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Top 5 things you can rent for extra cash

By WTOP Staff

If you’re in need of some extra cash to pay the bills or boost your savings, remember that lesson you learned in kindergarten: the value of sharing. By lending out what you already have lying around — power tools, old college textbooks, even your home — you can bring in that extra income you need with minimal time or effort.

Nowadays, startup apps and service sites can connect you, the generous property owner, with people who want to rent your stuff. And they often offer insurance or protection in case your things are lost or damaged.

Here are five common things you can list for rent and the sites that’ll help you do it:

1. Your home

While you’re away on vacation or taking a weekend getaway, your home sits empty. Why not fill it with short-term renters? Through a range of service sites, you can rent out your home to visitors who want an authentic local experience at an affordable price. In turn, the money you get can help you with monthly bills, rent or even your mortgage.

Airbnb, the reigning peer-to-peer home rental site, gives you the option of renting out a shared room, a private room, an apartment or an entire house. You set the price, then choose who you rent to. It’s free to list your place, and you pay 3 percent to Airbnb when a stay is successfully booked. Each booking is protected by $1 million in coverage.

Other sites, such as Wimdu and 9flats, operate similarly to Airbnb. HomeAway allows you to list your home at an annual subscription or a percentage per booking. FlipKey and Roomorama offer free listings with a 3 percent booking fee. Each of these services offers either an insurance policy or suggests setting a security deposit.

2. Your car

After a long week, you’re just going to take it easy around the house, leaving your car in the driveway. Meanwhile, someone across town is looking to get away for a few days — and needs a car to do so. It’s a perfect match. Renting out your vehicle when you don’t need it can potentially cover all costs associated with owning a car, including monthly payments, gas, maintenance and repairs.

Peer-to-peer car rental sites such as RelayRides, Getaround and JustShareIt let your set your own prices and availability for all trips. Each service offers theft or damage coverage for rentals, as well as a $1 million liability insurance policy. Drivers are screened, and you pick the renters.

Depending on the service, you may need to arrange to meet the renter to hand over your keys. GetAround and RelayRides also offer devices that can be installed in your car so users can access the car remotely via a mobile app. Using the app, renters can navigate to your car and unlock it to access the keys, which you leave in the vehicle for them.

With RelayRides there are no sign up fees, you list your car for free and you keep 75 percent of the total reservation charges. Getaround allows you to keep 60 percent of your rental profits, whereas JustShareIt lets you to keep 80 percent.

3. Your space

Your unused space has untapped money making potential. Sits such as Store At My House and ShareMyStorage allow you to rent out extra storage space such as attics, basements, garages or extra rooms for any length of time.

If you have an empty driveway or parking space, rent it out on sites such as JustPark, ParkingPanda and CARMAnation for as little or long as you like. JustPark charges a 25 percent commission on parking revenues; ParkingPanda charges a 20 percent commission; and CARMAnation charges a 15 percent commission fee.

4. Your textbooks

Most textbook rental sites, including Chegg and College Book Renter, only allow you to sell your books, not rent them out. RentBack by CampusBookRentals let you rent your textbooks through its service. You just send in your book and receive payment every time the book is rented.

Renting out textbooks can be problematic, since professors often require the newest editions. However, CampusBookRentals claims that while books are in demand, students can make two to four times as much by renting out books than by selling them back to campus bookstores.

5. Your stuff

Really, there’s no limit to the things you could rent out. Your power tools, lawn mower, bicycles, ski gear, video games, musical instruments or boat all can be put to good use through sites such as Loanables and Zilok.

Loanables listers pay a 10 percent fee per transaction, whereas Zilok requires a commission for each transaction on a sliding scale, based on the total amount you make.

On Spinlister you can list bikes, surf equipment and snow equipment. Listings are free, items are protected against loss or damage and the company takes a 17.5 percent service fee from each booking.

With Boatbound you can list any type of boat, from canoes and rowboats, to powerboats and yachts. Boatbound retains 35 percent of each reservation. The company offers $1 million in liability protection and up to $2 million in hull damage protection during each rental.

Remember, no matter what you decide to rent out, make sure you’re aware of all fees, insurance policies and risks involved. After all, when you’re done sharing your things, you’re going to want them back in good condition for your own personal use.

More from U.S. News

How to Find the Best Parts of the Sharing Economy

How to Save $500 This Month

10 Ways to Cut Your Costs This Week

Top 5 Things You Can Rent for Extra Cash originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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