As a longtime renter myself, it never occurred to me that my own little metro Detroit apartment could be an income generator. I’ve been more concerned with getting that check over to my landlord by the first of the month since as long as I can remember, at least since college. That all changed when I read the provocative post How I Generate Extra Income by Letting Strangers Pay My Rent, by Rebecca Rosenfelt onGetRichSlowly.org.
As a founder of her own site, RealSavvyRealEstate.com, Rosenfelt details how she’s managed to go years without paying her rent – or mortgage – in its entirety. And no, she’s not breaking any laws or in danger of being evicted.
As she writes: “I’m able to keep my condo and apartment because I let strangers pay my bills for me. I’ve created a situation where my home generates income.”
Rosenfelt details her tactics, which proved successful even in a high-rent New York City neighborhood. There’s no reason this process couldn’t work in metro Detroit or across Michigan.
From the concept of a seeking out a part-time roommate, with an opposite commuting pattern, fit to “share” her East Village apartment, she managed to save enough to buy a condo in Portland. She now rents out that space for longer stretches or extended vacations, using the services of a management company to make the process easier.
Rosenfelt is confident her methods would work anywhere. It takes a touch of creativity, an open mind and the discipline not to obsess over your space or the items you own. She does recommend homeowners and renters look into lease, zoning laws and condo bylaws before trying out her concepts.
Here are four ways to use your apartment or home to generate income:
- Vacation Rental – When you know you’ll be out of town for several days, post an ad for your home in the vacation rental section of Craigslist. Other great resources are AirBnB.com and SecondPorch (This could be a great opportunity for Detroit or Kalamazoo city-dwellers or those with homes Up North).
- Home Exchange – Consider doing a home exchange when you take vacations. A great place to start is HomeExchange.com, a vacation swapping website. (You never know when you’ll find the chance to trade your Clinton Township digs for a vacation house overseas)
- Room for Rent – If you have an extra bedroom in your home, consider listing it on a site like AirBnB.com, where travelers all over the world look for inexpensive accommodations. (Imagine your Troy bungalow as a B&B)
- Part-Time Roommate – If you travel regularly for work, find someone with the opposite commute pattern who needs a place to stay in your home city. Craigslist and social media like Facebook and Twitter are great resources for this.
I’d like to take this a step further. With the Michigan Film Industry growing here in our state, homeowners might consider listing their homes as a potential set location for a film shoot. If your home or business is chosen, you’ll be temporarily relocated with all expenses covered and could even come out ahead, financially. What’s more, you’ll earn bragging rights when the movie or TV show airs and all your friends and neighbors recognize your porch or living room.
For Rosenfelt’s complete story, click here.
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I think this is a brilliant idea and something worth exploring as our kids will be gone in 4 years. We have wanted to live downtown, but also travel. Best of both worlds.