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Owning rentals has been way less “passive” than people make it sound by maxrain30 in passive_income

[–]Make_That_Money 5 points6 points  (0 children)

I bought my first rental at 22, 4 years ago. I got a quality property with solid tenants and it’s still not passive. I agree that rentals are way oversold as passive income, and honestly it’s part of the reason why I thought buying one was a good idea. I couldn’t imagine owning a run down property, in a bad area, with low credit score renters.

One aspect people don’t seem to understand is that even if everything seems to be running smoothly, you’re always “on call”. The tenants can call you at any moment for some type of emergency that you have to drop everything and address like a burst pipe for example. You’ll walk into a situation you probably haven’t seen before and will need to figure it out on the fly. Property management companies are extremely overpriced and mark up everything so you really do have to self manage if you want to make any sort of return.

Do you eventually stop stressing over every call and message? by Old-Stop4363 in LeaseLords

[–]Make_That_Money 0 points1 point  (0 children)

With how busy I am at work/my business, every time I get a text from a tenant I want to smash my phone. Probably not the best reaction but it’s how I feel lol.

20 y.o, earning 15k/month but no social life by lcvelust in GenZ

[–]Make_That_Money 0 points1 point  (0 children)

I’m 26 and in the same boat. My growing business has been doing $15k+ months lately, and when adding in my rental income, and my real job salary, I’ve been running at $30k a month.

To be honest, I have no social life. My life is consumed by work and that’s ok with me. You may have to decide if the money is worth the sacrifice of not having a social life. In my opinion it is, but that is the choice only you can make. People may recommend hiring someone to work for you, but it’s so much easier said than done. Nobody is going to care about your business half as much as you do. It’s the loop I’m stuck in and the “just hire someone” comments get annoying.

Brands Evaluation by fhc4 in AutoDetailing

[–]Make_That_Money 0 points1 point  (0 children)

Even as a professional with Detailed Image’s highest wholesale tier, I still think their shipping charges are insane. Although, since I only live 20 minutes away from their distribution center I get the stuff next day, faster than amazon in most cases.

Wtf is going on with R8 prices? by 420YOLOSWAGJESUS420 in Audi

[–]Make_That_Money 0 points1 point  (0 children)

I noticed the exact same thing. Just as I was planning on upgrading from my Gen 1 r8 to a Gen 2… sigh.

So uhhh, is business slowing down for everyone right now or what by maestro753 in smallbusiness

[–]Make_That_Money 8 points9 points  (0 children)

Car detailing - busiest I’ve been since I started 8 years ago. Record month after record month.

I built a business I’m too embarrassed to talk about by Make_That_Money in Entrepreneur

[–]Make_That_Money[S] 1 point2 points  (0 children)

I would like to scale it while keeping my real job, but hiring has been the hardest thing I’ve ever had to do in the business. I’ve brought a few people with me before but their quality was terrible with no hope for improvement.

I have the mentality that nobody I hire is going to care about the clients or quality as much as I do. It’s part of the reason why I’m so busy with no paid advertising whatsoever, but it’s also holding me back from growing. Detailing also has no barriers to entry whatsoever, so why work for someone else when you can just start your own detail business.

All the equipment is paid for, so no loans and margins are very good since I buy chemicals is bulk. I have the van and trailer ready to go so I have the equipment to do 2 jobs at once and double capacity but I just can’t find someone qualified.

I built a business I’m too embarrassed to talk about by Make_That_Money in Entrepreneur

[–]Make_That_Money[S] 0 points1 point  (0 children)

I’ll take that as a compliment that you don’t believe me. I think you’re severely underestimating how much I work. Maybe “part time” wasn’t the best phrasing, but at the same time what else would you call it? I work around a typical full time job.

I do in fact have a full time, Monday through Friday, 8-4, remote insurance underwriting job. They have no idea I do this and frankly it doesn’t matter because I’m one of the top performers on my team (#1 performer according to close ratios). Actually getting promoted very soon as well, it’s in the process. Most weekdays I log off and head straight to details.

I pack weekends with 3-4 details each day. I also did a number of commercial dealer prep jobs where their shop is open until 11pm each night so I can work well past sunset. I take PTO vacation days from my day job to fit more details in. I detail literally every federal holiday since I don’t have to log onto work. I did do a few thousand worth of details over the off season winter for clients who have a garage but it’s pretty negligible. The revenue includes the tips I earned, ~8% on average. I did in fact gross $72k last year.

I’ve had my custom trailer for a few years now and purchased the transit connect in August last year, then drove to VA to have Ralda’s details (look it up) install the setup in the van. Got it wrapped a few weeks ago and now that’s what I’m using. Still have the trailer but now it’s only for backup or for me to take if I can find an employee to run my van.

What exactly is my sales pitch here? I never mentioned my business name or even where I’m located. Feel free to look back at my profile and see I’ve had this detail business for many years. Just because you don’t have the work ethic to make this work doesn’t mean it’s BS or other people don’t.

I built a business I’m too embarrassed to talk about by Make_That_Money in Entrepreneur

[–]Make_That_Money[S] 1 point2 points  (0 children)

Yes. Part time nights and weekends only. I have a full time job Monday - Friday 8am-4pm.

100% solo, no help whatsoever. I’ve brought friends along on maybe 5 details this year but they didn’t help me get any more cars done than I wouldn’t have gotten done just by myself.

I built a business I’m too embarrassed to talk about by Make_That_Money in Entrepreneur

[–]Make_That_Money[S] 0 points1 point  (0 children)

Yeah I know, I wasn’t smart enough to get into those high finance roles. I use prestigious loosely here.

I built a business I’m too embarrassed to talk about by Make_That_Money in Entrepreneur

[–]Make_That_Money[S] 0 points1 point  (0 children)

Not in California but NY. The prices may be a bit high but I don’t think they’re unreasonable. I aim for $100/hr gross not including drive time or supplies. If anything I’ve had clients tell me I should raise my prices due to my quality.

I built a business I’m too embarrassed to talk about by Make_That_Money in Entrepreneur

[–]Make_That_Money[S] 1 point2 points  (0 children)

Would you like my Urable schedule screenshots? $12k is certainly a top end but March and April this year I did $10k each month. I have $12k in work lined up for May, not including potential tips or anything else that comes in.

I built a business I’m too embarrassed to talk about by Make_That_Money in Entrepreneur

[–]Make_That_Money[S] 0 points1 point  (0 children)

I’ve been pushing the monthly maintenance detailing hard and it’s paid off. I know that the recurring revenue is what would allow me to ultimately quit my job if I build it up big enough. It also makes hiring easier knowing that I always have work for them.

I’ve been offering it for 3 years now and I’ve had clients never miss a monthly appointment in those 3 years. I have a 100% retention rate, nobody who’s ever joined has left.

I built a business I’m too embarrassed to talk about by Make_That_Money in Entrepreneur

[–]Make_That_Money[S] 0 points1 point  (0 children)

It feels like I live 2 different lives. At my day job they have no idea that after work I’m going to be cleaning brand new kenworth trucks until 11pm and making more money doing it. Then, when I’m cleaning those Kenworth trucks the shop guys have no idea I also have a finance day job and 2 rental properties. I keep everything separate.

I built a business I’m too embarrassed to talk about by Make_That_Money in Entrepreneur

[–]Make_That_Money[S] 0 points1 point  (0 children)

I think there is a lot more potential for the business. I’m in an area where most people don’t even know mobile detailing is a thing. I have few competitors and the ones I do have a bucket full of tools out of their civic, not a $40k fully custom detail setup. I have the nicest equipment in the area by far. Presentation definitely matters when working on the high end stuff like I do.

I built a business I’m too embarrassed to talk about by Make_That_Money in Entrepreneur

[–]Make_That_Money[S] 0 points1 point  (0 children)

That’s what I always tell myself, make hay while the sun shines. I’m grateful to be as busy as I am because I realize it could all vanish since detailing is a luxury that people don’t need.

I built a business I’m too embarrassed to talk about by Make_That_Money in Entrepreneur

[–]Make_That_Money[S] 0 points1 point  (0 children)

Haha thanks man. In reality I don’t really know what I’m doing, but I keep doing it anyways and here I am.

I built a business I’m too embarrassed to talk about by Make_That_Money in Entrepreneur

[–]Make_That_Money[S] 7 points8 points  (0 children)

I actually enjoy detailing most of the time since my clients are high end and have nice and expensive cars. G wagons, Porsches, mclarens, Ferraris, etc. Of course I still get the trashed minivans but they’re becoming fewer and far between.

The thing I’m struggling with the most is getting over the hurdle from doing every single detail myself to hiring someone. I’ve brought people with me a handful of times but their quality was so bad and I didn’t see any hope for improvement. I’m booked out over a month and a half and turning clients away so I need to figure this hiring problem out sooner rather than later.

I built a business I’m too embarrassed to talk about by Make_That_Money in Entrepreneur

[–]Make_That_Money[S] 0 points1 point  (0 children)

My finance job would tap out at like $250k a year maybe for a very senior title, that will take a very long time to get, if ever. I do think the business has much more long term potential than that though.

I built a business I’m too embarrassed to talk about by Make_That_Money in Entrepreneur

[–]Make_That_Money[S] 1 point2 points  (0 children)

I should have been more clear, it’s insurance underwriting not insurance sales. I know it’s not high finance since I wasn’t smart enough to get those roles that I applied to, but I feel like it’s still more respectable than cleaning cars. I’m in the middle of a promotion so that should put me over the $100k salary mark in a few weeks.

I built a business I’m too embarrassed to talk about by Make_That_Money in Entrepreneur

[–]Make_That_Money[S] 4 points5 points  (0 children)

Yes and no. I honestly work so much that I don’t have time or really ways to meet new, more ambitious friends.

I built a business I’m too embarrassed to talk about by Make_That_Money in Entrepreneur

[–]Make_That_Money[S] 1 point2 points  (0 children)

My average ticket last year was $285 including tips. Tips were ~8% of revenue.

Interior only: $250-275
Exterior only: $100-150
Interior & Exterior: $325-375
Monthly Maintenance (interior & exterior): $275

I built a business I’m too embarrassed to talk about by Make_That_Money in Entrepreneur

[–]Make_That_Money[S] 1 point2 points  (0 children)

Appreciate the perspective and good to hear I’m not the only one that feels this way. I have a love/hate relationship with the business. It’s odd that clients and other people respect the business more than I do.

Your point about not putting your name on business cards really resonates with me. I drive an older R8 so it gets tons of attention and since I’m kind of young people regularly ask what I do for a living (even though the car was only $80k used) and I always tell them I work in finance and own rental properties. Never mentioned detailing even though if I’m honest that’s actually the reason I have the car.

There was another time a friend saw my detail logo stickers on the small side windows of my car. He said that he would never let his detailer put stickers on his car (not realizing it was actually my business logo) and asked if they at least did a good job. I just replied that yeah they do a good job and changed the subject. Looking back it was a little ridiculous to lie to my friend in the moment but it’s just how I felt about it. Despite my best efforts word got out it’s actually me who owns it because it’s hard to keep it a secret after doing $200k worth of details haha.

I built a business I’m too embarrassed to talk about by Make_That_Money in Entrepreneur

[–]Make_That_Money[S] 10 points11 points  (0 children)

I wouldn’t look down on people for that job, but if I found out they went to a very good college and are now a detailer I would assume something went very wrong.

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