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4 Ways to Earn Rental Income from Your Primary Residence

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

1 Henry Morgan Road W 1 $38,000,000

1 Henry Morgan Road W 1 OTHER, Florida

99 Beds 119 Baths

1 Infinity Bay Road W 145 $28,000,000

1 Infinity Bay Road W 145 OTHER, Florida

99 Beds 170 Baths

1 Media Luna Resort Road W 126 $26,000,000

1 Media Luna Resort Road W 126 OTHER, Florida

99 Beds 109 Baths

$10,000,000

Other, Florida

30 Beds 33 Baths

27340 Overseas Highway $6,900,000

27340 Overseas Highway Ramrod, Florida

3,969 SqFt

1 Lands End  West End Roatan W $6,750,000

1 Lands End West End Roatan W OTHER, Florida

25 Beds 27 Baths

328 Whitehead Street $4,995,000

328 Whitehead Street KEY WEST, Florida

5 Beds 5 Baths 2,759 SqFt 0.330 Acres

7537 Overseas Highway $3,495,000

7537 Overseas Highway MARATHON, Florida

6,750 SqFt

91865 Overseas Highway $2,300,000

91865 Overseas Highway Tavernier, Florida

15 Beds 10 Baths 10,150 SqFt

100150 Overseas Highway $2,100,000

100150 Overseas Highway KEY LARGO, Florida

58835 Overseas Highway $1,499,000

58835 Overseas Highway MARATHON, Florida

3,414 SqFt

1000 Eaton Street $1,200,000

1000 Eaton Street KEY WEST, Florida

1 Baths 989 SqFt

Pirates Road $799,000

Pirates Road Cudjoe, Florida

Pirates Road $799,000

Pirates Road Cudjoe, Florida

2.200 Acres

Pirates Road $799,000

Pirates Road Cudjoe, Florida

96,547 SqFt

Are You Looking for Commercial Property in the Florida Keys?

Use our site to search commercial real estate in Key West and all of the Florida Keys. Unlike the “big name” sites out there, our site is directly connected to our local MLS and is updated with new properties every HOUR. By creating a Property Manager account you can stay on top of the newest businesses that go up on the market and get Price Change alerts so you can stay ahead of other buyers and beat them to the best deals!

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

  • All Businesses for Sale
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Newest Key West Commercial Properties on the Market

Offered for sale is Vaca Cove a 7 unit vacation rental property located in Marathon, FL.  The property is comprised of 7 stilted waterfront homes, dockage accommodating up to 40' boats per home, resort sized pool, fishing dock/kayak launch and built in 2016.  Each home is 1,740 Sq. Ft., 4 bedroom, 3 bath, open floor plan living area, large laundry, water front porches with open water views, private spas and covered parking.  This is an active vacation rental property with established management and increasing numbers.  Please do not go to property unscheduled.  Call for more information. $6,900,000 Active

12555 Overseas Highway A MARATHON, Florida

28 Beds 21 Baths 12,180 SqFt

The BB & T building is a centrally located landmark in one of the best areas in Key West. A prestigious location for this expansive second floor condominium executive office suite. Ideally suited for any professional office; medical, attorney, accountant, investment, real estate and or continued insurance enterprise. This tastefully decorated and expansive office suite offers many desirable features: More than 1900 sq. ft., 2-private balconies facing east and west, kitchen, reception, multiple private offices, bull-pen, conference and ample storage. Common area baths located immediately adjacent to the suite. Utilities included. $5,500 Active

1010 Kennedy Drive 203 KEY WEST, Florida

1,912 SqFt

The BB & T building is a centrally located landmark in one of the best areas in Key West.  A prestigious location for this expansive second floor condominium executive office suite. Ideally suited for any professional office; medical, attorney, accountant, investment, real estate and or continued insurance enterprise.   This tastefully decorated and expansive office suite offers many desirable features:  More than 1900 sq. ft., 2-private balconies facing east and west, kitchen, reception, multiple private offices, bull-pen, conference and ample storage.  Common area baths located immediately adjacent  to the suite.  The CAM monthly fee includes the utilities; insurance, building maintenance and 24 hour security.  Seller financing available.  Office furnishings negotiable. $585,000 Active

1010 Kennedy Drive 203 KEY WEST, Florida

1,912 SqFt

3600 sq. feet of CBS Twin Tee Construction WAREHOUSE with 17' interior height Insulated and Air conditioned.  3 Overhead doors. Ample Asphalt  Parking Cabinet Shop, Window Shop, Endless possibilities ******* COULD BE SUBDIVIDED *********Additionally available 1000 sq. feet of office space plus upstairs apartment.  Pricing will depend on size of space that is  leased. $26 Active

Key Largo, Florida

1 Beds 3 Baths

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Posted in: Key West, Rentals, Vacation Rentals Tagged: Primary Residence, Rental Income, vacation rentals

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Key West, FL 33040

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98880 Overseas Hwy.
Key Largo, FL 33037

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