Starting side business
Any idea is greatly appreciated.
May 4th, 2006 2:40 pm
May 4th, 2006 2:45 pm
May 4th, 2006 4:00 pm
I do have a full time job and not ready to give up. I am just want to get some extra cash plus somewhere to write off my expense. My fulltime job is 9-5 so I can't do much during the day.TrevorK wrote:Why not start a franchised business with that amount of cash lying around?
May 4th, 2006 4:43 pm
May 4th, 2006 5:19 pm
May 4th, 2006 7:57 pm
May 4th, 2006 10:14 pm
The question is - if you want your wife to quit - are you able to get a business going whereby you can make more money than she did working? That'll definetely be tough to do.gorally wrote:I am a senior IT person and have been with the company for 8 years. I do not want to put all the 100K in right away, instead, I would like to put the most 50% of it. Then use the other for future growth. I already been to [rfdlink=/forums/autolink/redirectpage.php?linkid=78]Ebay[/rfdlink] and did some test of water. I found the fee is too high both [rfdlink=/forums/autolink/redirectpage.php?linkid=78]ebay[/rfdlink] and paypal and there are too many similar item on the same ground which drive the price lot lower. I would love to have a e-shop but can't think of an unique product line can give me the edge. I also like to use my FT skill as much as possible. Wife is FT working as well but she doesn't mind to quit her to work for a business.
May 5th, 2006 2:03 am
May 5th, 2006 6:38 am
May 5th, 2006 8:54 am
This might not be such a bad idea.sleepwalker wrote:invest in real estate, buy and rent
May 5th, 2006 9:04 am
May 5th, 2006 9:42 am
May 5th, 2006 9:56 am
Amen.mcewen wrote:Well of course there are risks. And yes, I was simplifying things. If there were no risks then everyone would be doing it!
May 5th, 2006 10:11 am
Luckily, most renters aren't that smart and in Alberta you have a damage deposit that generally covers a month of rent. In the worst case, renters can do some damage, but you can minimize it by the type of rental property you own and how well you screen prospective renters. I treat my tenants well and they tend to do the same for my properties.TrevorK wrote:After going through our Residential Tenancy Act for Alberta last night, cover to cover, I realized that the landlord is at a huge disadvantage.
May 5th, 2006 8:17 pm
Yeah - I'm thinking of picking up a 70K 1 bedroom condo in Millwoods to try out this landlord stuff. With a condo, I figure there's not much they can break themselves that'll go over the damage deposit, and it's worth so little that I'll be OK in a worst-case scenario.sparkplug wrote:Luckily, most renters aren't that smart and in Alberta you have a damage deposit that generally covers a month of rent. In the worst case, renters can do some damage, but you can minimize it by the type of rental property you own and how well you screen prospective renters. I treat my tenants well and they tend to do the same for my properties.
I also choose to pick up the rent cheques every month so I can check out my properties. Many landlords choose to take a year of postdated cheques and never see the tenant or the property. Most good renters are okay with that because they can also express any concerns to me. If the tenant doesn't like the monthly interaction, they're free to rent from someone else.
It's not risk free, but that's why there's a nice reward at the end and the risk-reward has been paying off well for me.