Life can be expensive. Fortunately, thanks to the internet and innovative app ideas, there are endless passive income opportunities that can help you earn money on the side. But what is passive income and how can you get it?
Passive income is earnings or revenue received from an investment or venture that doesn’t require continuous work.
Examples of passive income are royalties or dividends from an investment in a company, money earned from renting out a property or even starting a business and letting someone else run it. Essentially, it means making money for very little or no effort day-to-day.
You don’t need to buy a house or start a business to have a healthy passive income. If your budget doesn’t allow for investment in real estate or purchasing a chunk of shares in a company, there are plenty of other ways to make money that doesn’t require much of an upfront cost.
Going away on holiday or have an extra room in your apartment? Why not rent it out on Airbnb?
There’s no denying that we’re all obsessed with taking photos of everything we do and everywhere we go so we can show off to our friends, family, and sometimes complete strangers on Instagram. So why not make some money off of it?
You can license some of your photos with companies like Shutterstock who will give you royalties every time one of your photos is downloaded or purchased.
Have you always wanted a dog but don’t have the time to commit to looking after it full-time? There are now many companies like MadPaws and PawShake who can connect you to owners who need someone to look after their pets while they are away. Not only do you get to spend time with an awesome dog, cat or rabbit, but you also get paid!
Renting out your car, or car sharing as some people know it, is a fantastic way to make some extra money from something you already own. Whether you don’t use your car during the week or have a second car that spends most of its time in the garage, you can rent it out as much or as little as you want and make some easy money.
Peer-to-peer car sharing is a great way to make some passive income. And with a reputable company like DriveMyCar at the helm, you know your car will be in safe hands.
Passive income isn’t just something that savvy Wall Street types can enjoy. There are plenty of ways to make money that don’t involve a big upfront investment start earning today.
It’s easy to make money renting your car with DriveMyCar. We have created a list of tips to ensure your car is a great money maker.
1. Make sure your car stands out from the crowd. Take good quality photos in good light from different angles around the car.
2. Price your car right. The DriveMyCar provides a recommended rental price for your car. Have a look at similar cars available in your area and consider if a price reduction would make it more attractive to renters.
3. Make your car more attractive to renters by offering a higher free kilometre allowance and/or lower excess kilometre charge.
4. Let people know that your car is available for rent. You can share your car’s profile on Facebook and through other social media channels.
5. Make sure your car is clean and remove all your belongings before a rental.
6. Fill up the fuel tank. This avoids any confusion over the amount of fuel at the start of the rental. The renter is required to return your car with the same amount of fuel.
7. Remove your car from any toll accounts. The renter is responsible for all tolls and fines. They can use their own etag or purchase an online toll pass.
8. If you are renting your car out for long periods of time you can cancel you may wish to cancel or pause your comprehensive insurance. While your car in on a rental it is fully covered by the DriveMyCar Motor Fleet Policy. Remember to re-commence your insurance when the car is not being rented.
9. Make sure you fully complete all sections of the handover inspection report at the beginning and end of the rental and that the renter signs the report. A properly completed inspection report makes it much easier to charge the renter in case for any cleaning, damage of fuel costs.
10. Respond quickly to all booking requests. Renters often make booking requests on multiple vehicles so the first owner to respond has the best chance of securing the rental.
Find out how much you can earn renting your car on DriveMyCar.
If you are renting your house on Airbnb did you know you can also rent out your car at the same time? DriveMyCar offers the safe and insured way to rent your car to others. Why not offer your car to the person that is also renting your house.
It’s easy. Simply list your car on DriveMyCar and let the team know that it will be available for occasional rental whilst your house is being rented.
Your car is covered by our fleet insurance policy whilst it is on rental. DriveMyCar has been in operation for over 6 years and has paid out over $5 million to Australian owners. We verify all renters by conducting ID and credit checks. We look after all payments and hold a security bond.
Do you have friends using Airbnb? Why not let them know about then opportunity to rent out their own car or rent a car when they travel.
Search for cars at DriveMyCar.com.au and rent a better car for less money.