How to make a passive income by renting out your pool, car or driveway
You already own it, so why not make money on it? More and more websites and apps are popping up to make it easy for you to earn a passive income.
Take the Bykovs, for example. The loving family loves their backyard but when they arent using it they rent out their pool on the app "Swimply."
"When we first started out, we were just trying to cover the cost of the $200 maintenance cost," said Alex Bykov.
In two years, the Bykovs have hosted hundreds of guests by renting out the pool for $65 an hour.
"In the last two years, I've made a little over $80,000 which has covered the cost of pool," said Bykov.
Swimply covers their insurance but takes a split of the rental fee as the family sits back and counts the cash.
"It's been a great source of income," said Bykov.
Across town, Kristina Hauser has a driveway that can fit four cars — a much-needed asset close to the airport. To make some money on the side, Hauser rents out the prime spaces on an app called Neighbor, which features everything from garage spaces, driveways, closets and parking for a few.
"Nowadays, you have to have several income streams so it's great," said Hauser. "I have the driveway anyway. I may as well make it make money for me."
Got an extra car? There's an app for that too.
Turo allows you to rent out your car to someone. The app features more than 1,400 different types of vehicles in 7,500 cities.
"For a lot of people, their vehicle is their most expensive asset," said Turo spokesperson Catherine Mejia. "So, to split that on its head and make money on it is a game changer for so many households."
Similar to the other apps, Turo takes a cut depending on how much insurance the host wants on their vehicles. The app allows the borrower to pick from an assortment of small, big and even electric cars.
"It's also a way for travelers to make sure that their tourism dollars are going right back into those communities they're traveling in," said Mejia.
Finally, if you love doing laundry, Sudshare allows you to wash another person's garments in your washer and dryer.
"It's the only thing I can think of that would ever give us the freedoms that we want," said Bykov.
Freedom to drive, splash or just park your way into making money on things you already own.
