4 Ways to Make Extra Money by Renting Out Items That You OwnInsured by Carver
4 Ways to Make Extra Money by Renting Out Items That You Own
We all have our reasons to make extra money. It might be to build an emergency fund, save up money for holidays, do some shopping, fund your travel, pay off debt, etc. We all have our needs, and we want to find ways to earn extra money for them. Fortunately, there are several ways to make extra money and one of the best and easiest ways is to rent out items that you own. If you have extra space, a car, camera equipment, a cluttered garage, etc., then you have got the potential sources of passive income.
Following are 4 ways to make extra money by renting out items that you own:
1. Renting Out Your Car
There are many websites that can help you rent out your car. Some of the recommended ones include Turo, Fetch, and GetAround. These websites rent cars to tourists. Turo works best if you are able to meet renters in person to hand off the car keys. Fetch and GetAround use keyless technology that they charge you to put in your vehicle. It’s a bit expensive to install but it is very convenient when it works. If you have a classic car, then it is recommended that you rent it out via Giggster. This website rents cars by the hour to photographers and studios.
2. Ad Space on Your Car
If you don’t want to rent out your car, then consider renting the space on it to make extra money. You can basically rent it out as a kind of rolling billboard. Websites such as Promotocar, Wrapify, and Carvertise will pay you to wrap your car with advertising or place placards on its doors. You then drive it as usual. The money you earn varies depending on how much you drive, the length of the campaign, and the advertiser.
3. Renting Out Camera Equipment
If you have high-end photography or lighting supplies, lenses, cameras, etc., websites like KitSplit and ShareGrid specialize in listing and renting it out to photographers and moviemakers. Furthermore, these sites also have insurance policies in place to cover voluntary parting. However, there are some limitations so be sure to record everything that you are renting out.
4. Renting Out Your Room or House
If you have a room in your home or even a whole vacation home or guest house, there are many options to rent it. You can rent it by the hour, by the day, or by the month. To rent out your room by the hour, visit Splacer, Peerspace, and Giggster as they are some of the best websites for this purpose. To rent a room by the day, you can rely on Airbnb. To rent by the month, you should advertise on Craigslist. Nesterly and Silvernest are also good options.
It doesn’t matter whether you own little things e.g. tools and camera equipment, or big things e.g. cars and houses, there’s a platform to help you rent it out and make extra money. One thing you will need to keep in mind, however, is whether or not there could be ramifications with your insurance policies. You will want to check with your insurance agent to find out if renting out your car, or placing ad space on your vehicle, will have any effect on the validity of your current auto insurance policy, or if you will need modify your coverages at all. If you are considering renting out your room or house, you should also check with your insurance agent to find out about any limitations that may apply with your homeowners and or renter’s insurance policy. Whatever you do, just make sure that as you are making profits for renting out items that you won, that you are also protecting yourself and your assets.
Carver Insurance Services, Inc. is a local insurance agency that has been serving residents and small businesses in Murrieta, Temecula, and surrounding areas since 2004. Started by Diana Carver; a second generation insurance broker with over 25 years experience, when after working for several insurance brokerages, Diana felt the need for a brokerage that was efficient and progressive, while still keeping that “hometown” feeling.
Carver Insurance Services, Inc.’s goal is to help you determine what insurance needs you have, meet those needs, and then help you prepare to meet future goals. The Carver Insurance Services, Inc. Family and its agents would love for you to stop by one of their two convenient locations for a free insurance quote or just to say, “Hello!”
For more information, give Carver Insurance Services, Inc. a call today to talk to a friendly, helpful agent.
Carver Insurance Services, Inc.-Temecula
33321 Temecula Parkway suite #102, Temecula, 92592