The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: newton on May 30, 2015, 05:09:39 PM
-
Looking for a way to make a little extra money on the side. My work schedule has me traveling a couple of weeks a month so I have to be very flexible. I have some cash available (20K+) that I could invest and was trying to think of a business or service that required a specialized piece of equipment that I could purchase. I have many friends who mow lawns but I can't do that because of my irregular schedule of being in one area.
Any thoughts?
-
Keep that cash.
You could start a wholesale real estate business. To wholesale houses, you find old run down properties, get a contract for way below market, then sell the property for $3,000 to $10,000 ( sometimes more) than your contract price. You don't actually buy the house, or need to get a loan or do any fix up. You rarely need to invest more than $10 to secure the contract.
Because you have limited time to find houses yourself, you can run an ad on craigslist to recruit people to find houses for you with the agreement that they will be paid $1000 for every house you buy.
If you just do 1 flip deals per month, you'll make more than many people make working a full time job.
I can share more details if you are interested.
-
Do you use the standard real estate contract when wholesaling or is there a specific one you recommend?
Do you use a Real Estate Agent when making offers or do you contact the listing agent directly and represent yourself?
Where do you find the investors to sell these contracts to? How do you market to them? Via craigslist and zillow or other means?
-
There are alot of smaller franchises you can get into for that amount . Depending on your skill set there is a wide range. Check out www.franchisegator.com maybe instead of franchise it will give you some ideas you can do on your own