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Ask HN: How to make an extra $2000 monthly?

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Re: Ask HN: How to make an extra $2000 monthly?

#51

Post by matt_the_bass »

pxhb wrote: post #25
davismwfl wrote: post #21

Earlier quoted context omitted.

Depends on a lot of factors, I have made that on a single property (short term vacation rentals) but more typical is like what you say where it can take 10+ properties to clear $2k/month for long term rentals. Right now my best property is clearing two hundred (or so) a month, which isn't horrid but far from great. I only have long term rentals right now though, so that's ok. IMO: Rental property is best looked at as…

Somewhat of a tangent, but do you have any advice/resources on how to price in repairs and maintenance? I am moving soonish, and trying to figure out what to do with my house. A back of the envelope calculation of Expected_Rent - Mortgage - Insurance - Property_management_fees gives an appealing number, but I am not too sure how to price in all of the long and short term repairs/maintenance and any other potential li…

Don’t you have a good idea of the maintenance needs for that house? You lived there.

If you don’t understand the costs of living in it as your primary residence, you perhaps should consider that realestate Investing/management might Not be a good match for your skill set.

Re: Ask HN: How to make an extra $2000 monthly?

#53

Post by ryanmercer »

soneca wrote: post #46
ryanmercer wrote: post #44

Earlier quoted context omitted.

A lot of us can't negotiate a salary period, people outside of tech don't seem to realize this Major corporations have very concrete pay scales, you start at the bottom of that scale and you climb your way up it year after year with very rigid and defined maximum pay increases based on arbitrary factors in an annual merit increase and not by going "gee boss, I think I deserve a raise!".

You can change jobs with a raise though. This in software development of course, as there is a lot of demand almost everywhere and it is easier to change employers than other companies

>You can change jobs with a raise though.

Again, not always a realistic option for people.

Re: Ask HN: How to make an extra $2000 monthly?

#54

Post by codingslave »

ryanmercer wrote: post #44
rwmurrayVT wrote: post #16

Earlier quoted context omitted.

Very location dependent.. The vast majority of the workforce couldn't negotiate a $24k a year raise from their employer.

A lot of us can't negotiate a salary period, people outside of tech don't seem to realize this Major corporations have very concrete pay scales, you start at the bottom of that scale and you climb your way up it year after year with very rigid and defined maximum pay increases based on arbitrary factors in an annual merit increase and not by going "gee boss, I think I deserve a raise!".

If youre a top performer, theres always money for you. Ive gotten some 50% raises without a promotion from massive extremely cheap large corporations. But I produce and make those above me look very good. I pull political strings and execute on projects that give my bosses more power.

Re: Ask HN: How to make an extra $2000 monthly?

#55

Post by fastbeef »

davismwfl wrote: post #21
CoffeePython wrote: post #6

Earlier quoted context omitted.

It might take a while to make $2k/mo in cash from rental properties. We own two rentals and don’t even clear $1k/mo with both.

Depends on a lot of factors, I have made that on a single property (short term vacation rentals) but more typical is like what you say where it can take 10+ properties to clear $2k/month for long term rentals. Right now my best property is clearing two hundred (or so) a month, which isn't horrid but far from great. I only have long term rentals right now though, so that's ok. IMO: Rental property is best looked at as…

Seems like a crazy amount of risk for $200?

Re: Ask HN: How to make an extra $2000 monthly?

#56

Post by zapperdapper »

I have a friend that turns time allocated for other things into paid time. For example, she got certified as a Spin coach, so takes classes a couple of times a week and gets paid to work out. She also does yoga classes and gets paid for that too. Sure, you might not hit $2K/month but it'll get you part way there...

You can probably get about £200/day painting and decorating for people you know. If you're prepared to work weekends it'll get you nearly there after word gets around that you're trustworthy and polite...

Re: Ask HN: How to make an extra $2000 monthly?

#57

Post by throwaway743 »

soneca wrote: post #17
rwmurrayVT wrote: post #16

Earlier quoted context omitted.

Very location dependent.. The vast majority of the workforce couldn't negotiate a $24k a year raise from their employer.

Maybe not in one step. But starting a SaaS side project or starting to freelance (with enough reputation and client pipeline so it is reliable) also won't give extra $2k from one month to another. Advancing the career as software developer still seems the most reliable and conservative way to get am extra $2k. Disclaimer: it is not my option though. I am building a side project to earn extra revenue, but because my g…

I hear you on the last paragraph

Re: Ask HN: How to make an extra $2000 monthly?

#58

Post by pxhb »

matt_the_bass wrote: post #51
pxhb wrote: post #25

Earlier quoted context omitted.

Somewhat of a tangent, but do you have any advice/resources on how to price in repairs and maintenance? I am moving soonish, and trying to figure out what to do with my house. A back of the envelope calculation of Expected_Rent - Mortgage - Insurance - Property_management_fees gives an appealing number, but I am not too sure how to price in all of the long and short term repairs/maintenance and any other potential li…

Don’t you have a good idea of the maintenance needs for that house? You lived there. If you don’t understand the costs of living in it as your primary residence, you perhaps should consider that realestate Investing/management might Not be a good match for your skill set.

I have an idea what it costs me personally, but I am not sure how to price in the plain fact that renters will not care for your house as much as you do.

Re: Ask HN: How to make an extra $2000 monthly?

#59

Post by davismwfl »

pxhb wrote: post #58
matt_the_bass wrote: post #51

Earlier quoted context omitted.

Don’t you have a good idea of the maintenance needs for that house? You lived there. If you don’t understand the costs of living in it as your primary residence, you perhaps should consider that realestate Investing/management might Not be a good match for your skill set.

I have an idea what it costs me personally, but I am not sure how to price in the plain fact that renters will not care for your house as much as you do.

And you are right to ask this question. Your costs when you live in the house will not be the same as when someone else moves in. It is also why I suggest you talk to a local agent or 2 because they will know the trends in your area.

I had a house in one city that the maintenance cost was outrageous compared to my other properties but it was in the middle of the pack (cost wise) for the city demographics and building codes. So it is hard to pinpoint even for an experienced real estate person without doing some analysis in your area specifically.

Here are a few of my common questions to an agent if I am looking at a new area:

1. Average time on market, from day of rental listing to lease signed.

2. Basic demographics and occupations of the people living in the neighborhood and surrounding area. Including average income.

3. Hardest to rent property details compared to the easiest to rent. e.g. 4 bedrooms might be super hard to rent in an area with predominately single people, but would be super easy in a family driven neighborhood. I'm looking for contradictions here, e.g. they say the area is predominately housing single people but the demand is for 4 bed/3bath houses. Either they are idiots, or it is group housing/party area which can bring up a different set of rental criteria. Or there is something super unique about this area and they should be able to articulate it to me or I don't accept that risk.

4. Average cost of maintenance for similar rentals. I usually ask, avg plumber cost, avg electrician if I don't have people in the area so this way I know what they are seeing.

5. Special lease terms that are needed or common for the area. And special county/city or HOA rules or costs I need to be aware of. Including parking fees etc.

6. Largest employers in the area by number of people.

Re: Ask HN: How to make an extra $2000 monthly?

#60

Post by matt_the_bass »

pxhb wrote: post #58
matt_the_bass wrote: post #51

Earlier quoted context omitted.

Don’t you have a good idea of the maintenance needs for that house? You lived there. If you don’t understand the costs of living in it as your primary residence, you perhaps should consider that realestate Investing/management might Not be a good match for your skill set.

I have an idea what it costs me personally, but I am not sure how to price in the plain fact that renters will not care for your house as much as you do.

Ahh got it! Thanks! Sorry, I didn’t understand before.
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