work from home small business

laurence · 08-07-2005, 02:40 PM

O.K., I know what you are thinking, "The Moderator is spamming his own board

". Seriously, my thread on ER goal and other threads around here have shown the promise of having your own business vs. being employed. My question is, if you can't risk quitting your day job, what would you look into as a small business on the side? DW and I are NOT interested in Amway, MLM, etc. etc. but searching the internet just gets you 1000 hits that belong in the Rich Dad/Poor Dad scrap heap. Small business owners, what did you do, and how did you get started?

MRGALT2U · 08-07-2005, 02:48 PM

Quote:

Originally Posted by Laurence

O.K., I know what you are thinking, "The Moderator is spamming his own board

".* Seriously, my thread on ER goal and other threads around here have shown the promise of having your own business vs. being employed.* My question is, if you can't risk quitting your day job, what would you look into as a small business on the side?* DW and I are NOT interested in Amway, MLM, etc. etc. but searching the internet just gets you 1000 hits that belong in the Rich Dad/Poor Dad scrap heap.* Small business owners, what did you do, and how did you get started?

I won't list all of the small businesses I owned (wholly or partly), nor the
history of those I started up. Too much to post. However, with my experience and knowing what I know now.........real estate is about
all I would look at. You can work from anywhere and use other people's
money (100% if you wish). Not many small businesses can come close.
If you do it right the rewards are bigger also. You know those infomercials
with the RE success stories? I don't know if they are all true..........
but they certainly could be.

JG

Arif · 08-07-2005, 02:56 PM

Laurence,

We own our own rental property business. I've been managing our rental units for about 7 years and plan to do it full time by December. Now before you think real estate is overpriced everywhere think again. We live in Augusta, GA and can find sfhs for 55-65K or fourplexes for 100k and cashflow enough to make it worthwhile. Our networth is currently 80% in RE but they all cashflow and are making it possible for us to leave the day job. To increase our income we do rehabs as well usually clearing about 15-20k per property. Not a wholelot but enough if you also LBYM and do 3-5 deals a year. BTW we have 31 units and plan to buy a 17 unit next year before we slow down a bit and concentrate on paying off the mortgages.

08-07-2005, 03:40 PM

Laurence,

Buy my business (http://www.ResponsiveSoftware.com). I'll give you the early-retirement.org discount.

REWahoo · 08-07-2005, 04:07 PM

Quote:

Originally Posted by TromboneAl

Buy my business (http://www.ResponsiveSoftware.com). I'll give you the early-retirement.org discount.

Laurence, just how much did Al spot you to set him up for a free internet ad?

REW

MRGALT2U · 08-07-2005, 04:17 PM

Quote:

Originally Posted by Arif

Laurence,

We own our own rental property business. I've been managing our rental units for about 7 years and plan to do it full time by December. Now before you think real estate is overpriced everywhere think again. We live in Augusta, GA and can find sfhs for 55-65K or fourplexes for 100k and cashflow enough to make it worthwhile. Our networth is currently 80% in RE but they all cashflow and are making it possible for us to leave the day job. To increase our income we do rehabs as well usually clearing about 15-20k per property. Not a wholelot but enough if you also LBYM and do 3-5 deals a year. BTW we have 31 units and plan to buy a 17 unit next year before we slow down a bit and concentrate on paying off the mortgages.

I envy you. I'm too old. I have the dream but not the drive.

JG

Arif · 08-07-2005, 04:28 PM

JG,
I am trying to get where you are at! Who should be envying who.
I'll try and remember that when I get up at 630 tomorrow for work and then after I get off the day job I get to run down late rents.

kat · 08-07-2005, 04:37 PM

Solo practitioner lawyer. Set my own hours and days off. Mostly off now.

retire@40 · 08-07-2005, 04:38 PM

There are an infinite number of business you could start from home. *Some of the home-businesses I know people do first-hand are...

Selling on ebay

Computer repair, consulting, networking

Pet sitting

Bookkeeping

Writer

Wedding Planner

Carpenter

Cleaning Service

Music Teacher

Real Estate sales and rentals

Landscaper

Catering

Home Inspector

I also know a lady who makes and sells pocketbooks out of used cigar boxes, a couple who host private dinners in their dining room for $400 per couple, a lady that breeds and sells dogs, and a guy who grows vegetable plants in his backyard and sells them to the public.

Pick something you like and turn it into a business. *Chances are it will succeed beyond your expectations. *The biggest problem with starting your own business is that most people just dream and talk about it instead of doing something to make it happen. *Kinda like the people dreaming and talking about FIRE but working until they die and never enjoying life.

laurence · 08-07-2005, 05:01 PM

T-al, I appreciate the offer, but I'm trying to avoid 7 figure start-up costs.

So real estate gets some play, but while I know not all areas are overblown, my immediate area is. Anyone have experience owning rental properties at a distance you can't visit every week? What is a good resource to look into if I'm interested in starting a venture in RE?

MRGALT2U · 08-07-2005, 05:30 PM

Quote:

Originally Posted by Arif

JG,
I am trying to get where you are at! Who should be envying who.
I'll try and remember that when I get up at 630 tomorrow for work and then after I get off the day job I get to run down late rents.

Here is the deal. I love real estate. Dabbled and played around the
edges my whole adult life. But.............I never went into it big time
and then I ERed. After I quit, looking back I could see how this could have been a profitable PT/semiretirement job; and one I was interested in.
By the time I saw it my opportunity was past. Now I am content to just loaf. Soooooooo, maybe it was good that I did not recognize my
"window of opportunity". We'll never know now.

JG

Arif · 08-07-2005, 05:52 PM

JG,
Got it. RE has been in my blood for awhile and I still get a rush finding that diamond in the rough. I plan to keep buying and rehabbing props. in GA while in Panama so that should be interesting.

Laurence,
We are planning on leaving the area and moving to Panama. I am in the process of interviewing property managers to take over the day to day stuff. I don't know if I would recommend handing off millions of $ worth of RE without knowing the business inside out. I suppose it can be done if you let them know what you expect upfront and stay on them to ensure they take care of your properties. We own property in TX as well and it has been OK with no real major problems so it can be done.

BTW- a real great source of info on landlording is www.mrlandlord.com Be warned most folks there don't like property managers (read like to control everything) and bring your thick skin when asking for advise.

riskadverse · 08-07-2005, 09:29 PM

Sell your primary residence, take the profit out up to 500K tax free, buy a fixer (worst house in the best neighborhood you can afford, live in it 2 years while fixing it up, go to the beginning.*

Most people will tell you, you can't do that now because it is the top of the market.* Being a contrarian, I don't think so.* Pick your property right, and I think you can do this any time ... kinda like the guys who say it's a "stock pickers" market.* *

Michael Moore · 08-07-2005, 09:41 PM

I'm a firm believer that everyone needs to have some sort of home business to help shelter their other income.

Most any home business can justify a computer, broadband Internet access, web hosting, a digital camera for photos for the web site, etc etc.

Look for things you'd be buying even if you didn't have the business. Desk and chair for the computer, file cabinet, pens, paper, whatever - write it off.

But only go with legitimate items you can easily justify. But there's a fair amount of that stuff, and all you need to do is conduct your business with a "reasonable" expectation of a profit. The more legit you do things (bank account, business telephone line, Yellow Pages ad, etc) the more legit you look/are, and the easier it is to justify things.

cheers,
Michael

maddythebeagle · 08-07-2005, 09:57 PM

Isnt that an auto. audit.?

sgeeeee · 08-07-2005, 10:13 PM

Quote:

Originally Posted by maddythebeagle

Isnt that an auto. audit.?

No -- not at all. If you have a reasonable chance of making profit, the expenses related to making that profit are legitimate deductions. You have to jump through a few hoops, but business expenses are legitimate deductions.

MRGALT2U · 08-08-2005, 07:19 AM

Quote:

Originally Posted by riskaverse

Sell your primary residence, take the profit out up to 500K tax free, buy a fixer (worst house in the best neighborhood you can afford, live in it 2 years while fixing it up, go to the beginning.*

Most people will tell you, you can't do that now because it is the top of the market.* Being a contrarian, I don't think so.* Pick your property right, and I think you can do this any time ... kinda like the guys who say it's a "stock pickers" market.* *

It's only the "top of the market" in spots, just like the dreaded
"bubble" will only burst in spots. There are always deals, which is why I love real estate. Also, if you do make a mistake, there are a bunch of
(hands on) ways to bail yourself out, without waiting for the DJIA
to rebound.

JG

maddythebeagle · 08-08-2005, 07:49 AM

has anybody thought about being a part-time financial advisor? I think with a lot folks knowledge on these boards, they would be excellent.

unclemick · 08-08-2005, 08:10 AM

I actually looked into it - in 1993. Luckily I passed up the 'opportunity.'

Hindsight - Christmas 2004 - surveying family and others - 1 out of 4 really listened, the rest -

?

My salesmanship leaves a lot to be desired - hence passing on that idea - was probably the right choice - for me. Hand holding is the primary skill required.

BTY - the one that listened - is set for life - if they stay on course.

REWahoo · 08-08-2005, 08:32 AM

Laurence,

It just dawned on me that the Internet Addiction Test generates a great 'work from home' business opportunity for you. You could create your own "internet addiction recovery" business, offering diagnostic services, counseling, support group therapy and other services. Best of all, you can do all of this online!

How cool is that!? 8)

REW

08-07-2005, 02:40 PM	#1
laurence Moderator Emeritus Join Date: Feb 2005 Location: San Diego Posts: 4,747	work from home small business O.K., I know what you are thinking, "The Moderator is spamming his own board". Seriously, my thread on ER goal and other threads around here have shown the promise of having your own business vs. being employed. My question is, if you can't risk quitting your day job, what would you look into as a small business on the side? DW and I are NOT interested in Amway, MLM, etc. etc. but searching the internet just gets you 1000 hits that belong in the Rich Dad/Poor Dad scrap heap. Small business owners, what did you do, and how did you get started?

08-07-2005, 02:56 PM	#3
Arif Full time employment: Posting here. Join Date: Jun 2005 Posts: 661	Re: work from home small business Laurence, We own our own rental property business. I've been managing our rental units for about 7 years and plan to do it full time by December. Now before you think real estate is overpriced everywhere think again. We live in Augusta, GA and can find sfhs for 55-65K or fourplexes for 100k and cashflow enough to make it worthwhile. Our networth is currently 80% in RE but they all cashflow and are making it possible for us to leave the day job. To increase our income we do rehabs as well usually clearing about 15-20k per property. Not a wholelot but enough if you also LBYM and do 3-5 deals a year. BTW we have 31 units and plan to buy a 17 unit next year before we slow down a bit and concentrate on paying off the mortgages. __________________ You take the blue pill - the story ends, you wake up in your bed and believe whatever you want to believe. You take the red pill - you stay in Wonderland and I show you how deep the rabbit-hole goes.

08-07-2005, 03:40 PM	#4
TromboneAl Guest Posts: n/a	Re: work from home small business Laurence, Buy my business (http://www.ResponsiveSoftware.com). I'll give you the early-retirement.org discount.

08-07-2005, 04:28 PM	#7
Arif Full time employment: Posting here. Join Date: Jun 2005 Posts: 661	Re: work from home small business JG, I am trying to get where you are at! Who should be envying who. I'll try and remember that when I get up at 630 tomorrow for work and then after I get off the day job I get to run down late rents. __________________ You take the blue pill - the story ends, you wake up in your bed and believe whatever you want to believe. You take the red pill - you stay in Wonderland and I show you how deep the rabbit-hole goes.

08-07-2005, 04:37 PM	#8
kat Recycles dryer sheets Join Date: Apr 2005 Posts: 465	Re: work from home small business Solo practitioner lawyer. Set my own hours and days off. Mostly off now.

08-07-2005, 04:38 PM	#9
retire@40 Thinks s/he gets paid by the post Join Date: Feb 2004 Posts: 2,578	Re: work from home small business There are an infinite number of business you could start from home. Some of the home-businesses I know people do first-hand are... Selling on ebay Computer repair, consulting, networking Pet sitting Bookkeeping Writer Wedding Planner Carpenter Cleaning Service Music Teacher Real Estate sales and rentals Landscaper Catering Home Inspector I also know a lady who makes and sells pocketbooks out of used cigar boxes, a couple who host private dinners in their dining room for $400 per couple, a lady that breeds and sells dogs, and a guy who grows vegetable plants in his backyard and sells them to the public. Pick something you like and turn it into a business. Chances are it will succeed beyond your expectations. The biggest problem with starting your own business is that most people just dream and talk about it instead of doing something to make it happen. Kinda like the people dreaming and talking about FIRE but working until they die and never enjoying life. __________________ No man is free who is not master of himself. --- Epictetus Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo

08-07-2005, 05:01 PM	#10
laurence Moderator Emeritus Join Date: Feb 2005 Location: San Diego Posts: 4,747	Re: work from home small business T-al, I appreciate the offer, but I'm trying to avoid 7 figure start-up costs. So real estate gets some play, but while I know not all areas are overblown, my immediate area is. Anyone have experience owning rental properties at a distance you can't visit every week? What is a good resource to look into if I'm interested in starting a venture in RE?

08-07-2005, 05:52 PM	#12
Arif Full time employment: Posting here. Join Date: Jun 2005 Posts: 661	Re: work from home small business JG, Got it. RE has been in my blood for awhile and I still get a rush finding that diamond in the rough. I plan to keep buying and rehabbing props. in GA while in Panama so that should be interesting. Laurence, We are planning on leaving the area and moving to Panama. I am in the process of interviewing property managers to take over the day to day stuff. I don't know if I would recommend handing off millions of $ worth of RE without knowing the business inside out. I suppose it can be done if you let them know what you expect upfront and stay on them to ensure they take care of your properties. We own property in TX as well and it has been OK with no real major problems so it can be done. BTW- a real great source of info on landlording is www.mrlandlord.com Be warned most folks there don't like property managers (read like to control everything) and bring your thick skin when asking for advise. __________________ You take the blue pill - the story ends, you wake up in your bed and believe whatever you want to believe. You take the red pill - you stay in Wonderland and I show you how deep the rabbit-hole goes.

08-07-2005, 09:29 PM	#13
riskadverse Full time employment: Posting here. Join Date: Oct 2002 Posts: 651	Re: work from home small business Sell your primary residence, take the profit out up to 500K tax free, buy a fixer (worst house in the best neighborhood you can afford, live in it 2 years while fixing it up, go to the beginning.* Most people will tell you, you can't do that now because it is the top of the market.* Being a contrarian, I don't think so.* Pick your property right, and I think you can do this any time ... kinda like the guys who say it's a "stock pickers" market.* * __________________ San Diego . . . Hell on Earth!

08-07-2005, 09:41 PM	#14
Michael Moore Recycles dryer sheets Join Date: May 2005 Location: In the fog of San Francisco Posts: 224	Re: work from home small business I'm a firm believer that everyone needs to have some sort of home business to help shelter their other income. Most any home business can justify a computer, broadband Internet access, web hosting, a digital camera for photos for the web site, etc etc. Look for things you'd be buying even if you didn't have the business. Desk and chair for the computer, file cabinet, pens, paper, whatever - write it off. But only go with legitimate items you can easily justify. But there's a fair amount of that stuff, and all you need to do is conduct your business with a "reasonable" expectation of a profit. The more legit you do things (bank account, business telephone line, Yellow Pages ad, etc) the more legit you look/are, and the easier it is to justify things. cheers, Michael

08-07-2005, 09:57 PM	#15
maddythebeagle Thinks s/he gets paid by the post Join Date: Jun 2005 Posts: 2,439	Re: work from home small business Isnt that an auto. audit.? __________________ - Hurry! to the cliffs of insanity!

08-08-2005, 07:49 AM	#18
maddythebeagle Thinks s/he gets paid by the post Join Date: Jun 2005 Posts: 2,439	Re: work from home small business has anybody thought about being a part-time financial advisor? I think with a lot folks knowledge on these boards, they would be excellent. __________________ - Hurry! to the cliffs of insanity!

08-08-2005, 08:10 AM	#19
unclemick Give me a museum and I'll fill it. (Picasso) Give me a forum ... Join Date: Jul 2003 Location: north of Kansas City Posts: 5,524	Re: work from home small business I actually looked into it - in 1993. Luckily I passed up the 'opportunity.' Hindsight - Christmas 2004 - surveying family and others - 1 out of 4 really listened, the rest - ? My salesmanship leaves a lot to be desired - hence passing on that idea - was probably the right choice - for me. Hand holding is the primary skill required. BTY - the one that listened - is set for life - if they stay on course.

08-08-2005, 08:32 AM	#20
REWahoo Moderator Emeritus Join Date: Jun 2002 Location: Texas Hill Country Posts: 11,499	Re: work from home small business Laurence, It just dawned on me that the Internet Addiction Test generates a great 'work from home' business opportunity for you. You could create your own "internet addiction recovery" business, offering diagnostic services, counseling, support group therapy and other services. Best of all, you can do all of this online! How cool is that!? 8) REW __________________ [MODERATOR EDIT]