3 Ways to Make Passive Income
You’ve probably heard that “the average millionaire has seven different streams of income” (Forbes). Whether or not you’re trying to become a millionaire, having extra cash around is always helpful. On top of everything else, many people find the thought of taking on more work overwhelming. The trick, though, is to work smarter not harder.
How exactly do you set up multiple streams of income without overexerting yourself? The answer is passive income. According to Investopedia, “Passive income is earnings derived from a rental property…or other enterprise in which a person is not actively involved.” The goal is to make money with little effort. I know it sounds crazy, but here are three of the best ways to earn passive income with tiny homes.
Become a tiny house landlord
Buy or build a tiny home and rent it out. They’re perfect for people who want a unique and affordable experience. Tinies are also one of the most economical ways for renters to get a private, detached space of their own. They can be used as short-term vacation rentals or for long-term stays. Not only are tiny homes a good option for renters, they’re also great for rentees. Because of their mobility, tinies can be relocated when desired. If you want to move the house for personal or business reasons, you can do that.
Rent out land or backyard space
You can still generate passive income from the tiny house industry without investing in your own home on wheels. Tons of people need a place to park their tinies. Whether their home is complete or they’re building their own, people are looking to rent outdoor space. Cities across the country have passed code making it legal to put tiny homes in backyards. A lot of people put their house in a friend or family member’s yard. However, not everyone with a tiny knows someone with a free backyard and vice versa. We’re here to help. If you have a backyard you’d like to rent out, we can help connect you with potential renters. Check out some of the parking spots currently available.
Sell tiny home
After owning a tiny home for a while you might decide you want to sell it. If your tiny home is certified and inspected (all ours are) it will be the most durable and have the highest resale value. Selling a business or assets can lead to upfront income you receive immediately; other times you’ll receive payments over time. Like most sources of passive income, selling a tiny home requires a lot of work up front but leads to financial gains and less work down the line.
The tiny home industry has been booming the past few years. If you can get a piece of the action early on, you won’t regret it. Anyone can benefit from earning money in their sleep. Rent a tiny, sell one, or rent your backyard to start earning passive income.
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