What kind of business would you get into if?

[larry33kc]

What kind of business would you get into if you had about $62,000-$65,000 to start. Need some ideas guy's Thanks

 

[72firebird]

depends on the amount of time you'll be putting into it, your skills, and how fast you want to see a return. A friend of mine helped some of his friends start a business where they buy houses for no more than like $20k-25k then they fix them up and resell them. If you have the skills and can quickly get them fixed you can make some good money. In just like 4 or 5 years they're now a huge business employing like 20-30 people and they have like 10-15 houses at a time now.

 

[jlbuick]

Buy 65,000 scratch tickets, one of them is bound to be a big winner...

 

[watz]

maybe some others can add more to this. But around the midwest repairing wrecked vehicles from insurance companies is a killer business. People will pay $$$$$$$ if the vehicle LOOKS nice.

My buddy does that and can turn as much as 7g's a car. Should looks to be a good way to turn some cash. If anything hide it from uncle Sam

Long story short....Auto body?

 

[zeus87gn]

If the money is yours to do with as you please, invest properly in the stock market (using a known good broker) and you can double your money in a short time...like maybe less than a year. Reinvest and you will be independently wealthy before you know it. They you can do what you please.

Otherwise, I would vote for the scratchoff option.

 

[Jerryl]

Home Healthcare or Insurance agency.
Two things that will NEVER go away anymore.

Most franchices cost more than $1MM nowadays.

 

[2QUIK6]

If the money is yours to do with as you please, invest properly in the stock market (using a known good broker) and you can double your money in a short time...like maybe less than a year.

Show me one of those brokers Maybe lucky to double your money in 5 years, but not typically a year unless you got lucky and invested in some good stock, but for every one of those, there's 100 that will loose all your money in a year too....so midas well go to Vegas or get the scratch offs.

 

[441120]

Show me one of those brokers Maybe lucky to double your money in 5 years, but not typically a year unless you got lucky and invested in some good stock, but for every one of those, there's 100 that will loose all your money in a year too....so midas well go to Vegas or get the scratch offs.

I'd like to meet that broker also

If it's Vegas or scratchoff lottery... Vegas all the way :biggrin:
Lottery = RIPOFF

 

[1985buickttype]

The ac business! Well here in texas at least. They love to take it for granted...then it goes out and they come calling quick! One thing I learned from my dad about business is honesty before profit!

 

[no-nos]

i'm in the same boat, i was thinking about a roofing company here in florida?

 

[zeus87gn]

Show me one of those brokers Maybe lucky to double your money in 5 years, but not typically a year unless you got lucky and invested in some good stock, but for every one of those, there's 100 that will loose all your money in a year too....so midas well go to Vegas or get the scratch offs.

I agree on the other 100. I guess I am lucky, I have one who is a personal friend with a major holder. He tells me I need $5M in the bank by the time I retire. Problem is getting the capital. $65k is a perfect start. I need to call him.

 

[mikebart101]

Buy a GNX and in a few years you'll make some serious money :biggrin:

 

[tta1401]

Driving Range or Storage Unit Facility

They both have things you just rent and you get back when the customer is done w/ them; you pick the golf balls back up and re-use them and well the storage units are self explanitory. :smile:

 

[larry33kc]

All great replys guy's. Keep them coming

I had thought about most of those and a few more. Like buying the Speedway Motors Hiboy roadster and T bucket kit building then selling, Also I have 23 acres I was thinking of taking one of those acres and building a house or a duplex on it buy using the CID style kit home ( its styrofoam between plywood built in 4 foot sections )

 

[TURBOTERRORV6]

ill buy me a GNX, and resell it a couple of more years. :wink:

 

[The Blob]

There are many, many Mexican workers rebuilding New Orleans. They are away from their homes. They have money and are lonely.

Mexican hookers.

I've said enough.

 

[derek]

I'm in Canada and looking to get out of the rental housing business. I sold one property last year and broke even, and currently trying to dump a duplex. I'm also in the renovation industry so I do everything myself too. You have to be able to chase people for rent and become accustomed to courts and bulls..t. My father has about 20 units and does fairly well but he has a huge investment in the properties. I would get into home security systems or storage units. The latter being low maintenance and if people dont pay you sell their stuff.

 

[2QUIK6]

I looked into the storage unit stuff and if you buy an already existing one, be prepared to pay alot, in a well populated area it will be around $800k-1.2M because the land is so valuable, then you have to look at what property tax will do to you with that kind of valuation. I ran numbers thru on 200-300 units rented out at 80% and the income after known expenses was not that much when you have to compete with franchises that own 10+ sites. Now if you are in a rural area and property is not that expensive, then it may be a whole different ball game but the number of units you can rent out may be very limited. Also, to get an SBA loan you'll need 20-30% downpayment out of pocket to start something that big. SBA loan is normally used unless you have some other collateral to put up, SBA loan uses the business you are setting up and its property as the collateral.

My advice, is find something you like doing, if you like doing it, and have a passion for it, then making money at it becomes secondary and you will be at the top of your game and the money will come. It also helps those hard times when you're starting out go by much easier if you enjoy your work.

 

[GNguy]

apartment buildings

 

[no-nos]

I looked into the storage unit stuff and if you buy an already existing one, be prepared to pay alot, in a well populated area it will be around $800k-1.2M because the land is so valuable, then you have to look at what property tax will do to you with that kind of valuation. I ran numbers thru on 200-300 units rented out at 80% and the income after known expenses was not that much when you have to compete with franchises that own 10+ sites. Now if you are in a rural area and property is not that expensive, then it may be a whole different ball game but the number of units you can rent out may be very limited. Also, to get an SBA loan you'll need 20-30% downpayment out of pocket to start something that big. SBA loan is normally used unless you have some other collateral to put up, SBA loan uses the business you are setting up and its property as the collateral.

----------maybe but having a partner will lessen the burdan---------

storage units do cost alot but you have little overhead, I was the manager at one here ( mind you they did have alot of units) they had 1000 on one side and 900 on the other, even if it does cost $1. ?? to build it should pay for it self and provide plenty of cash, i looked at the monthly deposits and they would be $100k to 97k a month! , and thats just rental fee, you have auctions just about every 60 days from people not paying their unit's, i was manager for a year and got to know the owners, and believe me the christmas dinner we had was on his $5 million dollar yacht!, he had about 5 storage units in total.

I have money but i don't have it all, but i would'nt mind opening up one
with a partner, dam good business, all you need is 2-3 min-wage workers to clean, maintain the grounds and to help the costumers, one manager-owner with a clerck ( if you want ) a computer nothing fancy, the storage program that list your units by size and price, ( yes, there is one ) a contract which clearly informs the costumer that we are not responsible for anything that happens, and you offer them insurance thru a third party,

PLENTY OF MONEY, i could go on but i just get more