Forbes has advised that “owning assets that produce income is a better financial strategy than owning assets that generate expenses”. While getting a foot on the property ladder, by owning your own house or apartment, is a savvy way to spend your money, it is not as beneficial as being able to rent that property. Renting will allow you to receive a return on your investment. That is why, whenever possible, it is important to explore the world of renting. Below is a list of 4 ways for you to make as much money as possible from renting.
Property management
To make money from the world of renting, you do not necessarily have to own your own property. Instead, you could consider joining a property maintenance franchise. As a property manager, you will be responsible for finding and screening tenants. You will provide inspections, facilitate maintenance and repairs, and potentially process evictions. You will have the opportunity to work with real estate agents and will be focused on gaining business referrals. In this ever growing market, this is a fantastic career path. It is also perfect for beginners as you don’t need any experience to join this network!
Energy efficient
The majority of rented properties include bills in their rental agreement. This is an effective way to attracts residents, but it can often leave you with huge bills. Often, your tenants won’t be too concerned about the amount of energy they are using because they will know that you are the one who is footing the bill. To lower your costs as much as possible, look into making your property more energy efficient. This way, even if you have uncooperative tenants, you will at least have some control over the amount of energy they are able to waste. It is important to remember that making your house more energy efficient doesn’t always come at a cost. In fact, there are a number of cheap and easy ways for you to make sure that you are conserving energy in every way possible. You will certainly notice the difference when it comes to paying your monthly bills!
Rent a room
If you cannot afford to purchase a property that is separate from the one you are currently living in, but you do have the luxury of a spare room, why not try renting it out? This is a great way to make money without having to take the plunge and invest in a separate piece of real estate. It is also great practice for acting as a landlord. If you live in a city, or an area that many people commute to, why not look for tenants that are likely to be returning home at the weekends? This is a great way to make sure you at least have a little time for yourself, and you are not too inconvenienced by sharing your home with a stranger. Renting a room is a great way to meet new people, make money, and share your bills.
These are the basic tips to make money from renting a home or commercial property.
