Have you ever thought about making a passive income with your front yard? If you live in the right place, I bet you could make a couple hundred bucks in a single night, and you’d only have to work for 30 minutes!
I know, I know, you’re wondering what the heck I’m talking about right? Sometimes it is a little difficult figuring me out (ask my wife), but this source of passive income is really quite simple. You have to live in the right place though.
Family Outing to Wrigley Field
When I was growing up, my family didn’t watch that much television. In fact, I think we only got about 4 or 5 fuzzy channels with our rabbit ears. Once my sister and I got older though, we needed to have the Internet for school, and with the cable Internet came a few more channels! Suddenly, we had TBS and WGN, and boy did we enjoy them!
Mainly, I enjoyed watching baseball, and with WGN, we were able to pick up quite a few Cubs games! My whole family and I soon grew very fond of these baseball games, and before the summer was over, I found out that we had tickets to a home game!
Our Chicago trip was under way and after a short 2.5 hour car ride, we were in the big city. I’m not sure if you’ve ever been near Wrigley field, but there is absolutely nowhere to park! We got within about 5 blocks of the stadium and we saw a man taking money and directing traffic into his front yard (I want to say he was charging $10 per car, but that was about 12 years ago. Now the rate has probably jumped to $20).
My dad reluctantly gave this man his $10 and parked in the yard. This most definitely isn’t the conventional business (and I’m not even 100% certain it’s legal – check with your city before you try this), but even as a kid I thought it was brilliant. Of course people will pay to park in your yard, because there’s absolutely no other option!
Turning the Income Passive
This man’s income wasn’t 100% passive, but it could have been if he allowed his neighbor to park some cars on his yard for 50% of the profits. It’s pretty easy not to get cheated either. All you have to do is count the number of cars on your property and hold out your hand for the payment.
Do you live near a big stadium? Perhaps you could turn your property into a temporary parking lot for the big events in the area.
Maybe you own a business downtown with some parking – this could definitely turn into some major profits on the weekends!