Making $74,000 from Unused Yard Space: A Simple Side Hustle

Just half an hour away from Portland, I own a plot of land measuring about two acres. A small rental home is situated on the property, which I bought from my parents in 2022.

My father would often let friends use the space for storing items like trailers, with informal agreements. Continuing this seemed natural after the purchase. With 21 available spots and few personal connections to fill them, I sought out renters beyond my circle.

I discovered Neighbor through a Google search. This service links property owners with individuals needing parking spots, functioning similarly to a property management intermediary.

Direct interactions with renters are minimal; I rarely use the app's messaging system. The process seems effortless as renters book spaces and payments seamlessly roll in.

Starting in 2022, my land has hosted RVs, travel trailers, boats, and even a bus, accumulating roughly $74,000.

Effortless Earnings with Neighbor

Neighbor can be accessed via a smartphone app or online. It operates straightforwardly: I list what spaces are open, set prices suggested by Neighbor, which can be adjusted. Renters are verified using their driver's licenses.

After the renter pays, Neighbor handles the transaction, depositing the fees into my account after 30 days, retaining a small percentage as service charges.

One advantage is guaranteed payments by Neighbor. Even if renters miss payments, I am informed and instructed, ensuring continuous income.

Though occasionally renters attempt direct deals to bypass fees, sticking with the app ensures protection and documented interactions.

High Demand for Parking Spaces

When I started in mid-2022, my first space was rented almost immediately. Seeing its success, I added more, reaching nearly 21 spots.

Nearly all lots are perpetually occupied; finding an available one is uncommon. Pricing varies, considering factors such as size and coverage, from $90 to $200 monthly.

Approaching three years with Neighbor, my earnings have increased annually: from $7,660 in the first year to an anticipated $11,572 by mid-2025.

The mortgage on the property costs about $2,500 monthly. Meanwhile, my daughter, who works as a travel nurse, rents the onsite dwelling.

Post-expenses, including taxes, approximately $500, the remaining profit adds up to a couple thousand dollars monthly.

Reinvesting My Profits

Rather than using the additional income for personal expenses or debt, given my minimal debts outside home ownership, I reinvest in the property.

This venture started as an enjoyable experiment, and the results, facilitated by Neighbor, exceeded expectations.

Beyond the financial gain, enhancing the land through projects like landscaping and gravel addition is fulfilling.

Unless an unforeseen event triggers a change, such as significant property value increase, I plan to continue renting through Neighbor.

Contemplating future retirement plans, possibly relocating to Arizona, I consider appointing a manager for ongoing operations in my absence.