Need ideas on starting a business with $50,000

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 6 years ago '06        #1
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old-skool 96 heat pts96
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Need ideas on starting a business with $50,000
 

 
Hows it going everyone. I really need help right now. My pops is in a bad place. He drives a truck from jersey to cali every week. He does it illegally kind of. going and coming back in like a week. Doesn't get a lot of sleep. Every part of his body is like broken. But that's the only thing pushing us right now. Moms don't work. Im only 19. Just started college. no job. Brother got a year and half left in college. no job. He is doing Accounting. So he should have some business knowledge.

So we are thinking about starting a business so my pops can get off the trucking. He can push it for a year max maybe. Hes not in good shape to drive. s**t is hard. So we tryin to get him off of that asap. But we need to figure out something. So thats why im here. A close realitve owes us $50,000. So we are thinking about starting a business with that. But we have no idea what business we can start and what we can do that will work out good. That's why I'm here. What kind of business you guys think we can start. That will bring us good money and get him off the truck asap. I don't want to f**k with stocks or out of country methods. So anything else that seems legit please let me know.

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 05-09-2010, 10:16 AM         #2
steelmagnum 
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may not hurt to reconsider equity/derivatives markets. we're in the middle/end of a fairly major correction, so certain stocks that are almost guaranteed to go up, like apple, are at discount prices. esp with 50k, u have plenty of starting capital to make some solid returns. however, since u guys dont have much experience with it, u also run the risk of losing money. but like i said, there are several stocks that are def going to go up that can be bought at comparatively cheap a.ss prices this upcoming week.
 
 6 years ago '04        #3
mr_underground|m 1213 heat pts1213
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an online business, pick anything you want, atleast with an online business you have a super low start up and you can bring traffic through ad words with a good amount of the money,
 
 6 years ago '06        #4
bookerx3 8 heat pts
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^^^ I agree with the real estate investing. I am doing it myself and am working to closing on few properties nxt week. Real estate investing isn't something you just jump into blind though so like any business you will need to some education.

Depending on what you want the business to do and what type of income you want to bring in will decide on what strategy you should use. It maybe a good idea to pick up a few mobiles homes because you can get them from anywhere to 4-8k and get some cash flow coming in. As far as rentals go mobile homes usually have the best opportunity for cash flow.

If you want to make some quick money then you may want to look in to quick-turning some properties and do an a.ssignment of contract. With that you find motivated sellers, get the property under contract for a good price, then a.ssign (or sell) that contract to another investor for a profit. Profits usually range between 5k-30k depending on how cheap you get the property for and how much profit you want to make.

So that would be a good start if you are interested. If I were you, I would use some of that money to fund some classes on real estate investing (which would be a tax right off because it is education) then use about 1k to setup an LLC to hold the properties in, and use the rest to buy. And last tip before I go, this doesn't just apply to real estate but can apply really apply to any thing, "Never take ownership to anything unless you have it already rented, leased, or sold". In a nutshell that means find the tenant or buyer first and then look for a property.

That is the trap most fall into because they go buy and property and can never fill it. Then they lose money paying all the holding cost and ended up quitting all because they did it wrong. Good luck on whatever your choose.


Last edited by bookerx3; 05-09-2010 at 12:10 PM..
 
 6 years ago '04        #5
Shizz|M 
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quick question... where are you located??

* SN: the real estate is a good thing to get into but it can be a bigger monster than you think once you jump into it.. So your best bet is to get online with someone that is alreay established in doing that. and they use you as an investor.
 
 6 years ago '04        #6
brooklonsfinest 
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Your pops is a trooper. And i have mad respect for that especially since my pops is a piece of s**t. but on your investing ideas. I like the one posted about an E- business. Something with low start up costs. I wouldnt bother with real estate. It is too demographically sensitive and the risks are scary.
The U.S mortgage backed securities market is in shambles (ie: Freddie Mac, Fannie Mae). Not to say u cant make money, but it isnt worth the risk because demand is stagnant.
 
 6 years ago '06        #7
ima80baby 33 heat pts33
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Drop shipping
 
 6 years ago '06        #8
mikeydooodie 3 heat pts
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since he knows about driving buy a box truck and do all sorts of deliveries anything but local not to cali and back and s**t .. haul garbage do whatever be an independant contractor lots of ppl need trucks for s**t but dont have access to them ... to move or whatever look into that
 
 6 years ago '04        #9
$tr3tch 
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my dude, you need to start pushing yourself. Your brother too. Take this from someone who has lifted a huge burden off of his parents. In fact I just recently bought my father a brand new Audi, just because I thought he deserved it.

I started working part time while I was in college, and that escalated to full time once i learned how to manage my time. If you're trying to save your dads life they way you say you are, you'll be willing to sacrifice your spare time. I'm in my last year of university now, working 50 hours as a full time manager, and I've taken the money I've made and invested in real estate.

The 50,000 you're getting is a bonus, use it wisely. If you want to play stocks, make sure you have a collection of knowledgable friends/family members who you'd trust with your dads life, because that's what they'll be playing with.

If stocks are not an option, I'd recommend real estate. Everyones an agent these days, so it shouldn't be hard to find a family member/friend who's an agent you can trust. They can show you the ropes, how the market works, and what's got a lot of potential. With your 50k, 6 months of work from you and your brother, you could easily collect 100k, which would be a huge downpayment on a vacant lot, which you could build on and profit a great deal on depending on where you're building. I know it sounds like a huge move to make, but if you can find the right people to teach you, you'll find yourself in a great situation. Start networking and find these people.
 
 6 years ago '06        #10
Metalzoa 
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Why not start a trucking business?

I'm sure your dad doesn't want to have to work, but he still feels compelled to. Why not get him to work in a field he knows and likes, but doesn't necessarily have to do backbreaking work?

I would suggest sitting down and talking with him. Show him a possible plan where he oversees other truckers trucking for you guys. Maybe occasionally drive, if he feels like it. Not to the point that he is overworked though. Your brother can use his accounting knowledge to run the money aspect. I don't know what skills you have, but everyone puts their skills together to form a solid family business.

That would be my recommendation. I wouldn't want to get into a field NOBODY in the family has any real expertise in with substantial sums like $50,000.
 
 6 years ago '04        #11
egotistical 1 heat pts
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if your being serious and I hope you are... boxden is not the place to be asking how to invest 50k.... make your way to other finanical business forums and lastly DO YOUR RESEARCH before investing a dime in anything or spending a drop of that money do your RESEARCH....
 
 6 years ago '10        #12
82Koo 2 heat pts
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 old-skool said:
Hows it going everyone. I really need help right now. My pops is in a bad place. He drives a truck from jersey to cali every week. He does it illegally kind of. going and coming back in like a week. Doesn't get a lot of sleep. Every part of his body is like broken. But that's the only thing pushing us right now. Moms don't work. Im only 19. Just started college. no job. Brother got a year and half left in college. no job. He is doing Accounting. So he should have some business knowledge.

So we are thinking about starting a business so my pops can get off the trucking. He can push it for a year max maybe. Hes not in good shape to drive. s**t is hard. So we tryin to get him off of that asap. But we need to figure out something. So thats why im here. A close realitve owes us $50,000. So we are thinking about starting a business with that. But we have no idea what business we can start and what we can do that will work out good. That's why I'm here. What kind of business you guys think we can start. That will bring us good money and get him off the truck asap. I don't want to f**k with stocks or out of country methods. So anything else that seems legit please let me know.

If you are looking to start a business i started my own home business with much less in a billion dollar industry which is telecommunications. The richest man in the world connected mexico and over took Bill gates. Check that fact if you choose to. But my business is generated on residual income please check out my teams website. (In business for yourself but not by yourself). If you serious we will talk!
 
 6 years ago '04        #13
big jeffrey 
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^^^ i see what your doing ...................bro
 
 6 years ago '05        #14
Okay.Player 2 heat pts
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 big jeffrey said:
^^^ i see what your doing ...................bro
which is
 
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