My parking space side hustle has earned me $30k… here’s how you can easily rake in extra cash too
A man has revealed how his parking space side hustle has earned him $30,000.
Nick Copland, 43, from Oregon, came across a social media ad for an app that allows you to rent out extra spots on your property to others as an extra way to make cash during the COVID-19 lockdown.
As someone who was already an avid real estate investor with multiple properties, he realized he had potential to earn a lot.
He signed up in August 2021, and since then, he has raked in tens of thousands of dollars from the endeavor.
Copland now has nine different parking spot listings and makes roughly $1,000 per month from the side hustle, and according to the 43-year-old, anyone else can do it too.
‘We designate portions of our land into parking places and charge different amounts based on the spot size,’ Copland explained during an exclusive chat with the Daily Mail.
‘My spots range from $90-$150 per month. But the user pays a bit more than that for insurance and payment processing fees.’
Copland explained that this isn’t for hourly parking, but rather, long-term storage for cars or bigger vehicles like RVs or trailers.
Nick Copland, 43, from Oregon, has revealed how his parking space side hustle has earned him $30,000
Copland (seen with his wife) has nine different parking spot listings and makes roughly $1,000 per month from the side hustle
‘For example, [it could be for] a family who has an RV but they don’t have space to park it at their home so they need to park it somewhere else when it is not in use,’ he explained.
‘Storage places can get pricy and also have some rules and regulations that might limit people.
‘Our spaces are in good neighborhoods and safe for our clients. It is a win-win. Our extra land/space is getting used to help people with a more convenient long term parking solution.’
He uses an app called Neighbor, which connects him with clients who are looking for the spaces.
‘Anyone can do it. Neighbor handles all the tricky stuff,’ Copland added.
‘You just create an account and make your listing – and you can easily make a listing in just a few minutes.’
Even before he was turning his parking spots into cash, Copland had a knack for making money by renting out his space.
It started in 2019, when he and his wife Shannan decided to invest in a ‘glamping site’ to turn into an Airbnb.
He said: ‘Anyone can do it. Neighbor handles all the tricky stuff’
‘[The idea started on] our 10-year anniversary actually, we had booked some unique short-term stays for our trip that really got our wheels turning,’ he explained.
‘We have traveled the world a lot and thought that being on the other side “as hosts” would suit us really well with our experiences and giftings.
‘I started researching and one thing led to another and with a lot of work, we made it happen.’
They ultimately transformed what he described as a ‘junk yard piece of property in the Santa Cruz mountains’ into multiple glamping sites.
When they relocated from California to Oregon during the pandemic, they decided to start renting out the lower level of their home.
But instead of people who were just looking for somewhere to crash for a few nights on vacation, they rented to traveling professionals looking for longer stays, something known as mid-term rentals.
‘We already had experience with short-term rentals through our glamping tents in the Santa Cruz Mountains and liked the idea of having guests stay for longer periods of time – less turn-over, less hassle, but a much better ROI than long-term rentals,’ Copland explained.
Copland and his wife run MTR Authority, a company that helps others follow in his footsteps and make money through renting out their property
He and his wife also make roughly $39,000 per month from renting their properties out to traveling professionals, something known as mid-term rentals
‘We started with one unit – renting out the bottom level of our home and gradually leaned more into midterm guests. We loved it. We loved getting to know people.
‘Our first mid-term rental covered more than the mortgage and all the while we were living in the upper level.
‘We lived for free. Our mortgage was around $2,200 and the smallest amount we typically made was $3,000 a month. That changed things significantly for us.’
Soon, they had saved up enough from their extra earnings to buy another house, and they just ‘kept building from there.’
Copland and his wife both ultimately quit their jobs to focus on their real estate investing full time.
They now have 13 properties and together, they run MTR Authority, a company that helps others follow in his footsteps and make money through renting out their property.
‘I have been coaching investors for over five years now. If you are driven and committed to getting systems in place, you can do this too,’ Copland said.
He said they make roughly $39,000 per month from their rentals, adding: ‘And we don’t need our W2 jobs anymore and have the freedom to choose how we want to use our time. That’s priceless.’
