Many people are turning to the option of living with a roommate to help balance out the financial strain of rental prices. Make sure you find the right one.
Since living with someone else can turn out as a pretty terrible experience sometimes, it’s important to vet out your roommates beforehand to avoid the bad ones. We’ve all heard the horror stories of piles of dirty dishes, the garbage that’s never taken out and late-night weekday parties. You may have even experienced these frustrations first-hand.
If you haven’t looked for one before, you may wonder how to find a roommate. Fortunately, with social networks and technology, there are plenty of roommate finder apps to help your search. Here is a list of our favorites and tips for identifying what is the best roommate finder app and websites for you.
1. Roomi
Roomi uses an algorithm to match you up with a roommate that would best be suited for you. You answer questions about yourself, what you’re looking for in an ideal roommate and Roomi then works its magic to pair two matches together.
Roomi has users do quick background checks and gives the option to link social media accounts so both roommates can feel more confident and secure in the process. Once you’re ready to message a potential “roomi,” you can do so through the app so you don’t have to exchange any personal contact information until you’re ready.
2. Roomster
Roomster has listings in more than 192 countries and 18 languages. It connects potential roommates using personality traits, keyword searches and interests to help you find your ideal match.
Members can match based on testimonials from friends, hobbies, interests and questions answered through their profiles. Roomster allows users to link their social accounts, so this app tends to have more data to find the perfect match. Once you find a potential roommate that looks promising, you can connect with them through the Roomster mailbox.
3. RoomEasy
RoomEasy is kind of like the Tinder of roommate apps. With RoomEasy, you create a profile, add personal description tags from their system and browse roommate and apartment listings. You can also connect your Facebook profile and see if your potential new roommate and you have any mutual friends.
Once you find something that interests you, you’ll “like” your favorite places or potential roommates’ profiles, and if they “like” yours, you’ll be matched. Once you’re matched, you can connect through the chat app.
4. SpareRoom
SpareRoom claims it is the busiest roommate app, with a roommate match being found every three minutes on its platform. What really sets SpareRoom apart from some other roommate apps is that it has a team of real people that screen each and every ad on SpareRoom so you can ensure listings are safe and verified.
This app even hosts speed room-mating events where you can meet up with people in your community and go through a roommate speed date-like process to see if you find someone you mix well with.
5. BunkUp
BunkUp is a pretty cool app that will help you find a roommate and an apartment. With BunkUp, much like the other apps, you fill out details about yourself and what you’re looking for in a roommate and are you’re matched or “BunkedUp.”
You can look for someone to move into your open space, move into a vacant room someone else is offering or find a new roommate to look for an entirely new apartment with. BunkUp even has agents that will help you find a new apartment.
6. Circle
Circle allows you to create a profile as either someone looking for a roommate to move into your place or as someone searching for a new place to live. It shows your potential roommates based on your profile and specifications.
It even “verifies” users, which means that a user has an authenticated driver’s license connected to their profile and they’ve passed a background check. Circle always shows you the “verified” potential roommates before all others, so you know that those who show up higher on your list are real people that aren’t trying to pull a scam. You’ll also be able to chat with potential roommates and ask questions to see who you get along with best to create a positive living environment.
7. Cirtru
Website only
Cirtru has truly adapted to the digital age. It allows users to take virtual tours within the platform so you can check it out safely from wherever you are. This makes it easy to both find a roommate to fill a vacancy in your home or look for an empty room to move into.
Cirtru is especially useful for animal lovers and owners as it allows you to set your preferences based on many criteria, including pet-friendly rentals and pet-welcoming roommates.
8. RoomieMatch
Website only
RoomieMatch is all about safety. It uses human “Scam Busters” to review submissions and listings, including an IP address location check to share the actual city in which people are, so you won’t deal with many scammers. Plus, your personal info is stored offline, instead of inline, so it can’t be accessed by online hackers and spammers
As a user, you can set your RoomieMatches based on gender, sexual orientation, lifestyle choices (like smoking/non-smoking), age and pet-friendliness.
9. Diggz
Website only
Diggz matches you with roommates based on a variety of factors connected with your profile, like your lifestyle, personality and personal preferences. You’ll be able to “like” other profiles that you’d be interested in rooming with. It’s similar to dating apps where you only talk to people that you “like” and who “like” you back.
Diggz works for almost any situation, whether you’re looking for a new roommate to move in with you, you want to move in with someone else or you want to search for a new place with a new roommate.
10. Roomaters
Roomaters uses more than the preferences you set for finding a roommate. Users take a personality test that helps when matching them with potential roommates.
Plus, you’ll get to input your interests, hobbies and a bit about what kind of roommate you are (social, introverted, messy, neat freak, etc.). So whether you like music, art, rock climbing or superhero movies, you can find someone you’ll enjoy living with.
Ask the right questions before sharing a living space
No matter where you source your new roomie, it’s essential to pose some hard-hitting questions aimed at gaining insights into their way of life and financial well-being. Here are several queries to initiate the conversation:
What qualities are you seeking in a roommate?
Are you thinking about a month-to-month rental arrangement, or are you leaning towards a longer commitment, such as a year?
Could you provide an overview of your typical work hours?
Do you share your living space with any pets?
What are your usual waking and sleeping hours?
How do you typically spend your leisure time?
Are there frequent visitors in your social circle? If so, who usually comes around?
Is smoking or alcohol consumption part of your routine?
Do you have any significant food or animal-related allergies?
Are you planning to bring along any furniture items? Do you have a need for parking space, perhaps a garage? What is your approach to maintaining cleanliness and tidiness around the house?
Roommate finder apps pair you with the right person
With so many roommate finder apps out there, it’s easier than ever to locate a perfect roommate — or at least a good one. Gone are the days of blindly showing up at someone’s place or finding a creepy classified ad in the paper. If you’re looking for the ideal roommate, give one of the above apps or sites a try.
…And Rent. pairs you with the right apartment
Maybe you already know who your potential roommate will be but you’re still looking at apartments together. We can help with that, too. Just type in your target city to get started, then filter by price range, pet-friendly apartments and more to help you decide.
Morgen Henderson is a writer who grew up in Utah. She lived in the Dominican Republic for a year and a half, where she was involved in humanitarian service. Some of Morgen’s work has appeared in State of Digital, The Next Scoop and TechPatio. In her free time, she loves to travel, bake, master DIY projects and improve her Spanish skills.
Imagine slashing your monthly mortgage payment to zero or, better yet, turning a profit from the very place you call home. This isn’t a daydream for the financially savvy few; it’s the reality of house hacking.
Through the eyes of those who’ve made it work, house hacking transforms your living situation into an opportunity for financial freedom. From young professionals to families, people across the country are finding that their biggest expense—housing—can actually become their biggest asset.
What is house hacking?
House hacking is a strategy that involves purchasing a primary residence with the intention of living in one part while renting out the rest as a rental property. This could mean buying a multifamily home and living in one unit, renting out the others, or even renting out spare bedrooms in a single-family home. The rent collected from tenants goes towards the mortgage and other property-related expenses, potentially allowing the owner to live for free or even make a profit.
A Spectrum of Possibilities
The beauty of house hacking lies in its flexibility. Here are a few scenarios to illustrate its range:
The Multi-Unit Maven: Alex buys a duplex, lives in one unit, and rents out the other. The rent from the second unit covers the mortgage, meaning Alex lives mortgage-free.
The Single-Family Sharer: Jamie purchases a four-bedroom house, occupies one room, and rents out the other three. The rental income covers all housing costs.
The Basement Dweller: Casey acquires a home with a separate basement apartment. Living in the basement, Casey rents out the main floor, using the rent to pay the mortgage and save for future investments.
These examples highlight how you can house hack to adapt to different housing markets, personal living preferences, and financial goals. Whether you’re drawn to the idea of living rent-free, eager to dive into real estate investment, or looking for a way to reduce your housing expenses, house hacking offers a practical path to achieving your objectives.
Tailoring the Strategy to Your Lifestyle
Choosing the right house hacking approach depends on your lifestyle, financial goals, and how comfortable you are sharing your space. Considerations include the type of investment property, your desired level of interaction with tenants, and local market conditions. The key is to find a balance that works for you, ensuring your home remains a comfortable place for you while optimizing its income potential.
By embracing the concept of house hacking, you can transform your approach to homeownership, turning a typically expensive part of your life into a source of income. With careful planning and a bit of creativity, your journey towards financial independence might just start at your own front door.
Benefits of House Hacking
House hacking isn’t just a real estate strategy; it’s a lifestyle adjustment that opens doors to numerous financial and personal benefits. Let’s dive into the advantages, supported by real-world examples and data, to understand why so many are turning to house hacking as a way to improve their financial health.
Financial Freedom Faster
One of the most compelling benefits of house hacking is the accelerated path it provides toward financial freedom. By significantly reducing or eliminating one of life’s largest expenses—housing—you can allocate funds towards paying down debt, investing, or saving for future goals.
For instance, consider the case of Sam, who purchased a triplex, lived in one unit, and rented out the other two. The rental income not only covered the mortgage but also allowed Sam to save an additional $1,000 a month. This extra savings contributed to Sam’s ability to retire early, a dream that seemed unreachable before house hacking.
Access to Better Financing Options
House hackers often enjoy more favorable financing terms. Owner-occupants can qualify for lower down payments and better interest rates compared to traditional investment property loans.
For example, an FHA loan might require as little as 3.5% down for a multi-unit property, provided one of the units will be owner-occupied. This lower barrier to entry makes real estate investment accessible to more people. Data shows that owner-occupied financing options can save homeowners thousands of dollars over the life of a loan, making the investment in house hacking even more appealing.
Learning the Ropes of Real Estate Investing
House hacking serves as an invaluable hands-on education in real estate investing and property management. This benefit is difficult to quantify, but incredibly valuable.
Take Angela, who started her real estate journey through house hacking. By managing her duplex, Angela gained firsthand experience in screening tenants, handling maintenance issues, and understanding the financial aspects of real estate investments. This knowledge empowered her to expand her portfolio and become a full-time real estate investor.
Tax Advantages
House hacking can also lead to potential tax deductions, including mortgage interest, property taxes, and expenses related to renting out part of your home. These deductions can significantly lower your taxable income.
For example, let’s say John allocates 50% of his property’s square footage to tenant use. John can deduct 50% of the mortgage interest, property taxes, and maintenance expenses on his tax return, providing a substantial financial benefit at the end of the fiscal year.
Building Wealth Over Time
House hacking stands out not just for its immediate financial relief on living expenses but also for its profound long-term impact on wealth accumulation. By strategically applying rental income towards mortgage payments, those who house hack effectively build equity without dipping into personal savings. This method of leveraging other people’s money accelerates wealth building, offering a tangible path to increasing net worth over the years.
Instead of allocating a significant portion of their income towards housing, house hackers can redirect these funds into savings, investments, or debt reduction. This shift not only enhances financial security but also amplifies the potential for future financial growth
While outcomes can vary based on numerous factors like market dynamics and property management, the foundational strategy of house hacking provides a compelling approach to financial independence and wealth building.
Case Studies That Inspire
The real magic of house hacking comes alive through the stories of those who’ve embraced it. From the young professional who used house hacking to eliminate student debt to the couple that built a real estate empire starting with a single house hack, these narratives underscore the transformative power of this strategy.
By analyzing their journeys, we uncover a common thread—a strategic approach to living and real estate investing that turns conventional wisdom on its head and opens up new possibilities for financial independence.
Exploring Your Options: Five House Hacking Strategies
So, now that you understand what housing hacking is and what the benefits are, how do you get started? Well, depending on your goals, here are four different ways you can go about it.
1. Rent out a portion of your home
The most common way to get started house hacking is by buying a home and then renting out a portion of it. For instance, if you bought a two-story home, you could rent out the downstairs. Or, if you buy a home with a finished basement, you could live upstairs and rent out the basement.
This house hacking strategy is good in low-cost living areas because the rental income could actually cover your monthly mortgage payments. However, this may not work out in parts of the country that have a high cost of living.
2. Rent out your home entirely
If renting out a portion of your home isn’t enough to move the needle financially, then you could try renting your entire house. This could be a suitable option for anyone who is young and able to find an alternative, affordable living situation.
For instance, if you could temporarily live in a trailer or rent an apartment with a roommate, you could rent out your home for more money. This would allow you to pay off the house and cover your monthly rent payments.
3. Rent out by the room
If you’re just looking for a little extra money every month and don’t want to sacrifice the majority of your home, you could just try renting out one room. For instance, if you have a large four-bedroom home, you could rent out one room.
This gives you some extra money to put toward your mortgage payments, but you still get to enjoy the benefits of being a homeowner.
4. Rent out an additional unit
Many of the options on this list are ideal for young, single people. But what if you’re married and have a family? In that case, the idea of living with full-time roommates might not interest you.
If so, you could buy a multifamily property and rent out the other units. You could also rent out units attached to your home. This could be a unit that either comes with the house or one that you build yourself.
This will take some effort because you’ll need to fix it up and turn it into a space someone would want to rent. But if you have the interest, this could be the best way to house hack your primary residence while still protecting your family’s personal space.
5. Do a live-in flip
Live-in flipping is a popular real estate investment strategy where the investor purchases a residential property and lives in it while making improvements to increase the property’s value. The investor will then resell the property at a higher price than they originally paid for it, resulting in a profit. This strategy is often used by investors who are looking to build equity quickly.
Living in the property allows you to get to know the neighborhood, research the local market, and avoid paying rent while working on the property. The improvements you make can include anything from painting and landscaping to remodeling the interior of the home.
Legal and Tax Implications of House Hacking
Venturing into house hacking offers financial benefits but also introduces a set of legal and tax considerations that are crucial for a successful strategy. Here’s a concise overview to guide you through these aspects:
Local Zoning Laws
Zoning Requirements: Check your local zoning ordinances to ensure that your house hacking plans comply with regulations regarding rental properties, especially if you intend to modify a single-family home into a multi-unit property.
Permits: Obtain any necessary permits for renovations or conversions to avoid legal issues and ensure the safety and legality of your property for tenants.
Tax Benefits and Liabilities
Rental Income Reporting: Understand that rental income must be reported on your tax returns. Proper documentation of income and expenses is essential for accurate reporting.
Deductible Expenses: Familiarize yourself with what can be deducted, such as mortgage interest, property taxes, maintenance costs, insurance, and depreciation. These deductions can significantly reduce your taxable income.
Capital Gains: If you sell your property for a profit, be aware of capital gains tax. Living in the property for two of the five years before selling can qualify you for an exclusion on capital gains tax up to a certain limit.
Compliance with Landlord-Tenant Laws
Legal Responsibilities: As a landlord, you’ll need to adhere to state and federal laws regarding tenant rights, fair housing, and safety standards. This includes understanding eviction procedures, security deposit regulations, and the requirement for habitable living conditions.
Proper Reporting and Documentation
Keeping Records: Maintain meticulous records of all financial transactions, leases, and communications with tenants. This documentation will be vital for tax purposes and in the event of legal disputes.
Professional Advice
Consultation: Given the complexity of tax laws and real estate regulations, consulting with a tax professional and a real estate attorney can provide tailored advice and ensure you’re maximizing your benefits while minimizing legal risks.
House Hacking Checklist: Preparing for Success
House hacking requires careful planning and consideration. To ensure you’re well-prepared, we’ve compiled a comprehensive checklist. This guide will help you work through the initial stages, make informed decisions, and set you up for a successful house hacking experience.
1. Assess Your Financial Readiness
Evaluate Your Financial Health: Check your credit score, debt-to-income ratio, and savings. Your financial stability will affect loan approval and interest rates.
Budget for Upfront Costs: Calculate potential down payments, closing costs, renovation expenses, and an emergency fund for unexpected repairs.
2. Understand Financing Options
Research Loan Types: Familiarize yourself with different mortgage options, including FHA loans, conventional loans, and VA loans, if applicable.
Pre-Approval: Before house hunting, get pre-approved for a mortgage to understand how much you can afford and demonstrate your seriousness to sellers.
3. Choose the Right Property
Analyze the Potential ROI: When selecting a property, assess key return on investment (ROI) metrics, including cash flow, cash-on-cash return, net operating income (NOI), and cap rate. These metrics will help you understand the financial performance and potential profitability of the property.
Location: Select a location with high rental demand, considering factors like proximity to schools, employment centers, and public transportation.
Property Type: Decide whether a single-family home, multifamily property, or another type of property, suits your goals and budget best.
Condition: Be realistic about the amount of work you can handle. A fixer-upper may offer a higher return but requires more investment upfront.
4. Plan for Landlord Responsibilities
Understand Landlord-Tenant Laws: Research local laws regarding landlord responsibilities, eviction processes, and tenant rights.
Create a Lease Agreement: Draft a clear and comprehensive lease agreement that outlines rent, rules, and responsibilities. Consider seeking the advice of a legal professional.
5. Prepare for Property Management
Tenant Screening: Develop a process for screening tenants, including credit and background checks, to ensure reliability and compatibility.
Maintenance and Repairs: Plan for regular maintenance and emergency repairs. Consider whether you’ll handle repairs yourself or hire professionals.
6. Consider Privacy and Lifestyle Changes
Set Boundaries: Think about how you’ll maintain privacy and manage shared spaces, especially if renting out part of your primary residence.
Adjust Expectations: Living with tenants or managing a rental property can bring challenges. Be prepared for a lifestyle adjustment.
7. Develop an Exit Strategy
Long-Term Goals: Consider your long-term real estate and financial goals. How does house hacking fit into your broader investment strategy?
Resale Considerations: Keep potential resale value in mind when choosing and maintaining your property. Making wise improvements can enhance future profitability.
8. Continuous Learning
Educate Yourself: Real estate and property management are complex fields. Continually seek knowledge through books, podcasts, and networking with experienced investors.
This checklist is your starting point for a thoughtful and structured approach to house hacking. By addressing each item, you’re laying a solid foundation for your real estate investment journey, poised to navigate the challenges and reap the rewards of this strategic endeavor.
Bottom Line
House hacking is a creative way to pay off your mortgage, improve your monthly cash flow, and gain real estate experience. You can begin house hacking as a way to earn a little extra cash every month, or you could treat it like a long-term real estate investment strategy. You can put as much or as little into it as you want.
Just make sure you do your due diligence before getting started. Make any necessary adjustments to the house, choose your tenants carefully, and take your responsibilities as a landlord seriously. This allows you to make the most of your house hacking experience.
Imagine slashing your monthly mortgage payment to zero or, better yet, turning a profit from the very place you call home. This isn’t a daydream for the financially savvy few; it’s the reality of house hacking.
Through the eyes of those who’ve made it work, house hacking transforms your living situation into an opportunity for financial freedom. From young professionals to families, people across the country are finding that their biggest expense—housing—can actually become their biggest asset.
What is house hacking?
House hacking is a strategy that involves purchasing a primary residence with the intention of living in one part while renting out the rest as a rental property. This could mean buying a multifamily home and living in one unit, renting out the others, or even renting out spare bedrooms in a single-family home. The rent collected from tenants goes towards the mortgage and other property-related expenses, potentially allowing the owner to live for free or even make a profit.
A Spectrum of Possibilities
The beauty of house hacking lies in its flexibility. Here are a few scenarios to illustrate its range:
The Multi-Unit Maven: Alex buys a duplex, lives in one unit, and rents out the other. The rent from the second unit covers the mortgage, meaning Alex lives mortgage-free.
The Single-Family Sharer: Jamie purchases a four-bedroom house, occupies one room, and rents out the other three. The rental income covers all housing costs.
The Basement Dweller: Casey acquires a home with a separate basement apartment. Living in the basement, Casey rents out the main floor, using the rent to pay the mortgage and save for future investments.
These examples highlight how you can house hack to adapt to different housing markets, personal living preferences, and financial goals. Whether you’re drawn to the idea of living rent-free, eager to dive into real estate investment, or looking for a way to reduce your housing expenses, house hacking offers a practical path to achieving your objectives.
Tailoring the Strategy to Your Lifestyle
Choosing the right house hacking approach depends on your lifestyle, financial goals, and how comfortable you are sharing your space. Considerations include the type of investment property, your desired level of interaction with tenants, and local market conditions. The key is to find a balance that works for you, ensuring your home remains a comfortable place for you while optimizing its income potential.
By embracing the concept of house hacking, you can transform your approach to homeownership, turning a typically expensive part of your life into a source of income. With careful planning and a bit of creativity, your journey towards financial independence might just start at your own front door.
Benefits of House Hacking
House hacking isn’t just a real estate strategy; it’s a lifestyle adjustment that opens doors to numerous financial and personal benefits. Let’s dive into the advantages, supported by real-world examples and data, to understand why so many are turning to house hacking as a way to improve their financial health.
Financial Freedom Faster
One of the most compelling benefits of house hacking is the accelerated path it provides toward financial freedom. By significantly reducing or eliminating one of life’s largest expenses—housing—you can allocate funds towards paying down debt, investing, or saving for future goals.
For instance, consider the case of Sam, who purchased a triplex, lived in one unit, and rented out the other two. The rental income not only covered the mortgage but also allowed Sam to save an additional $1,000 a month. This extra savings contributed to Sam’s ability to retire early, a dream that seemed unreachable before house hacking.
Access to Better Financing Options
House hackers often enjoy more favorable financing terms. Owner-occupants can qualify for lower down payments and better interest rates compared to traditional investment property loans.
For example, an FHA loan might require as little as 3.5% down for a multi-unit property, provided one of the units will be owner-occupied. This lower barrier to entry makes real estate investment accessible to more people. Data shows that owner-occupied financing options can save homeowners thousands of dollars over the life of a loan, making the investment in house hacking even more appealing.
Learning the Ropes of Real Estate Investing
House hacking serves as an invaluable hands-on education in real estate investing and property management. This benefit is difficult to quantify, but incredibly valuable.
Take Angela, who started her real estate journey through house hacking. By managing her duplex, Angela gained firsthand experience in screening tenants, handling maintenance issues, and understanding the financial aspects of real estate investments. This knowledge empowered her to expand her portfolio and become a full-time real estate investor.
Tax Advantages
House hacking can also lead to potential tax deductions, including mortgage interest, property taxes, and expenses related to renting out part of your home. These deductions can significantly lower your taxable income.
For example, let’s say John allocates 50% of his property’s square footage to tenant use. John can deduct 50% of the mortgage interest, property taxes, and maintenance expenses on his tax return, providing a substantial financial benefit at the end of the fiscal year.
Building Wealth Over Time
House hacking stands out not just for its immediate financial relief on living expenses but also for its profound long-term impact on wealth accumulation. By strategically applying rental income towards mortgage payments, those who house hack effectively build equity without dipping into personal savings. This method of leveraging other people’s money accelerates wealth building, offering a tangible path to increasing net worth over the years.
Instead of allocating a significant portion of their income towards housing, house hackers can redirect these funds into savings, investments, or debt reduction. This shift not only enhances financial security but also amplifies the potential for future financial growth
While outcomes can vary based on numerous factors like market dynamics and property management, the foundational strategy of house hacking provides a compelling approach to financial independence and wealth building.
Case Studies That Inspire
The real magic of house hacking comes alive through the stories of those who’ve embraced it. From the young professional who used house hacking to eliminate student debt to the couple that built a real estate empire starting with a single house hack, these narratives underscore the transformative power of this strategy.
By analyzing their journeys, we uncover a common thread—a strategic approach to living and real estate investing that turns conventional wisdom on its head and opens up new possibilities for financial independence.
Exploring Your Options: Five House Hacking Strategies
So, now that you understand what housing hacking is and what the benefits are, how do you get started? Well, depending on your goals, here are four different ways you can go about it.
1. Rent out a portion of your home
The most common way to get started house hacking is by buying a home and then renting out a portion of it. For instance, if you bought a two-story home, you could rent out the downstairs. Or, if you buy a home with a finished basement, you could live upstairs and rent out the basement.
This house hacking strategy is good in low-cost living areas because the rental income could actually cover your monthly mortgage payments. However, this may not work out in parts of the country that have a high cost of living.
2. Rent out your home entirely
If renting out a portion of your home isn’t enough to move the needle financially, then you could try renting your entire house. This could be a suitable option for anyone who is young and able to find an alternative, affordable living situation.
For instance, if you could temporarily live in a trailer or rent an apartment with a roommate, you could rent out your home for more money. This would allow you to pay off the house and cover your monthly rent payments.
3. Rent out by the room
If you’re just looking for a little extra money every month and don’t want to sacrifice the majority of your home, you could just try renting out one room. For instance, if you have a large four-bedroom home, you could rent out one room.
This gives you some extra money to put toward your mortgage payments, but you still get to enjoy the benefits of being a homeowner.
4. Rent out an additional unit
Many of the options on this list are ideal for young, single people. But what if you’re married and have a family? In that case, the idea of living with full-time roommates might not interest you.
If so, you could buy a multifamily property and rent out the other units. You could also rent out units attached to your home. This could be a unit that either comes with the house or one that you build yourself.
This will take some effort because you’ll need to fix it up and turn it into a space someone would want to rent. But if you have the interest, this could be the best way to house hack your primary residence while still protecting your family’s personal space.
5. Do a live-in flip
Live-in flipping is a popular real estate investment strategy where the investor purchases a residential property and lives in it while making improvements to increase the property’s value. The investor will then resell the property at a higher price than they originally paid for it, resulting in a profit. This strategy is often used by investors who are looking to build equity quickly.
Living in the property allows you to get to know the neighborhood, research the local market, and avoid paying rent while working on the property. The improvements you make can include anything from painting and landscaping to remodeling the interior of the home.
Legal and Tax Implications of House Hacking
Venturing into house hacking offers financial benefits but also introduces a set of legal and tax considerations that are crucial for a successful strategy. Here’s a concise overview to guide you through these aspects:
Local Zoning Laws
Zoning Requirements: Check your local zoning ordinances to ensure that your house hacking plans comply with regulations regarding rental properties, especially if you intend to modify a single-family home into a multi-unit property.
Permits: Obtain any necessary permits for renovations or conversions to avoid legal issues and ensure the safety and legality of your property for tenants.
Tax Benefits and Liabilities
Rental Income Reporting: Understand that rental income must be reported on your tax returns. Proper documentation of income and expenses is essential for accurate reporting.
Deductible Expenses: Familiarize yourself with what can be deducted, such as mortgage interest, property taxes, maintenance costs, insurance, and depreciation. These deductions can significantly reduce your taxable income.
Capital Gains: If you sell your property for a profit, be aware of capital gains tax. Living in the property for two of the five years before selling can qualify you for an exclusion on capital gains tax up to a certain limit.
Compliance with Landlord-Tenant Laws
Legal Responsibilities: As a landlord, you’ll need to adhere to state and federal laws regarding tenant rights, fair housing, and safety standards. This includes understanding eviction procedures, security deposit regulations, and the requirement for habitable living conditions.
Proper Reporting and Documentation
Keeping Records: Maintain meticulous records of all financial transactions, leases, and communications with tenants. This documentation will be vital for tax purposes and in the event of legal disputes.
Professional Advice
Consultation: Given the complexity of tax laws and real estate regulations, consulting with a tax professional and a real estate attorney can provide tailored advice and ensure you’re maximizing your benefits while minimizing legal risks.
House Hacking Checklist: Preparing for Success
House hacking requires careful planning and consideration. To ensure you’re well-prepared, we’ve compiled a comprehensive checklist. This guide will help you work through the initial stages, make informed decisions, and set you up for a successful house hacking experience.
1. Assess Your Financial Readiness
Evaluate Your Financial Health: Check your credit score, debt-to-income ratio, and savings. Your financial stability will affect loan approval and interest rates.
Budget for Upfront Costs: Calculate potential down payments, closing costs, renovation expenses, and an emergency fund for unexpected repairs.
2. Understand Financing Options
Research Loan Types: Familiarize yourself with different mortgage options, including FHA loans, conventional loans, and VA loans, if applicable.
Pre-Approval: Before house hunting, get pre-approved for a mortgage to understand how much you can afford and demonstrate your seriousness to sellers.
3. Choose the Right Property
Analyze the Potential ROI: When selecting a property, assess key return on investment (ROI) metrics, including cash flow, cash-on-cash return, net operating income (NOI), and cap rate. These metrics will help you understand the financial performance and potential profitability of the property.
Location: Select a location with high rental demand, considering factors like proximity to schools, employment centers, and public transportation.
Property Type: Decide whether a single-family home, multifamily property, or another type of property, suits your goals and budget best.
Condition: Be realistic about the amount of work you can handle. A fixer-upper may offer a higher return but requires more investment upfront.
4. Plan for Landlord Responsibilities
Understand Landlord-Tenant Laws: Research local laws regarding landlord responsibilities, eviction processes, and tenant rights.
Create a Lease Agreement: Draft a clear and comprehensive lease agreement that outlines rent, rules, and responsibilities. Consider seeking the advice of a legal professional.
5. Prepare for Property Management
Tenant Screening: Develop a process for screening tenants, including credit and background checks, to ensure reliability and compatibility.
Maintenance and Repairs: Plan for regular maintenance and emergency repairs. Consider whether you’ll handle repairs yourself or hire professionals.
6. Consider Privacy and Lifestyle Changes
Set Boundaries: Think about how you’ll maintain privacy and manage shared spaces, especially if renting out part of your primary residence.
Adjust Expectations: Living with tenants or managing a rental property can bring challenges. Be prepared for a lifestyle adjustment.
7. Develop an Exit Strategy
Long-Term Goals: Consider your long-term real estate and financial goals. How does house hacking fit into your broader investment strategy?
Resale Considerations: Keep potential resale value in mind when choosing and maintaining your property. Making wise improvements can enhance future profitability.
8. Continuous Learning
Educate Yourself: Real estate and property management are complex fields. Continually seek knowledge through books, podcasts, and networking with experienced investors.
This checklist is your starting point for a thoughtful and structured approach to house hacking. By addressing each item, you’re laying a solid foundation for your real estate investment journey, poised to navigate the challenges and reap the rewards of this strategic endeavor.
Bottom Line
House hacking is a creative way to pay off your mortgage, improve your monthly cash flow, and gain real estate experience. You can begin house hacking as a way to earn a little extra cash every month, or you could treat it like a long-term real estate investment strategy. You can put as much or as little into it as you want.
Just make sure you do your due diligence before getting started. Make any necessary adjustments to the house, choose your tenants carefully, and take your responsibilities as a landlord seriously. This allows you to make the most of your house hacking experience.
Looking for under the table jobs? When you’re looking for ways to earn extra cash, under the table jobs can be a route to take. These jobs typically pay with cash only. These can be part-time jobs, side hustles, or even a full-time career. Now, with under the table jobs, the person paying you is…
Looking for under the table jobs?
When you’re looking for ways to earn extra cash, under the table jobs can be a route to take. These jobs typically pay with cash only.
These can be part-time jobs, side hustles, or even a full-time career.
Now, with under the table jobs, the person paying you is not paying taxes. But, you still should pay taxes, as it is the law in the U.S.
Key Takeaways
Under the table jobs are a flexible way to earn cash without formal employment.
You can tap into many different job fields, from childcare to handyman services, to make extra money.
If a person pays you in cash, it’s still important to report that income to the IRS. If you don’t, it could be tax evasion, which is illegal.
Best Under the Table Jobs
If you’re looking for ways to earn cash, there are plenty of jobs that you can do under the table.
Some popular options include:
As a handyman, you can fix things around a house, like replacing a bathroom mirror or broken doors. If you’re good with tools and fixing things, this can be a great way to make some money.
If you like sharing what you know, tutoring might be a good side gig for you. You can help kids with their schoolwork or even teach music if you play an instrument.
Babysitting is a classic way to earn cash. You watch kids while their parents are away and might even help them with homework.
Love being outside? Try landscaping or mowing lawns. You can make yards look nice and make good money.
For those who love animals, dog walking or pet sitting are fun ways to make money. Spend time with pets, take them for walks, and make sure they’re fed.
Continue reading below to see the full list and learn more about under the table jobs.
1. Reseller
Resellers buy items and sell them for a higher price to make a profit.
You can find things at low prices from garage sales, thrift stores, or online clearance deals. Then, you sell them in places like eBay, Facebook Marketplace, Craigslist, or even to friends and family.
You can sell things like clothes, electronics, toys, and books that people want. It’s usually a good idea to choose items you know a lot about because it makes it easier for you to know a good deal when you see one.
I personally have many friends who are resellers, and I was a reseller in the past as well (before I started blogging full-time!). It can be a great way to make cash income.
Whether you’re looking to make just a little extra cash or if you want a full-time job, this is a good option to look into.
I recommend watching the free webinar Turn Your Passion For Visiting Thrift Stores, Yard Sales & Flea Markets Into A Profitable Reselling Business In As Little As 14 Days to learn how to make money by flipping items.
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This free workshop will teach you how to get into the flipping business. It will teach you how to resell furniture, electronics, appliances, and anything else you can find.
2. Childcare
A popular cash job is babysitting. Most moms and dads need good babysitters, and they’re happy to pay a fair amount for someone to watch their kids while they go out for the evening.
Babysitters make a good income these days – typically around $20 per hour.
If you think it might be tough to earn money this way, don’t worry – it’s possible. Just posting a simple message on your Facebook page could connect you with someone who needs a babysitter.
Note: I recommend making sure you check with your city or state before you begin. Also, make sure that your home is safe (if you watch children in your own home) and that you are CPR certified.
Recommended reading: 29 Best Stay At Home Jobs
3. Home and yard maintenance
When you’re looking for a way to make some extra money, you can do home and yard maintenance jobs. These are tasks people don’t have time to do themselves (or they simply don’t like to do!).
For example, if you like being outdoors, landscaping work might be perfect for you. Jobs in this area include lawn mowing, trimming hedges, and planting flowers.
If you prefer working indoors, you might focus on home maintenance tasks instead. Tasks like house cleaning or helping to organize a garage are commonly needed.
These jobs usually pay in cash at the end of the day or after the job is done. Usually, the homeowner pays you in cash before you go home.
4. Pet groomer
Pet groomers clean pets so that they look nice and healthy (and everyone needs a regular bath!). If you like pets, then you may enjoy being a pet groomer.
Pet groomers can sometimes get paid in cash, especially when you run your own business. I have seen many pet grooming businesses that operate out of a trailer that the person pulls behind their vehicle. They go straight to the person’s home, wash their dog in their mobile dog cleaning trailer, and then collect the cash payment once they are done.
Your work will include brushing and cutting fur, trimming nails, giving baths, and maybe even brushing the pet’s teeth. You make sure pets are clean, comfortable, and looking good. Sometimes, pet owners might also ask you to style their pets’ fur in a special way as well (such as by pinning back fur out of the dog’s eyes).
5. Pet sitter
Working as a pet sitter can be a simple and enjoyable way to earn extra cash.
As a pet sitter, your job is to keep an eye on someone’s pet while they are away. This can include feeding, walking, and playing with the pet to make sure it’s happy and healthy. You may need to stay overnight at the pet owner’s home or the pet may stay with you (it simply depends on what you and the pet owner agree on).
You can find pet sitting jobs on Rover. I have personally used this site countless times to find a pet sitter for my dogs.
Another under the table job similar to this is becoming a house sitter. House sitters watch homes while the owner is away and this can be a great side hustle. I talk more about this in a section further below.
6. House cleaning
When you’re looking for work that’s paid directly in cash, without formal paperwork, you might want to start with house cleaning.
So, what does a house cleaner include? Well, you’ll do things like dusting, vacuuming floors, and cleaning bathrooms. Sometimes, you’ll wash dishes or do laundry. If the house has pets, you might need to clean up after them too. Some house cleaners may even specialize in areas like extensive deep cleans that may take a whole day or even many days (or weeks!).
House cleaners earn between $25 to $50+ an hour for cleaning for others.
To get paid in cash means that you’ll typically work for yourself and get paid once you are done with cleaning for the day or after a week or two.
Getting this kind of business going isn’t costly because you probably already have the cleaning supplies you need (like a mop and vacuum). You can let people know about your services on Facebook, tell your friends and family, or create an account on Care’s website.
7. Dog walker
Dog walkers are exactly that – they walk dogs to make money.
You can find these jobs posted on platforms like Rover or just by posting something on your personal Facebook page advertising your dog walking service.
As a dog walker, your job is to take dogs for their daily walks while their owners are busy. This may be a walk that is around 30 minutes to one hour each time, but it all depends on what you have agreed on with the owner.
Walking pets can earn you about $15 to $25 or even more for each walk per animal.
8. Snow removal
If you’re good with a snow shovel or snowblower, snow removal might be a great job for you. This work can pay cash, making it a common under the table job.
When it snows, many people need help clearing their driveways and sidewalks. Some jobs are for one-time events, while others might need you all winter right after it snows to keep their driveways and sidewalks safe for people to walk or drive on.
You can find snow removal jobs by asking your neighbors or local businesses. Sometimes people put up signs along the roads in neighborhoods or ads online looking for help when there’s a big snowstorm.
People usually pay right after you’re done with the work.
9. Makeup artist
If you enjoy using makeup and know all the latest beauty trends, being a makeup artist can be a fun way to earn money.
It’s a job where you can be creative and help people look their best for events like weddings or photo shoots.
As a makeup artist, you’ll work with different tools like brushes, sponges, and a palette of colors. Your job will be to apply makeup on clients’ faces. You could work with all sorts of people, from friends and family to clients in your area.
10. House sitting
When you house sit, you’re taking care of someone else’s home while they’re away. This could be at a house near where you already live or maybe you fly to a fun vacation destination and watch their house there.
It’s your job to make sure everything stays safe and clean and that nothing happens to the home (such as a frozen water pipe bursts).
You might need to pick up the mail, water plants, or feed pets. Sometimes, people will ask you to stay overnight to make sure the house does not stay empty.
11. Sell at farmers markets
If you’re looking to make some cash, you can start selling at a local farmers market.
Some things that you can sell include fresh produce, homemade goodies, jewelry, unique crafts, or even baking cakes are great items. You’ll want to make sure your product and booth stand out, as there will be a lot of booths around you.
Shoppers at farmers markets typically pay in cash, so you can get paid quickly!
Note: To sell at a farmers market, you might need to get a permit. You can start by checking with your county health department and the United States Department of Agriculture (USDA) for rules. Every place has different laws, so it’s important to understand what applies to your situation.
12. Have a garage sale
Having a garage sale is a way to earn some extra cash, and you don’t need special skills to get started. Look around your home for things you no longer use or need, and these could be clothes, toys, books, or even bigger pieces like furniture.
Items sold at garage sales typically don’t sell for a ton of money, but it can be a great way to declutter while getting paid cash.
Weekends, especially Saturday mornings, are prime times for yard sales. Make sure to check your local weather forecast as a sunny day can lead to more foot traffic. Once you have your date, gather all the items you plan to sell.
Then, you’ll want to organize your items by category. For example, put all the kitchen items on one table and all the books on another. Price everything clearly – you might use colored stickers for pricing – to avoid confusion.
You can advertise your garage sale a few days before. You can do this by posting on social media (such as by sharing it in local Facebook groups), community bulletin boards, or local classified websites. Signs around your neighborhood can also help draw attention to your sale.
During the sale, you’ll want to have change ready for customers who pay with cash, and you’ll probably want to have a calculator handy if you’re not comfortable doing math in your head.
13. Tutoring
If you’re knowledgeable in a subject, tutoring can be a good job for you. This is a job where you help others, like kids or even adults, to understand things better.
As a tutor, you work one-on-one or with small groups to teach things like math, reading, specialty exams, or even foreign languages.
Harder subjects usually pay more than easier subjects, and you may be able to earn $25 or more per hour as a tutor. You may get paid after each tutoring session. Or, if you are a regular tutor for a person, it may be weekly or even monthly – it depends on the agreement that you have with the person you are tutoring.
14. Painter
As a painter, your job is to paint walls, buildings, and other surfaces.
Your job responsibilities may include preparing surfaces by cleaning and scraping, mixing paint to get the right color, and applying paint with brushes, rollers, or sprayers.
Back when we were selling our first house, we hired a solo painter to come in and paint all the walls. This is a job that you may be able to find as well.
15. Handyman
If you’re good with tools and fixing things around the house, you might think about working as a handyman.
This job involves fixing leaky faucets, patching holes in walls, or putting together furniture. People tend to need help with these small jobs and look for someone who can do them without too much fuss.
You can find handyman jobs on websites like Craigslist or by asking friends and family if they know anyone who needs help.
With the same house I mentioned in the previous section, we also hired a handyman to renovate our bathroom as well as do around 10 other smaller things around our house too. We actually found him through a family friend, and he did so much work for us. It was great!
16. Dance instructor
Being a dance instructor can be a fulfilling under the table job in some cases. You could work with students of all ages, teaching them how to dance or different dance styles.
Of course, you will want to make sure that you are a skilled dancer, as this is not a job that anyone can do.
So, do you have experience in styles like ballet, hip-hop, or salsa? Or something else?
You can start by giving classes in your community or looking for local studios in need of instructors.
17. Auto mechanic
Working as an auto mechanic could be a great under the table job for you, and there are always people who need work done on their cars.
You’ll typically charge less than if a person would be going to a car dealership or a car mechanic business. People would usually be looking to hire a cash-pay mechanic if they were wanting to save some money.
As a mechanic, you make sure cars are running smoothly. Your job might include changing oil, replacing brakes, and making sure the engine is in top shape. Of course, you need to know what you are doing, as people are trusting their expensive cars and their lives with the repairs and updates that you do.
Working like this usually means you have to find your own customers. Good places to start are local ads or online platforms like Craigslist (start by looking under the “gig” section).
18. Photographer
Becoming a photographer can be a fun way for you to earn money if you are good with photography.
As a photographer, you can decide to work as an independent contractor, which means you are your own boss. This might involve getting paid in cash or a check for your services.
The different types of photography you can get into include:
Portrait photography – You might take photos of people and families, capturing special moments. Families like to have memories of their loved ones, and they’re willing to pay you for this service.
Event photography – This includes taking photographs at events like weddings or birthday parties. People like to remember these big events and may hire you to make sure they have great photos to look back on.
Commercial photography – This is for businesses that need photos of their products, services, real estate, and more.
Recommended reading: 18 Ways You Can Get Paid To Take Pictures
19. Sell firewood
Selling firewood can be a way to make money, especially if you live in an area where wood is used for heating or camping. Homeowners in colder places are always buying wood for their wood burning fireplaces and stoves, so this can be a good way to make some extra money by selling truckloads of wood.
First, you need to get firewood. If you have trees on your land, you might be able to cut your own wood.
After you have wood to sell, think about how you will sell it. You can sell wood online on websites where people buy and sell things in your community. You can also have a place at your house where people come to buy wood from you.
If you don’t have trees of your own, look for jobs where you can gather wood. Some people will even pay you to take away old trees or wood piles they don’t want.
Note: I recommend that you always keep in mind to follow the rules about selling wood where you live. Some places have rules about moving firewood to stop bugs and diseases from spreading to other trees.
20. Junk hauler
Being a junk hauler might be a great fit for you if you don’t mind a bit of heavy lifting. People tend to hire junk haulers when they have big, heavy things that they want to get rid of after all.
As a junk hauler, you get to help people clear out unwanted items from their homes or businesses. These items could be anything from old furniture to broken appliances.
Your job will mostly involve picking up and removing junk. You’ll need to have a reliable vehicle, maybe a truck or a van, that can carry all the items. Sometimes, you’ll be recycling things or taking them to a landfill.
You can find junk hauling gigs on websites or by signing up with companies that look for contractors. These could be one-time jobs or regular work, perfect if you’re looking for a side hustle or even to grow your own junk removal business.
You’ll generally get paid after you complete a job and since it’s often under the table, payment is usually in cash. This means you get paid directly, with no checks or direct deposits.
We personally had to call a junk hauler when we had several pieces of rotten wood that we needed thrown away – it was several hundred pounds and extremely messy – not something that we wanted to mess with and we also wanted it gone right away. That same day, a junk hauler came by and took it for $125. We paid him cash and he took it to the dump for us. It was so convenient for us and good business for him.
21. Rent out a spare room
If you have an empty room at your place, you might want to think about renting it out. This can be a good way to make some money on the side without a lot of work.
I have had several roommates over the years. We would rent out our spare room to long-term renters and people that we personally knew (such as friends and my sister).
To find a roommate and make money from renting your place, you can tell people about it in different ways. You can share it on your own Facebook page, post an ad on websites like Craigslist, make a rental listing on Airbnb, and try other methods.
Frequently Asked Questions
When you’re looking into jobs that pay cash, also known as under the table jobs, you might have a lot of questions.
What are under the table jobs?
Under the table jobs are ways you can earn money that’s usually paid in cash and not recorded officially by an employer. This means no tax forms are involved and no taxes are taken out of your pay right away (but you should still pay them!).
Is under the table work legal?
Okay, this is a great question to ask. After all, this is a whole article on how to find under the table jobs. So, does that mean these types of jobs are legal?
Well, working under the table can be tricky when it comes to the law. Your employer might pay you in cash without giving you a contract. While it might seem straightforward, not reporting this cash income to the IRS is considered tax evasion. Earning cash itself isn’t illegal, but failing to report it on your taxes can lead to problems.
What are the positives of working for cash?
When you get paid under the table, you get to keep all the money you earn immediately. This kind of setup is nice for jobs like babysitting or doing yard work, and you don’t have to wait for a paycheck. But, remember, you still have to pay taxes! So, the main positive is that you are paid cash right away, instead of having to wait a couple of weeks.
What are possible risks of working under the table? Is it OK to get paid under the table? Can an employee get in trouble for working under the table?
Working under the table can be risky. If the IRS finds out you’re not reporting your income, both you and your employer could face penalties. Also, you won’t have official records of your income, which can make it tricky if you need to show how much you earn for things like loans or renting a place to live.
What jobs can be paid under the table?
You can find jobs like babysitting, pet sitting, house cleaning, or gardening that pay under the table. These jobs usually pay cash because they are informal and may not involve paperwork. There are many other jobs that I didn’t even get into in the list above, such as becoming a personal assistant (doing things like grocery shopping and setting up appointments), personal trainer, graphic designer (making logos and more), and so on.
How do I find under the table jobs? How can you find local jobs that pay in cash?
To find these jobs, you can start by asking friends or neighbors if they need help with anything. You can also look at community bulletin boards or online classifieds for local job opportunities.
How do I ask for payment under the table?
If you’re looking for cash payment for a job, be honest and up front with your employer. Tell them you prefer cash payment, but realize that it’s usually smaller gigs that will pay cash and not more regular job opportunities. Keep in mind, though, that all income should still be reported for tax purposes.
How can you find jobs that pay under the table on Craigslist?
On Craigslist, you can filter your job search by using keywords like “cash pay” or “under the table.”
Under the Table Jobs – Summary
I hope you enjoyed this article on how to find the best under the table jobs.
Getting paid cash right after you complete a job is nice – you don’t have to worry about waiting for a payment and you can pay your bills right away.
There are many ways to find under the table jobs, such as by asking people that you know or by looking at gig/job websites in your area.
Now, there are pros and cons to being paid under the table. Being paid under the table means you get cash quickly. However, there are risks like missing out on legal protections and benefits, and if not reported, it might lead to tax evasion consequences.
So, when working under the table, it’s important to keep track of how much money you make. After all, you’re responsible for your own records and taxes, even if you’re paid in cash.
So, you do still need to pay taxes on the income that you make.
When you work under the table, you’re often working part-time or full-time but without the usual job benefits. If you’re planning ahead, think about how these jobs might affect your career later on. Eventually, it may be a good idea to find a job with more regular benefits where you pay taxes straight out of your income.
What do you think are the best under the table jobs?
When you’re thinking about becoming a first-time renter, there are lots of things to ponder . Many of these factors will revolve around knowing how to budget for your apartment upfront and setting up a monthly budget between yourself and potential roommates.
Finances aren’t going to be the most fun aspect of your first apartment , but they are a necessary one. In today’s competitive rental market (especially in big cities) it’s crucial to have all of your budgeting skills up to par , as it could help you gain an edge over other applicants.
If you need some budgeting pointers, follow the guidelines below to get started:
Location is everything
There’s a good chance you already have an idea of which neighborhoods you want to live in. Depending on the locale, your monthly budget can differ drastically. Many renting experts recommend that you not spend more than 30% of your annual income on rent, and many property managers will refuse an offer if you’d be spending too much on rent.
However, you might have to be flexible about this rule in cities where high housing costs are way above the norm, such as New York City or San Francisco. In places like these, you might have to plan even further in advance, as the screening and budgeting process could take much longer.
No matter where you choose to live, though, you will need to– above all else– ensure that you are setting a realistic budget based on your take-home pay and the desired city/neighborhood.
Account for all your utilities
We’ve written about accounting for your utilities in the past, but the important part here is to make sure you don’t miss anything. There are a lot you could be responsible for, so go through and make sure that you’ve accounted for them all. You don’t want to be caught out by almost moving in, just to find that you haven’t yet set aside money for pet fees, renter’s insurance, or something else not so obvious.
Expect to pay a lot upfront
Renting might be cheaper than buying, but you’ll still have to spend some serious cash in the first few months to secure your dream apartment.
In most situations, landlords will expect a security deposit, first and last month’s rent, application fees, a possible finder’s or broker’s fee, and a pet deposit if you have one (or more). Expect to be paying two to three times your monthly rent upfront, so make sure you and your potential roommates are saving accordingly.
Budget for more than housing
Unfortunately, the above are just to secure the apartment itself. Moving into the apartment is another large expense, since renting moving trucks doesn’t come for free. You still need to eat to live and may need more things like furniture and household goods you haven’t really needed before. You’re going to have to fully stock a kitchen and furnish several rooms, and those are going to take a significant amount of money. Price out a bed, mattress, tables, chairs, a couch, kitchen utensils, pots, pans, and everything else you might have reason to use. Here’s the time when you want to find things that serve multiple purposes, cutting down both on how many things you need to buy, and the money you need to spend.
Of course, you’re going to have to leave your apartment sometimes, and you need to account for that. How will you get around? Car, public transportation? All of those have a cost attached. When and how often are you going to eat out, or just go out for a night on the town? These don’t come free, and failing to budget for them will leave you wondering where you keep coming up short.
Select roommates carefully
An apartment can be a big financial burden, so why not divide it with your friends? You’re striking out on your own, so why not take your college friends with you?
Hanging out with a friend and living with them aren’t the same thing. Things might work out well, but there’s always the chance things go wrong. Do you know how well they handle their finances? If your roommate doesn’t pay, you’re still liable for their half of the rent. Having to pay for someone else’s financial irresponsibility can make things awkward, if not outright hostile.
As such, it’s crucial that you screen each individual who might be a potential roommate. If he or she seems like a great candidate, meet with him or her to discuss how you might divide bills and rent, as well as where you stand on additional guests and splitting up chores.
Save for those little extras
You might plan out every detail with you and your roommates and think all the bases are covered upfront. However, you’ll need to consider your rainy day fund, as well as other monthly expenses that might have slipped under your radar.
For instance, do you like going to the gym? You won’t have one on campus anymore, and gym memberships can get pricey, so you might have to reallocate your spending. You also need what I call a “fun fund”– it’s not all work and no play, after all. This budget is for nonessentials like money for dining out with friends, going to the movies, expenditures for various hobbies (gardening, painting, etc.), gifts, shopping, and traveling. You can’t predict everything with certainty, so you need some extra money for all the little things that come up. You’re looking forward to the freedom that your first apartment will give you, so make sure to budget a bit of that freedom in there as well.
Want to learn how to get paid to do nothing? Picture this: making money without putting in much effort, even when you’re just relaxing, sleeping, or waiting in line. The idea of getting paid for doing nothing has always been popular and it’s probably your dream life. It may seem too good to be true,…
Want to learn how to get paid to do nothing?
Picture this: making money without putting in much effort, even when you’re just relaxing, sleeping, or waiting in line. The idea of getting paid for doing nothing has always been popular and it’s probably your dream life.
It may seem too good to be true, but there are real ways to use your free time or things you already have to make money with minimal ongoing work.
There are actually quite a few things on this list that I regularly do so that I can make money doing nothing.
Now, some of the ways below may take initial effort or even some maintenance over the years. But, you may be able to earn money while sleeping or while at the beach with minimal effort needed from you.
Best Ways To Get Paid To Do Nothing
Do you want to earn money while you relax? You can get paid without a 9-to-5 job. Let’s look at some ways to make money while doing nothing.
Here are some ways out of the list below that you may be interested in:
Sell printables online – These can be made once and sold an unlimited amount of times. Learn more at How I Make Money Selling Printables On Etsy.
Pose as an art model – It’s simple; just sit still! Art schools pay models around $25 per hour.
Real estate – You can invest in real estate funds. Your money might work for you, and you don’t have to manage properties.
Take online surveys – You can answer these whenever you have free time and the questions are extremely easy. Best online survey sites include Branded Surveys, Swagbucks, and Survey Junkie.
Rent your stuff – You’ve got stuff other people might want for a day or two. Think about renting out things like your storage room, baby gear, RV, and more.
Learn more about the different ways to get paid to do nothing below.
1. Sign up for a rewards credit card
Earning money without working hard can sound really nice. One way to do this is to get a rewards credit card. When you use this kind of card, you can get points or cash back for buying things you would buy anyway.
When you sign up for a new card, you might receive a big signup bonus. Some cards give you bonus points, like 50,000 or even more, as a welcome gift! However, you usually need to spend a certain amount of money first (such as $4,000 in the first 3 months).
Here is a table with the different types of rewards you might get:
Reward Type
What You Get
Points
Use for travel and gift cards.
Cash Back
Money back on your purchases.
Mile Rewards
Miles to fly on planes for free airfare.
I have a few rewards credit cards and I earn points every time I use my credit card, such as by paying a bill or going grocery shopping. I actually just signed up for a new rewards credit card this week that has a great signup bonus value of over $800.
Two rewards credit cards that I personally like are:
Important note: Using credit card rewards is a good idea as long as you use your credit card responsibly. It’s not smart to go into debt just for rewards because having debt with interest is not free or helpful. To truly make money from credit card rewards, be sure to pay your full credit card balance every month.
2. Get paid to stand in line
If you don’t mind waiting, you can earn money by standing in line for other people. Some companies and individuals pay for this service, especially when they’re busy or want to attend popular events without waiting.
Here’s how it works: You take someone else’s spot in line, like waiting for tickets or securing a spot at a busy restaurant. You do the waiting for them so they don’t have to.
You can earn approximately $25 to $35 per hour by just standing in line. The exact amount depends on your location and how much people need line sitters.
To get started, search for websites that link line sitters with clients, such as Taskrabbit, Same Ole Line Dudes, and InLine4You. Join the sites, create a listing for your services, and wait for someone to hire you.
3. Dividend-paying stocks
One of the best ways to make money without a job is to invest in dividend-paying stocks.
When you invest in dividend-paying stocks, you’re buying a piece of a company that gives you money regularly. Think of it like getting a small thank you for holding on to the company’s stock. These payments usually come from the company’s profits and they’re called dividends.
Here’s how it works. You buy stocks that pay dividends, and then, every so often (usually every three months), the company sends you money. It’s a way to earn without doing much after your initial investment.
Now, a table to show you what to look for:
Term
Meaning
Dividend Yield
How much you earn compared to the stock price
Payout Ratio
The part of profits used for dividends
Ex-Dividend Date
The day when you must own the stock to get paid
Keep in mind, not all dividend stocks are the same. Some may lose value and payments could stop if the company isn’t doing well. So, it’s important to choose wisely, and you might want to seek guidance from someone who knows a lot about stocks.
For me, I love earning dividends. It’s like being rewarded for saving for retirement, and it is so easy.
Recommended reading: What Are Dividends & How Do They Work? A Beginner’s Guide
4. High-yield savings accounts
When you put your money in a savings account, you want it to grow. High-yield savings accounts are like your regular savings account but with an extra boost for making your money grow faster.
The interest rate or annual percentage yield (APY) is what the bank pays you. The higher the APY, the more money you make. Good news! Some of these accounts offer APYs much higher than the usual, like more than 5%! That’s a lot better than the average savings account.
I personally use Marcus by Goldman Sachs and they have a very high interest rate. You can get up to 5.50%, at the time of this writing, through my referral link bonus. So, at this rate, if you have $10,000 saved, you could earn $550 with a high-yield savings account in a year. Whereas with normal banks, your earnings would only be $46.
You must be thinking, “What’s the catch?” Well, most of these accounts are from online banks. No biggie, just that you won’t have a bank branch to visit. They also tend to not offer other features, such as bill pay and checks – it’s simply a place to park your money and earn a lot more in interest.
5. Sell printables
If you want to earn money while doing nearly nothing on the internet, you can try selling printables online. Printables are files that you make once, like planners, invitations, flash cards, and worksheets, and then sell over and over again.
Yes, you will have to make the printables and open a store, but after a while, you can start making money from the same printables over and over again.
This is because printables are digital products that sell with just simple downloadable files.
I recommend reading How I Make Money Selling Printables On Etsy to learn more.
6. Share your opinions
You can earn money in your free time by joining paid market research studies. Keep in mind, it won’t replace a full-time job (they usually pay only $1 to $3 for each survey you complete), but you might make some extra cash.
When I was paying off my student loans, I did online surveys almost every day. I did them before work, during my lunch break, or after work. What I like about answering online surveys is that I can answer them whenever I want, such as while watching TV or eating lunch.
Some of the survey companies I recommend include:
Please head to Best Paid Online Surveys to read more.
7. Rent out your extra storage space
If you’ve got extra room at your place, you can make money by renting it out.
Think about renting out parts of your home, like an empty closet, your driveway or parking space, or your garage. Websites like Neighbor allow you to list these spaces for someone to store their belongings (such as a car, sofa, boxes, and more).
Neighbor is like the Airbnb of storage space. Instead of having guests over, you’re renting out your storage space to store other people’s belongings.
8. Sell stock photos
Selling stock photos is a good way to earn money through passive income without actively working for it.
You upload photos you’ve taken with your camera or phone to a platform like Depositphotos. When someone buys one of your photos, you get a commission.
Websites, companies, and blogs use stock photos for all different kinds of reasons. Businesses use them to improve their content, websites, or overall appearance, as they may not have the time to take photos of everything they need.
I personally use stock photos in my blog posts all the time, and I know many, many others who do as well. The photos throughout this article are all stock photos, so you can see how useful they are to website owners.
Stock photography includes pictures of things like:
Travel, landscapes, and outdoor scenes
Business settings like laptops, offices, and people working
Family moments, including parents and children
Household items, such as living areas and kitchens
Animals, including pets and wildlife
Vehicles like cars and boats
Sports, from professional events to casual games
Recommended reading: 18 Ways You Can Get Paid To Take Pictures
9. House sitting
For some people, house sitting is the ultimate dream job. You may be able to watch houses around the world in dream destinations after all!
House sitting involves taking care of someone’s house while they’re away. It’s a way to earn money without much effort. Your responsibilities include staying in the house, making sure everything is safe, collecting mail, and sometimes looking after pets or watering their plants. Many times, people just want it to look like someone is living in their home so that no one will try to break in.
You can find house sitting jobs on websites like TrustedHousesitters and Care. You may also find these types of jobs through dog walking gigs, such as on Rover.
10. Invest in REITs
Investing in a Real Estate Investment Trust (REIT) is like buying a small piece of many buildings without the hassle of managing them.
REITs are companies that own many real estate properties, and they earn money by renting out space in those properties. Imagine shopping malls, apartments, and offices as examples.
Here’s how it works:
Choose a REIT – Look for REITs with good histories, like those experts trust.
Invest Your Money – You can start with a small amount of money.
Earn Money – REITs make cash from their buildings. They share this cash with you through dividends.
11. Pose for art classes
If you can stay still for a while, you might like posing for art classes. When you pose, art students look at you and draw or paint your picture. It’s a way you can make money by just sitting or standing.
Most times, art models get about $20 to $30 each hour. You’ll usually be there for around three hours or more.
What will you do? You will hold a pose. A pose can be something like sitting in a chair, standing, or making an interesting shape with your body. These poses can last from five to twenty minutes. Don’t worry, you get breaks so you can stretch and rest.
Who can do this? You don’t have to look a certain way. Artists need all kinds of people to learn how to draw humans well. You just need to be okay with being looked at while you are posing.
Where to find these jobs? Check with local art schools, colleges, or community centers. They usually need new models. You can also look online for art model jobs in your area.
12. Listen to music
If you enjoy music, you can actually make some money by listening to songs. You can use apps and websites that pay you just for listening. Companies want your opinion on new music, and they’ll pay you for your time!
Slicethepie is a popular site that pays you to listen to music. Other popular sites include Playlist Push, Current Rewards, and Hit Predictor.
Here’s how it typically works:
Step
Action
Find an app
Look for apps that offer payment for music listening.
Sign up
Create an account on these platforms.
Listen and rate
Start listening to music and provide your honest feedback.
Earn
Collect your earnings, usually through points that can be converted into cash or gift cards.
13. Get paid to work out
Yes, you can get paid for being active, even while doing your regular workout!
Apps like HealthyWage make staying fit exciting by allowing you to bet on your fitness goals. You set a weight loss target, bet on yourself, and join others with similar goals. If you achieve your goal first, you win money from the prize pool. It’s a friendly competition with a chance to earn a financial reward.
14. Become a notary
If you want to earn money with little effort, you might think about becoming a notary. As a notary, your job is to be a witness when people sign important papers and to check that the people signing are really who they say they are.
So, yes, you are still working a job, but you are simply watching people sign papers.
What notaries do:
Meet people who need papers signed.
Check their IDs to make sure they are who they say they are.
Watch them sign the document.
Use your notary stamp and write in your record book.
You can make anywhere from $9 to $21 per hour, but it depends on things like where you live and if you have to go to people or they come to you.
15. Mattress tester
Testing mattresses is a unique side hustle where you can make money by just testing out mattresses.
As a mattress tester, you’ll test beds and write reviews about your sleep quality, comfort, and any other observations. Your feedback is valuable as it helps companies improve their products to better meet customer needs.
Some mattress companies pay individuals like you to test their products. This helps them figure out how comfortable their mattresses are and how they can make them even better.
You can find these gigs by researching local sleep clinics or mattress companies that offer paid studies or testing.
I have actually been paid to test mattresses in the past, and it is easy! I was only paid with free mattresses, but at one point in a single year, I think I received 5 or 6 mattresses. I ended up giving away a couple to friends and family because the work was so easy.
16. Join a sleep study
Similar to testing out mattresses, you may be able to get paid to join a sleep study.
Sleep studies are research projects that help doctors understand sleep patterns and disorders. If you’re interested in earning money while contributing to science, participating in one of these studies is an option. Typically, sleep studies seek specific types of participants, such as a particular age group or weight range. Your initial step is to determine if you meet their requirements.
After being accepted into a study, you’ll visit the center for tests. During the study, you might wear special equipment while you sleep. This equipment helps researchers monitor and track your sleep patterns.
The payment you receive depends on how long the study is, which might be for one night or even several weeks.
Many universities, like the Harvard Division of Sleep Medicine, pay for sleep studies.
17. Put an advertisement on your car
If you want to earn extra money without doing much, think about turning your car into a moving billboard. Companies will pay you to put their ads on your car.
To start, join a car wrap advertising company like Carvertise or Wrapify. They’ll place a special sticker, called a car wrap, on your entire car or specific parts of it. These companies seek drivers to display ads on their cars, and the more you drive and the places you go can increase your earnings.
Your car’s make and model, condition, and paint quality are important. They decide how well the ads will stick and look.
The type of ad wrap you choose changes how much you get paid too. The options are:
Full wrap
Partial wrap
Just the windows
Here’s what you might be able to earn:
Car Wrap Type
Possible Earnings
Full Wrap
$200 to $1000 per month
Partial Wrap
$150 to $250 per month
Window Ads
$100 to $250 per month
Keep in mind that the earnings can vary. It depends on factors like how frequently you drive and where your car is visible.
Recommended reading: 6 Best Ways To Get Paid to Advertise On Your Car
18. Rent out a spare room in your home
If you have an extra room in your house and want to earn passive income streams, you can make money by renting it out. This is a smart way to earn cash without much work.
I have had several roommates over the years. We would rent out our spare room to long-term renters and people that we personally knew (such as friends and my sister).
To find a roommate and earn rental income, you can advertise your space in various places. You can announce on your personal Facebook page, place an ad on websites like Craigslist, create a rental listing on Airbnb, and more.
Whether you have a house or an apartment, this may be an option available to you.
19. Use cash back sites
When you shop online, you can earn money back on what you spend by using cash back sites.
Think of it like getting a discount, but instead of saving money right away, you get some cash back later.
I use cash back sites and apps pretty much every single time I shop – it’s easy, free money for me.
Popular cashback sites include:
Rakuten – Gives you a percentage of your money back.
Swagbucks – Earns points that you can exchange for cash or gift cards.
Fetch Rewards – I use this site for every single grocery receipt I have.
Ibotta – Another easy grocery scanning app to use.
For example: To get cash back, all you need to do is create a Rakuten account, visit their website, and click on the store where you want to shop (such as Target, Best Buy, Old Navy, etc.). They will then redirect you to that store, and you can shop online as you normally would to get cash back.
These types of sites typically pay via free gift cards or PayPal cash.
20. Rent out your RV
Renting out your RV can be a way to earn extra money on something that might be sitting around collecting dust (and rust!).
By renting it out, you could potentially make $100 to $300 a day or even more.
RVing has become very popular these days, and people frequently rent RVs to explore on vacations or even to try out a specific RV model before making a purchase.
One RV rental platform that I recommend is RVshare. RVshare is basically an Airbnb just for RVs. It’s a site where you can list your RV for rent and RVshare will handle all payments and bookings for you.
Similar to this, you can also rent out your car on Turo!
Recommended reading: How To Make Extra Money By Renting Out Your RV
21. Receive a pension
Getting paid to do nothing may sound like a dream, but if you have a pension, it’s a real thing that can happen when you retire.
A pension is money that you get regularly after working for a certain number of years.
When you work at a job that offers a pension plan, your employer puts money into this plan for you. When it’s time to retire, this money comes back to you, usually every month.
The amount you get usually depends on three things:
Age – Generally, the older you are when you retire, the more you get.
Salary – How much you earned at your job can affect your pension.
How long you worked there – The longer you worked, the higher your pension.
Sometimes, you might have the option to receive all your pension money at once, known as a “lump sum.” It’s a substantial, one-time payment instead of monthly checks. Make a wise decision by considering what works best for you. If you’re unsure, seeking advice from someone knowledgeable about finances could help you decide.
Frequently Asked Questions About Getting Paid to Do Nothing
Below are answers to common questions about how to get paid to do nothing.
How can I get money for doing nothing?
You might be surprised, but there are ways to earn money with little to no effort. For instance, using a cash back credit card for your everyday spending allows you to get a percentage back. You can also do any of the things above, such as selling digital downloads online, finding a job that will pay you a pension once you retire, investing in dividend-paying stocks, and more.
What are jobs where you do nothing and get paid a lot?
So, it can be hard to work an actual job that pays you a lot of money to do nothing. After all, if that existed, then everyone would be doing it, haha! Some jobs do pay you, though, for simple tasks, such as being a notary.
Can I really make income by just being idle?
Yes, you can make passive income through methods like earning interest from a high-yield savings account or renting out your spare space.
Where can I find jobs that don’t expect much work from me?
Look for gig economy jobs where you can earn money based on the tasks you choose to accept, such as delivering food or charging electric scooters. There are so many other side jobs that aren’t even mentioned on the list above, such as creating an online course, becoming a taste tester, micro-investing (such as with the Acorns app), becoming a background actor, watching ads, affiliate marketing, delivering groceries, writing a book review online (such as for Kirkus Media), playing games, talking with an online companion or strangers, and more.
How to get paid to do nothing online?
Some ways to get paid to do nothing online include selling digital files and stock photos. These will both require initial work from you, but eventually, these will sell with little work needed by you.
How To Get Paid to Do Nothing – Summary
I hope you enjoyed this article on how to get paid to do nothing and found one or more gigs that fit what you’re looking for!
As you can see, there are many ways to get paid to do nothing (or almost nothing).
You can grow your savings effortlessly with high-yield savings accounts or make money by renting out extra storage space. Investments in stocks that pay dividends or REITs can give you money regularly without needing your daily attention.
Want to learn how to make $200 fast? Having some extra income can be useful for unexpected needs or saving up money. Maybe you need money for rent, something broken on your car, or a medical bill. Maybe you have something that you’re saving for, and you just want to make some extra cash. If…
Want to learn how to make $200 fast?
Having some extra income can be useful for unexpected needs or saving up money. Maybe you need money for rent, something broken on your car, or a medical bill. Maybe you have something that you’re saving for, and you just want to make some extra cash.
If you want to make $200 fast, there are many ways to do it: You could sell things you don’t need, create and sell handmade items, use your car or home to make money, and more.
There are lots of ways to make $200 fast!
My top picks to make $200 fast
Selling items from around your home, such as clothing, an old cell phone, furniture, and more. You can learn how to flip your stuff in this free webinar.
Make $65+ per hour in a focus group sharing your opinions with User Interviews.
Rent out your RV with RVShare.
Freelance proofread and learn how to become a proofreader in this free webinar.
Start a blog (this is what I do!) and learn how in my free How To Start a Blog course.
Best Ways To Make $200 Fast
Below are the best ways to make $200 quickly.
Selling items from around your home
The quickest way to make $200 fast is to find stuff you already own and sell it.
When you’re in a pinch for cash, your home can be a treasure trove of items you can sell. Start by gathering gently used items or those you no longer need, such as electronics (phones, laptops), furniture (couches, coffee tables), clothing and accessories (especially branded ones), gift cards, and collectibles and antiques.
You can sell on Craigslist (ideal for bulkier items like furniture, tires, cars, etc., where local pickup is more practical), Facebook Marketplace (great for reaching a large local audience quickly), eBay (perfect for unique or more valuable items where shipping isn’t an issue), thrift stores (get cash on the spot at places like Plato’s Closet), having yard or garage sales (typically get less per item but can get rid of a lot of things at once), and more.
I have sold a ton of used items over the years such as clothing, jewelry, car tires, furniture, and more. It is easy and someone probably wants what you’re selling.
Recommended reading: 16 Best Selling Apps For Selling Stuff Online And Locally
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This free workshop will teach you how to get into the flipping business. It will teach you how to resell furniture, electronics, appliances, and anything else you can find.
Rent out your storage space
If you’ve got extra space in your home, be it an attic, basement, or spare room, renting it out for storage is an excellent way to earn extra cash.
A site to use to rent out your space is Neighbor. This website helps you earn money by renting out space you’re not using.
You can make up to $15,000 a year by renting out your garage, driveway, basement, or even a closet with Neighbor. You get to choose the prices and decide which reservations you want to say yes to and host.
Take paid online surveys
Earning $200 a day just by answering surveys isn’t normally possible (unless you are doing focus groups or paid research studies), but you can reach your goal by combining survey earnings with other ideas.
When I was repaying my student loans, I answered lots of surveys each week. I did this before work, during lunch, or after work. It was convenient because I could do it whenever I had free time.
Survey companies pay you for answering surveys, watching videos, and testing products. Sometimes, you might even receive free products to evaluate. The best part is that joining survey companies is free!
Some of the paid online survey companies I recommend are:
Here are 11 Paid Online Survey Sites if you want to learn more.
Answer questions in a focus group
A focus group is like a paid online survey, as I mentioned before, but you can make a lot more money from it.
I’ve done a focus group in the past that paid me around $400 for 75 minutes of my time. While that’s a bit more than usual, most focus groups pay anywhere from around $50 to over $100 per hour. Compensation differs significantly depending on the study’s length and topic, but higher-paying studies do exist.
Lots of consumer research companies pay people like us to share our opinions. The companies use our feedback to make their products and services better.
One focus group company that I recommend is User Interviews. User Interviews recruits participants to answer surveys and share their feedback.
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User Interviews pays very well for market research studies and these are some of the highest paying online surveys, with each paying $50 to $100 or more. The average pays over $60.
Play games on your phone
If you’re looking to make $200 quickly, your smartphone can be a surprisingly interesting way. By playing games on your phone, you can earn real money.
Game apps pay real money rewards because they make money from ads and in-app purchases. They share a part of their earnings with you to motivate you to keep playing their games.
The best game apps that pay real money include KashKick, Swagbucks, and InboxDollars.
When picking gaming apps to make money, check reviews and learn about how you get paid. Be careful with apps that ask you to pay to play or promise rewards that sound too good to be true. Also, keep track of the time you spend playing games to make sure it stays worth it.
Rent out your unused RV
If you have an RV that’s sitting idle, you may want to turn it into income by renting it out. Many people have RVs they don’t use very often. Instead of letting it just sit there, you might make extra money by renting it out. Yes, you could potentially make $200 a day by renting your RV to others.
Popular sites such as RVshare work similarly to Airbnb, connecting you with potential renters. They handle the bookings and insurance, making the process easier.
Another idea is to park your RV somewhere and list it on Airbnb. I’ve seen many RVs, campers, trailers, and more on Airbnb available for rent. Just make sure that you can rent it out in the location you want to leave it, as not all campgrounds or neighborhoods may allow it.
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RVshare is one of the best money-making sites because it helps travelers save money by cutting out the middleman and offering RV rentals directly from RV owners. If you have an RV that is sitting around, then you may be able to make $100 to $300+ a day.
Proofread
If you like finding mistakes in written content and want to know how to make $200 a day, proofreading could be a good fit for you. It can be a part-time job or a full-time work-from-home career too.
It’s a job where you can make $200 in a day, and many proofreaders earn around $40,000 a year or even more.
Proofreaders check for mistakes in articles, ads, books, student papers, emails, transcripts, and more.
To become a proofreader, all you need is a laptop or tablet, an internet connection, and the ability to spot mistakes and errors.
I recommend signing up for the free 76-minute workshop, where you can learn more about becoming a proofreader. You can sign up for the free How To Become a Proofreader workshop here.
Recommended reading: How To Become A Proofreader And Work From Anywhere
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This free 76-minute workshop answers all of the most common questions about how to become a proofreader, and even talks about the 5 signs that proofreading could be a perfect fit for you.
Virtual assist
A virtual assistant (VA) is someone who helps a person, company, or business owner with administrative and business tasks, making sure everything runs smoothly. They’re just like in-person assistants, but they work from home and online.
I used to work as a virtual assistant for small business owners. I didn’t have prior experience, but I learned the skills while on the job. It not only helped me earn a good income but also allowed me to work from home. I also have virtual assistants who work for me, so I know how helpful they are! This is a very in-demand job field to get into.
Virtual assistant tasks may include:
Managing a company’s Facebook account
Managing a calendar
Scheduling appointments and meetings
Creating slideshows and presentations
Managing an email inbox and handling customer support
And more.
Typically, when you begin working as a virtual assistant, you might earn around $15 to $20 per hour. However, in some cases, you could start with twice or even three times that amount. It depends on the type of work you do and the services you provide.
This can be a full-time job or a side hustle too!
You can learn more at How I Earn $10,000 Per Month From Home as a Virtual Assistant.
Selling handmade goods and crafts
If you want to earn an extra $200 fast, selling the things you make by hand, like crafts or handmade goods, is a great idea.
A popular place to sell handmade goods includes Etsy, which has a worldwide audience looking to purchase unique handcrafted items. You can also sell via social media or even rent a booth at a local craft fair.
You can sell all different kinds of handmade items such as jewelry, soap, furniture, art, photography, clothing, personalized gifts (such as engraved items), and more.
I have personally bought handmade goods all of these ways.
Freelance write
A person who freelance writes can make $200 in a single day.
Freelance writers work for clients, like websites, magazines, marketing teams, book publishers, and others. They write different things such as articles, blog posts for search engine optimization (SEO), marketing content, newsletters, press releases, and more.
You can find freelance writing jobs in many ways such as by searching on Fiverr or Upwork, looking to see if any of your favorite sites are hiring writers, networking with people in the industry you want to write in, and more.
I’ve been a freelance writer for a long time, and many of my friends also have this job. It’s a great way to make $200 a day or more all from home.
You can learn more about how to find freelance writing jobs below:
Transcribe
If you’re looking to make $200 quickly, transcription could be a great option. With a fast typing speed and strong language skills, you can convert audio files to text for pay.
Transcription is when you change spoken words from audio or video into a written document. Many businesses need transcriptionists because they need to convert audio and video into text.
New transcriptionists usually make about $15 per hour when they begin, and the good thing is, you don’t need any previous experience to get started.
Recommended reading: 18 Best Online Transcription Jobs For Beginners To Make $2,000 Monthly
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In this free training, you will learn what transcription is, why it’s a highly in-demand skill, who hires transcriptionists, how to become a transcriptionist, and more.
Blog
Starting a blog doesn’t instantly make you $200 on the first day because it takes time to set it up. However, with time and effort, bloggers can make $200 a day in the future.
A blog is a website with articles, like what you’re reading now. You can create a blog on topics such as personal finance, recipes, travel, pet care, family life, and more. There are many different types of blogs out there.
You can make money from a blog by partnering with companies for sponsorships, showing ads, doing affiliate marketing (for example, selling a product listed on Amazon), and selling products like ebooks, candles, T-shirts, and more directly on your blog.
This is what I do to make money, and I earn well over $200 a day online. It did take me around 6 months to make my first $100 with my blog, so it does take time to get started. It took me about a year to reach around $5,000 a month and around 2 years to get to $10,000 a month.
You can learn how to start a blog with my free How To Start a Blog Course (sign up by clicking here).
Another idea similar to this is to start a YouTube channel, TikTok, Instagram, and more!
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Want to see how I built a $5,000,000 blog?
In this free course, I show you how to create a blog, from the technical side to earning your first income and attracting readers.
Dog walker
Becoming a dog walker is a fun way to make some quick cash if you love pets, especially dogs. You can easily get started by signing up with well-known dog walking apps dedicated to connecting dog walkers with pet owners.
Here are some steps to help you begin:
Register on Dog Walking Apps – Platforms like Rover are great for finding dog walking jobs. You could earn around $15 to $18 per hour depending on your experience and the local demand for dog walkers.
Create a Profile – Highlight your experience with dogs and any references you might have.
Set Your Availability – Decide on the days and hours you’re available to walk dogs and set your schedule.
My sister as well as my husband’s mother are both dog walkers on Rover, and they both enjoy this side hustle.
Sell printables on Etsy
Selling printables on Etsy can be a quick way to earn some extra cash.
Printables are digital files that customers can download and print themselves. These can include things like planners, art prints, stickers, learning tools, worksheets, invites, and organizational tools.
You most definitely have used printables in your life, and so have most people. I buy printables all the time because they make my life so much easier – and it’s so nice to just print things out and have them more easily accessible for when I need them.
One great thing about selling printables is that you don’t have to print and send anything yourself. The customer pays for the design, and they print it out on their own.
Here’s how you can get started:
Step 1: Find Your Niche
Determine what kind of printables you’re passionate about. Many people specialize in a certain type of printable, such as home, wedding, organizing, education, etc.
Research what’s popular and in demand. See what kind of printables people are actually buying right now.
Step 2: Create Your Printables
Use design tools like Canva or Adobe Illustrator.
Make sure your design is original and appealing.
Step 3: Set Up Your Etsy Shop
Create a memorable and easy shop name.
Set up shop policies and fill in all the details.
Step 4: List Your Products
Take attractive product photos or create digital mockups.
Write clear and compelling product descriptions so that potential customers can find your printables.
Price your printables competitively.
Step 5: Promote Your Shop
Utilize Etsy’s built-in SEO by using relevant keywords in your listings.
Share your printables on social media platforms.
Consider Etsy Ads for additional promotion.
You can learn more at How I Make Money Selling Printables On Etsy.
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
Deliver groceries and food
Grocery delivery is a service that is becoming more and more popular. I’ve used it several times myself when I didn’t have time to shop or didn’t have a car available. This service is likely to keep growing.
If you’re looking to make quick cash, you can try delivering groceries and food. You have the flexibility to create your own schedule, and payment can be received pretty quickly – sometimes even within an hour.
Delivering groceries is a popular extra job, and all you need is a valid driver’s license and a car.
You get paid for each delivery and keep all your tips. Platforms like Instacart and Shipt can help you earn around $15 to $20 per hour.
Here are a couple of options for you to start earning with food delivery:
Instacart: As an Instacart shopper, you can choose to shop for groceries or both shop and deliver to customers. Being able to cash out your earnings instantly is a big plus.
Shipt: Enjoy shopping at stores like Target and CVS? With Shipt, you can earn by shopping for others. It’s a great way to combine earning with a task you already enjoy.
Sign up to become an Instacart shopper here.
Related to this: You can also deliver restaurant meals in your spare time through companies like DoorDash and Uber Eats.
Drive for Uber or Lyft
Earning $200 quickly may seem hard, but you may be able to reach this goal by driving for ride-sharing services like Uber or Lyft.
Here’s what you need to know:
Sign Up – Both Uber and Lyft require you to have a valid driver’s license, meet age requirements, pass a background check, and have an eligible car.
Flexibility – You have the freedom to choose your working hours. Whether it’s an hour, over the weekend, or throughout the week.
Earnings – Income can vary, but it’s possible to earn between $20 to $25 per hour on average. At this rate, driving for 10 hours can help you reach your $200 target.
Maximize Promotions – Keep an eye out for special promotions or peak time surge pricing (such as by driving during weekend nights or during a baseball game) as these can really boost your earnings.
Expenses like gas and vehicle maintenance will come out of your earnings, so it’s important to work efficiently and choose high-demand times and areas to increase your income.
Tutor
Tutors who know subjects well, like math, language, science, graphic design, and more, help students get better at those subjects.
Becoming an online tutor depends on the subject you want to teach. You need experience in that area, but there are options for beginners too. Tutors for advanced subjects, like calculus or college entrance exams, usually earn more than those teaching simpler topics.
Rates vary from $15 to over $100 per hour, depending on the subject and where you offer your tutoring services.
Read more at 11 Best Places To Find Online Tutoring Jobs (Make $100+ an hour).
Sign up for quick Craigslist jobs
You can make $200 quickly using your local Craigslist, which has short-term jobs and side hustles listed under “gigs.”
Some gigs I’ve seen include painting a room, running errands, passing out flyers, handyman work, loading a moving truck, shoveling snow, pet sitting, transporting a boat, and more.
You can also find quick gig side hustles through a company called Taskrabbit as well!
Note: When using Craigslist for odd jobs, be cautious of scams. If something appears too good to be true, it probably is. For instance, no one is likely to pay you $2,000 for a mystery shop or a 30-minute survey. It’s important to stay alert and choose opportunities that are realistic and trustworthy. Simply skip it if you have doubts!
Get a roommate
If you’re looking to make $200 quickly, getting a roommate can be one way to do so, and if you have an extra room at home, you can make extra money by renting it out on platforms like Airbnb or finding a long-term roommate.
Renting out a room long-term could earn you around $200 or much more, depending on the room and its location. It’s a good way to utilize your extra space for additional income.
I have personally had several roommates in the past, and it was a good source of income. Plus, we had the extra space anyway that was unused. We charged around $400 a month per room, but nowadays you can definitely get a lot more (especially depending on where you live).
Here’s a quick step-by-step guide to finding a roommate and getting paid:
Advertise Your Space – You will need to find ways to get the word out about the spare room you want to rent out. You can do this on Craigslist, your personal Facebook page, placing a post in a local Facebook group, and more.
Vet Potential Roommates – You don’t want just anyone living with you as they will be sharing your space! Here are some ways to vet potential roommates:
Interviews: Have a conversation to make sure everyone is compatible.
References: Ask for and check personal and rental references.
Discuss Financials – This is all about money, so money definitely needs to be talked about and agreed on. You’ll want to think about things like:
Rent: Determine the monthly charge for rent.
Utilities: Decide how you’ll split costs like electricity, internet, and water. Will the monthly rent include all of the bills or will you split the utilities?
Set House Rules – Rules like quiet hours, guest policies, and cleaning responsibilities help avoid conflicts.
Create a Formal Agreement – Writing an agreement will lay everything out so that there is no confusion later.
Lease Addendum: If you have a lease, add your roommate officially.
Roommate Agreement: Outline terms of rent, bills, and house rules.
To learn more about renting out your spare room, I recommend reading A Complete Guide To Renting A Room For Extra Money.
If you want to take it a step further, you could even get into real estate investing. You can learn more about this option at How This 34 Year Old Owns 7 Rental Homes.
Rent out baby items, such as a crib
If you’re looking to make $200 fast, you can rent out your gently used baby items to traveling families. By listing a crib, stroller, or car seat on rental platforms, you can help ease the travel burdens for parents while earning extra cash.
Here are some ideas of what you can rent out:
Cribs
Strollers
Car seats
High chairs
Toys
A website called BabyQuip lets you rent out baby equipment. On average, people using BabyQuip can make about $1,000 a month, and some earn over $10,000 monthly.
Redeem credit card rewards
If you have a credit card, then there’s a good chance that you are earning points by simply spending like you normally do.
Or, you could even sign up for a new card that has a good signup bonus to earn more points.
With rewards credit cards, you can turn your points into cash back. Here’s how it works: whenever you use your credit card to buy something, you earn points as a reward for spending money.
I have rewards credit cards and I earn points every single time I shop or pay a bill, and I don’t have to do anything special. Just pay my bills and expenses like I normally do! In fact, I just signed up for a new rewards credit card with a great signup bonus today with a signup bonus value of over $800.
Two credit cards that I personally like include:
Important note: Making the most of credit card rewards is smart only if you use your credit card responsibly. It’s not a good idea to accumulate debt just to get rewards because debt with interest is neither free nor beneficial. To really earn money from credit card rewards, you will want to make sure to pay your credit card balance in full every month.
Frequently Asked Questions
Below are answers to common questions about how to make $200 quick.
How can I make a quick $200?
If you want to learn how to make $200 fast in a day, then I highly recommend finding items from around your home to sell, like clothing, jewelry, and video games. This is the easiest way to get started as you probably already own things you can sell.
How can I make an extra $200 a week?
If you want to make an extra $200 a week, I recommend freelance work, which might include writing, graphic design, or proofreading. Also, renting out things you already have, like a spare room, can be a great way to make passive income.
What items can be sold to quickly earn $200?
Look around your home for electronics, clothing, or collectibles that are in good condition but you no longer need or want. You may be able to find lots of things to sell (and have a yard sale) and/or find one or two big things to sell.
How to make $200 fast online from home?
I’ve done a lot of things on the list above to make $200 fast online from home, such as freelance writing, blogging, selling items online, taking part in a focus group, and more.
How To Make $200 Fast – Summary
I hope you enjoyed this article on how to make $200 fast in a day.
As you learned above, you can earn $200 fast by doing a lot of different things, such as by freelancing, starting a business, renting out something you already own, playing games, and more.
The key is to choose what fits your life, how much time you have, and your money needs right now.
What do you think is the best way to make $200 fast?
Even though it’s a large city, San Francisco still retains a very welcoming and neighborly vibe, and much like San Diego, New York and Los Angeles, there’s a certain charm here that draws in many new residents each year. The cost of living in San Francisco scares many off, but there are plenty of secrets to discover within this picturesque city.
All of these incredible amenities come with a steep monetary price. Even in the area’s most affordable neighborhoods, estimated monthly costs are high. In fact, the cost of living in San Francisco is a whopping 84.2 percent higher than the national average.
This is how San Francisco’s cost, as a whole, all breaks down.
San Francisco housing prices
When searching for apartments in San Francisco, you’ll face a lot of competition, even where the median rent is high. Despite the infamous San Francisco cost of living, though, people still want a San Francisco home.
As one of the hottest markets in the country, San Francisco housing is 242.3 percent above the national average. Although there are some affordable neighborhoods, many properties have an average apartment rent that’s sky-high. Not surprisingly, this greatly affects your estimated monthly costs and raises your living index. It’s also the primary reason this is such an expensive city.
To break down what this cost means, the average monthly rent for a one-bedroom in San Francisco is $3,554, up 4 percent over last year. For a two-bedroom, rent averages out to $5,007, an increase of 10 percent over last year. This is mind-boggling when you look at nearby cities like San Jose, where the average monthly rent is almost $1,000 less for both one- and two-bedroom units.
For those looking to buy, home prices vary widely depending on the neighborhood, but the median sale price in San Francisco is $1.525 million. This is up only 1.2 percent over last year, but homes often sell quickly. The median days on the market is less than three weeks.
Apartment hunting in San Francisco
Whether living a life of luxury or trying to keep things affordable in San Francisco, there’s a neighborhood for you. Even in expensive cities, you can find those hidden gems if you’re willing to look.
If you want to live in one of the more popular downtown neighborhoods like Rincon Hill and Nob Hill, prepare to pay (or find a roommate.) The average rent for a one-bedroom apartment is between $3,595 and $4,505.
For a neighborhood geared more toward young families, the average rent for a two-bed in Bernal Heights is only $2,800. For those wanting to live in California on a budget and still stay safe, the average rent for a two-bed in Outer Richmond is only $3,195.
San Francisco food prices
San Francisco is the epicenter of delicious food — more than 30 restaurants have garnered 44 Michelin stars. But, having such fantastic options does not often come cheap. Thankfully, when you’re on a budget, just go for that bread bowl, whatever is in it. In fact, you can get an entire meal at an inexpensive restaurant for $20.
For those who like to cook at home, San Francisco grocery costs are 29.8 percent higher than the national average. The data isn’t all bad, though, as this total is down by 0.6 percent compared to the past year.
Although there’s obviously variation by brand and store, there are some standard product prices that shed a light on grocery costs. For example, a dozen eggs will cost you $3.47, and a half-gallon of milk rings up at $3.55. For those who can’t get enough of that sourdough (or any kind of bread,) the average loaf will run you $4.81.
While there are plenty of locally-crafted, small-batch breweries, you’ll pay a premium price for your lager — the average six-pack is $10.19.
San Francisco utility prices
Utility rates in San Francisco neighborhoods won’t help keep your cost of living index low. While they’re 33.8 percent higher here than the national average, the saving grace is the year-round mild Bay Area weather.
As a result of the mild temperatures, there’s little need to turn on the apartment air conditioner during the summer. And during the wet winter months, a sweatshirt indoors will usually suffice. That said, the average energy bill is still high, at $275.58.
This makes utilities in San Francisco a cost of living concern, compared with most other cities. Even the companion California cities of Los Angeles and San Diego have lower utility averages.
San Francisco transportation prices
Transportation costs in San Francisco are 41.6 percent higher than the national average, which is actually 3.4 percent less than last year. The most expensive city for transportation in California behind San Fran is Oakland, San Francisco’s next-door neighbor, which has an average that’s 39.2 percent above.
What’s great about San Francisco is that the city comes with the advantage of multiple public transit options. There are the famous cable cars, the bus and rail systems and an abundance of ride-share services.
To travel in style, an iconic cable car is a great way to experience the city. Offered through San Francisco Municipal Railway (MUNI), riders can pay $8 per ride. The MUNI buses take your transportation expenses down a notch with single-ride fares at only $2.50. You can also purchase a monthly pass, which includes busses and cable car rides, for $81.
To take the train in, out and around the city, use BART (Bay Area Rapid Transport). Stops include the airport, as well as an assortment of East Bay cities. Six lines are available, with easy color-coded routes. The best way to verify the price of your one-way fare is to use the BART fare calculator. To save a little, get a Clipper Card and buy in bulk.
Thanks to its extensive public transit network, San Francisco leaves you with plenty of ways to explore where you don’t have to own a car.
Biking and walking
Biking, a popular way to get around the city, is cheap but arduous thanks to the many famously steep hills that San Francisco neighborhoods are known for. With a bike score of 77, you’ll often see bright green, bike-only lanes running next to busy streets — plus, plenty of bike-share stalls located throughout the city.
San Francisco is also ideal for walking, especially for renters in city-centric apartments. With so many amenities in proximity to area housing, this city earned itself a walk score of 93.
San Francisco healthcare prices
At 33.9 percent higher than the national average, the data says that San Francisco is an expensive market when it comes to healthcare. However, the upside to living in San Francisco is that renters do have access to some of the nation’s top doctors and treatment facilities.
It’s difficult to calculate an average for healthcare expenses, as prices are dependent on personal needs and other factors. That being said, the price for healthcare issues in San Francisco is more than in most places. Overall prices are 18.9 percent more than in Los Angeles and 26.7 percent more than in San Diego, and these other cities have their own reputations for being high-end.
Looking at medical costs in the Bay Area, a routine visit with your doctor averages out to $177.33. For an eye exam, you’ll see an average bill of $156.75 from your optometrist, while a trip to the dentist will set you back $150. These prices are without medical insurance, so the total cost could be very different depending on your plan.
San Francisco goods and services prices
Whenever your cost of living includes something you want more than you need, it’s most likely a good or service. Many of these expenses are optional, unlike housing costs, so it’s easier to keep them in check.
That said, this is an expensive item on the list. The cost of goods and services in San Francisco is 24.3 percent higher than the national average, up 2.4 percent over last year. This means you’ll most likely spend more for that movie ticket ($15), yoga class ($24.17) or a trip to the salon ($85.71) than friends in other cities.
Taxes in San Francisco
California has the highest state sales tax in the nation at 7.25 percent, and localities can add an additional tax on top of it. This makes the minimum combined sales tax rate for San Francisco 8.625 percent.
What this means is when you purchase $1,000 worth of clothing and home goods, as you browse around Union Square, you would pay $86.25 of that in sales tax.
California also has a progressive income tax, with rates between 1 percent and 13.3 percent, separated into nine brackets. Making less money means paying lower income taxes while those with a higher salary should expect to sit in the upper end of the tax bracket.
How much do I need to earn to live in San Francisco?
The price to rent a San Francisco apartment is not cheap, but it’s a huge factor in working out your own cost of living. If you’re not sure how much apartment you can afford on your annual salary, you can figure it out using our rent calculator.
You can also do a little estimating using the current standard cost of a one-bedroom apartment. The monthly rent for this unit is $3,621. If you apply 30 percent of your annual income to rent, as many experts suggest, you’d need a job that pays at least $134,720 to live on your own.
This isn’t always possible, given that the median household income in the city is $119,136. You may have to spend a little more than that 30 percent of a more average salary to live alone or consider other options. This may mean finding a monthly rent that’s lower, spending less money on those goods and services or even living with roommates. All of these options can bring San Francisco costs down and improve your own cost of living in this expensive city.
Living in San Francisco
San Francisco is full of unique beauty and charm. With its many parks, perks, great schools and happy people, this is a city for dreamers and doers — one of the best in all of California. The trick is to not let the high cost of living deter you from calling this great city home. You can do it if you watch costs carefully and budget well.
The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of August 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
During the tenant screening process, landlords often need to sift through tons of applications from potential renters. With so much competition, how do you make yours stand out?
One way is by knowing exactly what essential information to fill out so you can complete the application quickly and correctly. You don’t want to leave anything out and risk your application being delayed or rejected. There are only a few pages to give the landlord a complete picture of you and what you bring to the table as a tenant. You need to show them that you’re a responsible and honest tenant who won’t cause property damage or fall behind on rent. Knowing how to fill out an apartment application to rent an apartment lets you prepare ahead of time. The faster you get your completed, well-rounded application in, the faster you may be in your new home.
Everything you need to include on a rental application
All rental applications are going to look slightly different, from the formatting to how the different sections are organized. But all rental applications should cover the following complete information.
1. Personal and contact information
Typically, the first section on a rental application will be for personal and contact information from the prospective tenant. It’s also an easy section to complete before diving into the rest of the application.
There will likely be a section for the day’s date for you to fill in. Then you can move on the rest of the personal information about the applicant: you.
Your full name
Current address
Phone numbers (include both your home and cell phone number)
Email address
Date of birth
Social Security number
Driver’s license number
If you don’t have a driver’s license, any kind of official, government-issued ID will do.
Other occupants
Most applications give you a section to add the name, age, and contact info for the other people you’ll be living with. But each person who is going on the apartment’s lease needs to fill out their own separate application with their own personal information. If you’re signing the lease with roommates or a partner, you’ll be submitting multiple applications.
This also helps the landlord follow proper health and safety laws and regulations in your area. They can’t have five people living in a one-bedroom apartment. It’s unsafe and against the law.
Know your rights
It’s also important to know what sensitive information a potential landlord legally cannot ask you. During the rental application process and listed on the rental application itself, you cannot be asked about:
Race
National origin
Sex or sexual orientation
Religion
Disabilities
2. Apartment information
Some landlords may include sections or lines for information about the specific rental property or unit. This could include the address, unit number, size of apartment or square footage. But it also may cover monthly rent, upfront costs and pet fees (if applicable).
Oftentimes, the landlord can or will fill in this section themselves to avoid mistakes or errors. After all, they’re the landlord and know all the essential information about the unit. If you do have to fill out this section yourself, just be sure to double-check that all the details are correct. You can also ask the landlord to look it over for verification.
This way, both you and the landlord or property manager are on the same page about exactly which rental property or unit you’re interested in leasing.
3. Employment history
One of the most important sections of how to fill out an apartment application focuses on your employment history. After all, your prospective landlord wants to make sure you can pay the rent on time and in full each month.
In this section, add details about your current employer or work situation. Include information like your job title, work address and how long you’ve worked there. You’ll also want to provide contact information for your employer. Landlords and property managers typically contact employers to verify the employment of a potential applicant.
This section also includes one of the most essential pieces of info for landlords: your income. After all, you need to prove that you have a steady stream of income from some source so you can afford rent. Depending on the application, it may ask for your hourly rate, annual salary or monthly income. It may also ask if you’re part time or full time. As proof of income, you’ll need to provide recent pay stubs or bank statements as part of your application. Requesting two to three months of pay stubs or bank statements is the norm.
If you have a big savings account, you can also provide evidence of this. If you’re between jobs, just started somewhere new or are self-employed with a variable monthly income, having a good nest egg assures landlords. You can also provide more employment history by attaching your work resume. This is only a good idea if your previous work history reflects well on you. If you tend to leave jobs quickly or aren’t on good terms with former employers, it can hurt your case.
It’s also OK if you don’t have a previous employer or just started a new job. There are other ways you can prove you’d be a reliable, trustworthy tenant.
Other sources of income
If you have other sources of income apart from a routine job, you can also give that information to the landlord. Other sources of income can include:
Inheritance
Annuity
Severance payment
Unemployment
Disability
Social security
This can help bolster your claim that you make enough money each month to cover rent.
4. Rental history
Landlords want to ensure that a potential tenant is responsible and reliable. As such, nearly every rental application will have a section where you can fill out your residence history.
You usually only need to provide information about your last one or two rentals, including your current one. Add details about the address, the cost of rent and your move-in and move-out dates.
You’ll also need to list the contact information for current and previous landlords. References from past landlords are one of the best ways landlords vet potential tenants. For that reason, it’s always a good idea to stay on good terms with your previous landlord, because they become potential references once you move out. A good recommendation from a property manager or current landlord who liked you can go a long way. It shows you paid rent on time, took good care of the property and are an upstanding tenant.
If you don’t have any rental history, don’t worry. You can ask a family member or someone you trust to act as co-signer. Some applications may have a brief section where you can indicate if you’re having a co-signer or who they are. Otherwise, mention it to the landlord so they can loop the co-signer in and send them any relevant documents.
5. References
Along with the landlord references, some applications let you provide character references to vouch for you as a person. Professional and personal references from colleagues, friends or co-workers help verify that you’re a reliable person and help the landlord get a good sense of your character. Most landlords won’t accept references from family members. This section should ask for reference names and contact information.
Not every landlord requires or adds this. If they don’t, you can sometimes attach signed letters of reference directly to the application. You can also attach a rental cover letter or renter resume to add a little more depth.
6. Extra details
Not all rental applications will need these extra bits of information, as it depends on the rental property and landlord.
Emergency contact
Just in case, some landlords ask for emergency contact information upfront. If you’re approved, they’ll add it to your file later. It also comes in handy if they can’t get in touch with you during the rental application process.
List an emergency contact’s name, phone number and their relationship to you.
Pets
Lots of renters these days have pets, so you’re likely to see at least one reference to whether or not you have pets on a rental application.
If you do, the landlord usually asks for more background information about the animal such as breed and weight. That way, if they don’t allow the particular animal, they’ll let you know sooner and save you and themselves the trouble.
In addition to knowing how to fill out an apartment application, having a pet resume is a good idea for these situations. Similar to a work resume, it covers all the essential information a landlord would need to know about your pet. Add details like the pet’s name, species, breed, weight and gender. Make sure to include updated vaccine information as well.
Vehicles
If the apartment has on-site parking available and the rental unit has a parking space, you can provide your vehicle information upfront. List the make, model, color and year of each car, in addition to the license plate numbers.
Smoking
Many landlords have strict rules regarding smoking on their properties. If they do, they’ll likely have a small section asking if you smoke or not.
7. Credit and background check permission request
As part of how to fill out an apartment application, landlords need to run a background check and credit check on prospective tenants. There should be a specific section for you to sign, giving the landlord permission to run these checks.
Prior to the credit and background check section, you may also be asked if:
You’ve ever been convicted of a crime
Broken a lease
Declared bankruptcy
Been evicted
These are all potential red flags for renting, but don’t always mean an immediate “no.” Having a heads-up they’ll appear on the background check is helpful. It also shows the landlord that you’re honest about your past.
8. Bank information for the application fee
To cover the costs of running background checks and getting a credit report, most landlords and property managers charge application fees. These fees also cover any administrative costs incurred while processing the application. Within this section, list relevant information such as:
Bank name
Bank address and phone
Bank account number
Credit obligations (loans) with a monthly payment
Some applications will have a list of these fees. That way, you know what to expect.
9. Sign on the dotted line
Rounding out how to fill out an apartment application form is the signature section. Both you and the landlord should sign and date it. The signatures validate the document and serve as proof of payment.
This section wraps up the application. Congratulations, you’re done and have officially applied to a new apartment! Now comes the waiting to see if you beat out the other applicants and are the right tenant the landlord is looking for.
Completing the rental application process
After you’ve filled out rental applications with all the requested information, it’s time for you to sit back and wait to hear if your application has been accepted. During this time, the landlord does their screening reports. The tenant screening can take anywhere from two to three days. Sometimes it takes longer if it’s taking the landlord a while to verify some of your information.
Being accepted to your new apartment
Once you hear the good news that you’ve been accepted, you have a few final steps to follow before hiring movers.
Pay the security deposit and the first month of rent payments
As you finalize the rental process, you’ll need to pay for the security deposit, first month’s rent and any move-in fees.
Generally, writing personal checks is the easiest way to handle this transfer. But increasingly, modern-day renters prefer the ease and convenience of online portals. That way, they can pay rent, review the lease agreement, request maintenance repairs and more in one place.
Sign the lease
Once you’ve reviewed the lease and everything is in order, officially sign the lease to make the apartment yours (temporarily).
A rental application form template
To give you an example of what some apartment applications may look like, check out our sample template. You can also download this PDF or Word document template if you want to practice or get all the information in one place.
Know what to expect when filling out a rental application
Renting a new apartment can be a hassle. But by knowing how to fill out an apartment application, you can prepare in advance to help the process go smoothly and efficiently.
The information contained in this article is for educational purposes only and does not, and is not intended to, constitute legal or financial advice. Readers are encouraged to seek professional legal or financial advice as they may deem it necessary.
Inside: Ever wondered how much rent you can afford on a particular hourly wage? Use the rent calculator to see what you can afford on $22 an hour. Find out from the experts in this guide.
Honestly, this is something most people don’t think about until after they get themselves in a troubling situation.
Determining rent affordability is paramount in your financial planning. It’s important to strike a balance between comfortable accommodation and fiscal responsibility to avoid financial strains down the road.
There exists a direct correlation between your income and the rent you can afford to pay. Higher income opens doors to pricier accommodations while lower wages might enforce budget constraints. Understanding this relationship is crucial.
It guides your housing decisions and helps maintain a stable financial footing.
By calculating your rent affordability, you can set a clear budget, establish your housing needs, and navigate the real estate market with ease.
How much rent can I afford making $22 an hour?
If you make $22 an hour, based on a standard 40-hour work week, your gross income would come up to approximately $3,813 per month.
If you follow the 30% rule, this means you should allocate a maximum of $1144 each month for rent.
$3813 x 30% = $1144
However, remember this is a rough estimate and your specific expenses and financial obligations should also be taken into consideration before deciding on a rent budget.
What Percentage of My Income Should Go to Rent?
This is a good question to consider.
Even better when you are trying to figure out how much to save before moving out.
The 30% Rule Explained
The 30% rule is a simple guideline suggesting that one should allocate no more than 30% of their gross (before taxes) monthly income toward rent.1
This rule of thumb has been widely adopted as a measure of rent affordability. The beauty of the 30% rule lies in its simplicity and ease of use, allowing for quick budgeting while maintaining room for other essential expenses.
Be Conservative and Stick with 20%
According to Money Bliss budgeting percentages, adopting a more conservative approach to budgeting by allocating only 20% of your income towards housing costs can be more beneficial.
If you follow the 20% rule, this means you should allocate a maximum of $762 each month for rent.
$3813 x 20% = $762
This strategy helps to account for additional expenses such as utilities, unexpected repairs, and other costs that often accompany home ownership or renting.
This reduced allocation promotes being smart with your money to avoid unnecessary financial stress.
When to Consider Stretching the 30% Rule
At times, it might be necessary to stretch the 30% rule particularly in high-cost areas or during short-term situations. It’s crucial, however, to understand the potential ramifications and adjust other spending habits to compensate.
A temporary overshoot could be justifiable if it leads to significant future benefits, like proximity to a well-paying job. Always remember, that this should be an exception rather than the norm.
How Does the Rent Calculator Work?
A rent calculator is a practical tool that aids in estimating the rent you can afford. You don’t want to be forced to live on a shoestring budget.
This simple calculator is based on your hourly income and spending either 20-30% of your gross income on rent.
Fine-tuning your budget is possible by adjusting the percentage you wish to spend on housing. Remember, the final number serves as a guide and may require adjustments based on your financial situation.
Breaking Down Your Monthly Budget
For savvy budgeters, adhering to the 50/30/20 rule can provide a clear framework for managing your expenses and growing your savings. While at Money Bliss, we went a step further to define it as the 20-50-10-20-0 budget rule. (save-basic expenses-give-fun spending-debt).
This approach gives a precise breakdown of your monthly budget, ensuring that you are living within your means while also setting funds aside for future financial security.
Housing Costs
The basic 50/30/20 rule suggests dividing your monthly net income into 50% for necessities such as rent and groceries, 30% for personal wants like clothing or travel, and designating the remaining 20% for savings goals or debt repayment.
By adding these to your housing budget, you get a realistic picture of your monthly accommodation costs.
When budgeting for rent, one must account for other housing costs. These may include utilities like gas, electricity, and water, as well as internet, cable TV, and trash collection. You might also need to factor in the renter’s insurance and potential parking fees.
Essential Living Expenses
In addition to housing, remember to consider essential living expenses in your budget. These include food, transportation, health insurance, and childcare.
In addition, we advise our readers to put aside about 15-25% of their net income for savings. Accounting for these factors ensures you don’t stretch your budget to the limit solely on rent.
Discretionary spending
While you need to cover essential living expenses, it’s also important to allocate funds for discretionary spending – we call it FUN spending.
This category involves non-essential purchases like eating out, entertainment, vacations, and shopping. Using the 50/30/20 rule as a guideline, 30% of your net income can be put towards these wants, allowing you to enjoy your income while staying financially sound.
Factors Influencing Rent Affordability
Many factors impact how much you can spend on rent. As such, this will vary from person to person as situations vary. While these numbers are gross income, you need to realize the amount of money coming out for taxes. Many people don’t understand gross income vs net income.
Furthermore, the cost of living and rental prices in your chosen location can greatly impact how much you can afford. So, use the rent affordability calculator!
Location and Rent Prices
The location of a home greatly influences its rent prices. HCOL vs LCOL is a real thing!
Proximity to the city center, schools, parks, and shopping centers typically equate to higher costs. For example, renting trends in 2023 indicated an increase in prices the closer you get to these amenities.2
By choosing to live a bit further out, you may be able to find more affordable rent payments.
Areas with higher crime rates will have lower rents but these tend to come with more issues.
Size and Type of Housing
The size and type of your dwelling can also significantly affect your rent. Large houses with multiple rooms naturally cost more, whereas smaller apartments or studios are less expensive.
The type of housing also plays a role; for instance, a modern, furnished apartment might cost more than an unfurnished one. Tailoring your choice to your needs and budget allows for comfortable living without overspending.
If you have a pet, don’t forget it may cost more plus you have a pet deposit.
Lease Length Considerations
Lease length can directly impact your rent. Longer leases often equate to lower monthly rents, offering landlords a sense of security. On the contrary, short-term or month-to-month leases typically come with a higher price tag due to their inherent flexibility.
Assess your personal situation and potential need for flexibility before deciding on the lease term.
Also, the amount you need to put down as a security deposit can be negotiated.
Tips to Maximize Your Rent Budget
Plan your budget carefully taking into account factors like income, potential expenses, and the cost of living in your chosen location. So, if you are thinking $5000 is enough to move out, you may be surprised.
Use the 30% rule as a guide but be aware that in high cost of living areas, you may need to adjust this percentage. When searching for a rental, compare the cost and amenities of different apartments in your preferred areas and see if there are nearby neighborhoods with cheaper rental costs.
Also, you may need to embrace cost-saving measures such as cooking at home and shopping frugally to free up more income for rent.
You can learn more about those areas on our site.
Tip #1 – Reducing Costs and Saving
There are several ways to reduce housing costs and save more in this tough rental market.
Consider downgrading to a smaller place or moving to a less expensive area.
Negotiate a longer lease term for a reduced monthly rent.
Maybe even consider becoming a permanent housesitter to free up your budget.
Small changes can lead to substantial savings over time.
Learn how to budget on a low income.
Tip #2 -Planning for Future Rent Increases
Each year when your lease is about to renew, always factor in the possibility of future rent increases, which could be influenced by trends in the real estate market and inflation.
Ensuring your income can keep up with these increases is necessary for maintaining affordability. Continually reassess your rent affordability, especially during annual lease renewals or job changes.
Tip #3 – Get Roommates
Sharing your space with a roommate is a practical way to cut down on your living expenses substantially. By having one or more people to share the rental costs, utilities, and even groceries in some instances, you are likely to free up a considerable portion of your budget.
However, it’s important to clearly set boundaries and expectations to maintain a smooth living arrangement.
FAQ on Rent Affordability
Spending more than 30% of your income on rent is generally not advisable. It risks leaving you cash-poor, having insufficient resources for other important expenses like groceries, utility bills, health expenses, retirement savings, or emergency funds.
However, in certain scenarios like living in high-cost areas or prioritizing proximity to work (thus lowering your need for a car), bending the rule temporarily might be justifiable. Always reassess your budget to account for flexibility.
Yes, an increase in your hourly wage can slightly affect the amount of rent you can afford. The raise translates to an increased monthly income, which may enable you to comfortably afford higher rent.
However, it’s important to ensure this does not erode financial stability because lifestyle creep is real. Aim to maintain the key balance between comfortable living and responsible saving.
It’s recommended to reassess your rent affordability annually or when there’s a significant change in your financial situation.
Such changes could be a raise or decrease in income, new financial obligations, or plans to save for major future expenses. Regular evaluations ensure your housing budget aligns with your current financial realities.
Is $22 an hour a livable wage?
Given the average rent in the United States is $1702, $22 an hour is not a livable wage, especially in San Francisco or New York. As such, the maximum you should be spending on rent is $1144.
If workers are unable to afford to live in the communities they work in, it puts the whole system under stress. While there have been movements to create low-income housing, it is slow to happen and for many, difficult to apply.
Ultimately, whether this wage allows for a comfortable lifestyle depends largely on your financial habits, commitments, and where you live.
With good financial planning, including a solidly crafted budget that factors in rent, savings, and living expenses, a $22 hourly wage can indeed cater to a decent lifestyle.
Remember to reassess your budget regularly and adjust as necessary to meet changing financial landscapes.
Making wise financial decisions now can lead to a financially secure future. Now, do you have the habits needed to be financially stable?
Source
FiftyThirtyTwenty. “About.” http://fiftythirtytwenty.com/about.html. Accessed January 3, 2024.
Rent. “Rent Growth in Half of Suburbs Outpacing Metro’s Core City.” https://www.rent.com/research/suburban-growth-outpacing-core-city/. Accessed January 3, 2024.
Rent Cafe. “Average Rent in the U.S.” https://www.rentcafe.com/average-rent-market-trends/us/. Accessed January 3, 2024.
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