Did you know that 44% of Americans work a side hustle to make ends meet in today’s economy? That’s not even so they live a highly luxurious life, but just so they can pay all their bills and not go insolvent.
If you have a California property that’s not being used to its max, or not being used at all, then you should consider getting creative with it to make that extra cash. This way, you won’t have to hustle as hard to live a good life.
Keep reading to find out how to put your California real estate to its best use.
1. Turn It Into Student Housing
If your California rental property has more than 1 bedroom, you could consider turning it into student housing, where university students rent each room and share the common area and bathrooms.
Even better if each bedroom has an ensuite bathroom. Then, each room can be a sanctuary for the students renting them.
Just be conscious of the fact that students do tend to utilize rentals a bit more carelessly than professionals or young families would. Also, they would only rent the room while they are in university and your rental would stay empty during the summer break.
2. Rent It Out to a Young Family or Professionals
Don’t want to deal with the headaches of student rentals? Then consider renting your California house to a young family or professionals, who would want a longer lease. It’s much easier dealing with these renters, as they tend to be much more careful and mature.
3. Do Short-Term Vacation Rentals Using Airbnb
Another way you could make money from your California home is by doing Airbnb rentals. These would be shorter rentals, some of them only lasting a day or two, perhaps on the weekend when folks come to California for a quick holiday.
These are a bit more stressful though since you have to adhere to the high standards that Airbnb sets for its rental properties. But once you create a system for it, it should be smooth sailing.
4. Consider Doing a Home Exchange With Folks in Europe
A fun way to make money from your California real estate property is to do a home exchange with people from over the world, particularly Europeans who wish to visit California on the cheap. It won’t be as profitable for you as doing an Airbnb, but if you are going to travel anyways, it’s a great way to save on housing costs, and ensure you have a solid house guest while you are gone.
Renting Your California Property Can Be Your Side Hustle
If you are ready to start making some serious cash from your California property, then you need to start using the tips above. Don’t want to do it all on your own?
Then consider contacting us for property management services. We want to make renting out your California home as seamless as possible.