4 Ways to Earn Rental Income from Your Primary ResidenceInvesting in real estate has long been a way for average people to earn rental income from properties they own. In most cases, that income is derived from properties specifically acquired to provide it.
However, there are ways to generate income without acquiring a property separate from the one in which you live. Here are four ways to earn rental income from your primary residence.

Buy a duplex

This isn’t an unusual way to get a start on real estate investing. If you’re ready to buy a home for yourself, you might consider a duplex rather than a single-family home.
The idea is to live in one half of the house and rent the other half out to someone else. Depending on the area, you might be able to charge enough rent to cover your mortgage payment. In this case, you’d have a place to live basically at no charge.
If you can rent the half you don’t live in for even more than your monthly home loan payment, you’re turning a real estate profit on a home you’re living in for free.

Share your space

Another way to earn rental income from your primary residence is to rent a bedroom you’re not using. If you have, say, a three-bedroom home and only use two, you could advertise a room for rent and attract a tenant.
If your home can accommodate it, you might even be able to rent out space that you don’t have to occupy at the same time as your tenant. A basement with a separate entrance, or a living space above a garage, or an under-utilized attic could be converted to rental property without you having to cross paths with tenants in a common living area.

Look outside

If you have a garage and don’t use it all, or if you have a lot of land, there might be opportunities to rent space for parking or outdoor storage.
Parking and/or outdoor storage space is frequently in demand. Not everybody uses every car they own, and boats, campers, ATVs, etc. are often in need of storage. If you have available space, you can probably rent it out.
Even in urban areas, where parking is at a premium, you might be able to rent out a street parking spot if you don’t need it. If your city residence comes with a parking spot that you don’t require, someone else probably does. And you can charge for it.

Let someone live there when you’re not

Thanks to popular websites that market your property for you, short-term rentals have become all the rage. If you travel a lot, you might consider advertising your home as a short-term rental. It’s as easy as signing up online and listing your place as available when you’re not there.
Private residences are often more economical for travelers than hotels, and your furnished home might attract folks who will pay you on a per-night basis, which can be more lucrative for a property owner than long-term subleasing.
If you get a keypad-type door lock, it’s just a matter of texting guests a code. You can charge for a certain number of nights’ minimum, and even ask for cleaning fees. It’s easy these days to get paid for your home while you’re out of town.
Again, the common perception is that generating rental income involves purchasing a property specifically for that purpose. Plenty of real estate investors do that, but there are also ways to generate rental income from the place you already live.

Hot Key West Business Opportunities

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In the meantime, check out these 1-click searches:

Newest Key West Commercial Properties on the Market

Exceptional commercial waterfront opportunity in the heart of Marathon. This prime commercial property consists of five contiguous lots totaling approximately 30,000 square feet, with 300 feet of highway frontage and 300 feet of waterfront. The property includes 18 boat slips with a control depth of approximately 5 feet, offering outstanding maritime access and functionality.Zoned MU-M (Multi-Use Maritime), this versatile zoning allows for a broad range of uses including maritime industry operations such as fishing equipment sales and service, seafood processing, marine-related manufacturing, and boat storage. Additional permitted uses include retail, restaurant, affordable housing, and residential development, making this a uniquely flexible investment property.Parcel IDs include: 00362930, 00363940, 00362950, 00362960, and 00362970. The seller will provide a complete list of all personal property included in the sale, including major furniture, fixtures, and equipment. This is a rare opportunity to acquire a substantial, high-exposure commercial property with extensive waterfront and mixed-use potential in one of the most desirable areas of the Florida Keys. $6,500,000 Active

38 Coco Plum Drive MARATHON, Florida

1 Baths 5,439 SqFt

Waterfront 103 Unit RV/ Mobile Home Park in Key Largo! A rare find anywhere in the Florida Keys or even all of South Florida. Same family ownership since 1996. The Bayside Site encompasses 6.15 Acres Uplands and includes 29 wet boat slips. County recognizes 53 Residential Dwelling Units (48 MH & 5 Attached), plus 50 Transient Residential Dwelling Units from 50 RV lots. 98 Units are currently online. The owners only own one MH, the others are all tenant owned.URM Zoning allows possible commercial redevelopment including Vacation Rentals & Marinas or remain affordable & sell and transfer entitlements. Baybottom lease with State of FL. Site plans are in place for options to redevelop the uplands. One plan design lays out 33 RV pads and 29 Mobile Homes, 62 units total. The Balance of recognized but unused entitlements may be sold off. Another redevelopment calls for 35 Single Family Homes and 63 Hotel Bungalow Suites. Both plans include Clubhouse, Restaurant, lazy river plus two additional pools, coffee shop and souvenir shop as matter of right without going through the County major development process. $21,000,000 Active

101600 Overseas Highway KEY LARGO, Florida

3 Beds 3 Baths 3,717 SqFt

Boutique commercial, ground floor office condo for sale in Old Town at Seafoam Condominiums. Only one of two Commercial units in the building. This 665 sf. office is turnkey and perfect for Professionals looking for a small office to own vs. paying rent every month. Great location and close to everything in town either by walking or biking. Exterior has several large pane windows for natural light inside. To enter off the sidewalk there are a set of gorgeous, hand made mahogany french doors. Also, there is an interior side door for private access. Interior has 12' ceilings and the layout includes front seating area with a receptionist window, administrators office and private office in rear. Half bath is ADA compliant. This unit has been totally renovated and ready to move in. Renovations include new Brazilian cherry wood floors & keystone flooring in the bathroom. upgraded electric and lighting, freshly painted, Central AC and wireless Security system. Seafoam building has coded entrance, atrium hallways and large in-ground concrete pool exclusively for Condo owners and guests. HOA fee of $1,286/mos. includes insurances and reserves. Includes Liability, Wind and Flood insurance. Building has never flooded and in X flood zone. Building is up to date with SIRS and milestone inspections. Additional $587/mos. special assessment for windstorm insurance. Same owner since 2008. $560,000 Active

812 Fleming Street 2 KEY WEST, Florida

1 Beds 1 Baths 665 SqFt

Prime Mixed Use Income Producing property for sale. Total of 6 units. There are 2 Commercial units on ground floor facing Truman Ave. Both Commercial spaces now occupied by the Seam Shoppe, a long term, stable tenant. On the 2nd floor there are 4 good size apartments. Each 1bedroom and a loft bedroom and 1 bath. Each has use of large, outdoor deck in back. Potential Gross rental income approx. $15,000/mos.Total of 6 Water and Electric Meters. Rear parking lot for 4 + or - cars. Building in good condition and well maintained.Excellent Replacement Property for a Buyer looking to perform a 1031 Exchange.Owner may consider Seller financing to a Qualified Buyer at Seller discretion. $2,150,000 Active

1109 Truman Avenue KEY WEST, Florida

4 Beds 6 Baths 4,410 SqFt


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