Let’s face it, one of the risks of remote property investing is the possibility of having zero tenants to occupy it. If your Buy-To-Let mortgage depends on monthly rental fees, you can just kiss the dream of a successful property portfolio goodbye!
Thankfully, snapping up a permanent tenant isn’t the only way to profit from remote investment. Here are some ways to make money even if there are no regular tenants around.
Host Exchange Students
During the lean months when your rooms aren’t leased by a permanent tenant, you can still make a profit off your empty rooms by hosting exchange students.
Believe it or not, hosting foreign exchange student could earn you £100 a week by just providing them with bedspace and meals. You could even earn a little extra if your accomodations have an ensuite bathroom!
To know if there are any exchange students nearby try talking to the nearest language school in your area or check out Idiom.co.uk.
Get Your House An Agent
Despite common assumptions, location scouts for movies, television shows, and photo shoots don’t just look for grand villas and picturesque homes. Think about it, not all programs and movies are taped in a sprawling estate. That’s why they try to diversify their portfolio with as many styles of architecture possible to meet their client’s requirements.
Amazing Space, a location provider for UK production houses, revealed that there are 2 big considerations when choosing a location for shoots. First, a huge parking space to accommodate the crew and equipment. Second, a location near the M25, since most production companies in the UK are based in London.
I’m going to tell you right now that this isn’t an easy business to enter, but it’s an instant jackpot if your property for rent is booked. Currently, a booking for a short photo shoot costs £2,000.
Rent Your Driveway
Commercial parking lots jacked up their fees at a rate of 12.5 per cent, which is why more drivers are looking for cheaper yet safe alternative parking spaces around cities.
So if you’re remote property investment is near the train station, airport, conference centers, stadiums, or high streets, this gig is a gold mine for your property! These areas usually have high traffic volumes and scarce parking areas, so any rental parking space is always booked easily.
You can earn £200 a month without experiencing any inconvenience from this gig, says staylocally.com.
Offer Short Term Rentals
Short term letting works like a regular lease agreement, but it lasts only for a very short period. This arrangement is common in places like Edinburgh where big events happen such as Wimbledon and other music festivals.
You can look for short term tenants in the these websites- edinburghfestivalrentals.com, wimbledontennislettings.co.uk, londonrentmyhouse.com.
If you are persistent and if you consider all your options, you are more likely to find opportunities to earn even from your ‘tenant-less’ property!