/biz/ - Business & Finance

[Anonymous No.11843257]

How difficult is it to invest in certain small businesses?
My wife and I live in a city of about a million people in one of the southeastern states. We already are well diversified in equities, crypto, precious metals, as well as 2 properties. 1 is a 2 bedroom condo in a tourist area near the beach which we rent out thru Airbnb, or stay there ourselves when it's not being rented. The other is a small 2 bedrooom house with a reliable permanent tenant.
We were thinking of buying a small business but we know nothing about that. Something that takes minimum effort, just as yet another form of diversification. We know restaurants and delis are bad ideas. Her idea was a car wash. My idea was a small DIY storage center. We have about 500k to sink into this. Does anyone know anything about either of these? Are any of them viable business ideas? Or is it something like good businesses making money aren't sold, only the ones losing it are for sale and so we should just stick to buying more houses to rent and index funds?

[Anonymous No.11843311]

>>11843257
I bought a small business last year. Just look for value and also look for mismanaged businesses that are needed and liked.

I bought a place that has 1200 yearly customers, was well liked but the owner never learned how to do anything so was spending all of the profit on hiring kids with degrees. As a couple it was easy to move in and just fire the employees and move to a cheaper location which freed up 60k instantly.

We are branching out next year after seeing what most people are buying. The old owner was hardly targeting her market and basing her marketing off what was selling 10 years ago.

The other thing that is important is buying a business that has equipment incase it goes south you have things to liquidate. I paid 60k and the business had 20k in manufacturing equipment. I think getting into something where you make products and can be flexible is important too. If you buy a froyo place chances are the trend is going to die and you are going to get stuck.

[Anonymous No.11843340]

Storage is a great thing to get into to. I have a client that has 45 mini-storage units and says it was the best decision they ever made.

You have very low liability and upkeep compared to any other kind of rental and still get good $ per sqf

[Anonymous No.11843357]

>>11843340
I also remember them saying that the only real work is they had to spent 3 months finding where to build and spent a long time looking over incomes and growth of the neighborhood they stuck it in. And then the other work is they said once of a month you have someone that is so delinquent that you have to go in a throw out their rats nest of a unit which can be worse then it sounds.

[Anonymous No.11843373]

>>11843257
Why are you asking a bunch of incel virgin link buying faggots

Ur either a larp and or dumb as shit

Go fuck yourself

[Anonymous No.11843400]

I vote storage units too. Car wash is going to have to have at least three employees working, and you're looking at overhead and upkeep on the equipment.

Storage you just collect checks. Clients are typically people of some degree of means, otherwise they wouldn't care about storing their extra shit. And if they stiff you, you get to keep whatever they were storing.

[Anonymous No.11843482]

>>11843311
OK great thanks for your response this really gives some insight. A business run by an incompetent owner that still manages to stay afloat seems like something that could be very profitable. As for the storage unit idea I haven't given it much thought but it looks like I've got a lot of market research to do

>>11843373
I have been coming to 4chan for nearly a decade and I'm still quite young, I don't really have any other places I get investment advice from

>>11843400
That's another thing I considered how the storage place is just like renting which I'm already exposed to. Car wash is a bit more work though still relatively hands off

[Anonymous No.11844284]

Would you recommend buy the whole storage unit warehouse or own a bunch of pre-made storage units built by someone housed in warehouse you don’t own ?

[Anonymous No.11844586]

>>11843257
Howdyou make all your money are you a crypto bro

[Anonymous No.11845262]

>>11844586
Yes but crypto was a small percentage of our net worth, I only put in 5k and got out with 25k.
My wife and I both have good jobs, we bring in about 250k together. We also both lived with our parents after college for 3 years (graduated with no student loan debt) to save up money, so we essentially moved out with about 100k each. I think those 2 things helped us dramatically. Living at home and having no student loans allowed us to put away so much money. We got a mortgage on the house we live in (small down payment) and after a couple years of more saving, bought our investment properties in cash. Even though we no longer live with our parents our living expenses are still pretty low, to the point that we've been putting away about 75k per year into our investment accounts.

[Anonymous No.11845366]

>>11843257
>we
You mean her and Tyrone?