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

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Newest Key West Commercial Properties on the Market

Tranquil ''Old Keys'' style marina nestled on a rare 1 + acre Oceanside lot with many possible uses! Deep water protected harbor with 18 large boat slips that can handle 50+ ft. yachts. Approach depth approx. 6 ft.+ at high tide with clearly marked channel. Lucrative Boat Rental business with 17 Boats included in the sale. Successful Vacation Rental Business with (10) Aqua Lodges and 1 houseboat also included. Water, New 30 Amp and 50 Amp electric at each slip. Fuel dock, concrete building w/office, ship store, workshop, and garage/storage. 2 Outdoor Showers, 2 Bath houses with indoor showers, stalls, and dressing area. New Waste / Pump Out Station, and fuel station. An additional separate concrete building used for storage on North side of property. Private marina, Must call for an appointment and sign an NDA/CA for more information. $9,750,000 Active

200 Treasure Harbor Drive ISLAMORADA, Florida

4 Baths 1,069 SqFt

Prime retail location on busy 300 block of Duval St. Good visibility in the 6 unit strip center located at the corner of Eaton St.Unit E is approx. 800 sf. and has been totally renovated including new flooring, ceilings, lighting and AC fixtures. Exterior of the entire building has been renovated as well. Private ADA compliant half bathroom. Ample customer and employee parking in the rear. Great mix of tenants including Wendy's, Kermits Key Lime Pie store, Nitro Ice Cream and Mystic Lobster Roll. Potential for retail or small restaurant. Tenants to pay their own Utilities incl. Electric, Water and Trash.Base rent is $80/sf. plus current NNN estimated at $24.50/sf. plus sales tax. Total rent is $104.50/yr x 800 sf. + $83,600/yr. or $6,966.67/mos. plus sales tax.Interior photo's coming soon. $5,334 Active

335 Duval Street E KEY WEST, Florida

2 Baths 6,495 SqFt

Prime Commercial Investment property in the heart of Big Pine Key at MM 30. Commercial zoning allows for many other Commercial uses. Large lot is 20,150 sf. or just under 1/2 Acre. Good visibility with 120' of frontage on Overseas Hwy x 167' deep. There is some parking in the front of the property and within FDOT right of way. Also, large vacant land in rear of building for possible added income with parking, equipment storage or may be potential for additional building. Current CBS single story building is 3,200 sf. Formerly divided up into a 6 unit strip center it is currently fully occupied by 4 tenants. Each tenant is mos. to mos., or soon will be. Leases have been short term and tenants paying below market rents. First time on the market since current owner purchased property in 1977! $1,150,000 Active

30200 Overseas Highway Big Pine, Florida

3,200 SqFt

Join the exclusive Duval Square with this prime 733 sf. commercial unit. Walking distance to everything downtown on Duval St. Offering for sale at one of the lower prices per sq. ft. in the complex. This unit has been extensively renovated in the last two years including new AC, LPV flooring, new lighting, exam rooms, half bath and freshly painted. Unit has a nice open reception area with two private exam rooms. There is also a good size storage room in the rear. This space has a lot of natural light from 2 large plate glass windows and glass french doors in the front. This unit has good visibility with substantial frontage and a large sign above the entrance. Unit comes with 1 private parking space in the garage and ample parking for employees and customers in the front. Currently leased from Oct. 2022 to Sept. 30, 2025 total rent paid including base rent, cam and sales tax $3,317 per mos.The business, furniture and equipment seen in the photo's are not included. $625,000 Active

1075 Duval C-20 Street C20 KEY WEST, Florida

1 Baths


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