would you start a business or invest in RE?

would you start a business or invest in RE?

Investor · NJ · Member since 2018 · 869 posts · 921 votes

So I'm a journeyman plumber about to take the master plumbers exam. Ive been wanting to invest in RE more but have been having a difficult time finding anything I can afford in my state. I was considering buying outta state because I have money saved up. My accountant told me to not buy any properties for now and to start a business to make more $ a year then buy. The problem is I already work alot and it would be tough for me to manage a business especially if it isn't fairly passive. Would like to make another 2k a month before I invest. That way I have a good saftey net and can live comfortably while investing. I was considering starting a home improvement/handyman co because I have tons of experience in the industry but without hiring someone to work for me it's alot of extra exhausting work. I had a few ideas for companies that I could easily do part time.

-plumbing & home improvement
-cabinet & vanity building
-buying and selling used cars
-renting out construction equipment I own
-my father wants to do photography on the side but doesn't want to start a business. So maybe start and run the business end? Stock photos?
-junk removal/scrap metal
-material re-furburishing
-taxi co? Could be very passive if I found a driver.

Anyone else doing things like this on the side? Any advice? Or should I just try and stick to RE and house hack?

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  • Realtor and Investor · Scottsdale, AZ · Member since 2017 · 1k+ posts · 1k+ votes
    7y

    Tool rental is a good idea.  Here in AZ, I see that craigslist has people with trailers who are willing to deliver/move/haul away anything for a price.  They usually charge a flat fee for a determined map boundary area, and then more if beyond.

    On the driver note, I tried to get my adult daughter interested in Uber or even Uber eats.  It seems like a good idea for someone who is busy, but wants to make money on their own schedule.  We have a family friend who went up to visit his son in Flagstaff at NAU, but the son was in classes during the day, so the dad ubered people around all day until his son got out of classes.  He made an extra $500 just driving people around that day and getting tips.

  • Investor · NJ · Member since 2018 · 869 posts · 921 votes
    7y

    Uber sounds like a great idea for people who want to work on their own schedule. I've always wondered if you're in a more rural area, if the Uber rate is any different or its less competitive. Never really looked into it though honestly because I want something more passive where I can pay a worker to do things.

    Ive considered hauling with my truck in the past. I know a guy who does it and he has dump trailers that he rents to contractors for $150/week then he charges a fee to bring it to a landfill according to weight and distance. He has alot of trailers and its a nice form of passive income.

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