- Work "After" Work
- Use the extra space in your home to make money
Use the extra space in your home to make money
here's an easy and passive side hustle
GM. This is Work "After" Work, the newsletter that huddles up 30,000+ like-minded people like you getting ahead in life.
It’s Friday, let’s boogie:
🏠 Renting out your empty space
😂 Meme of the day
Before we run it in for a touchdown, to the 103 new readers since my last email. Welcome to the WAW fam! 😊
During hard (and expensive) times everyone is far more likely to downsize (companies and employees alike).
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.
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'S THE 3 STEPS TO GETTING STARTED:
1. List your space
To get your space on the market bust out that handy measuring tape to take measurements and post a clean and clear photo of your space along with them.
You'll do the basics of setting up an account with some info about your property. From there, it's just a matter of providing accurate measurements and taking some pictures to show off your space.
Give it a quick sweep, take some nice photos, and set a price to list it publicly.
2. Be a responsive host
Once your listing is public you'll start to get inquiries from people in your area.
All communication is done through the site or app and you can reply as you see fit. Only accept the ones that you feel comfortable with.
3. Plan the move-in
Once you've selected a suitable tenant, schedule the move-in, finalize the deal, and start getting paid on a monthly basis via Stripe. At the end of each month, it will hit as a direct deposit in your bank account.
Want to add a little extra pizzazz to make even more?
Consider offering additional services like pickup and delivery, or even helping your customers pack up their belongings. Not only will this set you apart from other storage options, but you can also charge more for the added convenience.
People are willing to pay premium prices for convenience so take full advantage of it!
Pro Tip #1: Once you get your first few renters ask them to write positive reviews or "Vouches" about your space, service, and overall experience renting with you.
And to get your business mind turning... There's an arbitrage opportunity here. If you can find a space where storage is cheaper than what people are willing to pay for it on the app then you can pocket the difference! But it's up to you to find those opportunities in your area.
Happy hustling! 💪
Billionaires wanted it, but 54,578 everyday investors got it first… and profited
When incredibly rare and valuable assets come up for sale, it's typically the wealthiest people that end up taking home an amazing investment. But not always…
One platform is taking on the billionaires at their own game, buying up and securitizing some of history’s most prized blue-chip artworks for its investors. In just the last few years, its investors have realized annualized net returns of 17.8%, 21.5%, 35% and more from these opportunities.
It's called Masterworks. Their nearly $1 billion collection includes works by greats like Banksy, Picasso, and Basquiat, all of which are collectively owned by everyday investors. When Masterworks sells a painting – like the 16 it's already sold – investors reap their portion of the net proceeds.
It's easy to get started but offerings can sell out in minutes. However, as a trusted partner, readers can skip the waitlist to join with this exclusive link.
Performance of exited investments is not representative of artwork that has not yet sold and past performance is not indicative of future results. See important disclosures at masterworks.com/cd
MEME OF THE DAY
How it started How it’s going
— Trung Phan (@TrungTPhan)
Oct 17, 2023
Apple’s just been crushing it lately 😂😂
HIT THE INBOX OF 30K+ ENTREPRENEURS
Advertise with Work “After” Work to get your brand in front of business owners and freelancers. Our subscribers are highly motivated to make money and are always looking for their next interesting product or tool that can help in the journey. Get in touch today.
And that's a wrap folks! Enjoy your weekend :)
What'd you think of today's newsletter?
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.