Part-Time business ideas w/ up to 50k to invest?

by ZookyTheClown. Posted on Sep 09, 2020    6    34


Hopefully some of you can help me with this mental exercise I have for myself. So, I’m thinking of investing about 15 hours a week after work and/or some time over the weekends to invest in my future. I have a good but increasingly less secure job and want to supplement my income. I have up to 50k that I would invest in it and would be very happy if I can within a year make about $1,000/month. I am not handy or very exacting so I am not really into the usual suggestions as power washing or contractor-type disciplines. I am more of a thinker, not great with my hands. With that, are there any of you that have any ideas or have done something similar? I’m more middle aged and not a spring chicken and am looking for my next act. Thanks for any ideas!


Comments

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Awakeat5amagain 2

Examples??

Awakeat5amagain

Invest in real estate - rent it out - monthly profit

Start tutoring company - hire college kids to tutor younger kids - always in demand

blindkaratemaster

1st is a classic. 2nd sounds fucking awful.

  ZookyTheClown 1

I don’t think I can do anything of consequence with only 50k in RE.

Enjoy-Life 1

That isn't true

blindkaratemaster 3

Not true. Depending on where 50k can afford you a decent down payment. Get some dopey place near a college campus, after the Covid 19 bullshit clears, and rent out each room to some freshman brat. Let their rich parents pay your mortgage and then some.

7six78 1

Now is a horrible time to be buying residential real estate and commercial properties should not be purchased by newbies. Interest rates are so cheap that buyers are desperate and prices are inflated. Do not buy residential property right now.

  ZookyTheClown 2

50k never seemed like enough to get into RE (I’m in the Northeast.) Even beat-up low-income small multi-family homes are expensive in my area. I have heard about hard money loans. Is that viable as a business?

brandontrefonas 2

Upbox is currently looking for either a web-designer, or an angel investor to build a b2b marketplace. What is your experience with web design, and where are you located (timezone)?

  ZookyTheClown 1

No web design experience but thanks for the response. I wouldn’t be able to add anything to that type of business. Any other ideas? Thank you.

7six78 2

Open a trash-out /eBay seller business, take a cut of sale price. You can do this from your home. People buy a lot of shit they don't need and are really bad at managing their problems, homes fill up with stuff that just and loses value. Start a business that finds these people, cleans out and hauls away their junk, but sell valuable items and take a cut.

wamih 3

Well... What skills do you have?

  ZookyTheClown 1

I have some experience in commercial property management and mostly office work after that. I don’t mind selling (did that a long time ago as well.)

wamih 2

Start a property management company?

  ZookyTheClown 1

I guess I always thought that the barrier to entry on that must be high. The margins are getting pretty low (from my experience. Honestly I would have a hard time knowing even where to start. Appreciate stating the obvious to me- sometimes it helps!

nimble_fox 2

If you've managed commercial property, maybe you can find residential homes and cash flow there? Lots of millionaires are made in real estate.

  ZookyTheClown 1

I am certainly now looking into this based on some comments above including yours. Any advice on how to get started or if you have any personal anecdotes? Thank you.

nimble_fox 2

There's so much information out there i can hardly call myself an expert. When I got into rental properties I got the book Hold by Gary Keller who starter keller real estate (i think there were other authors thats the one I remember)

wamih 3

One of my many hats is property manager for a small real estate investor, 10% commission and I had no capital outlay.

Its around a grand a month to collect rent for 7 properties and deal with minor BS.... Finding small real estate investors who no longer want to deal with the headache would be the target market.

techsin101 16

50k

manlymatt83 17

Perhaps an unpopular opinion, but $50k could be a down payment on an SBA loan to purchase a business that could already be generating well north of $1000/mo in cashflow.

WeAreEqual93 1

Hi there, I'm new to reddit.

I agree with manlymatt83. SBA is probably the best option unless you decide to invest in bonds and ETF's or real estate (which is a ? mark these days..)

I can help with any questions about SBA loans. I also know exactly what you can purchase for your side business.

PS If you apply and get approved before the 25th of this month, you will not have to pay the 1st 6 month of your SBA payments...

jtl090179 3

What are you proposing for a side business

WeAreEqual93

Possibly a franchise of some sort, possibly something else that works for the person's budget and background. I won't get into detail unless a person is serious about taking out a loan to start a business. Honestly, I'm new here so I don't even know how I would talk to that person privately. haha.

PS I can't answer any questions about SBA. I can only answer what I know of. please correct my statement above.

greenasaurus 1

That isn’t really the spirit of this sub, place is about helping people.

hjiang1 1

I came here to say this. But an existing amazon fba business that has upside for growth and requires little maintenance. Much more common than you would expect

irlcake 1

What's the go to market place for buying e-commerce businesses?

hjiang1 2

Empireflippers, flippa

  ZookyTheClown 1

If I’d want to plunk down 20k for a site like that, what type of return should I be targeting?

hjiang1 2

Valuations are based on profit. Expect to pay 28-35x monthly net profit. So 20k buys you a business generating $600-700 a month in net profit.

  ZookyTheClown 1

Very useful. Thanks!

  ZookyTheClown 1

This is intriguing. I didn’t think about buying a business and use it as leverage. In general, is it a 1:1 thing or more like 4:1 leverage? Any restrictions on the type of business? Where can I learn more about these loans?

WeAreEqual93 1

You can look up SBA loans on google.

I don't understand your question about the 1:1 or 4:1 leverage.

I_am_teapot 1

He’s asking how much he’d be able to bower with the $50K down payment.