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Flipping Houses: Turning a Wreck into a Gem


About Me

Flipping Houses: Turning a Wreck into a Gem

Five years ago, I decided to start my own side business. Along with keeping my job as a construction worker, I decided to use my savings to purchase an older residence. The plan was to fix up the place and then sell it at a profit. It didn't take me long to figure out that while my side business would take up most of my free time, it would make me a lot of money. Today, I still flip three or four houses a year. My strategy developed through trial and error, and I've learned how to evaluate the potential of a property first, then buy second. I know what must be done in the way of exterior painting, making the place secure, and ultimately finding the right buyer. If you are thinking about trying this kind of sideline, read on. What I've learned will help you a lot.

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Is Being A Taxi Driver A Good Part Time Job For You And Your Car?

Within the past couple of years, several apps have taken off that allow anyone to become a taxi driver simply by downloading the app and using their own personal vehicle. Some people have even decided to make a full time job out of it. Before you dive in, here are some things you need to consider?

How Much Money Will You Really Make?

Many drivers are reporting that they don't take home much more than minimum wage after the app takes its cut of their fares and they add in the time they spent waiting for passengers. If this is just a side job you'll do when you're bored, those numbers might sound good.

However, remember that you need to cover your own gas, maintenance, and wear and tear on your car. After you subtract those expenses from the payments you receive, your earnings could be close to zero or even negative.

What Kind of Passengers Will You Have?

In a few cities, many commuters get to work by taxi services, and you can do well transporting them if you're available during rush hours. However, in most places, commuters take their own cars to work.

In the majority of cities, the highest demand for taxi services comes during Friday and Saturday night when people want to get to and from the bars and clubs. Do you want to be dealing with belligerent or annoying drunks and possibly having to clean up after them if they throw up in your car?

Does Your City Require a Special License?

Most cities have extensive licensing processes for taxi drivers. The taxi apps try to get around these requirements by calling their services "ride sharing."

Unfortunately, most cities see right through this play on words, and require drivers using taxi apps to hold the same or similar licenses as old-fashioned taxi drivers. These licenses are expensive, and if you try to drive without one, you could face hefty fines or possibly even arrest.

Will Your Insurance Cover You?

Unless you have commercial auto insurance, you will not be covered if you are in an accident while you have a passenger, while you are trying to find passengers, or while you are on your way home. Personal auto policies only cover personal use, and your policy will be invalidated if your carrier finds out you're using your car as a taxi.

To sign up for a policy that will cover your side job, contact a commercial auto insurance provider today.