How can I make extra money to finance 911 hobby?

[JonT]

I'm kicking around ideas to make more money (2nd job) for financing my 911 hobby and was wondering what some other people are doing. I'm 36 and single, own a house and 1 rental that throws off minimal cash per month but the big payday is when I get my tax refund from the deductions created from this. I was considering bartending or buying another rental and setting it up for better cash flow/month. Any ideas?

[89turbocabmike]

Jon, this may just seem like a shift in money and I not sure what your categorizing as "big payday" but if year in and out that refund is consistently high, 2K+, you should consider adjusting your withholding on your regular paycheck. That extra money each week/month could be invested for more(Uncle Sam isn't paying you any interest!) or the least of it you would have it to spend sooner on your 911 As for a 2nd Job, I work too many hours already.... I'm looking to completely start a new business Best of Luck, Michael

[JonT]

Thanks Mike--I understand the withholding change I can make to make my regular paycheck bigger--I'm waiting to see if I keep this 1 rental--the lease is up in May and I'll probably sell if the renters don't renew--at that point I may increase my withholding allowances so my check is bigger (give myself a raise dammit!) but will prolly offset that with larger 401k deduction so that will be a wash. I'm looking for flexibility of hours and cash ideas. I've got a little cash saved so maybe another small business is an option.

[VaSteve]

Originally posted by JonT
Thanks Mike--I understand the withholding change I can make to make my regular paycheck bigger--I'm waiting to see if I keep this 1 rental--the lease is up in May and I'll probably sell if the renters don't renew--at that point I may increase my withholding allowances so my check is bigger (give myself a raise dammit!) but will prolly offset that with larger 401k deduction so that will be a wash. I'm looking for flexibility of hours and cash ideas. I've got a little cash saved so maybe another small business is an option.

If you sell for more than your basis, you could be in for a real surprise. Especially if you have generated a nice loss year in, year out through depreciation. Ask me how I know.

If you didn't live there for 2 of the past 5 years, could be even worse....

[JonT]

I did live there for 2 of the last 5 so that will help. I plan on rolling any gains into another rental so hopefully there won't be much of a tax bite.

[adomakin]

sell drugs. i did it when i was a kid and made a fortune. trouble was, i was always too smashed to use it wisely. So if you do choose to start selling drugs try to not start using them at the same time and you should earn enough to sort your car right out.

Andy, UK

[s_wilwerding]

We need to start some kind of concern, Jon. I'm looking for a way to finance a 996-engine swap into my Boxster.

By the way, I saw your girlfriend's picture in the newsletter - very pretty!

[turbo6bar]

Originally posted by JonT
I did live there for 2 of the last 5 so that will help. I plan on rolling any gains into another rental so hopefully there won't be much of a tax bite.

Capital gains exempt from tax. You'll have to pay 25% on depreciation recapture. If that bill is a lot you might consider 1031 exchange. Is there a particular reason you want/need to sell?

If you already have the mindset for landlording, why not another rental? Buy smart. Get a fixerupper. Create instant equity. Then, let it shelter more of your taxable income. It's so nice when your investments are working for you night and day. When you sleep, you make money. When you play, you're still making money. In 1 year, you can refinance the property and get your cash investment back out. Regardless, get in with as little cash as necessary. Pay yourself a little reward from the sale of the rental property. When you see the cash, it will take little motivation to try a little harder or work smarter.
Jürgen

[RoninLB]

Bartenders in my town do $200-$400 on a Sat night.

I can do almost every blue collar job. If I wanted to take a 2nd job serious I would have a Elec license and do that in combo with air conditioning. It's the best combo of the blue collar trades and has the best potential for quick big bucks.

[JonT]

Thanks guys--keep them coming--and Steve--thanks for the compliments on the gf--she is a Creighton grad too.

[VINMAN]

If you sell the 911 you will have money, for your 911 hobby!

[djmcmath]

Start a meth lab. Very popular drug in many parts of the world. Use your 911 to run deliveries, then it's tax deductible as a business expense.

[sasquatch]

In all seriousness, I am 35, manage a small engineering firm, and deliver pizza part time. I work about 15 extra hours a week and bring in another 4-500 per month. Gets me over the hump of whatever project ($$) I am needing at the time. THis year is buying and completly outfitting a Triumph Tiger for long distance dual sport riding.

Sasquatch

[JTO]

Jon,

I consult on the side. I work for the oil industry in Alaska as a technical reviewer for all of their analytical work (I'm an analytical chemist). Pays well and is pretty easy (some weeks I put in over twenty additional hours but that's rare). This work is seasonal too, Fall and Winter only. Do you have any special skills? What's your education? You may have some skill or knowledge someone will pay you for that you havn't thought of.

Troy

[widebody911]

I teach part time @ Sac State and do onsey-twosey compu-slut gigs. Oh, and I sell repro RS heater bypass pipes for extra gas money.

[sammyg2]

I asked myself the same question a few years ago, and then it hit me.
The rear targa seal on a 914 costs almost $400 from the dealer, over $300 last time I checked from our host, even the repro stuff was oner $200.
I studied an old seal and after a few tries started making my own repro seals. So far I've sold over 200 of them. Price was $40 to my friends, but I was getting over $60 each on e-bay. One went for $129.

Then it happened. I sold one to a 914 owner and poster on the pelican 914 board and he copied it (not exact, mine's better fit and design) and started competing with me on e-bay. I guess the punk couldn't think for himself, he had to let me do it for him (but I'm not bitter ). He flooded the market and drove the price way down, now I only get on average $35 each with me picking up the shipping cost.
I don't mind competition if he can come up with his own design, but he copied mine poorly and even designed his e-bay adds to resemble mine. Kinda sleezy if you ask me.
Those that can think, do. Those that can't think steal the ideas of others.

[concentric]

Originally posted by JonT
I'm kicking around ideas to make more money (2nd job) for financing my 911 hobby and was wondering what some other people are doing. I'm 36 and single, own a house and 1 rental that throws off minimal cash per month but the big payday is when I get my tax refund from the deductions created from this. I was considering bartending or buying another rental and setting it up for better cash flow/month. Any ideas?

Both bartending and rental properties are great ways to go. If you choose the job route, find something that allows you to network your skills to people in the field while you are working. I run an amazing recording studio, do live sound for bands I like, do engineering for records on occaision, and I have my fingers in some other pies like audio gear design, marketing, etc.

Through this method, I'm making 250% more than I was a year ago.

Jason

[epbrown]

Originally posted by sasquatch
In all seriousness, I am 35, manage a small engineering firm, and deliver pizza part time. I work about 15 extra hours a week and bring in another 4-500 per month. Gets me over the hump of whatever project ($$) I am needing at the time. THis year is buying and completly outfitting a Triumph Tiger for long distance dual sport riding.

Sasquatch

I was going to mention this. I used to manage a Domino's Pizza after college and was amazed at what my part-timers did during the day: bankers, traders, advertising execs, paralegals, engineers, teachers. If you work at a busy location (college campus, for instance) and take the weekend nights, you can make as much as $100 cash a night in tips, plus your mileage and hourly wages.

Emanuel

[Sonic dB]

I was a pro bartender for seven years from 90-97. It paid for my school, pad and nice car. I earned a good living and it got me laid...a lot.

Oh the memories.

[turbo6bar]

I like the pizza delivery idea. You'd eat up your 911 play fund if you used it for deliveries, though.