Realistic Ways to Make Extra Money:
The First Thing You Need
People everywhere are discovering realistic ways to make extra money, whether it’s working from home or a small office. There are hundreds of part-time ventures to choose from. Once you’ve settled on what you want to do, the first thing you need to make money is a mentor or a coach, so I say, find experience people to help you out.
Advice from family and friends will be abundant, and tempting to listen to. Remember that your family just wants to take care of you. But business advice should come from someone who is already successful at doing what you want to do. Be careful who you take advice from.
If you start to make money right away, it may be tempting to quit your job, but I’m going to tell you right now, whatever you do, hold onto that job. A lot of people are unrealistic about what it takes to be a full-time entrepreneur so they quit their day job prematurely and just hope that everything is going to work out for them. Boy, I’m going to tell you, you don’t want to do that.
What is a Good Business to Start from Home?
More than 30 years ago, while looking for realistic ways to make extra money, I discovered a low-risk, high-return business in the real estate sector that I could do from home.
It’s nothing more than a subset of the traditional real estate business – and by ‘traditional’ I mean buying and selling homes, commercial buildings, lots, apartments, acreages, etc. at market value. This is certainly one of the realistic ways of making money part time – many investors get rich doing this.
But I want to talk about another good business to start from home – tax defaulted property investing. So in all 3000 counties in the US, properties are tax-defaulted – that is, the property owners have failed to pay their taxes. Now, if people don’t pay their taxes, that’s not acceptable by the state. So the local county will transition and they will take over. They’re going to confiscate the property and sell it at auction.
Real estate investors will purchase these properties at auction for pennies on the dollar and then re-sell them. If they want to sell them at market value, they may have to do some repairs or upgrades first, or they can sell as-is at a significantly reduced price under market value. I always recommend buying low, selling low.
If you’d like to get started today, you can begin now at no cost by taking advantage of Ted’s FREE Master Class. It’s only about 1 hour of streaming video and will open your eyes to the incredible opportunities available in tax delinquent real estate investment.
Your Best Auction Strategy
While tax-defaulted property investing is one of many realistic ways to make extra money part time, you need to have a strong auction strategy. Before you ever even think about an auction, make sure that you’ve been at the property and seen it boots on the ground.
If you are out-of-state and can’t visit the property, then ask a trusted friend or hire a real estate agent to do so. Why? Simply put, you want to make sure the property is there before you buy it. Hurricanes or fire are legitimate scenarios. Maybe the property has been so neglected that it is uninhabitable.
Other tools at your disposal when you’re researching your property are Zillow or Trulia. You will be able to see what comparable properties have sold in the neighborhood and for how much. Google street view will be able to give you a glimpse at the property – though this shouldn’t be trusted to be 100% accurate. After all, you don’t know what has happened since the images were taken.
Secondly, you don’t want to get involved in any property that you don’t know what you’re going to sell it for, so do your research and get clear on what your maximum bid will be. Make sure there is enough profit margin between your maximum bid and what you can realistically sell it for.
The beauty of this business is you can buy it low and you can sell it for any price you want, but you should know what you’re going to sell it for before you buy it.
How to Get Started in Tax-Defaulted Property Investing
While tax-defaulted property investing is one of many realistic ways to make extra money working from home, it is not a business that you can just dive into with no experience. Earlier I mentioned finding a mentor – someone experienced at doing what you are setting out to do in your business.
To that end, I have a free gift for you – a 1-hour, streaming-video mini course that will teach you the secrets of one of the safest high yielding investments available and how to generate cash flow in real estate. If you’ve decided it’s time to take charge of your financial future, then this Free Course is the best way to get yourself started on the road to success!