How to use the extra space in your home to make money

GM. This is Work "After" Work, the newsletter that huddles up 30,000+ like-minded people like you getting ahead in life.

Set, hike!

It’s Friday Eve! Here’s the docket for today:

• 🏠 Renting out your empty space

• 😂 Meme of the day

Before we run it in for a touchdown, to the 93 new readers since my last email. Welcome to the WAW fam! 😊 

Down to save money on gas and groceries?

Last year I saved close to $400 on gas, and it’s all thanks to this one app I use called “Upside”. I’ve talked about them before but they’re probably the best cashback app out there. 

Not only can save on gas, but you can also get:

• 50¢ off EACH gallon at the pump

• 45% back at restaurants

• And 30% back at grocery stores

The app is super easy to use and you get paid out super fast! Plus if you use the promo code “FAARES25” you’ll get an additional 25¢ off your first gallon. That’s almost a whole $1 off at the gas pump!

If you’ve been looking to save some money, I highly recommend checking out Upside! (click this link to see how much you’ll save based on your spending)

During hard (and expensive) times everyone is far more likely to downsize (companies and employees alike).

Loads of people are pushed into renting or downsizing and suddenly have all this extra stuff they don't know what to do with.

Most don't want to give up or sell their possessions. After all, many items have sentimental value and when things turn around they'll come back for it.

That's where the opportunity lies with this side hustle. It's simple, easy, and my favorite - passive.

You could make money from renting out your dusty crawlspace or empty closets and help people in need. That's what I call a win-win.

There are many ways to do this. You could go the Facebook Marketplace or Craigslist route and list your space for rent or you could use a service like Neighbor, which already has the marketplace, is a little easier to get up and running, but will take a cut (the price of doing business)

Neighbor is like Airbnb for storage without the pesky guests.

It matches you with paying customers looking for extra space to put their stuff. Whether that be storing a bike, kayak, or a car if you have an extra parking spot.

You may be thinking "But why use Neighbor instead of just an ordinary storage unit?"
Because it's on average $40/mo cheaper. And if you're in a big city it will be closer than your nearest Public Storage.

Approximately 11% of American households rent out storage space for their excess belongings.

Pair that with the self-storage industry being one of the fastest growing real estate segments for the last 40 years generating $30 billion in annual revenue and I don't see it stopping anytime soon.

So, how do you make money?

You, the "landlord", list your open space. This could be a garage, driveway, basement, backyard, closet, etc.

Then renters browse. The most common items stored are motorcycles, bikes, furniture, keepsakes, and sports equipment. You might even get a classic car to look at every day if you're lucky (and have the room).

As a host, you have the power to vet and examine everything being stored on your property before granting permission so there's no funny business.

When you receive a booking request, you can chat with your potential renter to find out more about their items and arrange a convenient drop-off time. If you don't give the green light within 24 hours, the reservation will be declined automatically.

How much can you make with neighbor?

Here's a Reddit user who made $1,000 a month using the platform.

Other top hosts are raking in up to $10,000 a year according to the site, but I think this is a bit high. It all depends on a few factors:

• Size Matters: The more space you have to rent, the bigger the potential for income.

• Location: If you're in a high-cost-of-living area, you can charge more for your rental space. Think about it, if you have a spacious garage in a bustling city, you can charge premium prices.

• Extras, Extras, Extras: Adding security systems, cameras, climate control, and private access can command premium prices and increase your earning potential.

• Occupancy Rates: The more you rent out your space, the more money you can make.

So, what can you charge? 
Listen up. I've browsed the local listings so you don't have to. Here are some of the rates people are charging for different spaces:

• Garages – $150-$500 per month

• Driveways – $150-300 per month

• Closets – $20-50 per month

• Sheds – $75-200 per month

• Spare bedrooms – $250-$500 per month

And if you're worried about your kids accidentally shattering someone else’s expensive glassware, Neighbor offers $1,000,000 in free coverage so you can sleep at night.

HERE ARE THE 3 STEPS TO GETTING STARTED:

MEME OF THE DAY 

😂😂 

*If you didn’t see, Amazon claimed they were using AI at their “just walk out” stores but in reality, it was 1000 people in India watching cameras and being remote cashiers.

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And that's a wrap folks! Enjoy your weekend :)

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.