Q. Ok, So I want to own my own business. In my area there are a lot of vacant rental properties, because of this many are offering free rent. My question is: would you A.take advantage of the free rent use the time for renovations and to obtain equipment and start preparing to open slowly, or B.save money up for a year and then start looking for a lease that will likely not have the same looseness as now?
Not looking to get bank loans for funding will come directly from my income and I don't currently have savings dedicated for this, I do however have enough monthly income to start slow. Which way do I go?
Yes- I have a business plan. My focus is to open my business without bank funding using my own money. Because I am using my own money start up will be slower. Do i secure a lease for a year with no rent and use the year to get all the items I need or do I get all the items I need first(which would take about a year) and then get a rental lease at possibly a higher cost
Not looking to get bank loans for funding will come directly from my income and I don't currently have savings dedicated for this, I do however have enough monthly income to start slow. Which way do I go?
Yes- I have a business plan. My focus is to open my business without bank funding using my own money. Because I am using my own money start up will be slower. Do i secure a lease for a year with no rent and use the year to get all the items I need or do I get all the items I need first(which would take about a year) and then get a rental lease at possibly a higher cost
A. Starting is the hardest part.
but your information is to vague. what kind of business do you plan on having?
Most people would start by doing a little marketing( finding out if the neighborhood will provide you with coustermers? Next would be advertising and building a clientele at least 6 months before you open your doors.
Do you have a suppliers list?
Who will provide you with your merchandise or is your business a service?
I strongly recommend you speak or get online with the Small Business Administration. S.B.A.
The first thing I would do is to write up a business plan.
but your information is to vague. what kind of business do you plan on having?
Most people would start by doing a little marketing( finding out if the neighborhood will provide you with coustermers? Next would be advertising and building a clientele at least 6 months before you open your doors.
Do you have a suppliers list?
Who will provide you with your merchandise or is your business a service?
I strongly recommend you speak or get online with the Small Business Administration. S.B.A.
The first thing I would do is to write up a business plan.
100% equity in home... need loan advice?
Q. hey all,
i'm a 21 year old college student majoring in music (production/recording). i just purchased my 1st home cash/outright.
i lost my mom in 2001 when i was 13 and used the modest life insurance policy she left for me to purchase the home. after losing my mom i moved in with my grandmother and lost her in 2004 after a year long battle with cancer. she left me a 1400/mo inheritance which i have been using for my education and related expenses. this $ is from her interest in a family business and will continue uninterrupted until her siblings sell the 2 commercial buildings they own and rent out. unfortunately i am a silent partner with no voting power and/or the ability to borrow and/or cash out of my interest in the co.
i have 100% equity in this property and its TAX ACCESSED value is 200k. just before i purchased the property i bought (cash/outright) 50k of landscape equipment and will be self employed/full time in the spring of 09. my education is almost complete...1 more semester and will continue on a part time basis. at this moment i have 10 weekly customers (800/wk or 3200/mo) and am looking to increase that # to 20-25 by spring. my property will also generate income...it consists of a 4br house, 2 br cottage, 2 car garage and is zoned "village commercial". with this zoning, there is an option to rent part or all of the property to certain types of business... pottery shop, general store, real estate office, bar/restaurant, etc. i have a couple ready to sign a contract for the cottage (1200/mo) and 2 roommates to share the house with me (600ea/mo). i also have the option to rent out a small commercial suite on the 1st floor of the house (1000/mo). my long term plan is to use this (comm) space for my professional recording studios... not ready ($).
although i do not "technically" have a declared income (yet), can i get a 100k loan using my property as collateral? moreover, can i use the rental, inheritance and landscape as income NOW, or how long do i have to wait to "technically" be considered a landlord and/or small business owner? i know i can handle this loan without any problem just with what i make right now. sad thing is... had i closed just a few months prior, it would have been "rubber stamped" by any bank and/or mortgage co. the way i found the property right up to the closing was done unconventionally... i am UNAFRAID to think and/or act out "outside of the box". any information and/or suggestions will be greatly appreciated. hope all is well. have a good one.
i'm a 21 year old college student majoring in music (production/recording). i just purchased my 1st home cash/outright.
i lost my mom in 2001 when i was 13 and used the modest life insurance policy she left for me to purchase the home. after losing my mom i moved in with my grandmother and lost her in 2004 after a year long battle with cancer. she left me a 1400/mo inheritance which i have been using for my education and related expenses. this $ is from her interest in a family business and will continue uninterrupted until her siblings sell the 2 commercial buildings they own and rent out. unfortunately i am a silent partner with no voting power and/or the ability to borrow and/or cash out of my interest in the co.
i have 100% equity in this property and its TAX ACCESSED value is 200k. just before i purchased the property i bought (cash/outright) 50k of landscape equipment and will be self employed/full time in the spring of 09. my education is almost complete...1 more semester and will continue on a part time basis. at this moment i have 10 weekly customers (800/wk or 3200/mo) and am looking to increase that # to 20-25 by spring. my property will also generate income...it consists of a 4br house, 2 br cottage, 2 car garage and is zoned "village commercial". with this zoning, there is an option to rent part or all of the property to certain types of business... pottery shop, general store, real estate office, bar/restaurant, etc. i have a couple ready to sign a contract for the cottage (1200/mo) and 2 roommates to share the house with me (600ea/mo). i also have the option to rent out a small commercial suite on the 1st floor of the house (1000/mo). my long term plan is to use this (comm) space for my professional recording studios... not ready ($).
although i do not "technically" have a declared income (yet), can i get a 100k loan using my property as collateral? moreover, can i use the rental, inheritance and landscape as income NOW, or how long do i have to wait to "technically" be considered a landlord and/or small business owner? i know i can handle this loan without any problem just with what i make right now. sad thing is... had i closed just a few months prior, it would have been "rubber stamped" by any bank and/or mortgage co. the way i found the property right up to the closing was done unconventionally... i am UNAFRAID to think and/or act out "outside of the box". any information and/or suggestions will be greatly appreciated. hope all is well. have a good one.
A. Unless you absolutely have to have cash, getting a loan is not a great idea.
You're doing all the right things, but you may want to consider incorporating a business and transferring your assets to the corporation. This will protect you personally and give you some options that you don't have right now. You can draw a salary from the corporation, which will give you income that you can show. Also, you will pay for everything with pre-tax money, and make your own decisions about how much you want to show as profit (and pay taxes on that money ) and how much to pump back into the business. As an owner of a corporation, you are not self-employed. You are hired by the company as an employee. You will have 2 separate entities, yourself and the corporation, with 2 separate credit scores.
You're doing all the right things, but you may want to consider incorporating a business and transferring your assets to the corporation. This will protect you personally and give you some options that you don't have right now. You can draw a salary from the corporation, which will give you income that you can show. Also, you will pay for everything with pre-tax money, and make your own decisions about how much you want to show as profit (and pay taxes on that money ) and how much to pump back into the business. As an owner of a corporation, you are not self-employed. You are hired by the company as an employee. You will have 2 separate entities, yourself and the corporation, with 2 separate credit scores.
Are businesses such as Storage Units, Car Washes, & Laundry Mats Good Investments?
Q. I am 22 years old and finishing up college. I have a boat load of college debt however I dont want student debt to stop me from pursueing investments. I am currently a finance major and I work at an investment management firm, so i am learning a ton. I am mostly working and going to school for knowledge and experience to apply in real world business instead of a normal 9 to 5 job.
I have set up the goal to obtain either a small rental property or small business investment that will generate passive income a year from now. I am very attracted to businesses like car washes, storage units and laundry mats. For those of you EXPERIENCED in business, how do you feel about these businesses for a beginner in the investment arena?
Over this next year I will be workign on establishing a well rounded budget, getting rid of my consumer debt besides student loans (about 4k) and saving $8,000 between my fiance and I for our first investment. We are also spending as much time as possible researching and learning as much as we can about rental properties, and investing. At the same time I am currently in the process of re-building a family business, so a lot of valuable experience is coming from this as well.
How does this plan sound? How do you feel about the 3 small business investment choices I mentioned?
I have set up the goal to obtain either a small rental property or small business investment that will generate passive income a year from now. I am very attracted to businesses like car washes, storage units and laundry mats. For those of you EXPERIENCED in business, how do you feel about these businesses for a beginner in the investment arena?
Over this next year I will be workign on establishing a well rounded budget, getting rid of my consumer debt besides student loans (about 4k) and saving $8,000 between my fiance and I for our first investment. We are also spending as much time as possible researching and learning as much as we can about rental properties, and investing. At the same time I am currently in the process of re-building a family business, so a lot of valuable experience is coming from this as well.
How does this plan sound? How do you feel about the 3 small business investment choices I mentioned?
A. I would say yes, especially in a high traffic area.
Loans for college, work for college, or both?
Q. Loans for college, work, or both?
I've been a part time college student for about for years, switching majors a couple times. While that's not uncommon these days, it's not cheap.
I've also been a part time worker for 9 years at the same job, but I plan to move out west for med school within a year and a half. It seems like far off, but this school takes applications a year in advance and it takes time to learn an area of the country you've never been, nor anyone you know.
My fiance and I are having a dilemma, and it's been confusing for a while now. We've tried to create our own businesses (i'm a licensed massage therapist, she's a dog trainer) for a while now, but even with part time college and and a part time job already, a few hours of business marketing takes up all my time for most things.
Ultimately though, should we be relying on loans for college, or jobs, or both? It's not easy to find work, so we worry about that going out west (we live in New Hampshire, we're moving to Seattle). I'm barely able to pay for what we need here, but we also didn't take out extra loans for living expenses.
It's really just one of three options, but seeing we have to care for each other, we need more money than a basic part time job can do for us. Ultimately we feel until we (or at least me since I have many more years left) finish all of our education, loans should be our prime source of income whether we like it or not, and if we can manage to create our businesses out there, do that only a few hours a week, or work a simple job (not that it would dent loans much). But then, I'll be swamped with studies and hands-on work in med school and I've been warned to not even consider working during it, especially since it's a dual major program.
The hardest part is finding funding for our off-campus living. We are planning to live in a small, affordable, custom cabin (RV cabin on wheels). We want something we could drive home with us, and of all choices this is our best one. We need to pay a loan for the cabin and rental property costs, utilities, gas, food, etc. We can imagine a 1,500 to 2,000 expense per month with everything included.
Being in our late 20's we just want to get college done and over with, even though I won't be done until my late 30's at this point if I add in residency time. We have many thousands in college loans between us already (she's still going to college for a graduate degree as well), and there is even more many thousands coming soon. Is living off loans till I finish our only realistic option? It's been such a struggle working and going to school only part time on both fronts, so I can't imagine what it would be like doing a dual major and having her full time with us both working part time jobs on top of it. It sounds insane, and insanity isn't an option.
Thank you for any advice.
-Jesse
I've been a part time college student for about for years, switching majors a couple times. While that's not uncommon these days, it's not cheap.
I've also been a part time worker for 9 years at the same job, but I plan to move out west for med school within a year and a half. It seems like far off, but this school takes applications a year in advance and it takes time to learn an area of the country you've never been, nor anyone you know.
My fiance and I are having a dilemma, and it's been confusing for a while now. We've tried to create our own businesses (i'm a licensed massage therapist, she's a dog trainer) for a while now, but even with part time college and and a part time job already, a few hours of business marketing takes up all my time for most things.
Ultimately though, should we be relying on loans for college, or jobs, or both? It's not easy to find work, so we worry about that going out west (we live in New Hampshire, we're moving to Seattle). I'm barely able to pay for what we need here, but we also didn't take out extra loans for living expenses.
It's really just one of three options, but seeing we have to care for each other, we need more money than a basic part time job can do for us. Ultimately we feel until we (or at least me since I have many more years left) finish all of our education, loans should be our prime source of income whether we like it or not, and if we can manage to create our businesses out there, do that only a few hours a week, or work a simple job (not that it would dent loans much). But then, I'll be swamped with studies and hands-on work in med school and I've been warned to not even consider working during it, especially since it's a dual major program.
The hardest part is finding funding for our off-campus living. We are planning to live in a small, affordable, custom cabin (RV cabin on wheels). We want something we could drive home with us, and of all choices this is our best one. We need to pay a loan for the cabin and rental property costs, utilities, gas, food, etc. We can imagine a 1,500 to 2,000 expense per month with everything included.
Being in our late 20's we just want to get college done and over with, even though I won't be done until my late 30's at this point if I add in residency time. We have many thousands in college loans between us already (she's still going to college for a graduate degree as well), and there is even more many thousands coming soon. Is living off loans till I finish our only realistic option? It's been such a struggle working and going to school only part time on both fronts, so I can't imagine what it would be like doing a dual major and having her full time with us both working part time jobs on top of it. It sounds insane, and insanity isn't an option.
Thank you for any advice.
-Jesse
A. Right now it seems as if you and your fiance should concentrate on your job/business. Both of you seem undecided about schooling and changing majors a couple times proves it. Maybe you should not go to school right now. Give it about a semester break so you can "work it out"
It is normal to want to change your major once, and while it is possible to do it more than that, the obvious fact is that this requires funding, so while you are unsure about what you want to do I just suggest working
Maybe if you paid for school out of pocket you wouldn't change your major so much, but then...
It is normal to want to change your major once, and while it is possible to do it more than that, the obvious fact is that this requires funding, so while you are unsure about what you want to do I just suggest working
Maybe if you paid for school out of pocket you wouldn't change your major so much, but then...
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