Investing 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.
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Newest Key West Commercial Properties on the Market
![2710 Roosevelt Blvd Boulevard N KEY WEST, Florida Prime Restaurant/Bar location for lease in Key West. Seller is motivated and will consider all serious offers. Very visible endcap location in Overseas Market. 6,000 sf. interior available and includes all Furniture, Fixtures and Equipment. Licensed for over 200 Seats. Includes an SRX/COP liquor license and a large full service bar inside with bar seating and tables. Comfortable Indoor AC dining and outdoor patio seating available. A ton of parking surrounds the restaurant. Perfect location for a major national Restaurant and Bar or other Retail uses are possible. Favorable, long term 20 yr. lease in place, started in Feb. 2017 with approx. 14 yr. balance. Landlord Approval required for any Lease assignment. Current Denny's franchise is optional and would require Denny's application and approval. Denny's opened in Key West back in 1996 at another location by current franchisee. Overseas Market just went through major improvements. Current tenants in Overseas Market include Winn Dixie, Ross, CVS, Five Guys, Domino's, Advanced Auto, US Post Office, Jersey Mike's and other retail and office tenants.](https://cdn.photos.sparkplatform.com/flk/20240524160808514044000000-o.jpg)
2710 Roosevelt Blvd Boulevard N KEY WEST, Florida
2 Baths 6,000 SqFt
![295 51St Street Gulf MARATHON, Florida Exceptional 6-unit multi-family commercial property conveniently accessible from both 51st Street and 50th Street. This property offers unparalleled convenience and charm in the heart of Marathon. Comprised of three buildings surrounding a serene courtyard oasis complete with a sparkling pool, tiki bar, and grill. Boasting a total of five efficiencies and a separate two-bedroom, two-bathroom unit, making it an investor's dream. Each unit has undergone extensive remodeling, featuring tile floors, impact windows, AC systems, state-of-the-art appliances, cabinets, and quartz countertops. Ample off-street parking for over eight vehicles. Zoned MU Commercial with six TBRs (Building Rights), this property offers versatile opportunities for investors, whether for short-term rentals, long-term leasing, or commercial endeavors.CA/NDA and proof of funds or bank pre-approval is required.](https://cdn.photos.sparkplatform.com/flk/20240408235334380252000000-o.jpg)
295 51St Street Gulf MARATHON, Florida
7 Beds 7 Baths 2,614 SqFt
![243 61St Street Gulf Street MARATHON, Florida A rare and unique income producing Hotel in Marathon. Tropical Cottages is a boutique & very profitable Mom and Pop Motel. Total of 11 valuable Transient Licenses, 13 Rooms plus office with kitchen & check in room. There are 9 buildings on the property, 8 adorable free standing cottages and the main building with 3 rooms. Each room has been tastefully and tropically renovated inside and out. Each room is unique and comes fully furnished. Most of the units have small kitchenettes including sink with microwave and refrigerator. All units have refrigerator & microwave. Each of the cottages have shiny new Victorian shingle roofs. Additionally, there is a large Tiki Hut & Bar along with Food Truck with seating area. The Food Truck is leased for $5,000 per mos. and the Tiki Bar operations are owner operated. Both add to income and a great amenity for the guests. On site is a full laundry room with Commercial grade washers/dryers and storage rooms throughout. All housekeeping is done on site. Small but friendly efficient staff has been there long term and willing to stay on with new owners. There are a total of 6 lots encompassing over 1/2 acre of land, total .56 Ac or 24,384 sf. There is ample off street parking for guests. Zoning is GC and land use is recognized as Hotel/Motel. Bonus of Deeded waterfront access at the end of 61st St. which has a boat ramp and staging area for all types of watercrafts and sports. Same family ownership since 2010. Tropical Cottages was started back in the mid 1950's as a Fish camp and is one of the few remaining Mom & Pop Motels throughout the Florida Keys. Priced at just over 7% cap rate. Motel generates substantial Net income year after year to current owners. Sellers may consider Seller Financing to a qualified buyer and must have 40%-50% or more down payment. Terms to be negotiated.](https://cdn.photos.sparkplatform.com/flk/20240306215504991065000000-o.jpg)
243 61St Street Gulf Street MARATHON, Florida
13 Beds 14 Baths 4,461 SqFt
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