List A Spare Room On Airbnb
Have a spare room? Might as well try to earn some money by listing it on Airbnb.
If youre a good host with a desirable space, you could add hundreds even thousands of dollars to your savings account with Airbnb.
A few simple steps can make the difference between a great experience and a less-than-satisfactory one.
Here are some tips:
- Make your space available during high-demand times in your area. Think: concerts, conventions and sporting events.
- Be a good host, and stock your place with the toiletries youd expect at a hotel toilet paper, soap and towels.
- Be personable. A lot of travelers turn to Airbnb for the personal touch they wont find at commercial properties.
Coordinate A Place To Stay In Advance
The most important part of moving is having a place to stay when you get there. Seriously, accommodations are important. Since this is about moving with no money, I recommend checking out Couchsurfing.com or calling the local YMCA
In my story, my best friend Jackie was already in New York working, as well as a few of my other friends from summer programs and college. So, I sucked up my pride and asked if I could stay with each of them for a week or two while I got on my feet.
New York City Business Startup Resources
Now that you are armed with this list of business ideas that are perfect for New York City, here are local resources to help you launch your company:
Start a Business in New York City NYC Business
New York City Small Business Services
SBA Small Business Administration New York Officehttps://visual.ly/track.php?q=https://visual.ly/community/Infographics/business/nyc-best-business-0& slug=communityInfographicsbusinessnyc-best-business-0by NYCEDC.
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Look For Emotional Value
Elika’s advice for flippers is to capture what he calls the “emotional value” in a propertyand meet the needs of a buyer is expecting a life change such as marriage or a baby. He believes it “takes an understanding of the market,” a good-quality remodel, and the right kind of unit. For example, theres no emotional value in a studio in his view, because you live in it only as long as you have to before upgrading to a one bedroom.
“Emotional value is where you get a bonus for your effort because otherwise, there are really thin margins,” he says.
Obtain Your Ein And Register For Taxes
Before you can start conducting business in New York, you need to register with New York’s Tax Department. Its also a good idea to familiarize yourself with your state and local tax requirements, which may differ depending on the type of business youre running. For instance, businesses that sell physical products or perform certain services need to collect a sales tax and obtain a Certificate of Authority, and businesses in New York City are also subject to the citys business income and excise taxes. You can take a look at the states Department of Taxation and Finance website to read up on your tax obligations, but wed recommend talking to a professional who can break it all down for you in simpler English.
At this point, you should also apply for an EIN with the IRS, which youll need in order to file your businesss income tax return or payroll tax return. Youll also need an EIN to open a business bank account, apply for a business credit card, hire employees, and apply for a business loan down the line. The only exception here are sole proprietorships, who can use the owners social security number in lieu of an EIN.
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Risks Of Investing In One Property
A word of caution: experts say that buying just one investment property for rental income is like putting all your money in one stock.
What if your tenants flake or some disaster happens that renders the building un-rentable for months at a time?
Or worse, you have an uncooperative tenant who not only withholds rent, but also damages your apartment.
Consider the fact that rental income might not be 100% consistent, and even if it is consistent: dealing with tenants requires work.
Are you willing to answer a tenants call in the middle of the night? Can you afford to pay someone to perform repairs or maintenance work?
In some cases, rental income might not be enough to cover mortgage costs, property taxes and repairs.
Ideally, you should be able to cover mortgage costs without rental income.
Think about it: there may even be a month or two where your property goes unrented.
If you cant pay the mortgage it could damage your credit, which will hurt you financially in the long run.
The good news is there are substantial tax benefits for all property investments in NYC.
For example, depreciation allows you to defer taxes on your rental earnings.
When you sell, a 1031 exchange can help you defer those taxes even longer.
A 1031 exchange is when you sell your investment property to exchange or swap for another one of comparable value.
Choose A Business Name
Your business name is arguably among the most important aspects of your business it indicates to your customers who you are, what you offer, what you value, and how your customers will feel when they patronize your business. This isnt a task to take lightly, but its also one of the most creative aspects of starting a business. Take a look at our guide on how to come up with a business name to get started on this crucial step.
Once youve landed on a business name, youll need to make sure its available for use across a few platforms. Most importantly, search the New York Business Entity Database and do a business entity name search through the New York Secretary of State to make sure the name isnt already in use by another New York business. If it is, you wont be able to move onto registering your business, so youll have to go back to the drawing board. We recommend running your name through a trademark search on the U.S. Patent and Trademark website, too.
Then, run a Google search to ensure that a competing business isnt using your dream name, or a similar name, either in New York or elsewhere. Finally, check that your web domain name is available, and if it is, buy it ASAP. That way, you can build your business website and start garnering traffic immediately.
Once youve cleared all these hurdles, youre ready to register your business with the state of New York.
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Become A Virtual Assistant
This idea comes from Eliana Goldstein, a certified professional coach in Brooklyn Heights, who works with millennials to land well-paid careers they love. Many of them come to her wanting to build a side hustle or start their own business.
A virtual assistant is someone who can work remotely to support business owners on the backend of their business, she said. Many VAs focus on administrative tasks, but some help with social media, podcasts and more. As a VA you can support multiple clients at once, so if you are paid a monthly retainer by each, you can hit your $10,000 monthly goal.
Get started by putting together a list of admin services you offer. Then go on sites like freelancer marketplaces Upwork and Fiverr, and even , to find clients.
Consider A Longer Time Frame
While those wanting to flip an apartment usually try to turn it around within a year or two, Elika says right now the only way you are going to make money is “if you are looking at the longer term,” by which he means a time frame between five and seven years. This is backed up by data that found 20 percent of Manhattan apartments between 2014-2018, in the $1 to $4 million price range, sold at a loss within five years of their purchase. That was up from 12.5 percent in the prior five-year period of 2009-2013.
Buyers looking to flip an apartment or townhouse are usually leveraged and that can make it much harder to wait out the market.
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Choose A Business Entity And Register Your Business
The next step in starting your business in New York is crucial: choosing a business entity. The business entity you choose will determine how youre taxed, your management and ownership structure, and your degree of legal protection. Your registration process will also differ depending on your business entity.
In New York, a few of the more common business structures are sole proprietorships, partnerships, LLCs, and corporations and among those structures, LLCs are especially popular, as theyre easy to form, easy to maintain, and they provide the owners with legal protection. Learn more in our guide to forming an LLC in NY.
Its always recommended that you consult legal or financial professionals to help you determine which type of business structure makes the most sense for your particular business. You can also take a look at New Yorks Business Express new business checklist to learn more about what each type of business structure entails, how to register with the state, how much the formation fee will cost, and their ongoing requirements.
Pro tip: Using this new business checklist will provide you with personalized, step-by-step guidance about starting a business in New York, and it only takes about 10 minutes to fill out.
What You Should Know About Nyc
There are some things you should know about NYC. Its a very big city and if youre going to have to make money fast, you want to stay safe! Here are some tips for what you should know about NYC.
Dont ever go out alone
Although you probably dont want to think about this, its not safe to be on the streets of NYC on your own. You should never go out on your own. If youre vending on the streets, you need to make sure you bring someone with you!
Keep your cash safe
If people see you selling items, theyre going to know you have cash on you. Please be careful and put the cash away somewhere safe. If you can, have someone take your extra cash somewhere to keep it safe. Youll be glad you dont have a lot of cash hanging out on you.
Id love to hear your other tips on making money in NYC fast. Do you have any tips to add? New York City is a big city but there are a lot of ways you can get scammed.
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Find Affordableneighborhoods In Nyc
The number one way to reduce your overall budget? Find ways to lower your housing cost. For most, this is far and away the most expensive part of living in New York City the rent is just so darn high. Certain parts of NYC particularly a few neighborhoods in Manhattan and Brooklyn are simply prohibitively expensive, and theres not much getting around it. If you absolutely must live on the Upper West Side or Park Slope , consider getting a roommate or two! This will dramatically decrease your rent and utilities burden. Operating on a shoestring? Research whether you may qualify for New Yorks affordable housing program through the Housing Connect Program.
If youre setting out to find an affordable neighborhood in NYC, here are a fewthings to know
Approximate Average Rent by Borough, via RentCafé:
How Much Do Real Estate Agents Make In New York State
How Much Does the Average Real Estate Salesperson Make in New York State?
According to careerexplorer.com, the average salary for a real estate agent in New York State is around $116,460 per year. Obtaining your real estate license is quite quick and easy. However, having a real estate license does not guarantee a high income. As a salesperson, you are essentially starting your own business. Whether you make above or below the average salary will be entirely up to you.
Earning Potential is Directly Proportional to Dedication
Having your own business has some distinct advantages like making your own schedule and not having to answer to a boss. Getting into real estate means you do not have to be at an office or at a desk from 9-5. It also means that you do not have a set salary or hourly wage. What you earn is directly proportional to the amount of work you put in. Work in the real estate industry means engaging with your community, cold calling and follow up calls with clients, market and listings research, showing houses, and much more. This business is not about selling house is about building relationships.
How much you make in real estate will also depend on if you plan to do real estate sales as a full-time job, part time job or hobby. You may also be interested in getting your license to become and investor, property manager or referral agent. The more you put into your business, the more you will get out of it.
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Get Discount Broadway Tickets
Seeing a Broadway show is on most peoples Bucket List when visiting NYC. If you dont do much research, you can expect to pay a hefty price for those tickets.
But luckily there are ways to score seats at a Broadway show for cheap! The most common way to get your tickets for cheap is to head to a TKTS booth where you can score same-day tickets that can be up to half-off! Or you can check online at TodayTix to find hot deals today.
Heres everything you need to know about getting discounted tickets to Broadway shows.
And if you cant get a cheap ticket, but still want to be entertained, head to Ellens Stardust Diner, order a milkshake and fries, and prepare to be wowed by the talented performers that are sometimes up-and-coming Broadway stars!
Can You Still Make Money Flipping An Apartment In Nyc
If you’re intent on flipping apartments in a down market, you’d be best to avoid Manhattan and consider a longer time frame.
New York City is at the bottom of a list of cities where flipping an apartment is profitable. As one of the most expensive real estate markets in the country, would-be flippers have a hard time finding apartments they can buy on the cheap, to say nothing of steep closing and renovation costs.
There’s also the current market to considerflippers face another challenge when it comes time to sell. Sales are slowing as buyers try to wait out some of the market’s uncertainty. Jonathan Miller, president of appraisal firm Miller Samuel, says there are flipping opportunities in down markets but their “frequency is diminished” and they are usually done by specialists in the market.
“We are in a market now where prices are generally not rising and more often flat to declining so the opportunities are simply not there as they were before,” he says.
Find Your Next Place
Timing is everything when it comes to flipping an apartment and this is definitely the wrong time, says Gea Elika, principal of Elika Real Estate, a firm that works with buyers. He points to the need for market momentum and broad demand, neither of which are in huge supply.
However, Garrett Derderian, managing director of market analysis at CORE, says flipping is still a “viable option” in New York City.
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How To Create Extra Time To Pursue Those Additional Income Streams
Fast money is not always easy and you may have to sacrifice some free time at least for a little while to increase your earnings. Some tips to get you started:
- Dont be afraid of the 5-minute work blocks Whether youre a parent constantly on the run or a busy exec that simply cant clear out their inbox, those five minutes lulls between events can be pretty helpful. Successful people know that working in the fringe hours of the day is sometimes all you have. While others are idly scrolling on their phones, youre building your Best Life.
- Schedule a time to work on your additional income stream If its important to you, youll make space in your calendar for it. As simple as that.
- Pay for some services that take up too much time Youre going to want to save on as many services as you possibly can during your startup phase but some are just worth handing it over to the experts. For instance, designing your branding, building your website, and if youre not a regular Chip Gaines, someone to take care of your shopfitting.
Making money fast can be a satisfying and rewarding pursuit. It allows you some wiggle room if finances turn a little hairy and circumstances change. It gives you the freedom to write your own paycheck and be the one in your friendship circle that always has spare cash.
Her Investment Strategy Is Smart
Warwick is contributing around 17% of her pay to her retirement investments, which is significant. It’s invested in mutual funds, which is also smart.
But she has also started purchasing individual shares in companies like Apple and PayPal using Robinhood, an investing app. While advisors don’t typically encourage newbie investors to invest in individual companies they should focus on mutual funds and ETFs in a retirement account Ginty says Warwick is contributing enough to her retirement and emergency savings that “dabbling” with the Robinhood account is fair game.
“It’s really important to keep dabbling in the stock market separate from your retirement accounts, so I think she’s doing that well,” says Ginty. “Her attitude on it is correct, ‘I’m going to put it in there as a play account.'”
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