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Depends how much money you can invest right now, how much time you have to spend, and how quickly you need to start hitting that $2000 mark. Need it now? Check

Depends how much money you can invest right now, how much time you have to spend, and how quickly you need to start hitting that $2000 mark. Need it now? Check out Craigslist gigs (help with moving, quick jobs, website help), or try flipping thrift store and eBay stuff. Pros: Quick, no skills needed. Cons: Unreliable and more time consuming. Need it reliably? Work on a business and work your ass off in your spare time. Pros: Easy to make more than $2000/mo if it goes well. Cons: Will take a lot of time and effort to maybe work out for you. Alternatively, invest in a property. Pros: Easy $2000/mo through rent. Cons: Lots of upfront investment & research needed to not screw yourself over as a property manager. Personally I'm in a similar situation and currently selling on eBay and running a side business. Been at it ~6 months and make 200-400/mo on top of my salary, but looking to ramp up the business more this year. Edit: One option I overlooked of course is investing. The safer the investment, the more up-front capital you'll need and nothing is truly 100% safe. Gamble on options but be prepared to lose everything, if you really need something immediately.

CoffeePython 7y ago
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.
- AwesomeFaic 7y ago
  I know a couple people who have very desirable Florida condos (as well as other properties) and each condo alone is doing ~2k. Granted that's day-by-day, not a monthly rental.
- davismwfl 7y ago
  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 a long game, not a short term income stream. It is a solid way to gain wealth, just won't happen overnight.
  - pxhb 7y ago
    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 liabilities.
    - HeyLaughingBoy 7y ago
      When I did this (rented out the suburban single-family house I used to live in), if something needed repairing, I'd just drop by after work and fix it myself since I only lived half an hour away. I set my rent based on the market rate. It turned out that insurance on a rental property was less than on an owner-occupied one, which made no sense to me, but I wasn't going to argue with MetLife :-) Basically, the floor of your monthly rent should be your existing costs: mortgage, insurance, property taxes, average annual repair costs, etc. In markets I was familiar with, this was always well under what rent would cost. Also, bear in mind that repairs and other expenses like property taxes and mortgage interest are now deductible since the rental is a business. IIRC I had around $1,000/mo in cashflow from the rental before factoring in savings from the additional deductible items. I sold the property after three years since I didn't really want to be a landlord, but it was free money.
    - davismwfl 7y ago
      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.
smithmayowa 7y ago
Will like to learn more about the eBay sales, is it location dependent? How can I also reach out to you? My email is smithmayowa20 at gmail.com
- AwesomeFaic 7y ago
  I can give you the run-down. I have a contact form on https://bigboys.nyc https://bigboys.nyc, will give you the eBay spiel after I'm out of work

CoffeePython 7y ago

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.

AwesomeFaic 7y ago
I know a couple people who have very desirable Florida condos (as well as other properties) and each condo alone is doing ~2k. Granted that's day-by-day, not a monthly rental.
davismwfl 7y ago
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 a long game, not a short term income stream. It is a solid way to gain wealth, just won't happen overnight.
- pxhb 7y ago
  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 liabilities.
  - HeyLaughingBoy 7y ago
    When I did this (rented out the suburban single-family house I used to live in), if something needed repairing, I'd just drop by after work and fix it myself since I only lived half an hour away. I set my rent based on the market rate. It turned out that insurance on a rental property was less than on an owner-occupied one, which made no sense to me, but I wasn't going to argue with MetLife :-) Basically, the floor of your monthly rent should be your existing costs: mortgage, insurance, property taxes, average annual repair costs, etc. In markets I was familiar with, this was always well under what rent would cost. Also, bear in mind that repairs and other expenses like property taxes and mortgage interest are now deductible since the rental is a business. IIRC I had around $1,000/mo in cashflow from the rental before factoring in savings from the additional deductible items. I sold the property after three years since I didn't really want to be a landlord, but it was free money.
  - davismwfl 7y ago
    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.

smithmayowa 7y ago

Will like to learn more about the eBay sales, is it location dependent? How can I also reach out to you? My email is smithmayowa20 at gmail.com

AwesomeFaic 7y ago
I can give you the run-down. I have a contact form on https://bigboys.nyc https://bigboys.nyc, will give you the eBay spiel after I'm out of work