Good Retirement Businesses?

[rescueme]

IMHO, if you have left a job/business, call yourself "retired", yet expect to take on another job/business, you are not truly retired. All you are doing is moving in a different direction in your employment life - nothing more, nothing less.

Nothing wrong with that at all. Just don't call yourself retired (look at the term as defined in any dictionary).

BTW, I am retired...

 

[Kroeran]

A $1000/month is equal to 9% of a $133,333 investment. That's around what we make doing private loans. Loans are secured by property at 60-65% loan to value. No repairs required. Risk is there - we have an poorly to non performing unsecured loan out for more than we took in in interest last year, and we did have to retain a lawyer to encourage a borrower to pay us off rather than be foreclosed on, so it's not without issues, but there are no toilet repairs or dealing face-to-face with tenants or customers.

how do you find your borrowers?

 

[calmloki]

how do you find your borrowers?

We fund through a small loan outfit - borrowers come to them, they present loan "opportunities" to us, we go out and do drive-bys and any other investigation we feel like. Sometimes the spirit moves us, sometimes not, but we rarely meet the borrowers. Contact small loan outfits and tell them you want to be a "hard money lender". Different places have different plans, we like being the first or second on a specific property vs. being part of a consortium.

 

[flyfishnevada]

Or, since I love to write (haven't you noticed?) I could write a novel and become a famous author. Yeah, maybe that's what I'll do.

I love to write too. Have a couple of blogs, my retirement plans are usually multi-page narratives and I have a couple of ideas for books (one fishing guide book and a fantasy novel).

are you currently retired? is it wise to be quitting your career, with kids in school, for the uncertainty of rolling the dice on a business, that has a 90% chance of failing?

I am retiring with a full pension that is 75% of gross. This will be in addition.

Why not be a fly fishing guide? Have your ER activity and get paid for it.

It was an idea. Has a lot of strings. Nevada requires 4 years as a sub guide before you can get a license. California will give a guide license to you if you have a pulse, but to be 100% legal you must get special use permits from all of the federal and state agencies who own the "public" lands I would guide on. It's not off the table, but it also would require lots of weekends and with kids, even though I'm retired, they still only get weekends of most of the year.

Can I repeat the old saw "find something you love to do and the money will follow"? Seems to hold true over the years. Just saying....

Good advice!!!

I plan to work as an engineer part time once retire for a period of time to bulk up the portfolio. During that time I was hoping I could settle into a nice, easy income from a business. I'm a planner, so I'm just trying to get some additional ideas that I hadn't thought of. There is some great info here.

 

[jimnjana]

We're in our 4th year renting the lake house as a vacation rental ... haven't had a positive cashflow yet. Expenses are high (e.g. internet and cable are a must .. and must be retained year round) and nearly all the rent comes in 4 or 5 months. Rest of the year is vacant. We use the house alot ... so this works for us. But managment fees run 20-40% depending on how little you want to do (we hire out cleaning - do the renting/management ourselves). Really not a way to make money. Helps pay the bills ... but that's all it'll ever do.

This is with dual seasons (lake in the summer; skiing in the winter). You'ld need a year round paradise to improve the numbers. But I believe everyplace in this country has a bad season (too hot/cold/rainy/dry).

From my view, the only people who profit are the ones who manage/service the unit. Stick with the fly fishing (how 'bout a fishing guide!)

Why not manage it yourself? Save the rental fees, costs less than $300 per yr in marketing, and we are not at the mercy of an agent who has had clients longer than us. We were lucky in that our neighbor had done some of the research for us (cleaning person & handyman). Also, look to expand your rental season. You would be surprised at the number of people looking for a retreat, no matter what the season. An agent has little incentive to market an off-season property another reason to DIY.

 

[flyfishnevada]

IMHO, if you have left a job/business, call yourself "retired", yet expect to take on another job/business, you are not truly retired. All you are doing is moving in a different direction in your employment life - nothing more, nothing less.

Nothing wrong with that at all. Just don't call yourself retired (look at the term as defined in any dictionary).

BTW, I am retired...

I agree, for a while while the kids are still at home I figure I might as well be semi-retired. Part-time stuff and doing what I want and when I want. Not retired, but not exactly not retired.

 

[kyounge1956]

Anyone here have any experience with owning vending machines?

 

[jimnjana]

Flyfishnevada, The url Fly Fish Nevada is not available. You may want to register a similar domain name and use it as a basis for a related business.

 

[brewer12345]

Anyone here have any experience with owning vending machines?

Not personally, but my friend's brother used to do it. The trouble is that it is a, um, cash business and most of the value is in getting good locations (which tend not to switch vending companies). So there is a lot of competition for the good spots and since this is a cash business it sometimes attracts competitors who are not 100% ethical, if you catch my drift.

 

[brewer12345]

Another thought: One of my neighbors supplements his income by detailing cars for people. He does this in his driveway, one at a time and I think he makes a tidy little sum. Overhead is very low and advertising is inexpensive or free.

 

[mews]

My parents owned a business. I know exactly how much work is involved in 'being my own boss.'

No thanks!

I might do a bit of tutoring (I'm a teacher), but an actual business!??!

eeeeeeeeeeeeeeeeeeeeeek!

ta,
mew

 

[Ed_The_Gypsy]

In some off-hours on a field assignment in Vicksburg, MS, a couple of us went to the national monument and paid for a personal guided tour of the site. It was given by a retired local who was a history buff. I think we paid $10 apiece and got a terrific tour. Also learned about the area and many other things.

 

[Ed_The_Gypsy]

Relatives sold their auto parts store, bought a motor home and traveled around the country working in national parks.

I have also heard of retired people who deliver fire engines, of all things, and motor homes.

I once ran into an old guy who shuffled cars for a rental company. He drove them from one city where they were piling up to another that needed them. Older drivers are preferred for their good sense and driving record.

 

[Ed_The_Gypsy]

Recently I had to take an all-day defensive driving course for my work. The trainer I worked with was a retired small business owner. He put me through an interesting driving course all over a converted farm.

A few years ago I took a course for a previous employer. The trainer had us drive in many situations all over town and finally we did our skid testing at an old airstrip.

Both days had a lot of driving and a written test at the end.

It sounds like several possibilities here.

 

[smjsl]

I agree, for a while while the kids are still at home I figure I might as well be semi-retired. Part-time stuff and doing what I want and when I want. Not retired, but not exactly not retired.

Sorry if I misunderstood but why not do the opposite (if you have enough money)? In other words, while kids are at home, retire. Once they are gone, do part-time work...

 

[harley]

It was an idea. Has a lot of strings. Nevada requires 4 years as a sub guide before you can get a license. California will give a guide license to you if you have a pulse, but to be 100% legal you must get special use permits from all of the federal and state agencies who own the "public" lands I would guide on. It's not off the table, but it also would require lots of weekends and with kids, even though I'm retired, they still only get weekends of most of the year.

Sorry if I misunderstood but why not do the opposite (if you have enough money)? In other words, while kids are at home, retire. Once they are gone, do part-time work...

I agree. Also, depending on what the 4 years of sub guiding requires, maybe you could do that some during the weeks, and in 4 years you'll have your license and the opportunity. It could be that the guide companies don't have as many people available for mid week sub guide work, which I assume is much less lucrative. Although I admit I know exactly zilch about the subject. But by then it's possible the kids will not want/need you around so much. So you'll be freed up and ready to go.

 

[flyfishnevada]

Flyfishnevada, The url Fly Fish Nevada is not available. You may want to register a similar domain name and use it as a basis for a related business.

You might want to check that again. I have it registered and pointing to my fly fishing blog. Good idea though.

 

[flyfishnevada]

I agree. Also, depending on what the 4 years of sub guiding requires, maybe you could do that some during the weeks, and in 4 years you'll have your license and the opportunity. It could be that the guide companies don't have as many people available for mid week sub guide work, which I assume is much less lucrative. Although I admit I know exactly zilch about the subject. But by then it's possible the kids will not want/need you around so much. So you'll be freed up and ready to go.

My idea is work when the kids are in school, but only part-time so I can still be involved in there lives, activities, etc. more than I am now. If that includes starting a business that can become low maintenance in some way, great. Then I can "retire" and the wife and I can begin traveling, maybe full time RV, etc.

I see the point though, but since school takes up so much of their time and I have some financial goals I want to meet after I begin receiving my pension in 5 months, I figure I could work part of that time. I also plan to do a lot of stuff for me. Fishing, golf, guitar, etc. But it's not like the wife and I can do any serious traveling, or begin full-time RVing (I guess could, but won't).

I've also seen a lot of ideas about handyman, yard work or car detailing types of businesses. I think all of those are great ideas. Very flexible, low overhead, low stress. Obviously, a lot of these depends on your situation and what else you are doing.

 

[brewer12345]

One last thought on a business: power washing. Around here, you could spend uner $1000 buying a power washer, related equipment and do a little advertising and easily gross $1000-2000 a month with modest effort.

 

[harley]

One last thought on a business: power washing. Around here, you could spend uner $1000 buying a power washer, related equipment and do a little advertising and easily gross $1000-2000 a month with modest effort.

I agree, an excellent part time business idea. One suggestion, though. If you go this route, learn how to do it properly. I've seen people who had powerwashers destroy the seal on their double paned windows, take the protective finish off of vinyl lawn furniture, and dig grooves into deck wood. It's not that hard, and I'm certainly not impugning your capabilities , but there's a little more to it than just buying a powerwasher.

 

[Ed_The_Gypsy]

brewer, Where is 'here'?

harley, very good advice.

Don't hire some kid (my son comes to mind ) to work for you. Skill is involved and care must be taken. Practice somewhere first.

 

[target2019]

Geese Chaser. I worked at a facility that had a pond. Once a day a guy drove by and let his setters loose. The geese left real quick.

The building owner pays the fee. Not sure if it's a viable business, but the employee dogs sure had fun.

 

[brewer12345]

brewer, Where is 'here'?

harley, very good advice.

Don't hire some kid (my son comes to mind ) to work for you. Skill is involved and care must be taken. Practice somewhere first.

Central NJ.

 

[Ed_The_Gypsy]

thanx

 

[Ed_The_Gypsy]

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.