Times are hard and who couldn't use some extra cash these days.? And when times are hard creativity is key. I'm going to tell you how I have paid my rent even though it is $2,300 a month and I don't make enough from my job to do it. How do I do this? I rent out my closet and sometimes my couch! Well, to be more specific I rent out my loft that is over my closet and my couch if there is more than one person staying. I rent it out to people who would rather pay me $100 bucks than pay $200 for a hotel. Of course I live in New York City and you may be saying sure you can make that kind of money because you live in the city but I live in say Portland, Oregon and there is no way someone is going to rent out my closet! No? Well, I lived in Portland, Oregon and I rented out rooms there for 10 years and while I didn't make as much I did make as much as a percentage because the cost of living is much less there. In Portland, I rented out rooms and that's how I made my mortgage payment.

It's not as difficult as it sounds and now with Craigslist it's actually pretty easy. You simply fix up an area (even a couch will do and if you don't have a couch, well I can't help you) and then you advertise on Craigslist and voila people answer your ad, come and stay with you, you make money, they have a nice place to sleep and it's a win win situation. Look in the Craigslist ads to see what rooms and/or couches are going for in your area so you know how much to ask. It's by far the simplest most effective ways to earn cold hard cash that I know of.

I have lived with many different kinds of people and you do have to be wise about who you let stay with you. A few simple questions like who are you, what are your circumstances and do you have references can make a huge difference. Moreover, if your freak flag starts flying by all means retreat. I never rent to anyone when I feel uneasy about them. So far so good. Also, make sure that when they arrive even if it's only for a night or two that you get the cash up front. Never give the keys until you get the cash. If they are staying for a period longer than a night or two charge a deposit. I use paypal if someone wants to book the loft for a future date, it protects the renter from fraud and you know that they will actually show up.

Not only will you make some cash in these difficult times but you will meet a lot of interesting and wonderful people. I have had classical pianists, opera singers, ballerinas, directors, attorneys and people who were invited to speak at the United Nations stay with me. All in all it's been a great experience and if I ever make enough money so that I no longer have to do this...I'll probably do it anyway because it's a lot of fun.