There are over 800,000 empty homes in the UK. That’s the situation behind www.youspotproperty.com a company that pays members of the public for alerting them to empty properties with potential. Over the past 5 years, the company have bought and re-commissioned over 100 properties, mainly after receiving a tip-off from the public. The company give property spotters a £20 M&S or iTunes voucher for alerting them to a relevant property and then 1% of the selling price if they’re able to track down the owner and negotiate a deal.

If you’re based in London (that’s where the company operate) this could be a no-risk and no-hassle source of a second income for doing nothing more than keeping your eyes open. Thinking a bit bigger, could you partner with property investors to copy the concept in other parts of the country?