Family-friendly business solutions for the busy ones
If you feel like you are always running out of time, but you still need a couple of additional income sources, than you might want to consider starting a low-maintenance business. Luckily, there are several solutions that come in great help for those investors, allowing them even to travel and take care of their families in an active way. One of those examples of such investment is real estate exchange. Especially when done under the 1031 Section of the IRA law, they are highly profitable and flexible. However, let’s see what types of business you can invest in without too much effort.
1. Rental apartment building
If you are tired of taking care of your grandma’s old ranch, then you might want to consider swapping it under the 1031 Section. This section allows you to swap properties of similar values, but from different sides of the investment spectrum, with no taxes perceived for the transaction. Rental apartment buildings are perfect for busy individuals as an extra source of income. You only need to collect the rent from your tenants, and from time to time to subcontract a construction company that will make some improvements when needed. Besides these small efforts all apartment building owners must make, the rest of the time is yours entirely. You can make a decent profit out of this idea and you can relax or mind your main business freely.
2. Start a website
If you love spending hours in front of your computer, an Internet based type of business might be perfect for you. You will only have to create high quality content and update it constantly. Also, advertising works wonders for this type of business. Travel blogs seem to be very popular lately, and this type of blog will allow you to combine pleasure with business. Make sure to acquire some knowledge on how to edit your video content as well as the photos you take. It will weight plenty. Another great blog idea is a cooking blog. “Food porn” photographs will surely impress your audience.
3. Swap your restaurant with a night club
If you want to get rid of the difficult position as a restaurant owner, you could use 1031 real estate investments to swap it for a night club. They are on the same spectrum of the business world, but they are less soliciting to manage. Moreover, they can be very profitable and such businesses generally offer their owners the opportunity to make some great profits with minimum efforts. Only make sure you hire a great team to help you and you’ll have plenty of time to relax.
These are some of the most accessible business ideas one could establish for increasing their monthly income. Make sure you consider 1031 type of investments, since they are truly profitable and they allow you to switch to a less soliciting business. Also, make sure to collaborate with a trusty third party to close the transaction.