Maximizing Passive Income with Peerspace

Aug 7

One of my passive income streams is Peerspace, a platform where you can rent out your home for photoshoots, video shoots, conferences, and other events to make extra cash each month. I make around $2,000 per month by renting out my home through Peerspace around three times a month.

As with most forms of passive income, it’s not always 100% passive and free of a little surprise here and there. And since I’m the queen of transparency…here’s a list of some of the pros & cons I’ve found during my experience:

P.S. Want to book your first Peerspace rental? Here’s a link to get started!

peerspace pros

Flexible Booking Opportunities: You can easily book a 3-4 hour photoshoot during the day and make money while you’re at work.

No Additional Purchases Needed: Your home is an already existing asset, so no additional purchases are necessary to rent out your furnished space.

Control Over Bookings: You have the ability to set the price, minimum rental hours, maximum number of people, and approve or decline any requests.

Potential Tax Write-Offs: You can make interior or exterior improvements for rental purposes that then become tax write-offs if you treat your home rental as a business. Services like cleaning can also be written off.

Tax-Free Income: If you rent out your home for 14 days or less per year, the income can be tax-free. Check out the Augusta Rule for more details on how this works!

PEERSPACE CONS

Platform Fees: You are charged approximately 18% per booking. For example, if you receive a booking request worth $500, you will take home approximately $410 after fees. (As an FYI, Peerspace charges less than other platforms, such as Home Studio List.)

Full-Day Rental Challenges: You may receive full-day rental requests that make you the most money, but they would also need you to find a solution for your animals and/or children for the longer booking time. Remember, you get to set your available hours minimums and maximums.

Potential for Damage: With people coming and going from your home with equipment such as camera gear, clothing racks, etc., some damage to your walls and home may occur.

Last-Minute Changes: Last-minute changes like cancellations and/or extensions can take place. You can set your cancellation rates and set boundaries around whether an extension will be granted or not. Reminder: if someone extends, it just means more money in your pocket!

THE BOTTOM LINE

Overall, the pros definitely outweigh the cons, in my opinion. Given the fact that the asset (your home) already exists, and you can control who is approved or declined, using real estate to make passive income is one of the smartest decisions you can make.

A depreciation tax write-off + appreciating asset + passive income = A MAJOR WIN.

XO,

Jen

P.S. Curious to learn more about investment property and/or personal tax write-off strategies? Check out my tax playbooks to learn how you can save more of your hard-earned cash!

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