Side jobs and supplemental income, what do you do?

[bikerbill2021]

I flip vehicles on the side, mainly motorcycles, been into two stroke dirtbikes for a while as they are easy to get cheap, rebuild, and sell at a decent profit.

example of one I rebuilt, before


After

[flyboyx]

Fuck me! This thread has been up for one hour in the middle of the night and already 31 responses?

My wife and I flip homes.

Jalopi,

I used to do all the work myself. It is a good way to get started. You learn the ropes so to speak. I have to say your house looks good. I probably would have gone with absolute black on the countertops to match those cabinets better. In my area it is the same price and provides a better contrast. You were really smart to finish off the basement. You probably doubled the billable square footage of your house.

Here is how I do it now: I hire guys (usually 4) and I pay them 150.00 a day each. Instead of taking a year or two to finish up a project, I can get one done in a month or two. Think of the money you made on your house with a years worth of sweat. Now think about making 5 to 6 times that in a year while someone else does most of the work. The cost of the workers is mostly offset by not paying a mortgage for a year. Trust me, I've done it both ways. Try my way. You and your bank account will like it better.

One more thing: if you are reselling the house, don't waste your money buying a refrigerator. Generally homes don't come with that appliance when you buy it anyway. It probably was appreciated by the new owner, but does not increase the value of the home. It cuts your profit by whatever it cost (1200.00 or so.)

[Vedubin01]

that's an interesting side operation you've got going on vdub, guess it helps you're in the entertainment industry (don't you run a club or something? could've sworn i read about that in the bus roadtrip thread)

so do you have insurance on your machines? i'd be worried as shit about one of them getting stolen and losing a SHITTON of cash at once. i mean, what do people usually stock those with? $5k?

regardless, unless you get robbed, 1.8-2.5% guaranteed interest isn't bad, it's certainly much better than any bank interest these days

That is the risk. No insurance on the machines. You just have to be smart in choosing locations. All of my ATMs are in nightclubs and 1 restaurant. The night club is pretty safe as its only open 3 to 4 nights a week and when open they have security. The restaurant is elevated so I don't have to worry about people using a vehicle to rip it out.

For getting money at the bank, I am always armed. I call a head and have what I need ready for when I get there. I go into the bank to do the transaction then go though the drive though teller to pick up the cash. That way no one sees me getting a lot of cash over the counter. Then I am already in my car in drive waiting for the money to come though the window.

In my route, I change up days and times. If its a club, I usually have to service them when they are open, utilizing their security and valet parking out front. I'm in and out of a machine in less than 5 minutes.

Just remember though on that 1.8 to 2.5 percent. I make that over and over in a span of a month. So if you calculate that out on a monthly basis, its more like 10 to 15 percent on my monthly return. All liquid.


I always dress down and look like I don't have much of anything. Yet walking with 10's of thousands in 20's :) As for my other full time job, I own and operate several bartending schools in South Fla. They just happen to be inside nightclubs. I do have an advantage when it comes to finding locations from existing locations. But gas stations, 7-11's small mom and pop grocery stores, yield a better long term return vs the night club business. Night clubs come and go almost over night down here.

[redsubdivisions]

I work on cars on the side. Actually isn't too bad considering I go to a friend's house to do it and his lift is in a shop with AC, so with FL heat right now, it's tolerable. Work on pretty much all German cars and he pays me book time. I'm pretty tired when I get home, but where I live is very seasonal and until I can get out of this place, I have to do it to make ends meet.

[IRON-E]

I sell my body for extra income.

[BobombETA]

vdub, that's an interesting line of work. I work in the banking industry and have dealt with ATM installs before, but it never occurred to me that it could be done by an individual. And it's funny you brought this up because I just sent an email to our vendor for a quote on a "standalone" ATM...

[Vedubin01]

vdub, that's an interesting line of work. I work in the banking industry and have dealt with ATM installs before, but it never occurred to me that it could be done by an individual. And it's funny you brought this up because I just sent an email to our vendor for a quote on a "standalone" ATM...

What machine are you looking for? Not saying I can beat it but my processor can get just about anything you want.

[BobombETA]

What machine are you looking for? Not saying I can beat it but my processor can get just about anything you want.

Diebold 5500 or Opteva 522.

[jalopi]

took me a year due to financial constraints, not because of the work. i only did the easy stuff, no way i could make a kitchen look that good ;)

found the place for a screaming deal of $65k, went to H&B but fortunately i knew the listing agent through work. after settlement charges and transfer taxes i ended up spending $75k on the house. i was practically destitute after settlement. still pretty much have no savings as everything's been going into the house

interesting opinion on the refrigerator... maybe that's why fannie refuses to install refrigerators in the assets they decide to sell as-repaired?

so where do you pick your guys up from? home depot or something?

Here is how I do it now: I hire guys (usually 4) and I pay them 150.00 a day each

One more thing: if you are reselling the house, don't waste your money buying a refrigerator. Generally homes don't come with that appliance when you buy it anyway. It probably was appreciated by the new owner, but does not increase the value of the home. It cuts your profit by whatever it cost (1200.00 or so.)

[Vedubin01]

Diebold 5500 or Opteva 522.

Nice machines, what is it for?

[redsubdivisions]

This trick really does work. I make over 10k per day.

hahaha!

[flyboyx]

took me a year due to financial constraints, not because of the work. i only did the easy stuff, no way i could make a kitchen look that good ;)

found the place for a screaming deal of $65k, went to H&B but fortunately i knew the listing agent through work. after settlement charges and transfer taxes i ended up spending $75k on the house. i was practically destitute after settlement. still pretty much have no savings as everything's been going into the house

interesting opinion on the refrigerator... maybe that's why fannie refuses to install refrigerators in the assets they decide to sell as-repaired?

so where do you pick your guys up from? home depot or something?

i have used home depot usually when i need a grunt to do demo or yard work. those guys are 100.00/day but generally don't have the best skill set. choose a middle aged guy and not a young gang banger looking guy. if the guy has a bunch of tats, pick someone else. if he looks like an asshole, he probably is. move on the the next guy.

start by looking on craigslist for handyman in services. talk to them and have the promising ones come and look at your project. you set the terms. if they aren't good with your terms, tell them thank you and find someone else. i also tell my guys that they need to show up every day by 7am and they need to keep moving. if there are issues with either of these, i send them packing and go find someone else.

you will find plenty of lazy ass fuckers that suck. just by talking to them for 15 minutes, you can weed out most of them. if they get started on your project and don't work out for any reason, don't be afraid to tell them they are not welcome back.

[flyboyx]

by the way jalopi,

what city are you located? my wife and i work with an investment brokerage. they find the houses for us, provide loans to buy the house and they also loan "hard money" to complete the renovation. i know the company i work with is mostly texas based, but they are branching out to other cities across the country. perhaps they have a location by you.

the caveat is that you need to have the funds to put 20% down on the house(including money lent to you for renovation) presumably you have/will have this from the sale of the house you displayed in the pix.

the interest rate on the loan they provide is pretty high and they also charge other extra fees. as long as you are out of the deal in 3 months or so, the rate is inconsequential. if you spend a year on the project, that rate will bury you.

for us, it all works out well because we don't have to hunt for the houses or worry about finding an otherwise impossible to get loan. the company we work with makes their money on the deal and so do we.

[jalopi]

i'm just outside of baltimore. i'm know about the hard money guys that people around here use (surprising number of investors use them to buy the houses i list) and most of them seem soooooooo shady, almost loan shark-esque

didn't know about the three month thing though, that's surprising considering fannie puts a three month deed restriction on their investor sales (can't sell or refinance for more than 120% of the purchase price)

i'm personally fine with using cash, i have no real expenses to speak of. having my money tied up for a year did suck, but at least now i can only pay capital gains tax instead of the full income tax

one question though.. who do you use for insurance? almost every insurance company has told me to fuck off when i say that i'm not living in the house. i was able to get a builders' policy through a broker (zurich insurance) but at $700 every six months it seems a bit steep

[mrcheezle19]

I sell pixie dust to attorneys and the like.