The most common method of earning income from an investment property is through tenants paying rent. This is very effective for creating cashflow but it is by no means the only method available to an investor. An often used strategy is to rent out the garage. Many novices mistakenly believe that the garage automatically goes to one of the tenants but this is not necessarily true.

Garages are great because people often use them as storage facilities for long  periods of time, have little maintenance and are generally easy to rent out in any economy. Garage rents can range from $50-$600. The $600 figure is a very high end garage in a residential dwelling. If you prefer to go down this route, just remember to make the lease for at least a year term and have the renewal come up during the cold winter months as to provide a disincentive to the renter for them not to move and instead renew their lease. Garages may or may not be governed by the same set of laws regarding residential dwellings which can give the owner more flexibility in their choices as to who they choose to be their customer.

Alternatively, one could rent out the garage as a parking unit from one of the tenants or someone else who does not live at the property.

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