Business Idea. Must've been done a million times, but will it still work?

[Bizzle13]

Long term plan is property rentals followed by investments.
Short term to turn a few hundred in to a few thousand I was thinking of buying wholesale and selling individually - preferably on eBay or a similar site so I'm not paying out too much if I was to host my own site etc clearly people will have done this a lot and I was wondering if it's still worth it, if I was to get the right products.

I was looking at potentially buying a job lot of clothes (outsourced from China or Pakistan) and selling individually - could also create my own fancy looking label and this could be the start of my own apparel business.


Any advice or opinions would be greatly appreciated, thank you.

Bizzle

 

[Vice]

Go to your local REIA and start learning. There's ways to get into real estate investing that don't involve much money, like real estate wholesaling, house sitting, and managing rental property for owners. You'll learn, and that'll help you ID your first deal as well.

Forget the wholesaling; that's chump change and done to death.

 

[Bizzle13]

Excuse my ignorance but what is a REIA? I'm in England so maybe it's something different here. Sounds good though I'll look in to it, thanks. Yeah I imagine the downside to wholesaling would be having a load of junk lying around for long amounts of time and also it'll take a while for me to get my initial outlay back and even longer to get my profit.

I imagine getting started is the hardest part, it seems easy to make money once you've got money, but I'm probably being a little naive.

 

[The_flying_dutchman]

If you're new to business I would advise you to be careful when getting into any business that involves inventory. Unless you can buy those items for dirt cheap, I would be cautious. A lot of hidden expenses accompany inventory such as storage, shipping, and attrition.

 

[Bizzle13]

Well yeah that is a problem I've thought about. As far as storage goes it would just be in my home taking up space. Argh what else can I do? Can't keep on running in the rat race!

 

[Vice]

Well yeah that is a problem I've thought about. As far as storage goes it would just be in my home taking up space. Argh what else can I do? Can't keep on running in the rat race!

A REIA is a Real Estate Investment Association.

And start educating your self financially while saving money. By the time you learn enough to take action, you'll have money to take action with. Although, it is not necessary to have money to make money.

Also look into getting frugal habits to help cut costs even more. Go Jewish, as I like to say.

 

[Bible_Belt]

My family has always had rental properties. Land lord sounds like prestige, but most of the work is cleaning up messes and damage left by tenants. Interest rates have been so low for the past 10-20 years, that the class of people who are renters has gone way downhill, because everyone with a steady job could afford to buy a house. Until you get to the point of owning many properties, landlord and maintenance man will probably be the same job.