Landlords there is more than one way out of making money out of property as I've recently discovered.
Partly as a result of a stalled development. I have found myself with a surplus garage. This inevitably became a repository to all sorts of rubbish, scrap material from previous development projects and at one stage an old car. In the spirit of the age I thought this was a wasteful use of a valuable property asset.
I therefore started researching how I could rent out my garage for extra income. After committing to clearing out some of the rubbish I answered a few speculative adds in Gumtree. Within several days I'd had one reply. A lovely couple who wanted to store their Mazda Mx5 over winter. As I'm an owner of one of these classic marques I immediately took to Sarah and Ewan. We met, were happy with each other and worked out a deal of £43 a month. By searching the Internet I found a free tenancy agreement for renting out my garage on a dedicated site called Your Parking Space
Now £43 a month or just over £500 a year doesn't seem much. However, with interest rates at 0.5% I'd have to have £100,000 in the bank to be paying a similar income. In this credit crunch environment it definitely pays to sweat your property assets.
Free property management software, Free tenancy agreements
I've just relet my garage, this time to a nice guy who is establishing a landscaping business. Not only did I let it within days of the old tenants moving out but also managed to secure a rent increase. If only letting residential property was this easy!
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