How can I make a ton of money legally without a lot of work

SixPapaCharlie said:
Just curious what the secret formula is.
This whole working my ass off is great and all but there are things I cannot afford and I wish to be able to afford them.

In hindsight I think I should have gone into tele-radiology. I implemented some software recently for a practice management company and the guys doing that were getting a great return on a 4 year degree and doing it from home to boot.
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I'm not sure if you're talking about the people that actually read the teleradiology (radiology physicians) or the people that run the computers. If it's the radiologists, it's no quick path. We go to 4 years undergrad, 4 years of medical school, 5 years of residency, 1 year of fellowship before we start practicing. Thats 14 years!

After all that, you can work from home and read studies in your underwear if you want (most don't), so it can be a good gig! ;)
 
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Join the TSA. You can run milimeter-wave gear after a ten minute training session. :)
 
DaleB said:
We were willing to do the kitchen, bath and basement if we could get it at or close to what we offered. Found out today apparently someone else was dumber, smarter or willing to make a whole lot less on the deal -- they have an offer pending. :dunno: There are plenty of others on the market. We're expanding our search area to include to the outskirts of the combat zone, where we can buy close to two houses for the cost of the one we were looking at.
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After just getting done working with a realtor on a bank owned property I learned a little (Well not done bank accepted and now need to close)
The place I am buying is to live in when I work in the area. So I qualify as a owner occupant (2nd home) and got to put bids in before investors.:D My plan is to hold on to the place no more then 5 years if this job holds out. I have to hold on to it for a year and can not rent it out because of the owner occupant part. Place I am buying is very small on 2+ Acres and CHEAP.

The realtor I worked with does a lot of work with investors. (Flipper, Landlords, Rent to own) She told me different investors look at different things depending on what there plans are.
This is possible why someone put in a "better" offer then you. Or just a person that loves the home and has no idea what it really cost to repair things.
They may have contractors and will have the house back on the market before the end of the month. Or Slap it together and get renters.

Like others have said there are plenty of place out there. Keep looking you will find what you want for the price you want.
 
ron22 said:
This is possible why someone put in a "better" offer then you. Or just a person that loves the home and has no idea what it really cost to repair things.
They may have contractors and will have the house back on the market before the end of the month. Or Slap it together and get renters.

Like others have said there are plenty of place out there. Keep looking you will find what you want for the price you want.
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I was neither bummed out nor particularly surprised, to be honest. The bank wanted a whole lot more than the place was worth to me. I offered what I was willing to pay, we were just too far apart. If I didn't want some cash flow I would have been willing to pay more, but at this stage there are things I'm not going to give up. I'll play safe on the first one. I had as little emotionally invested in the place as I did financially, which is to say - nothing. If the sale falls through and it goes back on the market, I'll up my offer a little - but not much.
 
Why would you up your offer if the sale falls apart? I'd lower it.
 
FORANE said:
I own 80 some units of apartments. We have evicted numerous tenants over the years. Every time we have won the unlawful detainer, got a judgement and the tenant out, although not within 30 days in Tennessee.
What we have not been successful at is collecting on the judgement; this has been true in virtually every single case.
How do you have their car towed?
Do you use a collection agency? None we have found were worth anything.
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Keep good records, know where the tenants work, where they bank, and what vehicles they own. Collecting on the judgment requires you run a garnishment on their bank accounts, or wages. It is an easy process, but requires a little leg work sending certified letters to the bank or employer. For the vehicles a Writ of Execution needs to be issued by the same court that issued the judgment. Take it along with the vehicle info to the County Sheriff or Constable and they will seize the vehicle and sell it at auction. You can show up at the auction and buy it and make even more money, or just let someone else buy it and you will get the money. I usually buy the car and re-sell it.

An attorney can help you do the judgment stuff to get started. Learn the system and you can do it yourself, it is easy to do. :D

I haven't had good luck with collection agencies. :(
 
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DaleB said:
I was neither bummed out nor particularly surprised, to be honest. The bank wanted a whole lot more than the place was worth to me. I offered what I was willing to pay, we were just too far apart. If I didn't want some cash flow I would have been willing to pay more, but at this stage there are things I'm not going to give up. I'll play safe on the first one. I had as little emotionally invested in the place as I did financially, which is to say - nothing. If the sale falls through and it goes back on the market, I'll up my offer a little - but not much.
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Its a learning process, trust me. After doing this for 30 years it is constantly changing. Gotta be flexible.
 
Lots of answers, mostly not serious. The original question is asking something very similar to "where can I find a big pile of money out there where all I need to do is pick it up?" The answer, naturally, is that if it's obvious the money is already gone.

It sounds like the OP might be doing some consulting. If so, he probably knows what it's like to bill clients for $180 per hour while receiving $25 and hour plus benefits or something like that. I would point out that if he were the guy at the top of that company and had 6 employees out creating lots of billable hours his financial situation would change considerably. It's the same thing with plumbers, HVAC repair, etc -- owning a business can be a good thing.

It's far from easy, however. Something like a part-time MBA might help fill in knowledge gaps.

That's the simple advice. Real estate might work well, but as I'm not much of a handyman I'd be dependent on a management company and real estate scares me. As another thought, before the housing crash I had a consulting client that was a real estate management company that handled rentals for RE investors. They handled repairs, collections, billing, and so on, and they made way more money per unit than the owners of the property did...
 
stupid youtube link...I'll try again;

The key is underpants.

 
You need to qualify what your perception of "Ton of money" and "Lot of Work" Is. And then forget about it.

If you find something you enjoy doing (that's not a hobby) is 40hr 60hr 80 hr/ week a lot of time? Is 100k 200k 500k 2mil /yr a ton of money (technically 1 ton of pennies = about $3620 so thats not to difficult to earn)
Worked for myself going on 20 years now and for the first 12 I was the lowest paid employee and working 6-7 days a week. But it was not a lot of work in my opinion, I would have done almost that much working for someone else.

But now I am able to afford a meager house, newer car, and two kids in college. Not yet able to afford writing a check for a plane I am still able to afford to fly and this makes me pretty wealthy in my minds eye.

My advice would be to focus on something other than the money and do something that is enjoyable. Find that and the pieces will fall into place.
 
Meh, my hobbies keep getting more and more expensive.
Kid: RC Planes
College Home Brewing & Guitars
Post College: Classic Cars.
Now: Flying (and saving for two future college students)


Oh man, this was my baby. Sold her to pay for flying lessons. I will get her back one day. I can still smell the exhaust:

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Maybe I can convince my wife to let me marry a rich girl ;)
 
I have always guaged my own success on my parents. When I was born we lived in a garage. Mom worked at a flower shop and dad ran interoffice mail at a bank.

Watched them work harder than I have ever seen two people work. Mom got fed up of being poor. When she was 28 (with a with a 5 and 7 year old) she went to school. At 40 she became a doctor. Dad decided to take a risk and go into computers. He ended up traveling all over learning SAP in Germany and wherever else it was being taught. Now he is a big deal in the SAP world.

Watching them going from living in a garage to owning 3 houses that put mine to shame has been an amazing thing to see. But so many risks along the way and many failures, some get rich schemes, a bankruptcy. bleah...

I think a lot of people get where they are without all that chaos in the middle. Those were hard times for all of us

At any rate, I want to find a way to get where they are without sacrificing my kids' childhoods and without inheriting it.

Dad loves what he does. At 62 he is working 4 contracts and about 16 hours a day. Screw that. That is not for me.

And we are by no means strapped. I have WAY more than I deserve but I want WAY WAY more ;)
 
And as far as how much is a TON.

I just want to be able to buy a TBM 850 outright.
Is that too much to ask? I would put in an extra 10 hours a week to be able to do that. Maybe 12.
 
SixPapaCharlie said:
Mom got fed up of being poor. When she was 28 (with a with a 5 and 7 year old) she went to school. At 40 she became a doctor. Dad decided to take a risk and go into computers. He ended up traveling all over learning SAP in Germany and wherever else it was being taught. Now he is a big deal in the SAP world.
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What a fantastic story. Very impressive.


SixPapaCharlie said:
Those were hard times for all of us

At any rate, I want to find a way to get where they are without sacrificing my kids' childhoods
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Sounds like a difficult childhood for you and you turned out OK... What makes you think your kids couldn't endure some hardship?
 
SixPapaCharlie said:
Watched them work harder than I have ever seen two people work. Mom got fed up of being poor. When she was 28 (with a with a 5 and 7 year old) she went to school. At 40 she became a doctor. Dad decided to take a risk and go into computers. He ended up traveling all over learning SAP in Germany and wherever else it was being taught. Now he is a big deal in the SAP world.
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See, no work(snicker) = lots of money. All you have to do is finish a doctoral program in 12 YEARS, and/or travel all over the world learning a complex and valuable tool for the business world.

All your troubles will be over and look - almost no work involved!(snicker, snicker). :lol:
 
jhausch said:
Sounds like a difficult childhood for you and you turned out OK... What makes you think your kids couldn't endure some hardship?
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That's true, and I didn't know we were poor as kids until I was grown and on my way to college. When you are a kid, your life is your life and everything is just normal. Once you get old enough you start to think: "There are some things I am going to do differently for my kids"

When my mom was a kid, they lived in a shack at the edge of a landfill in Tulsa and that is where they got everything. Her older sister was a prostitute and her brother was a thief. Sister was shot and killed while robbing one of her "clients". I forget how brother was killed. Her mom said "I would rather die than go to a hospital" while in the middle of a heart attack so that's what happened. Mom was 15.

That is why mom went to school. She got to an age where she had kids of her own and realized in hindsight how screwed up that was and wanted better for us. Even though it meant hard work she was hell bent on giving us a better life.

Point being. I know the secret formula is busting your ass to get things done or being happy with what you have and one is not better than the other. Becoming a pilot has put all these shiny new toys in front of me and I realize there is a lot more ass busting to be done if I plan on playing with those toys and getting the kids through college. My kids' hardships will be less than mine were and nowhere near what they would have been a couple generations ago.

I can still dream. Would be cool to be like those people that stumbled across $10 million in gold coins in their backyard. Where'd I put my shovel?
 
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SixPapaCharlie said:
And as far as how much is a TON.

I just want to be able to buy a TBM 850 outright.
Is that too much to ask? I would put in an extra 10 hours a week to be able to do that. Maybe 12.
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Go fly to Mena Arkansas, that was, and likely still is, the place where you find jobs that pay that, there's likely actually a guy with a TBM that will give it to you to take his route, or a Lear, or a King Air, or a DC-3, or an A-26.... Free airplane, one trip a week minimum, minimum $40k a trip. Quick turns, see exotic places, meet interesting people....
 
I just googled it.
Seems like a nice place.

I think I will stay here in Denton.

rhps_007Denton.jpg
 
Geico266 said:
Keep good records, know where the tenants work, where they bank, and what vehicles they own. Collecting on the judgment requires you run a garnishment on their bank accounts, or wages. It is an easy process, but requires a little leg work sending certified letters to the bank or employer. For the vehicles a Writ of Execution needs to be issued by the same court that issued the judgment. Take it along with the vehicle info to the County Sheriff or Constable and they will seize the vehicle and sell it at auction. You can show up at the auction and buy it and make even more money, or just let someone else buy it and you will get the money. I usually buy the car and re-sell it.

An attorney can help you do the judgment stuff to get started. Learn the system and you can do it yourself, it is easy to do. :D

I haven't had good luck with collection agencies. :(
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What if the tenant is upside down on their car?
 
Get money the American way...sue someone for it. :D
 
I just poured some hot coffee on my lap to see how much I can tolerate. I will do a cup each day slightly hotter and build a tolerance.
 
Try working in the world's oldest profession. Wait, I didn't read the thread. Was that one used already?
 
retailguy said:
Yes, by his Aunt. :D
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Nice...

It's cool. I have a strong sense of humor.
Sometimes I over-share and I am not big on filtering.

I never met her but I went to her funeral. I was about 5 so I didn't understand what was going on. Looking back now, I know that was the turning point.

Also probably the only reason I never got into that profession. Otherwise... Watch out ;)
 
If you're in a Blue State then a government job, especially as a first responder, is the way to go. It's not bad at all in most Red States also. After a year or so you'll have a very safe job (in the economic sense anyway) and can get a great retirement at a young enough age to enjoy it.

I've done some rental real estate investing. My suggestion is do that only in a Red state. Watch the movie 'Pacific Heights' to see why.

And deal only in multi-unit properties, at least until you have a fairly large portfolio. You will have renters that will absolutely destroy your property, especially if its a single family home. Especially if you don't swoop in and inspect the place the moment the rent check isn't paid on time.

You're a lot better off if one unit of your four plex is trashed than if one unit of your one unit property is trashed.
 
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John Baker said:
Your a greedy old man Henning...not that there's anything wrong with that.

-John
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Nah, I don't need a ton of money, I'm pretty happy with high five, low six figures and a bunch of free time. Anybody can make money, nobody can make time.
 
Henning said:
Nah, I don't need a ton of money, I'm pretty happy with high five, low six figures and a bunch of free time. Anybody can make money, nobody can make time.
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Amen to that.


Sent from my iPad using Tapatalk
 
Henning said:
Go fly to Mena Arkansas, that was, and likely still is, the place where you find jobs that pay that, there's likely actually a guy with a TBM that will give it to you to take his route, or a Lear, or a King Air, or a DC-3, or an A-26.... Free airplane, one trip a week minimum, minimum $40k a trip. Quick turns, see exotic places, meet interesting people....
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What are the retirement options?
 
Henning said:
Nah, I don't need a ton of money, I'm pretty happy with high five, low six figures and a bunch of free time. Anybody can make money, nobody can make time.
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Best answer.
 
Henning said:
Go fly to Mena Arkansas, that was, and likely still is, the place where you find jobs that pay that, there's likely actually a guy with a TBM that will give it to you to take his route, or a Lear, or a King Air, or a DC-3, or an A-26.... Free airplane, one trip a week minimum, minimum $40k a trip. Quick turns, see exotic places, meet interesting people....
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Ugh, I looked into this but I don't want to violate the reg about taking more than my pro rata share of expenses. That part just seems unethical.

Other than that, it seemed like a great opportunity.
 
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