Build (or buy) a product for a niche. I sell plugins for Jira / Confluence and whatnot. Makes a lot more than 2k a month.
Ask HN: How to make an extra $2000 monthly?
31–40 of 66 posts
Re: Ask HN: How to make an extra $2000 monthly?
#32Earlier 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…
> I have made that on a single property (short term vacation rentals) Not going to make assumptions about your specific case, but many people using AirBnB are breaking the law and/or are vastly under-insured to be renting out property short-term. One lawsuit or accident and any "profits" (and much more) will be wiped out. Real-estate is an old, mature business. There's no magic in how to make money in it, nor are the…
Yea, I've been doing this long before AirBnB existed, and actually I've never registered one of my properties with them.
In my state we have to pay monthly sales tax on rentals less than 6 months along with a number of other basic rules too (including insurance). But none of them are hard to follow, AirBnB violates them constantly however.
Making good money on vacation rentals in beachfront towns is very doable. We used to be able to buy cheap properties and rent them for $1-2k/week for vacation rentals, and they'd stay busy most of the year, meaning after expenses it was pretty easy to clear $2k if you bought right. Now that is not so easy given the cost of real-estate even with capital being fairly cheap.
edit: clarified the sales tax.
Re: Ask HN: How to make an extra $2000 monthly?
#33Not sure why you're looking for that value exactly or what your current situation is, but in addition to increasing your income, you can also look at decreasing your expenses.
It may be easier to shave off $500 in monthly expenses and only need an extra $1500.
Re: Ask HN: How to make an extra $2000 monthly?
#34Build (or buy) a product for a niche. I sell plugins for Jira / Confluence and whatnot. Makes a lot more than 2k a month.
How do you determine what kind of plugins are in demand?
Re: Ask HN: How to make an extra $2000 monthly?
#35Not software related, but my sister makes and sells simple candlesticks online for that much each month.
I also resold earbuds/earplugs online for a years to get $1000-1500/mo. Seemed like a viable side project only taking up an hour or so every night to prepare packages, and then an extra 20 minutes to swing by the post office each morning.
Like others said, it's always a good idea to reduce your spending and try to save. You can even use that savings to occasionally fund projects without feeling too bad if something fails.
Re: Ask HN: How to make an extra $2000 monthly?
#36Earlier 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…
In general, property management fees run roughly 6-10% of rent and maintenance really depends on the age of the home. A newer home that is in good shape may not cost you more than a few hundred dollars per year in unexpected expenses, an older home plan around $1-2k/year to be safe. In my rentals I always price into the rent some core expenses, specifically lawn & exterior care as well as pest management. This lets me make sure the property stays looking proper and reduces the chances I need to do major upkeep work/expenses. Inside I always paint the house between long term rentals, which means the inside stays good, and I usually install wood/laminate floors before I start renting and keep decent appliances in them as well. This means I rarely have any larger expenses, after my first initial market expense.
Some things to look into are things like property taxes, a rental isn't your primary home and so depending on your state the property taxes may increase once you rent it out. HOA's sometimes have rules about notifications, fees and lease terms you have to take into account (I hate HOA's).
Best way to find out your specific details is to talk with a rental agent in your area and ask them to give you an estimate. They'll know the quality of the homes in the area and the approximate costs owners are paying annually. That'll give you a baseline, and I'd ask 2-3 to make sure you aren't getting an edge case.
FWIW: My higher end properties cost me less (% wise) in maintenance than the lower end homes, simply because it is a vastly different cliental and quality of home. If your house is a typical middle class home for your area that is almost always the sweet spot IMO. Higher end can be harder to rent out and lower can be tougher to manage and keep up with.
Re: Ask HN: How to make an extra $2000 monthly?
#37I've had good results doing mentoring calls on Codementor.
Re: Ask HN: How to make an extra $2000 monthly?
#38Re: Ask HN: How to make an extra $2000 monthly?
#39I have a question to everyone in this thread: how do you deal with the bureaucracy (taxes and stuff) that comes with a side business? (I'm curious also about how it varies between countries)
Re: Ask HN: How to make an extra $2000 monthly?
#40I have a question to everyone in this thread: how do you deal with the bureaucracy (taxes and stuff) that comes with a side business? (I'm curious also about how it varies between countries)
If you are in the US, it is a straightforward form Schedule C. Depending on how your business is setup, Quickbooks or any other software will easily generate a form Schedule C for you.