In these unprecedented times, it’s a good idea to generate some passive income in case of another world-shattering event that keeps you from being able to earn income.
One of the best ways to earn income passively is with your unused property. Turning your extra building into a rental property for individuals, families, or businesses is a great way to get your mortgage paid without having to do much, if any, work.
If you aren’t sure exactly how to advertise to get reliable renters in, consider these three ways to make money with your rental property!
If you’re not sure how to get the most out of your property, or if you’d like some assistance with keeping it rented at all times, consider using a property management company in Orlando, FL.
A property management company can handle all of the details of screening potential renters, including:
· criminal checks
· credit checks
· employment verification
· contacting references
Typically, a property manager charges a small fee for their services, usually a percentage of the total monthly rent.
Platforms such as Airbnb are perfect for those that want short-term renters or wish to have more control over who can stay in their property.
The benefit of using property-sharing platforms is that they allow for a higher income potential since you can set the price based on demand, location, and special events. Additionally, rental platforms maintain detailed reviews on renters so you can make sure that a renter will not damage your property.
If you don’t want to have to manage or take care of renters, consider offering your rental to companies looking for an event space. Event spaces can be rented for several thousand dollars a day and typically include catering, music, and other options.