Part 3 in the 3-part series of easier ways to #makemoney than writing books
I know you’re thinking houses and apartments, but think smaller.
Rental Property
Rental income offers authors a flexible way to supplement their writing income without significant additional time investment. While real estate remains a popular option, the sharing economy has opened up numerous other possibilities:
- Property rental: This can include long-term home rentals or short-term options like Airbnb for spare rooms or vacation properties.
- Vehicle sharing: Platforms like Turo or Getaround allow car owners to rent out their vehicles when not in use, turning an often-idle asset into an income source.
- Equipment and tool rentals: Specialized or expensive items like power tools, cameras, or camping gear can be rented out to neighbors or through online platforms. This is particularly useful for items that are infrequently used but in high demand.
- Space rental: Authors with extra storage space, parking spots, or even desk space in a home office could rent these out on a short or long-term basis.
- Expertise rental: While not a physical asset, authors could “rent out” their expertise through consulting or coaching sessions related to their writing niche.
This diversified approach to rental income allows authors to start small, perhaps by renting out a seldom-used power tool, and scale up as they become more comfortable with the process. It provides the opportunity to generate income from existing assets without a large upfront investment.
The key is to choose rental options that align with the author’s lifestyle and do not significantly detract from writing time. Authors should also consider factors like insurance, wear and tear on items, and any local regulations regarding rentals.
By creatively leveraging their assets for rental income, authors can build a more stable financial foundation, allowing them greater freedom to focus on their writing careers.
