I Turned My Home’s Extra Space Into $20K: Tips for This Passive Income Side Gig
Written by
Gabrielle Olya
Edited by
Gary Dudak
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Monica Miranda was working 50 hours a week as a Los Angeles-based chef and barely making enough to scrape by. Two years ago, she listed extra space in her garage and driveway on the self-storage marketplace Neighbor, making $20,000 in passive income in the process. The extra income has allowed her to cover her monthly expenses while still having money left over to save and invest.
GOBankingRates spoke with Miranda about her side gig and her tips for others who want to cash in on the extra space in their homes.
A Creative, Easy Way To Boost Income
Miranda first found out about Neighbor while searching online for creative ways to earn extra income. “Originally, the idea was to rent out a room in my house,” she said. “However, [I] ended up [renting out] half my garage and extra driveway space.”
Once her listings were live, the money started pouring in. “My income has been steady,” Miranda said. “My first renter is still using half my garage space, as they moved out of the country temporarily.”
Miranda has rented out her driveway to different people but says she only spends about 10 minutes a month managing this listing.
“I recently lowered [the rate to rent] my driveway space to get more bites,” she said.
‘Just Do It’
If you’ve thought about renting out extra space in your home for cash, Miranda said, “Just do it.”
To ensure it’s a seamless experience, she recommends setting expectations with your renter ahead of time.
“Make sure you have clear and transparent conversations with the renter to make sure everyone is on the same page,” Miranda said. “Don’t rent to someone you aren’t comfortable with — i.e. someone who wants to live out of their motor home in your driveway.”
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