Why do we need passive income while homesteading or farming? As homesteaders, we have lots of expenses that always seem to pile up between our tools, mechanics, livestock, and household expenses, it can be hard to save money!
Passive income is a wonderful way to make money while we sleep so that our homestead can keep operating smoothly. In fact, most financially savvy people strive to have one or multiple sources of passive income.
When you make money that requires little or no work and essentially “runs itself” then you have a passive income source! In this blog post, we will touch on some of the most common forms of passive income that homesteaders participate in to make an extra buck here or there – or even quit their day job and homestead full time!
Start thinking about your financial goals and as you read ask yourself, “Which of these passive income sources could work for me and my situation?”
Now, let’s dive into the best sources of passive income while homesteading…
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Rent Out Land
Our family lives on 80 acres of land that we homestead (read our homesteading updates here!). With so much land, we could certainly rent out portions of it to make some extra money.
In fact, once we were approached by a local that stopped by our house. He was looking for new land to put his herd of beef cattle on and was wondering if we would be willing to rent out a portion of land to him. We thought about the implications this would have not just on our family, but the long-term effects of our land. Based on the information, we offered him a fair price, but he did decide to go a different route at the time.
We were also asked by a neighbor once if they could hay our front pasture (they had the tools and equipment on hand) and pay us a fair price for the hay. Our land has about 15 acres of pasture and we weren’t using it this year, so we accepted the bargain. We did virtually nothing and when he was done he wrote us a check.
If you have land readily available there may be someone that has a use for it! Consider renting it out to someone and making some passive income while homesteading.
Related Post: The 5 Best Farming And Homesteading Entrepreneur Books To Succeed
Rent Out Housing
Another option that could be a good fit for your homestead is to rent out a house or building on the land. Several old homestead properties, ours included, have older buildings that are no longer being used.
Start with considering the cost of fixing up the old buildings, or even an empty room in your own house. Then do some research on how much you could charge for a longtime renter or even short-term guests.
We have rented out a private room and bathroom on Airbnb to short-term and long-term renters. It was wonderful passive income. All we had to do was some minor cleaning and management with booking guests!
Related Post: How To Become A Popular Airbnb Superhost Immediately
You could also rent out a shed for storage or start your own bed and breakfast!
With owning real estate and having renters, short or long-term, you have the opportunity to make passive income while homesteading. There is a bit of property management but otherwise, you simply get a check in the mail.
Make A Campsite
An option similar to renting our housing is to rent out a campsite on your land with the app Hipcamp. Our family plans on implementing this passive income source next summer. We are going to create a separate entrance on the other side of our land, away from our house, where guests with RVs or tents can camp for the evening.
This doesn’t bring in as much revenue as renting out a house would, especially since it is seasonal, but it is another hands-off passive income while homesteading families that we don’t want to pass on!
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Start A Blog or Online Shop
One way our family makes some passive income right now is through this blog! Blogging about homesteading is an ongoing job for me, but once a blog post is up and I’ve promoted it a bit, it can make passive income for years to come.
Ad revenue is one of the most common ways blogs make money! I love to help others learn about starting a blog. Be sure to check out these resources if that is something you are interested in…
How To Easily Start A Blog Today
10 Reasons To Start A Blog After You Graduate College
Launch Your Blog Course Reviewed – How I Started My Blog From Scratch
Make Money Blogging Course Reviewed – How I Make Money On My Brand New Blog
How To Start An Online Business On A Budget
Other similar options are to start a YouTube channel or an online shop like Etsy! Like blogging, YouTube videos can make revenue passively through ad revenue. Online shops are usually not passive income, as you have to continually make products; however, several people write ebooks, create printables, make online courses, or sell photos that are all a one-time product to create, making them passive income as well!
If you are knowledgeable on certain topics, a specific one, or even just a general topic like homesteading, this could be a great option for you when it come to passive income while homesteading!
Craigslist Ads
We also make passive income through several of our craigslist ads. They are ads that I constantly have posted because they are things that we have constantly available. If someone buys them, great! But, if someone does not buy them, we simply use the items on our homestead.
It’s passive work because I put very little time and effort into it! I guess, in the summer, some might consider our farm stand passive income as well. It’s an honesty system, so I simply set the items out in the morning and collect the items in the evening.
The items we list on craigslist are things like animals we breed, rabbit manure, rabbits pelts, farm fresh eggs, tanned hides, firewood, food we’ve foraged, equipment available for rent, and services available to offer.
I hope these ideas of easy passive income while homesteading are beneficial to you! Which one will you be starting next? Leave a comment below and let me know!
Kelsey at GoodPointGrandma
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