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Old 02-20-2018, 05:18 PM
 
Location: Cebu, Philippines
4,414 posts, read 1,673,386 times
Reputation: 8038

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My thoughts? OK. 80% of all business startups fail. If you are one of them, you will lose everything you have.
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Old 02-20-2018, 05:33 PM
 
1,253 posts, read 567,571 times
Reputation: 2305
Quote:
Originally Posted by BucFan View Post
Community colleges always looking for seasoned/experienced instructors to teach a class or two...intro to business law, paralegal programs, etc.
But then I would be working for someone else.. which I want to avoid. I want to get up when I want and do the work when I want.

Quote:
If you are one of them, you will lose everything you have.
I don't see how, would still have the pension - 401K - and social security NO matter what.

I don't like volunteering as most opportunities IMHO are meaningless busy work. Though I hope to do some volunteering with animals. But I would want to see if I could run a business.
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Old 02-20-2018, 06:34 PM
 
13,912 posts, read 7,405,593 times
Reputation: 25408
What kind of business should you start when you retire?

Why monkey business, of course.
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Old 02-20-2018, 06:39 PM
 
Location: NE Mississippi
13,668 posts, read 8,577,038 times
Reputation: 19868
Quote:
Originally Posted by EmilyFoxSeaton View Post
I have always wanted to have my own business. When I retire I want to do that on a part time basis. I will have a pension and won't have to worry about money.

But I am kind of stumped at to what I want to do. I am a lawyer by trade but pretty much hate the law. I would like to get into some sort of real estate thing ... such as property management or flipping homes but I don't know if I have what it takes for that.

Any thoughts?
Close real estate deals.
We had a lawyer in our town and that was ALL he did. He was really good at it, too. When he got through everyone understood everything.
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Old 02-20-2018, 07:05 PM
 
5,426 posts, read 3,450,730 times
Reputation: 13709
Quote:
Originally Posted by EmilyFoxSeaton View Post

Your ridiculous. My property management company has like 200+ condo associations. Many of them massive. There are three people.

I am certainly capable of running 4 or 5 small associations.
You are a lawyer or trained as a lawyer, and you say 'your ridiculous' rather than the correct 'you are ridiculous' or you're ridiculous.
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Old 02-20-2018, 08:03 PM
 
Location: Tennessee at last!
1,886 posts, read 2,039,389 times
Reputation: 3796
Are you interested in child welfare? If so, maybe acting as a guardian ad litem for foster children through the courts would be a good job. I am not sure what it pays, but one of my adopted daughters had an attorney for hers. She called every month or so to see how she was doing until her adoption was final. Once she took her out for ice cream and talked wither about what she liked and did not like. Then she prepared a report for the court.

Its not totally independent in that you would have to follow the court schedule for the reports, but when and how the interactions with the child were was open for scheduling.
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Old 02-20-2018, 08:05 PM
 
Location: Middle of the ocean
31,667 posts, read 19,975,978 times
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I think you may have a simplistic view of HOA management and house flipping. Do you have a construction background? Have you been to a lot of HOA meetings and familiar with all it entails? Your legal background would definitely be a plus for that.

It's unfortunate that you dislike law and volunteer work. You could do some amazing good offering pro bono work.
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Old 02-20-2018, 08:20 PM
 
Location: Somewhere in America
12,304 posts, read 10,768,997 times
Reputation: 20540
Quote:
Originally Posted by EmilyFoxSeaton View Post
I would like to get into some sort of real estate thing ... such as property management or flipping homes but I don't know if I have what it takes for that.

Any thoughts?
Neither one are part time jobs. Property management certainly isn't! Water heater bursts at 3am, guess who has to get up and do something?

Flipping houses...do you live in an area where people actually money doing this? In many areas, there's no money to be made flipping.
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Old 02-20-2018, 08:33 PM
 
Location: Raleigh
8,047 posts, read 5,895,364 times
Reputation: 9785
Quote:
Originally Posted by EmilyFoxSeaton View Post
I have always wanted to have my own business. When I retire I want to do that on a part time basis.<>Any thoughts?
well, there's always the home based business selling stuff and recruiting people. I worked with a a good one for a while.
International business, lots of people doing well, small outlay to join. SO and I do not participate anymore but we've seen many do well. We still like the products.
Do some research and you may find something like that works for you. PM if that sounds like a route you would like to explore.
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Old 02-20-2018, 08:39 PM
 
Location: Somewhere in America
12,304 posts, read 10,768,997 times
Reputation: 20540
Quote:
Originally Posted by EmilyFoxSeaton View Post
Your ridiculous. My property management company has like 200+ condo associations. Many of them massive. There are three people.

I am certainly capable of running 4 or 5 small associations.
As someone who used to work in property management, I'm calling BS! There is no way 3 people are running a company that is managing over 200 condo associations. Do you have any idea how many phone calls come in every single day from just one association?

The PM also MUST attend ALL board meetings. That's not possible with 3 people. They MUST have employees.

Then there's the accounting aspect. One association we managed was so large that I literally spent 1 day every month just entering their payments. This was a 10 hour day. That wasn't even every payment. Every month, I would spend 1/2 day to a full day sending letters to the delinquent payers. Then I had hours to enter the payments that were finally made. I had reports to run and hours at the bank making those deposits.

I was the accountant and work 50-60 hour weeks almost every week. The weeks I didn't work 50-60 hours was during the end of the month and when the associations were doing their taxes. I didn't do their taxes, but I needed to answer half a million questions.

Our company wasn't hired because of the sex of the owner. No association says hey we want a man or a woman. They want a company that will do everything they want, take all of their crap, and do it for practically nothing. You're at their beckon call. Yeah, things break at 3am that the PM HAS to deal with. Pipes burst. Weather/trees cause issues during storms. Noisy people annoying others....dogs barking.


Quote:
Originally Posted by EmilyFoxSeaton View Post
But then I would be working for someone else.. which I want to avoid. I want to get up when I want and do the work when I want.
Then you don't want to be a PM. You don't work for yourself. You work for all of the owners of the association! If the snow plow doesn't come at 6am as scheduled, then your phone will be ringing off the hook. A pipe bursts at 3am on a Sunday? Your phone won't stop ringing. You can't ignore these issues. You can't ignore the association members. There is no doing the work when you want.
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