Real talk about businesses and money and what to do

[quikag]

Let me know if you need co investors, I'd love to do some laundromats. I need to diversify!

Ditto, I’d be game too.

[dblack1]

The booming town I'm in has a couple mats. One if my customers just did the finish out of the first new one this town has seen in many a year. The guy is renting the building attached to a dollar general. It's not huge, but I bet the rent is very high. All new machines, and permits/build out he's got a little over $600k in it.

[Gasser64]

Learn math before giving financial advice.

Learn jokes and satire and whatnot before posting.

[black2002ls]

Anyone interested in investing in some residential new construction? [emoji2]

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[Stephen]

Anyone interested in investing in some residential new construction? [emoji2]

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That’s possibly the hottest market in dfw right now.. most home builders are sold out or on a wait for new starts because the trades are so backed up

[black2002ls]

Yeah, I work for one. We have raised prices 120k in some neighborhoods in an effort to slow sales, and they kept buying.

I've been kicking around the idea of building a few on my own. Somewhat outside of the area(s) we build in.

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[zachary]

Not interested in building in this market.

Has anyone ever messed with entertainment royalties? Thinking of diversifying a bit into that.....

[zachary]

Lets try to keep this going ... What are other small business owners and or industries some of you make money in?

I am looking into:
building some storage facilities
entertainment royalty purchasing
Air BNB weekend get away type places
Expanding RV rental business to a second location(harder than it seems when you do not live there)

[black2002ls]

Lets try to keep this going ... What are other small business owners and or industries some of you make money in?

I am looking into:
building some storage facilities
entertainment royalty purchasing
Air BNB weekend get away type places
Expanding RV rental business to a second location(harder than it seems when you do not live there)

We have a laser business as a side hustle. My original hope was that it would generate enough cash flow to start adding passive income.

The reality?
I busted my ass last year making Trump hats and fuck 2020 ornaments. Revenue was 6 figures, but I worked damn hard to generate it.

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[TX_92_Notch]

We have a laser business as a side hustle. My original hope was that it would generate enough cash flow to start adding passive income.

The reality?
I busted my ass last year making Trump hats and fuck 2020 ornaments. Revenue was 6 figures, but I worked damn hard to generate it.

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Revenue was 6 figures - how much was net? And is it something you could pay some teenager (niece, nephew, neighbor, kid from church, etc.) to do instead of doing it yourself and still make decent enough money on it?

[TX_92_Notch]

The best investment I have made was an Audible subscription and started listening to books on my commute. I GREATLY increased my financial literacy.

Best book I have read this year,

"The Simple Path To Wealth" - Collins

Then I started looking into F.I.R.E.

Then, I figured out, some smart decisions I made 20 years ago, put me in a better spot than I realized. I just had to make some easy adjustments and now I am on track to retire by 59. Trying to cut that down to 55.

check out:

madfientist.com
gocurrycracker.com
mrmoneymustache.com

What is F.I.R.E. ? I googled and everything that comes up is about actual fire.

EDIT: I'm thinking Financial Independence Retire Early

[zachary]

What is F.I.R.E. ? I googled and everything that comes up is about actual fire.

EDIT: I'm thinking Financial Independence Retire Early

That is correct, really though its FI - if you are FI then you are already retired living your best life!


to comment on the hard work - i setup our RV rental business then hired a "part timer" someone who just wanted something to do but had experience to answer the phones and handle the check ins and outs - BEST thing I ever did even though it takes away from the NETS. Freed up so much time to pursue other interesting things

[black2002ls]

Revenue was 6 figures - how much was net? And is it something you could pay some teenager (niece, nephew, neighbor, kid from church, etc.) to do instead of doing it yourself and still make decent enough money on it?

Net, was probably somewhere in the neighborhood of $20K (total revenue was about 117K) I haven't gotten our final numbers back from the CPA yet (I took my dear sweet time getting account statements to them. We purchased a lot of equipment last year to increase and speed up production. In addition, it was well past time to invest in basic technology (new computers to run the lasers, to support graphic design, etc.) It is also a somewhat, inventory heavy business to begin with, however, I had to try and hedge against product shortages from suppliers due to Covid related supply chain interruptions. This left us with a larger than expected inventory at EOY.

Yes, it is definitely something that we can hire a teenager/family member to run for us, though, our steady revenue stream from TRUMP hats ended at the election, and the busiest time of year is late Q3 and into Q4 for the holidays.

[jewozzy]

That is correct, really though its FI - if you are FI then you are already retired living your best life!


to comment on the hard work - i setup our RV rental business then hired a "part timer" someone who just wanted something to do but had experience to answer the phones and handle the check ins and outs - BEST thing I ever did even though it takes away from the NETS. Freed up so much time to pursue other interesting things

I remember talking to you a couple of years ago about getting into RV's. I have the cash to do it now but not sure how to really get started? Did you start off small? 1-2 RV's and expand over the years? What's your goal when buying a new RV? Do you pay cash and know you want it paid off within X amount of time? Buy the RV through a dealer with the goal of renting it out enough to pay the note?

[jewozzy]

I've had an idea of trying to find around 20ac in Hill Country with the goal of putting a few tiny houses on there for an Airbnb style business. Especially if you can get into the Fredericksburg Wine Country area.