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Retirement business ideas

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i like poached eggs
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2015/01/18 08:20:03 (permalink)
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Retirement business ideas

I'm planning on retiring early (55) in the next few years.
 
I have a decent private pension which will give me a pretty good standard of living and in 13 years I'll get my state pension too so I'll be OK for cash. Staying working for another 5 years would probably set me up for life but it's not going to happen, I want out at 55.
 
BUT, I'd like to completely maintain my living standards so I'm looking for ideas to start a business that will earn me a decent additional income. It must be something I don't need to commit all my time and effort to as I like to go on lots of holidays and I want to feel like I'm retired.
 
I've got a lump sum coming of around £200K (maybe a bit more) which I can use to get a business up and running.
 
One thing I am considering is using the cash to put down on deposits and get mortgages for a load of houses to rent out, could easily get 8 decent rental properties on the go for that in the towns not to far from where I live. I could then do any maintenance work as required without taking up too of my time and I'd be able to get away on holidays regularly too.
This seems a fairly easy option but I'm aware it can have it's problems, especially if you get a couple of bad tenants.
 
Anyone else got any ideas for me to consider, I'm very much open to anything and more than willing to do lots of research and learn news skills if required.
 
Any thoughts? 

 
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#1

20 Replies Related Threads

    chris182
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    Re: 2015/01/18 08:44:33 (permalink)
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    Buy to let is my longer term plan, perhaps not several small properties I'm thinking 2 family properties in a nice area.

    Make sure you personally meet tenants, background and financial checks on each.

    You'd ideally need a letting agent though, I doubt I'd want to tell with tenants direct.

    My brother has already started, got a nice two bed ground-floor flat in London and is taking in £2000 a month, he plans on buying another in a few years.
    He's got a well paid job and by the time he's 60 he will likely be sitting on three properties worth over a million between them.
    He's on 29 now, so he's a while off I'm a little annoyed I didn't do it first.
    #2
    Sharkz
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    Re: 2015/01/18 09:30:47 (permalink)
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    Buy to let is my idea also - it's not innovative in any way and I get that. But it's a good option for a safety net for the future.

    2 properties in London is my minimum aim. Either in the Kilburn or west hamstead areas as I know the area. May end up just being 2 1 bed flats.

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    #3
    chris182
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    Re: 2015/01/18 10:15:22 (permalink)
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    My brother went for Surbiton
    #4
    Rasputin
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    Re: 2015/01/18 19:25:57 (permalink)
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    Sorry I couldnt see how much you expect to take home to keep your standard of living on a yearly basis? 
     
    Property especially in Central London is great if you can pay cash lump sum then collect the checks. You could also look at some franchises. All depends on how much you want to earn. 

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    #5
    Vista
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    Re: 2015/01/18 19:43:50 (permalink)
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    I had a good pension in place and was offered a package last April, used a lump sum to buy a new build outright and let it by managing myself. I wanted the income from it so decided against a mortgage. As I was working a good 1 hour drive away each day, the money saved on fuel etc, the income from the buy to let and the pension leaves me not far off my basic pay when I was working.
    #6
    chris182
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    Re: 2015/01/18 19:44:35 (permalink)
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    I own two franchises, my brother bought property with his inheritance.
    Possibly start a gym!
    #7
    westbelfastguy
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    Re: 2015/01/18 19:53:23 (permalink)
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    Do you have any interests that you can do semi professionally?
    #8
    detxed
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    Re: 2015/01/18 19:54:59 (permalink)
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    Been some articles on possible changes to buy to let ...
     
    possibly doing away with mortgage tax relief and giving tenants more rights etc.. all to make it less attractive.
     
     
     
     
    #9
    Vista
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    Re: 2015/01/18 19:55:39 (permalink)
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    chris182
    I own two franchises, my brother bought property with his inheritance.
    Possibly start a gym!


    Which franchise mate?
    #10
    NuttySS
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    Re: 2015/01/18 20:03:52 (permalink)
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    I'd go with property aswell, suits just fine for your as much or little work as you want to put in, potential decent returns.
     
    Other than that something you're interested in, I know a chap that retired pretty well off but just to keep himself busy and earn a bit of pocket money he started doing gardening about 15-20 hours per week in a local village.  Mostly elderley customers, it'll never be a big money spinner but he enjoys it, keeps him busy and easily y brings a few 00 a week in
    #11
    chris182
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    Re: 2015/01/18 20:07:57 (permalink)
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    Vista
    chris182
    I own two franchises, my brother bought property with his inheritance.
    Possibly start a gym!


    Which franchise mate?



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    #12
    chris182
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    Re: 2015/01/18 20:12:00 (permalink)
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    Oh and I looked at a few gym franchises but I would have needed my bother to come in with me, that start up costs and were massive but it would have been nice to sit back and let the direct debits roll in every months.

    Someone opened a low cost skeleton staff gym where I wanted to do it and it's really popular, gutted
    #13
    Smokey87
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    Re: 2015/01/18 21:23:29 (permalink)
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    I always wanted my own gym however theres to many £20 a month memberships to make it profitable. Plus to independants i know work there arses off. Plus someone posted a massive rant about being a gym owner that put me off for life (think it was big les possibly).
     

     
     
    #14
    chris182
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    Re: 2015/01/18 21:34:31 (permalink)
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    There isn't many no thrills gyms here, well there wasn't at the time and there isn't much to it no working your arse off that's for sure
    Alot of people join these gyms and keep the membership running because it's so cheap even if they dont use it more than twice a month.

    #15
    Vista
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    Re: 2015/01/18 21:36:36 (permalink)
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    My mates gym will close this year for sure, really struggling as the lease includes a clause where upkeep of the building has to be paid by him. Roof is leaking causing damp, equipment needs replacing, losing people to crossfit or training at home, I could go on.
    #16
    chris182
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    Re: 2015/01/18 21:55:10 (permalink)
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    Yeah that doesn't sound good, the no thrills gym franchises were about 200k+ to get started, a McDonald's is about 250k
    #17
    westbelfastguy
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    Re: 2015/01/19 10:24:31 (permalink)
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    I suppose its like anything else, you have to see what the demand is for in your area. No point in opening a gym if there are already 20 and no point with but to lets if there is no rental demand.
    #18
    Faux Real
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    Faux Real
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    Re: 2015/01/26 12:19:19 (permalink)
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    Here are a couple more ideas:
     
    How to Make $100 per Day Starting From Nothing Within 3 Months Online: 
    http://authoritywebsitein...ke-100-per-day-online/

    Building a Lucrative Business with No Ideas, No Expertise & No Money with Dane Maxwell: 
    http://www.smartpassiveincome.com/no-ideas-no-expertise-no-money-business/

     
     
     
    #20
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