How to Start a Passive Income Side Hustle That Uses Assets You Already Own, From 3 People Who Make Thousands of Dollars Doing It You could be sitting on a major money-maker.
By Amanda Breen and Frances Dodds Edited by Jessica Thomas
Key Takeaways
- Fifty-four percent of Americans say they've started a side hustle to supplement their primary source of income in the past 12 months.
- Some side hustles require significant investments of time and money, while others offer passive income opportunities that are too good to pass up.
More than half (54%) of Americans say they've started a side hustle to supplement their primary source of income in the past 12 months, according to a MarketWatch survey. These days, just about anyone can find a side hustle that suits their lifestyle, talents and interests. Use a cherished family recipe to make a sweet snack. Turn your collector's hobby into a resale business. Overcome your creativity block with a service that helps other people do the same.
But starting a side hustle with the potential to become a full-blown business often means substantial investments of time and capital upfront, and there's something to be said for a side hustle that requires minimal effort — the kind that's such a no-brainer that not doing it is tantamount to flushing money down the drain. One sure path to passive income success? Take advantage of assets you already own.
Related: 15 Weird and Wonderful Side Hustles You Never Knew Existed
That's what former Amazon employee Justin Cambra, energy sector professional Matt Graham and avocado farmer Kyle Kazmer did. Read on to learn more about the passive income side hustles that capitalize on in-demand assets at their disposal — and their strategies for success.
Justin Cambra owns over a third of an acre that's paved — the perfect opportunity to rent out parking spaces that can be hard to find in Seattle.
- Side hustle platform: Neighbor, a company that lets people rent out available spaces on their properties to store personal items or vehicles
- Earnings: $1,000 or more a month
- Strategy: "I've been doing revenue optimizing. So you know, with Airbnb, if you raise the price, you get the higher rental rate, but then you have a higher vacancy. I'm doing that in the inverse. I went from $200 to $175 to $150, and now I'm at $125, and I'm getting more traction. So I may even drop it to $100, and as the lot fills, I'll start raising it back up. That's where my head is right now."
Matt Graham's family has owned a 700-acre farm in Eagleville, Missouri, since 1886. Today, he says the small cattle and crop rotation is a "full-time hobby," so he's sharing the land with others.
- Side hustle platform: LandTrust, an online marketplace that functions like an Airbnb for outdoor recreationists, linking land owners with people looking for places to hunt, fish, birdwatch, camp and more
- Earnings: $8,000 a year for hosting 10-12 groups
- Strategy: Graham has been building a cabin to offer guests the premium farm experience. "We're out here in the middle of nowhere, so lodging is a bit of a challenge. And the guys at LandTrust said, you know, you have chickens and a milk cow, and you're raising Wagyu cattle. Why don't you stock the fridge with Wagyu steaks and eggs and fresh milk and cheese and butter that you make there on the farm, and all they've got to do is show up."
Kyle Kazmer has a 10-acre ranch in Moorpark, California, complete with a lake and avocado orchard, that doubles as an idyllic dog park.
- Earnings: Up to $7,000 a month
- Side hustle platform: Sniffspot, a marketplace that allows you to rent out your yard as a private dog park
- Strategy: "You don't want to price too much beyond other spots in your area, but don't undercut yourself. Be sure to provide great experiences and be client-obsessed. Some may choose to offer dog toys, blow-up pools, etc. We have paddle boards, kayaks, homegrown fruit that guests can pick and buy, a petting zoo and even working fire trucks. Be sure to have decent photos of your space with details on what guests can expect. And feel free to ask for reviews in any follow-ups. Word-of-mouth is a powerful tool."
