Are you looking for ways to make more money? If you're tired of working a job that doesn't pay enough, or if you're just looking for some new ideas, read on. In this blog post, we'll share five businesses that make six figures. These are businesses that I've personally tried or I know someone who has succeeded in these businesses. Whether you're interested in starting your own business or just want to get an idea of what's out there, these businesses are worth checking out. So without further ado, let's get started!
Wholesaling Real Estate
The first business that makes 6 figures and you can start with no license is a wholesaling real estate business. Wholesaling real estate is a process of finding deeply discounted properties and then assigning the contract to another buyer for a higher price. It's a great way to get started in real estate investing, with little money out of pocket. And, it can be a very lucrative business if done the right way. There are a few key things to understand before beginning wholesaling real estate and you may want to check out this affordable creative real estate course. First, you must find a solid lead source that will provide you with deeply discounted properties. This could be from:
- Direct mail marketing with Flyers
- Cold calling
- Email marketing
- Foreclosure auctions
- Skip Tracer from Fiverr
- Digital Marketing
Next, you'll need to put the property under contract at this discounted price. This is where having a good understanding of real estate contracts are essential. You don't want to overpay for the property or get yourself into a situation where you can't assign the contract due to not pricing the property correctly. Finally, you'll need to find a buyer who is willing to pay more than your purchase price for the property. You’ll make the difference. Be careful when wholesaling because sometimes the deals are so good you want to keep them for yourself.
Cleaning or Janitorial Company
The second business that you can start that doesn't require a license is a cleaning company. Have you noticed that there is a high demand for good cleaning companies these days? This is most likely because of people working more and because of the Airbnb business. The first step is to create a business plan and a budget. This will help you to determine how much money you need to start your company and how much you will need to sustain it. Next, you will need to purchase supplies and equipment for your company. This can be costly, but there are many financing options available.
Market your business. To attract new customers, you'll need to create a strong marketing strategy. This may include advertising in local publications, distributing flyers and door hangers in the community, or joining Real estate agents and investing groups on Facebook.
Property Management Business
A Property Management company is a business that manages rental properties for landlords and performs a variety of tasks including screening tenants for criminal and eviction history, and collecting rent on their behalf. They also deal with any repairs or maintenance needed on the property. If you’re near popular big cities for investors such as Detroit, St. Louis, and Cleveland you will probably have a lot of investors who are always in town looking for real estate to buy and looking for good property management companies.
The way Property Management works is you would put systems and software in place to collect tenant payments, track maintenance requests, and provide detailed owner reports. The key to make maintenance issues easier is to make connections with plumbers, electricians, roofers, and a handyman or woman. In exchange for systems in place, the property management company collects a portion of the rent each month, typically 10-15% or a flat fee of $75. If you have a property management company and want a free trial from one of the top property management software companies, try Buildium.
If you’re in a state that doesn’t require a license to be a property manager, this is a great business to start because Buildium does all the administrative work for you. On the other hand, some states do require a real estate broker to be over a property manager. If you don’t have a license yet but are interested in being a property manager, you may want to consider collaborating with a licensed Broker. Just call up some smaller real estate brokerages and ask for a business meeting about starting a property management company.
Loan Signing Agent
A loan signing agent is similar to a mobile notary public; however, a loan signing agent is specially trained to facilitate real estate loan signings. Loan signings are usually conducted at a title company but can be performed at a borrower's home or office. The most common signings for Loan signing are mortgage paperwork and auto loan documents. The loan signing agent ensures that all documents are properly executed and notarized and that all parties understand the terms of the loan. In some cases, the loan signing agent may also be responsible for delivering the documents to the lending institution. The loan signing business has become popular in the last few years and many are raving about the payout. This business doesn’t require a lot of money to get started however I always recommend conducting business under a limited liability company to protect personal assets.
If you know a lot of real estate agents the junk removal business can quickly scale to 6 figures. REALTORS are always lending an extra hand to clients by finding resources to help houses sell faster. Some city areas have thousands of realtors with Florida and California with over 100,000 in the state. Below are the number of licensed real estate agents in a city according to Homelight.
- Chicago 3,430
- Los Angeles 6,960
- New York 7120
- Miami 9,940
- Atlanta 3580
The junk removal business doesn’t sound too pretty when you think of it but So let's get to the last business junk removal. Anyone who has ever undertaken a home renovation knows the importance of having a reliable junk removal company on hand. In addition to providing a valuable service to real estate investors, junk removal companies also help to keep our communities clean and tidy. By hauling away recycling materials where possible, they help to reduce the amount of waste and play an important role in protecting our environment.
Additionally, don’t take it lightly when I say connect with realtors to grow a junk removal business fast. Some realtors have a 70% or higher clientele of real estate investors from all over the world. And guess what? When these real estate investors get good deals, a lot of times the real estate deals are associated with houses that need junk removed.
All of these businesses can be started with little money. However, if you need start-up funding two lenders come to mind.
Startup Business Funding
- Uplyft Capital (business and personal funding).
- 7 Figures Funding (if you have a 700+ credit score or co-signer).
If you're looking for new ways to make money, these five businesses are proof that with a high-demand product or service, 6 figures can be at your fingertips. Watch this video about businesses that make 6 figures as I elaborate more; plus there is a bonus business you may be interested in too.
Are there any other businesses out there that should have been included in this article? Let us know in the comments below.
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