How many income streams do you have/ want? | TruckMount Forums #1 Carpet Cleaning Forums

How many income streams do you have/ want?

crash1big

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crash1big

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A lot of you have mentioned rental properties for retirement income. I have had rentals for over 20 yrs and dealing with tenants is challenging. I don't want to spend my "retirement" dealing with tenants. I will not consider myself fully retired until they are all sold and I am living off a large sum of money in the bank.

Challenging? My rental customers use other words too but; challenging is good. In the last few months I've had opportunity to to speak to a few about "getting out of the rental business". They tell me(the three I've talked to) that they would loose a ton of money if they sell out due to capitol gains. One would think that there is a way to get around that like if they sold a given property to a family member for say 10.00. Then the family member could get a mortgage on the property and then give the money back as a gift; or something. :)
 

crash1big

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I've always wanted to own a liquor store and a bar. Near impossible to get the liquor store license I've found..

You'd want to own it for about 6 months until you found out how competitive it is. Plus being a cash business; no one would ever want to take money out of the till or snag an occasional "bottle" from the back. Oh and the bar.....eek. Been there; done that. I'm glad God got me out of there. :)
 

Mikey34

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Yeah I think if u live in a place for 2 of the last 5 years, you are exempt from capital gains, when u sell.
 

Tron

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You'd want to own it for about 6 months until you found out how competitive it is. Plus being a cash business; no one would ever want to take money out of the till or snag an occasional "bottle" from the back. Oh and the bar.....eek. Been there; done that. I'm glad God got me out of there. :)
All I know is a few guys that do those businesses act like its just a money printery...
 

Will Reed

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Right now my only source is carpet cleaning. Putting everything I have into this business right now since it has been a big cash cow for me. Once I get two fully operating van/trucks on the road with 1-2 guys each on dual wand TMs I will stop pouring all my profits into it. I would like to start up a water/fire damage restoration company next and would be interested in the Paul Davis franchise after doing some research on that. Eventually after all my business goals and needs are achieved pour my excess money into the stock market which I am pretty good at.
 

Spazznout

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My 2 brokerage accounts, playing poker, and royalties from Intellectual Property.

P.S. There is a 50-50 chance the stock market will crash again this Autumn. It could even be worse than the crash of 2008. Those of you in the market may want to consider buying some put insurance. A great way to earn during times like that are to go short in the market. For those of you with nerves of steel, there are some killer 2X and 3X inverse ETF's for day and swing trading.

anyone for a game of catch the falling knife. I pulled my last account at the end of June. No crash till next summer. It is gonna be a nuclear bomb though when it does blow up. This is one of the main reasons I live and preach NO DEBT.
 

LarryJones

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anyone for a game of catch the falling knife. I pulled my last account at the end of June. No crash till next summer. It is gonna be a nuclear bomb though when it does blow up. This is one of the main reasons I live and preach NO DEBT.

Matt, I saw this article and video today while observing some market charts. The guy being interviewed in the video is Howard Davidowitz. He covers retail in America and is good at what he does. The article is not just about Walmart, but he has some things to say about Target and Macy's too. The economy is in trouble and the Obamanites are trying to cover it up. America could be slipping into recession again, so any cleaner operator might want to reconsider any new expenditures on big price items like a new Truck Mount, etc. The consumer is tapped out. All those trillions of dollars the Obamamites spent of our tax dollars were wasted. But hey, Obama and his family doesn't care. His family recently blew 140 million dollars of your taxpayer money on an African vacation for the 4 of them. Here is the retail stores link listed below in yahoo finance.

P.S. You might want to get ready to short the market. Sure looks weak and overbought anyway. I'm lining up some good inverse 2X and 3X ETF's on my screens now. ;)

http://finance.yahoo.com/blogs/brea...-collapsing-economy-davidowitz-142435260.html
 

Bob Loblaw

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My main source is the dental laboratory I've owned since '98. The new one I'm building is the one that brought me here, carpet cleaning. After I get the carpet cleaning gig rolling, I'm thinking I might become a pimp. They make good money and have lots of benefits. Or maybe an astronaut. That seems pretty cool. I thought about becoming a cage fighter but don't think I have time to train.
 

jaymark

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My main source is the dental laboratory I've owned since '98. The new one I'm building is the one that brought me here, carpet cleaning. After I get the carpet cleaning gig rolling, I'm thinking I might become a pimp. They make good money and have lots of benefits. Or maybe an astronaut. That seems pretty cool. I thought about becoming a cage fighter but don't think I have time to train.


I am slightly jealous that you spend most of your day chatting with babes online.
 

LarryJones

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My main source is the dental laboratory I've owned since '98. The new one I'm building is the one that brought me here, carpet cleaning. After I get the carpet cleaning gig rolling, I'm thinking I might become a pimp. They make good money and have lots of benefits. Or maybe an astronaut. That seems pretty cool. I thought about becoming a cage fighter but don't think I have time to train.

Anyone thinking about becoming a pimp should move to Chicago and look up Obama's old pal Raul Emmanuel. That hustler could teach them all the ropes about how to be a successful pimp in the big city. :cool:
 

Mike Krall

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Right now my only source is carpet cleaning. Putting everything I have into this business right now since it has been a big cash cow for me. Once I get two fully operating van/trucks on the road with 1-2 guys each on dual wand TMs I will stop pouring all my profits into it. I would like to start up a water/fire damage restoration company next and would be interested in the Paul Davis franchise after doing some research on that. Eventually after all my business goals and needs are achieved pour my excess money into the stock market which I am pretty good at.

Got any stock tips?
 

Robbdny

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A lot of you have mentioned rental properties for retirement income. I have had rentals for over 20 yrs and dealing with tenants is challenging. I don't want to spend my "retirement" dealing with tenants. I will not consider myself fully retired until they are all sold and I am living off a large sum of money in the bank.

Harry
Do you mind if I shoot you a pm on rental property questions if your too busy I understand?

Thanks
Robb

PS I HEAR THAT ROB ALLEN HAS A BIG ROOM WHERE TOPLESS CHICKS SPEND THE DAY COUNTING HIS MONEY, I WOULD LOVE TO WORK THERE IN HIS HR DEPARTMENT...
 

PhilipNick

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We have 3 rentals and use a manager who is good. You need to budget for the manager, repairs etc just like its much better to have a professional clean carpet you need to build your team so its not all on your shoulders. You at some point need to delegate.
 

Joseph Rogers

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I'm basically sole income for the family. My wife makes a wee bit of money doing admin stuff from home for a lady we know, but it's barely grocery money.

I'm gonna build this up to where I've got a van with a lead tech on it. Then I'm gonna buy a Hydrotek PW, and move into commercial PW services. Then it's hardwood floors, full refinishing services offered. and at least one crew in each division of the company, and I want to differentiation between resi and commercial in those departments.

Then it's on to other income streams. Rental properties, Laundromat, Class A contractors license, who the hell knows. There's a LOT of money to be made, though.
 
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davenjai

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The cleaning is my bread & butter. I have a five acre parking lot for vehicle storage. You can't park too many or certain vehicles at your house in my town. It is cash flow neutral for many years to come. It does give me a 2K sqft shop and office at zero expense though. Rental houses? What a whirlwind. Except for two no debt houses, I am out for now. I have a huge interest in tax liens, yet the market is very weird right now. I tend to wait till things are just right, for me. If you have not figured, I am all about property.
 
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Mike Krall

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The easy way to is to direct you to good stock sites that offer services that I feel are very worth it.

www.vectorvest.com
www.donfishback.com
https://www.myfpm.com/index.cfm?action=main

Thanks for sharing Will :)

I've left my stocks unattended to for too long. My AMD which I paid like $14 for is now like $3, not sure what to do with that gem. Picked up some Apple a few weeks ago and it's up about $70. I need to learn when to jump on and off. So I'm going to pursue those links now.