Make An Extra $500+ A Month With Your House

Christmas time is here and we're all looking for more ways to add some cash into our dry-pockets. Did you know there is a way that you can leverage your house to make an extra few hundred dollars a month? Yeah, it's true. You can use empty rooms in your house (or an empty house in general) to generate monthly income for your wallet.

It's called AirBnb! Before you go and say, "I can't AirBnb my house!" I just want to give you a quick overview and some alternatives of how you can turn empty spaces into $$$! AirBnb is one of the fastest growing companies in the travel industry and they are even starting to replace hotels world-wide. HVS Global Hospitality Services estimated that hotels lose approximately $450 million in direct revenues per year to Airbnb (iPropertyManagement article).

We know that AirBnb is a hot-trend and you can make money with it, but how do you do it? It simple! There are several ways you can make money with AirBnb:

1. Rent Out Your Entire Place. AirBnb has several options for people when they are looking for places to stay. They can rent an entire place or just part of a place. Did you know that you could furnish your house and list it on AirBnb! You may be thinking, "I don't have time to manage an AirBnb." Yeah, I don't really either. But there are property management companies and apps that will handle all of that for you. You just need to provide the place. My aunt and uncle have been doing this for years!

2. Rent Out A Room. Like I said, people can choose to rent out an entire place or just a room at your place. You can just rent out separate rooms throughout your house. This route does not make near as much money as the first option, BUT it still is a way to generate income. Maybe you live all alone in a 3 bedroom house and want to make more money. You can furnish those rooms and list them as rooms on AirBnb. It's not everyone's cup of tea to be sleeping under the same roof as a stranger, but if you have the willingness, you can make some $$$!

3. Rent Out Someone Else's House. Maybe you don't own a house... Well, I'm sure that your mom, dad, grandparents, friends, or acquaintances might! You can actually go to those people and ask if you can AirBnb their places in return for a lease agreement. You and your partner would draw up a lease, you would pay them monthly rent for using the place, and you would turn around and put the house on AirBnb! How clever is that? So, you don't even have to own a house to do this! Real estate is awesome!

4. Manage Other Peoples AirBnb. Do you know someone who already has an AirBnb? There are a lot of people that get paid to manage these assets on a part-time basis. Maybe you don't actually want to have to deal with finding and furnishing a place, but you'd be fine with managing one. Take a chance, go to someone you know, and ask if they would want an AirBnb manager in return for a small fee per month - most of the times they want more freedom anyway. This is just another option when it comes to making money with AirBnb.

A Few Disclaimers. As you can tell, there are several ways that you can make extra money with your home or someone else's home. There are a few disclaimers I want to throw out their before you get started on your journey.

First, make sure you check your cities laws about AirBnb's before you embark on your journey. Not every city is AirBnb friendly and some have more strict rules than others.

Second, make sure you create a space/experience that is appealing. AirBnb is driven off of reviews and if you provide a space and experience that is bad, your listing won't last long.

Third, when it comes to AirBnb-ing someone else's property, make sure your lease states that you are able to sub-lease the house. I would recommend you have an attorney look over your documents to make sure you both are safe in the process of renting out your house.

That's how you can make an extra few hundred (or thousand) dollars a month with AirBnb. If you have an AirBnb and make money with your house, let me know below! I would love to hear how your experience has been.