Good Retirement Businesses?

[tryan]

Why not manage it yourself? Save the rental fees, costs less than $300 per yr in marketing

We do manage the unit ourselves (only the cleaning is hired out). Homeaway and VRBO do an amazing job for ~$300/yr. And the house is marketed year 'round. 4-5 months per year is all the market will hold.

The managment fees are the rates quoted when I tried to hire a manager. No way to make $$ that way.

Reminds of a friend renting out his golf course condo. First year he really didn't know what to expect. Management company runs the place like a hotel ... daily house cleaning. Was promised 10-12k/yr by them when he bought. Sooo June rolls around after zero-zip-nada all winter long. Calls and tells me he made 3k for the month of June. "WOW!" I said ... "I only hit for the last week in June - $1800 - up at the lake. Congratulations!" . "Yup" he says "just got my first check for $1000!". "Wait" I said "you said you hit for 3k". "I did" he says " management took 1k and house cleaning took 1k and I got what's left!"

No way to make money doing that.

 

[flyfishnevada]

We do manage the unit ourselves (only the cleaning is hired out). Homeaway and VRBO do an amazing job for ~$300/yr. And the house is marketed year 'round. 4-5 months per year is all the market will hold.

The managment fees are the rates quoted when I tried to hire a manager. No way to make $$ that way.

Reminds of a friend renting out his golf course condo. First year he really didn't know what to expect. Management company runs the place like a hotel ... daily house cleaning. Was promised 10-12k/yr by them when he bought. Sooo June rolls around after zero-zip-nada all winter long. Calls and tells me he made 3k for the month of June. "WOW!" I said ... "I only hit for the last week in June - $1800 - up at the lake. Congratulations!" . "Yup" he says "just got my first check for $1000!". "Wait" I said "you said you hit for 3k". "I did" he says " management took 1k and house cleaning took 1k and I got what's left!"

No way to make money doing that.

Only scenario I see a management company being good is if you don't need the income and you're happy just receiving a small pittance and getting the mortgage paid by someone else. Like I said when I started the thread, we've looked into it and thought about it a lot. I don't see it as being a full-time occupation. Actually anything but, especially considering all the internet tools and mobile phones. You could be on vacation, take a call, walk into a coffee shop fire up the laptop (or do it on your iPhone) and deal with the booking and be on your way. I realize there are some other things, cleaning, on going and emergency maintenance, etc., but if done right it shouldn't be a major hassle 90% of the time.

Am I wrong?

 

[tryan]

if done right it shouldn't be a major hassle 90% of the time.

It's not a hassle ... it just doesn't make any money. All it can do is help carry itself.

 

[Kroeran]

target,

Geese chasing is a real job. There is a nice public park at the north end of Lake Washington in the Seattle area that became overrun with Canadian Geese who made a mess of the whole beach. The city tried various control methods, but they finally hired an old lady to wake her dogs there. It worked.

wonder what one of those Canada geese tastes like?

up in Canada, we just call them geese. (not)


Wawa Canada

 

[Ed_The_Gypsy]

Talked to my new landlady today. She is getting up in years and has a new knee. She was in pretty bad shape before that. She also was in construction for many years.

She told me that in her experience, there was a good living to be made as a carpenter who did small jobs for disabled seniors such as widening doors for wheelchairs, putting in ramps, installing handrails, lowering cabinets and otherwise renovating kitchens to suit people with physical limitations.

 

[W2R]

Talked to my new landlady today. She is getting up in years and has a new knee. She was in pretty bad shape before that. She also was in construction for many years.

She told me that in her experience, there was a good living to be made as a carpenter who did small jobs for disabled seniors such as widening doors for wheelchairs, putting in ramps, installing handrails, lowering cabinets and otherwise renovating kitchens to suit people with physical limitations.

That's a terrific idea. Handrails, ramps, wider doors, and so on can allow seniors to continue to live independently longer. When I get older I will want such changes in my home. Demand for such work should increase, too, with baby boomers getting older every year.

 

[MuirWannabe]

I confess to knowing nothing about the business. But I've wondered sometimes about owning a storage rental facility. Seems low maintenance. And heavens knows people have too much stuff and always need storage space. If it's profitable maybe you can get someone to manage it for you. Just a thought... similar to the laundromat idea.

 

[flyfishnevada]

Not that I am seeking to end this thread as its very informative to me and others I am sure, but I am strongly considering getting into custom fly rod building. Its something I have done before as a hobby and I love all things fly fishing. Some of the comments kind of steered me in that direction. Sometimes the most obvious answer is the hardest to see. I am only researching now, but it has potential. It could even be taken on the road if we ever do the full time RV thing or done in a smaller house or a condo.

I am also considering some of the handyman/auto detailing/whatever type businesses also. Anything where I am the boss and I work when I want, where I want, is appealing.


Thanks for the replies and keep it up for future readers.

 

[Walt34]

I sell women's ( thirty somethings ) dresses and work clothes on ebay and I usually make about $1,000 a month with little effort.

There are a large number of auctions 'round these parts and I've often given thought to going to them, buying oddball stuff and selling them on Ebay or Amazon auctions. One guy where I work bought a dozen used lawn mowers for a dollar each at a fall auction and sold them in the spring for $50 each. Storage is obviously an issue but I like the numbers.

That's "Plan B" for when I decide to leave my current post-retirement job.

 

[flyfishnevada]

My mom buy jewelry and antique glassware at thrift stores and resells on Ebay. Don't know how much she makes, but she complains its too little. Then again she complains she can't retire because she doesn't have enough money even though she has a fantastic COLA'd pension. Maybe I should turn her onto this site.

 

[TooFrugal]

One thing to keep in mind is the power of passive income generation. If you make a single custom fly rod you can only sell it once. If you want more income you have to make another fly rod. If you write a book on fly fishing, you can sell that one book a million times over without any extra work except for marketing the book.

 

[Mickslick]

Hey, what do you all think about dog walking? I live in a development with a number of professional working couples, lots of dog owners. Was thinking of starting this with my son.

 

[Moemg]

There are a large number of auctions 'round these parts and I've often given thought to going to them, buying oddball stuff and selling them on Ebay or Amazon auctions. One guy where I work bought a dozen used lawn mowers for a dollar each at a fall auction and sold them in the spring for $50 each. Storage is obviously an issue but I like the numbers.

That's "Plan B" for when I decide to leave my current post-retirement job.

The trick is to find something you like to sell and you have knowledge about . My niece's husband sells motorcycle parts . That seems like a good fit for you ! The thing I like about it is no set hours plus if we want to go away I just stop selling for awhile . It's a good thing to do if you just want a little extra money . Unfortunately some months you make a lot of money and some months not so much so it's not a regular steady income but since mine is used for fun money that works out okay .

 

[Moemg]

A great retirement business in Florida would be to pimp out old guys . There is a real lack of older guys in Florida and I know older woman would pay to show up with a date at neighborhood party . I'd probably just have to pay the guys in casseroles and occasionally do their laundry and they would be happy . Of course you would have to keep meticulous records since you don't want Joe to be showing up at the same trailer park to often .I would not charge extra for s-x I'd throw that in as a bonus . Of course I would charge extra if the guy could still drive , did not wear his pants to high , had hair , danced or takes Viagra .

 

[bizlady]

I have a "drop ship" business online that I have done since being "downsized" 5 years ago. This is where you build a website and add products. Take the order, send the info to the vendor, and they ship the merchandise. I process the order, pay the vendor and collect the difference. I do inventory one product line, but that is not necessary.

It is some work to get started and costs a few thousand to get a decent website up and running. And of course you need to find vendors that will drop ship for you. Most charge a wholesale price and $3-$5 per order drop ship fee. The trick is to find a niche and fill it. Some business and technical skills are needed to be successful IMHO.

I have had the site for about 5 years, and have added one product line per year. I spend about 2 hours a day actually working. Can be more or less as needed. Currently netting nearly 30k pretax income.

That said, I will be selling my site this spring as my husband will retire early next year, I am the only person doing the business and so don't get a break, and our parents are aging and are needing assistance.

But drop shipping might be something to look into for those wanting a "semi-retirement" business.

 

[harley]

Of course I would charge extra if the guy could still drive , did not wear his pants to high , had hair , danced or takes Viagra .

Sounds like I qualify, as long as you aren't to picky about the location of the hair.

 

[flyfishnevada]

One thing to keep in mind is the power of passive income generation. If you make a single custom fly rod you can only sell it once. If you want more income you have to make another fly rod. If you write a book on fly fishing, you can sell that one book a million times over without any extra work except for marketing the book.

Way ahead of you. I am already working on a book. Two actually, one fiction, one about fly fishing.

Does anyone get the impression I don't know what the heck I want to do?

 

[old woman]

Something like a laundramat or yard work business or moving business you could employ the kids and their friends. Janitoral business is like that too. We pay 1,200 a month for people to come at night. A woman and son were doing it but have been replaced. She said it took about 4 hours. If you and your wife and children took one customer you could switch off who did it or all go at once. If it would take 4 hours for one it might take 1 hour for 4 people. The work is not a steady pace. Some nights you can rush and just empty the garbage and recycling and do a quick clean of bathrooms and vacumn only parts of the offices. Then on a weekend day or pull an all nighter to do a heavy cleaning like stripping and waxing floors. Your kids will know a lot of teens who want to earn a few dollars so teach the most reliable to do the entire job if you want a longer vacation.

Another idea is to run a home cleaning or nanny service where you hire the crew and find the work. Once you place a crew for a client you just draw a percentage of what you bill as your share. Around here a half day cleaning lady is $90 and the agency gets about half. My brother hired his outside the agency for about half since she got to keep all the money.

You could hire your kids to make cold calls or answer the phones to schedule appointments or even clean houses. You and your spouse could clean houses and take the kids with you. You could do several houses in a single day if you work together you could bond with the children while driving to the next location.

 

[charlie]

W2R, I am the one who has owned a laundromat for over 40 years. It has been a great source of supplementary income during my 20 years of early retirement.

If the OP wants to retire in Texas, I can make him a goood deal.

Cheers,

charlie

 

[W2R]

W2R, I am the one who has owned a laundromat for over 40 years. It has been a great source of supplementary income during my 20 years of early retirement.

If the OP wants to retire in Texas, I can make him a goood deal.

Cheers,

charlie

Thank you, Charlie!! I would have credited you with the idea, but I couldn't remember whose it was. The idea of owning a laundromat in retirement sounds excellent for someone who is mechanically inclined and can keep the machines running.

 

[charlie]

Although it helps to me mechanically inclined, it is not necessary to the running of a successful laundromat. Of fundamental importance is a good location followed by keeping the place clean, bright and safe, hiring and retaining good people, having reliable repair men on call, managing cash flow, treating customers fairly, etc., etc. In other words, a laundromat is much like any other service business from a management viewpoint.

One cautionary note, however, is that the business is "confining" in the sense that it is hard to get away for extended periods if you don't have a completely trustworthy person to sub for you. Collecting and counting the money, making bank deposits and filling bill changers is normally what the owner routinely does, at least in my case..... not fixing machines.

Cheers,

charlie

 

[W2R]

Interesting! Thanks, Charlie.

 

[Ed_The_Gypsy]

I can't remember, did anyone bring up caretaking?

WELCOME PAGE - The Caretaker Gazette - #1 Source for Caretaker Opportunities since 1983!

 

[Meadbh]

Something like a laundramat or yard work business or moving business you could employ the kids and their friends. Janitoral business is like that too. We pay 1,200 a month for people to come at night. A woman and son were doing it but have been replaced. She said it took about 4 hours. If you and your wife and children took one customer you could switch off who did it or all go at once. If it would take 4 hours for one it might take 1 hour for 4 people. The work is not a steady pace. Some nights you can rush and just empty the garbage and recycling and do a quick clean of bathrooms and vacumn only parts of the offices. Then on a weekend day or pull an all nighter to do a heavy cleaning like stripping and waxing floors. Your kids will know a lot of teens who want to earn a few dollars so teach the most reliable to do the entire job if you want a longer vacation.

Another idea is to run a home cleaning or nanny service where you hire the crew and find the work. Once you place a crew for a client you just draw a percentage of what you bill as your share. Around here a half day cleaning lady is $90 and the agency gets about half. My brother hired his outside the agency for about half since she got to keep all the money.

You could hire your kids to make cold calls or answer the phones to schedule appointments or even clean houses. You and your spouse could clean houses and take the kids with you. You could do several houses in a single day if you work together you could bond with the children while driving to the next location.

Ahem....this is retirement?

I don't think so!