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work from home small business
Old 08-07-2005, 02:40 PM   #1
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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?
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Re: work from home small business
Old 08-07-2005, 02:48 PM   #2
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Re: work from home small business

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
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Re: work from home small business
Old 08-07-2005, 02:56 PM   #3
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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.
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Re: work from home small business
Old 08-07-2005, 03:40 PM   #4
 
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Re: work from home small business

Laurence,

Buy my business (http://www.ResponsiveSoftware.com). I'll give you the early-retirement.org discount.
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Re: work from home small business
Old 08-07-2005, 04:07 PM   #5
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Re: work from home small business

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

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Re: work from home small business
Old 08-07-2005, 04:17 PM   #6
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Re: work from home small business

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
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Re: work from home small business
Old 08-07-2005, 04:28 PM   #7
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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.
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Re: work from home small business
Old 08-07-2005, 04:37 PM   #8
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Re: work from home small business


Solo practitioner lawyer. Set my own hours and days off. Mostly off now.
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Re: work from home small business
Old 08-07-2005, 04:38 PM   #9
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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.

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Re: work from home small business
Old 08-07-2005, 05:01 PM   #10
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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?
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Re: work from home small business
Old 08-07-2005, 05:30 PM   #11
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Re: work from home small business

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
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Re: work from home small business
Old 08-07-2005, 05:52 PM   #12
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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.
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Re: work from home small business
Old 08-07-2005, 09:29 PM   #13
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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.* *
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Re: work from home small business
Old 08-07-2005, 09:41 PM   #14
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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
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Re: work from home small business
Old 08-07-2005, 09:57 PM   #15
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Re: work from home small business

Isnt that an auto. audit.?
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Re: work from home small business
Old 08-07-2005, 10:13 PM   #16
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Re: work from home small business

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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.
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Re: work from home small business
Old 08-08-2005, 07:19 AM   #17
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Re: work from home small business

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
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Re: work from home small business
Old 08-08-2005, 07:49 AM   #18
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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.
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Re: work from home small business
Old 08-08-2005, 08:10 AM   #19
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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.
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Re: work from home small business
Old 08-08-2005, 08:32 AM   #20
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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
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