You’ve heard of the online marketplaces like Airbnb and VRBO---that let you rent rooms or your whole home to bring in extra cash. Now there are apps that let you rent whatever extra space you might have to make money--like your garage or swimming pool. But there are things you need to know before you get involved.
Nothing beats jumping into the deep end of your own pool on a hot, summer day. But if you’re not using it, why not make some money from it?
Swimply is an Airbnb for swimming pools. You can sign up with Swimply to rent your pool for exercise or a birthday party. Swimply says some hosts can make about $5,000 a month.
Not using your car all the time? Consider renting your ride.
North Strabane’s Michael Talerico rents his cars using Turo. He started more than a decade ago.
“I rented my Mazda 6 out, and I thought it was really cool. It was also a little nerve-racking, like here you go, brand new car, here’s the keys, bro, can you bring it back in one piece?”
Talerico got over those nerves. He still hosts on Turo---a lot.
“You know, you have a good month, you might put $1,000, maybe $1,500 away,” said Talerico.
If you have extra space in your driveway the platforms Neighbor and Just Park--- will let you rent your driveway to people who have no place to park.
But Pittsburgh attorney Phil DiLucente’s law firm handles property liability cases. He says when you’re hosting for business, there is a measure of risk.
“At the end of the day, a consumer who’s acting as a business entity must protect themselves,” cautioned DiLucente.
So read the fine print. Make sure you know how much coverage each company provides to their hosts, for example, Swimply’s website states it offers up to one million dollars in liability protection.
Channel 11 Consumer Advisor Clark Howard says there’s one other thing you should do before you rent your house, pool or car. Make sure you check with your insurance agent to make sure everything’s good to go.
Consumer Advisor Clark Howard shows you what to do to make extra money every month, Tuesday on Channel 11 Morning News at 5:30 a.m. and 6:30 a.m.
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