The real estate market is tougher than ever. It is difficult for the average person to buy a primary residence, let alone own rental properties.
I own two rental properties, and it’s safe to say that they are a pain in the rear end. Being a landlord is not for most people.
However, everyone’s goal should be to generate passive income to fund their lifestyle and retirement. The major sources of passive income are dividends, royalties, business, and rents.
- Start a dog park in your yard.
- Renting rooms.
- Renting storage space.
- Start a community farm.
- Convert your car into a rental.
So how does one earn passive rental income without owning rental properties? Well, I am glad you asked. Let’s get started.
Five Takeaways from “The 10% Entrepreneur”
1) Start a dog park in your yard. I wrote an article two years ago about creating a dog park in your own yard. This option seems to have improved over the years.
You can operate your dog park through Sniffspot.com. It’s not about the size of your yard but how nice the amenities you provide.
I have three acres of land in Florida but have been away for three years. I am eager to get started once I retire from the military in two weeks.
If you have a dog, then adding the extra amenities will be beneficial to them as well. You can add an obstacle course, shaded areas, and water spots (for humans and dogs).
The Hunt for Baby Bonds
The more you think outside the box, the more the audience will notice your place. Remember, dogs are big business, so think like a dog lover. The book “Walk Yourself Wealthy” may give you more insight into running a dog-based business.
2) Renting rooms. Renting rooms is my favorite way to generate rental income. The key is to have an exit strategy.
My wife and I rented rooms for 4.5 years and walked away with a $240,000 dividend portfolio. Yes, renting rooms can be very lucrative.
However, if you just rent rooms to pay bills, you’ll be stuck with roommates forever. If you can find the magical great roommate, you’ll be printing the easiest money you’ll ever find. Just don’t expect to find this roommate.
Email Money: Dividends, Rents, & Royalties
The best idea is to convert your room rental income into dividend income. This allows your dividends to purchase your freedom from roommates eventually.
3) Renting storage space. You can rent your garage, yard, or parking space via the Neighbor.com website.
Once I get home, I plan to buy three shipping containers to place on my three-acre lot. They look to cost $2,000 each before delivery costs.
Looking at the website, I can earn $150-$200 per month from each of these. At $150 per month, that’s a 90% return on my investment ($1800/$2000)—in one year.
Become a Bonafide Investor: Debt vs. Equity
This venture definitely looks to be lucrative. I plan on detailing my shipping container journey over the next few months.
4) Start a community farm. It’s safe to say that most Americans don’t know how to grow their own fruits, veggies, and herbs.
As inflation keeps rising, there is going to be a need for people to grow their own crops—it’s simple math. To lower your costs, reduce your inputs.
If you have a small garden, even a herb garden, look to rent some of your space. Ideally, you would provide some classes for people to learn as well.
Grace & Passive Income
The book “Dirt Rich” will give you an insight into running a community garden and a U-Pick-Farm.
I recently went to a strawberry farm in Irvine, California, and there were so many people there. They were literally printing money. Farming will become more lucrative moving forward.
5) Convert your car into a rental. You can make a decent amount of money by renting your car on Turo, especially if it doesn’t have a car note.
I own three cars and had planned to rent one via Turo when I returned home. However, my eldest son will be driving in two months, so my plan fell through.
The Magic of Living Below Your Means
However, I may purchase a vehicle specifically for Turo. The key is to find cars that stand out in your area.
In Southern California, Teslas do not stand out, but they do in the panhandle of Florida. In California, you’ll probably need a Rivian or Cyber Truck to make huge money.
My friend started Turo two months ago and is already making over $1,000/month. Her minivan was paid off, and it was just sitting there.
From her experience, I’d say it’s best to get good at washing your vehicle and earning five-star reviews. She takes it seriously and continues to make serious money.
Fitness in the Metaverse
The importance of rental income. It is crucial that you start earning rental income. Every stream of passive income comes with its own quirks, and only you can discover them.
It’s important to make even a tiny income from various income streams. The time to start a new income stream is not during a recession—but before.
Conclusion. The people with five-star ratings will be successful during the recession. Start thinking outside the box today to generate outstanding returns tomorrow.
Budget vs. Fixed Income
My wife and I rented rooms until we earned $1,500/month in dividends. Now it is time to move into our next ventures.
My next move is to purchase my shipping containers and rent them via Neighbor.com. Once I discover the different quirks of this income stream, I can decide to expand, reduce, or diversify.
Don’t forget that you can also create a corporation around some of these business models. Starting a corporate entity can increase your take-home revenue once you learn the tax laws.
Always look for ways to bring more money into your household. Those that are stagnant will pay the price of inflation. Good Luck!
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. All Right Reserved Military Family Investing
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