Owning and managing rental properties can be very profitable. (From just two rental properties, my husband and I make $1,200/month in positive cash flow.) As a rental property owner, you may find yourself dealing one-on-one with tenants. Make sure you handle these encounters as business transactions, and don’t let your emotions – or your desire to fill a unit – prevent you from making sound business choices.
Think now isn’t a good time to get into the real estate game? Think again. We’re seeing a fusion of factors that are creating once-in-a-lifetime opportunities for potential investors.
Take a few steps away from the grim reality of “The Street”… past the offices that once housed Merrill Lynch… beyond the New York Sports Club, where finance managers now sit crying in their single-malts.
Everyone makes mistakes – and the busier you are, the more mistakes you will make. The only question is “How well and how effectively do you deal with the inevitable ups and downs of life?”
You don’t have to wait until you are financially independent and actually retire to enjoy an early retirement mindset. The sooner you can make your business about something other than making money, gaining power, or in some other way enhancing your personal situation, the sooner you’ll begin loving your work.
According to Michael T. Darda, Chief Economist for MKM Partners LLC, stock analysts have overestimated earnings by an average of 30 percent to 35 percent in the last three recessions. For millions of investors who use low P/E ratios as a litmus test for selecting stocks, that’s got to be a rather unpleasant shock.
Let’s say you come across a great product that you think will be a big seller. You could obtain the rights to market that product – and then license those rights to an experienced marketing company.
Michael Masterson has often written of the benefits of being a “chicken entrepreneur.” He uses this tongue-in-cheek expression to describe someone who starts a business or creates a new source of income while remaining at a full-time job or otherwise minimizing the risks.
You may be one of the millions of people who regularly shop on eBay. I’ve done it on occasion, and never had any trouble. Until recently. As a result of that experience, I learned a few lessons that can help you deal with two of the potential problems you might encounter.
In this troubled economy, almost everyone can use the security that a side business can bring. I’ve been involved in a low-capital side business for years, and it has been a steady source of additional income for me. It’s something you, too, should consider getting into. I’m talking about the event promotion business.