.
- Answer a few questions about your space: is it outside? What are the dimensions? How often can tenants access it?
- Set your price. The neighbor will recommend a dollar amount based on your location and type of rental, but the price is yours.
- Verify your identity with government issued ID.
- Add photos of your room and some information about yourself.
The entire process takes about 10 minutes. If you need help, activation agents can help you control the process and improve your listing.
What you should know before signing up
It’s free to post a listing, but the hosts are responsible for paying the 4.9% per month processing fee if they have tenants. The neighbor makes money by charging the tenant an additional 5% to 20% depending on the reservation. With neighbors’ prices being half the cost of traditional storage, renters save money as hosts make money.
The neighbor will also give you tips on how to make your listing stand out and make more money. For example, having good quality photos of your space can help you attract more tenants. An offer of 50% discount can be offered for the first month.
If someone is interested in your space, they will get in touch with you. You can talk to them on the website or in the neighbor app about what they save, or even meet them in person before accepting them.
The neighbor has been helping hosts across the country bring in extra cash every month. So if you want to make a little more money with your empty basement, Click here to see how much you could make.
Kari Faber works for The Penny Hoarder. Your neighbors are the best – in the truest sense of the word. You have been recognized as the best neighborhood in America.
This article originally appeared on www.thepennyhoarder.com