For most travel nurses, the goal is not to live to work. Instead, it’s about maximizing income, minimizing expenses, and getting more out of life without having to drastically cut back on the things you love.
Passive income is a key phrase right now for people trying to do more with less, and real estate is a great way to make some extra income without spending tons of hours each week on your side hustle.
Don’t own your real estate? That’s where Furnished Finder comes in. You don’t even need to rent an entire house or own a single-family home to profit from the space.
Reap the benefits of being a “landlord on easy mode,” as one of our landlords put it. Here are a few ways to use Furnished Finder to bring in extra cash while you are on assignment or even just off on your own adventure between assignments.
How To Earn Passive Income While On a Travel Nurse Assignment:
Rent a Room in Your Apartment or Home
Have a two-bedroom but only really need one of those bedrooms? Maybe you don’t want to deal with a true roommate when you are home from time to time. Furnished Finder can help you make that extra space profitable on your terms.
Simply provide basic furnishings and make sure the common areas are organized and stocked with basics. You are ready to rent your extra bedroom to business professionals or travel healthcare workers while you are gone. You can even adjust your availability calendar so your space is 100% yours when you plan to be home.
Rent (Most) of Your Single Family Home
If you own or rent a single-family home, you can still rent most of the space for passive income on Furnished Finder while you are gone. To meet tax rules easily, simply place your personal belongings into a designated bedroom or area of the house. Some travelers will even lock or block off this section of the home while their tenants are living in the rest of the home.
Then, you can either rent the rest of the property as one rental space or rent individual rooms. Renting rooms individually may allow you to bring in more income, but it may also be harder to find tenants willing to share a space with other roommates. Renting the house as a whole (minus your space) means dealing with less tenants, and may make it easier to rent your space out depending on how your rental is priced.
Prepare a Separate Unit on Your Property
If you aren’t ready to have a renter in your actual space, consider if you can add an addition, finish a basement, or even build a small outbuilding on your property that could be used for mid term rentals. Since most travel nurses and business professionals travel light, the space does not need to be large or lavish. It simply needs to have the basics and be clean and comfortable!
This option has some upfront costs and does require home ownership versus renting, but it can also provide a form of income for you for years to come, even if you move back to your home full-time.
Be Sure to Check Tax Laws
One thing you have to be careful of is maintaining a proper tax home if you are receiving tax-free stipends while on assignment. There are different ways to go about this. For best practice, we recommend chatting with a tax professional on how to maximize income while abiding by tax laws.
How Do I Get Started?
Getting started as a landlord on Furnished Finder is much easier than most people expect! Start by visiting the List Your Property page and checking out some of the benefits of renting on Furnished Finder and the resources they provide.
You can sign up directly on this page or reach out to a Furnished Finder team member who can help answer questions and walk you through the process.
Once you are ready, the listing fee is a straightforward $149 for the year. That’s it! There are no other fees or charges to worry about, and your potential renters will be thankful for the straightforward pricing on the other end as well.
We hope you found this article on how to earn passive income while on a travel nurse assignment helpful. Do you rent out your tax home for passive income while on assignment? Comment any tips or advice you have for your fellow travel nurses below.
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