Over the years, I’ve taken on extra jobs or flipped yard sale finds on eBay to bring in a little extra income. But every now and then it’s nice to generate some passive income: money you can make with little-to-no effort. With Parkatmyhouse.com, you can generate income simply by letting people park in any extra space in your driveway or garage.

ParkAtMyHouse.com: Save Money, Make Money

ParkAtMyHouse.com is just gaining traction in the US but has generated a wide following in the UK. The basic concept? Rent your driveway, garage, or spare lot for people to park at. While city-dwellers may make the most off this opportunity, living near an airport or a stadium may be similarly profitable. Of course, everyone can benefit by avoiding the price of alternative parking solutions.

The site is free to use as both a lister and a renter. Unless you successfully rent a space you’ll pay nothing, but the service does charge a fee of 15% for every space successfully rented out. You can make your spot available when you want and for as long as you want, from 30 minutes to a year.

But before jumping the gun, consider these factors:

• Car Insurance: Car insurance varies by state, but in most cases leaving your car at an alternate location won’t affect your insurance. However, you still want to be sensible with where you leave your car for obvious safety reasons. If you have any questions, be sure to contact your auto insurance carrier.
• Homeowner’s Insurance: Like car insurance, home insurance also varies by state. Coverage also varies by carrier. To be safe, you should contact your insurance provider to confirm your policy covers renting out a parking space.
• Safety: The physical location of your space is not disclosed until the sale is final. Once you have agreed on the price, you have to download a parking-agreement contract professionally drafted by the services legal team. For caution’s sake, you should ask for the parker’s information, such as the make and model of their car, license plate number, and a list of any potential drivers or passengers.
• Contracts: There are six different contracts to download once your parking space has been confirmed for booking. While the site does not detail the differences between the six contracts, it is important to be aware that if you are under legal contract to uphold your end of the agreement.
• Earning Potential: Your earning potential is going to vary based on location, the length of time you rent your space, and the demand for parking spaces. If you are located in an urban area or near major event venues, airports or other popular transportation locations, you’re likely to see higher earnings. According the site, the average person can expect to earn about $46 per week or nearly $200 a month (based on UK figures). Demand and convenience are going to have the biggest effect on the price you can charge for your space. Browsing the website to see what spaces in your area are going for can help you to stay competitive and make a little bit more money.

The concept is still working its way to the U.S., but with BMW as one of its primary investors the site is likely to gain steam. And for those of us looking to bring in extra cash, why not jump on board? Passive income like this is the perfect way to help pay off your debt or build your emergency fund a little faster.

Does this sound like a service you would use? What do you see as the drawbacks? Share your thoughts in our comments section below.

Jenny Kerr is a PerkStreet customer and midwestern gal who loves yoga, her Blackberry, makeup and Apple TV. She’s a personal finance blogger at TheJennyPincher, where she shares financial tips for single ladies. Jenny is a former banker and currently works as a consultant during the day. She’s also taught budgeting in a classroom setting.