Originally Posted by
Hawaii50
I agree with you on the need for a side business or second income of some sort in this industry. I'm impressed with you guys who are smart enough to run a something that works for you. I'm not convinced I am but I'd like to give it a shot. 3 kids, with 2 in college doesn't leave much at the end of the month, even with prior planning. I'd be interested in hearing what has worked for guys, preferably something that doesn't eliminate what little free time we have left. Cheers.
When I lived in Texas I was doing remodeling property development etc. I ended up keeping and owning 14 houses that I rented out. Mind you they were in the 225K and below range, but it more than paid for itself. I sold it off when I moved to ATL. Trying to manage those sort of properties is impossible from a far. You need to be hands on, and close. Paying someone to manage and then fix/maintain these types of units eats up a ton of profit and cash flow. (impossible to reinvest and grow when paying that money to someone else)
I opted not to get in to that sort of thing here. I have been focusing on the airline flying etc. Over the last year or two, I have come to the conclusion that no matter what we can do here financially, it is good business to have a back up. Like Scambo has said, do something you love. For anything to be successful, you have to be willing to put your all in to it. It means working when the work needs to be done, not when you have "time" for it. There are plenty of opportunities out there that anyone who is willing to work hard and dedicate time and effort to, can make successful.
The options I am looking at now range from 30-150 employees. That is a big responsibility, and not something anyone should take lightly. People will depend upon you and your commitment to fulfill their family's needs.