One word of advice, and something I intend to do once I have the money saved up, is to build or buy out property that can support apartments or townhomes. One tough mistake some people make is buying a pair of homes to rent out and they get a nice $2,000-$3,000 a month but that’s it. Buying a house is expensive and the rental prices keep lower income families from potentially coming to you with their money to rent. If you have an acre to work with (more or less is OK too) you should be talking to a contractor to build apartments or townhomes. You will make a little less per unit BUT your audience grows significantly because now you can have college students, single parents, older folks, etc. all able to afford your rental units AND instead of capturing one $1,000-$1,500 a month payments, you can probably charge $700 a month per unit (or more, depending on the market) and build maybe 3, 4, 5, 10 units for the price of a home or two and now you’re making something like $2,100-$10,000 a month. It all depends on what you have to invest but if you’ve got $250,000+ I’d highly suggest you talk to a bank/investor that can get you in touch with a good contractor to build on a property and get permits and take out a matching $250,000 loan (I’ve read that $500,000 is plenty to build a good amount of apartments to start) and you can fill up your apartments and make a killing every month. You’ll have more tenants to deal with but if you’re competitive with your pricing you won’t have a hard time keeping tenants or replacing them.
great read as always glen, congrats on sharing your research. although i believe strongly in the “rank & rent” concept for local seo marketing, it is interesting that i watched an entire video today by a prominent local seo guru who says r&r sites are the worst possible business. i’m having trouble wrapping my head around that as it goes against what my gut believes but then again, he’s “been there done that” and i haven’t. anyway, i digress big time, great article.
It’s not secret that I’m disappointed as to how well BestProducts.com are ranking in Google. Especially since they only benefit from sitewide footer links on Esquire, Cosmopolitan and Elle.com. It’s seems highly ironic that Google will go through Black hat world forums looking for sites and networks to penalise but totally ignore the big fish right under their nose.
If you’re going to promote Wix, it’s important to think about the limitations too. The builder is fantastic for creating beautiful sites. But, you don’t get access to the same range of plugins that you find on WordPress. As a result, it can be tough to replicate some functions. Perhaps you might compare multiple website builders on your site? There are plenty to choose from, with their own advantages and disadvantages.
Estimate the property's costs and expenses. Say you find a property that isn't too expensive. You'll need to take into account the mortgage payments, the tax on your property, and the cost of repairs and upkeep. This can be difficult to do on your own, so it may be best to enlist the help of a professional in assessing the property and determining the potential expenses you'll face.
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In this day and age, managing one’s personal finances in a secure manner that allows the user to have a real-time visual representation of their money is easier than ever before. With the numerous applications that are out there — both free and subscription-based — there’s no reason that every person can’t take control of their money and ensure they’re making smart money moves.
3. I’ve seen this with a lot of product ideas. Including one that I have launched myself, where some of my competitors are selling a similar item at a much lower price. It’s useful to know this because if you are going to launch with a higher priced product then it needs to be a higher quality product and you need to be able to show that in the product listing. In my case, I am selling a higher end sleeping bag that has added features, better fabrics and more warmth than the budget versions.
Lending Club is a platform where you can lend your money to other people. You’re the bank. Each note is only $25, so you can invest $1,000 and lend money to 40 people. There are many grades of loan (from safest to riskiest) and investors earn, on average, between 5% and 7% annualized returns. For more information, check out Investing and Making Money with Lending Club Peer-to-Peer Lending and my real money Lending Club Portfolio.
My goal with this site is really only to write about 25-30 pages with information as I learn about boats and do customizations to my boat. I’m also adding a forum. Forums seem to be very popular with boat owners so I’m anxious to have others generate content for me. I don’t have huge plans for this site, but I’m sure it will bring in a few thousand a month if I don’t fizzle out. This is going to be my fun project for the next little while.