Just for fun - if you had a million dollars

[Sarah CB]

I'm tired of looking for ways to make money from no money. 

 

Let's say you had a million dollars. What would be the best way to use it to make more money?

 

Would you open the business of your dreams? Buy a few Subway restaurants? Invest in something weird?

[Sarah CB]

I’d buy an apartment complex or fine art.

 

Oh, fine art is a neat idea. I guess it would depend on whether you needed an immediate income stream - in which case the apartment would be great, or if you could hold off. I guess if you buy the right piece of art it could really skyrocket. 

[G5052]

I'd buy real estate. There's a shortage of basic rental houses in my area.

 

I don't want to own a business at this point in life.

[maize]

Real estate.

[Arctic Bunny]

First, I would buy some houses in an undisclosed town in the middle of two cities, on a highway. Then I would fix them up. Then a would put a Tim Hortons on the highway. Then I would have housing ready for employees, and a license to print money from all the people driving between cities planning their rest stop based on my Tim Hortons.

[Sarah CB]

First, I would buy some houses in an undisclosed town in the middle of two cities, on a highway. Then I would fix them up. Then a would put a Tim Hortons on the highway. Then I would have housing ready for employees, and a license to print money from all the people driving between cities planning their rest stop based on my Tim Hortons.

 

That is genius.

[Sarah CB]

Rental houses. Interest rates are due to go up and many people will be locked out from buying. Rentals will be even hotter than they are now.

 

I hadn't thought through that angle. I guess if you could buy outright and not worry about being charged interest rates (which is where the fun million comes in) then you'd be in a good position to take advantage of that. Smart.

[foxbridgeacademy]

I'd probably use most of it to buy real estate to rent out.... look into doing property management for others as well (huge rental market with high mark up potential in my area).  I'd also probably use some of it to start a furniture refurbishing business, not that there's not plenty of that around but I like it and I think if I had the $$ I could be good at it.

[eternalsummer]

I'd buy a woven label machine, one that handles cotton thread.  Then I'd buy a lot of cotton thread.  Then I'd buy an industrial space to house this contraption (they're big), and have it connected to a set of offices and whatnot.  Then I'd build a house near the industrial space - maybe I'd need to buy some acreage first to build both of these spaces.

Then I'd buy a machine that prints on cotton tape.

 

Then I'd hire a few people.   Maybe 10.  Then I'd pay someone to build me a good standalone website.

 

Then I'd make the million back in a year, and 2-5 million each year after that.  I am so serious.  Eventually I'd get into some other types of printing - recycled polyester labels, maybe.

[Sarah CB]

I'd buy a woven label machine, one that handles cotton thread.  Then I'd buy a lot of cotton thread.  Then I'd buy an industrial space to house this contraption (they're big), and have it connected to a set of offices and whatnot.  Then I'd build a house near the industrial space - maybe I'd need to buy some acreage first to build both of these spaces.

Then I'd buy a machine that prints on cotton tape.

 

Then I'd hire a few people.   Maybe 10.  Then I'd pay someone to build me a good standalone website.

 

Then I'd make the million back in a year, and 2-5 million each year after that.  I am so serious.  Eventually I'd get into some other types of printing - recycled polyester labels, maybe.

 

I've never even heard of a woven label machine. What does one do with woven labels?

[EmseB]

Not a real green dress, that's cruel.

[kiwik]

I would pay off my mortgage giving me a chunk more money a week from savings. Then I would buy the units in front and behind me, do up the one behind me for us and rent out the other two.

[LarlaB]

Rental properties-hands down. One here in Northen Denver, one downtown Denver and the final one in high country/skiing.

 

In a heartbeat.

[Greta]

Not a real green dress, that's cruel.

 

Ha!   :thumbup1:

[kiwik]

lol, real estate. With one million dollars, I still couldn't buy the median house in my city!

 

Honestly, with that cash to play with, I wouldn't be trying to make more money. I'd find somewhere I could buy a house, stick the rest in a term deposit and get on with life with a safety net of knowing some money was making some more money, and I could probably keep paying to maintain my home.

You are right which is why my plan includes paying of my mortgage. I have a 2 bedroom middle unit which is about the bottom of the property ladder but I suspect would be upwards of $250,000 now but I think $1,000,000 would just do it. The back house would be more suitable for my work.

 

I was thinking one for me, one for my mother and one rental.

Edited March 4, 2018 by kiwik

[Greta]

Rental properties-hands down. One here in Northen Denver, one downtown Denver and the final one in high country/skiing.

 

In a heartbeat.

 

 

Wow, could you really do all of that for a million?

[Pawz4me]

I'd probably invest it--stocks and bonds.

 

But if I wanted to start a business I'd consider something elder care related, like maybe a concierge service. I think that's going to be a big thing in the coming years, plus I'd feel like I was providing a needed service. 

[LarlaB]

Wow, could you really do all of that for a million?

Small 1 BR condos, yeah- probably. It would be tight for sure- and I was envisioning smaller properties in solid areas, not new builds or luxury in the hot up and comings.

 

We rent out our basement apartment and it brings $1200 a month. It’s a HOT rental market here- if you can buy to rent, you’ll make money.

[Greta]

Small 1 BR condos, yeah- probably. It would be tight for sure- and I was envisioning smaller properties in solid areas, not new builds or luxury in the hot up and comings.

 

We rent out our basement apartment and it brings $1200 a month. It’s a HOT rental market here- if you can buy to rent, you’ll make money.

 

 

Awesome, sounds like a good plan!  Now to come up with that million.....

[Terabith]

I’d buy you a house...and furniture for your house, maybe a nice chesterfield or ottoman....I’d buy your love...

[Terabith]

Not a real green dress, that's cruel.

Kraft dinner, with fancy Dijon ketuchup.

[gardenmom5]

well, we have thought if we had the money we'd buy dd's employer (200 person established local company) from their german owner.   the german owner who is out of their league and doens't  know squat about tech, let alone half of what this business does.  I could go on, but I deleted it.

 

except - that would take more than $1m.

[fraidycat]

I'd buy rental real estate + hire a manager because I don't want to deal with it!

Edited March 3, 2018 by fraidycat

[gardenmom5]

I'd buy real estate. There's a shortage of basic rental houses in my area.

 

I don't want to own a business at this point in life.

 

renting houses is a business.   you may not have employees - but you still have expenses related to your investment income stream.

 

depending upon location - rentals are a great way to make money. but they are work - especially if you are doing your own property management.

 

I've known people who buy a big house - then fix up their basement and rent it out.  it does take a separate entrance.  depending upon neighborhood, you can do well.  dh just interviewed a girl for a business group who sets people up to do airbnb  in their homes/vacation homes.   those are even more profitable - and you can block dates to use the place yourself.

[Storygirl]

I would not spend it but would invest it for retirement. A boring answer, but the truth!

[Ausmumof3]

lol, real estate. With one million dollars, I still couldn't buy the median house in my city!

 

Honestly, with that cash to play with, I wouldn't be trying to make more money. I'd find somewhere I could buy a house, stick the rest in a term deposit and get on with life with a safety net of knowing some money was making some more money, and I could probably keep paying to maintain my home.

US dollars might do it just though...

[Ausmumof3]

I don't have an entrepreneurial bone in my body. I'd pay off the mortgage and put the rest into either real estate (could buy a couple of cheap trashy rentals) or savings for kids activities.

[Arcadia]

lol, real estate. With one million dollars, I still couldn't buy the median house in my city!

Same here. My one bedroom neighbor just sold her home for $880k. However a million in cash would make enough downpayment on a low end condo such that the mortgage payment, maintenance fees and property tax can be mostly covered by rent.

[momacacia]

Real estate and invest according to The Motley Fool suggestions.

[Daria]

I'd go back to school to be a Speech Language Pathologist, and specialize in Alternative and Augmentative Communication.  There's a huge need in my area.

 

Then I'd feel guilty about charging people too much, plus I'd pick a bunch of low income kids for free, and end up not making that much money after all.  

[Carol in Cal.]

I'd pay off the mortgage and put the rest in retirement.  My goal would be to build it to an income of around $40K per year.

[kiwik]

renting houses is a business. you may not have employees - but you still have expenses related to your investment income stream.

 

depending upon location - rentals are a great way to make money. but they are work - especially if you are doing your own property management.

 

I've known people who buy a big house - then fix up their basement and rent it out. it does take a separate entrance. depending upon neighborhood, you can do well. dh just interviewed a girl for a business group who sets people up to do airbnb in their homes/vacation homes. those are even more profitable - and you can block dates to use the place yourself.

Would it not also require installing a fireproof floor and major consents and compliance?

[Rosie_0801]

I'd go back to school to be a Speech Language Pathologist, and specialize in Alternative and Augmentative Communication.  There's a huge need in my area.

 

Then I'd feel guilty about charging people too much, plus I'd pick a bunch of low income kids for free, and end up not making that much money after all.  

 

If you got government funding, you could feel happy knowing people's taxes are going somewhere sensible.

[Spryte]

I’d buy an apartment complex or fine art.

A Picasso or a Garfunkel?

 

 

 

 

 

 

 

 

 

(Has someone already responded with that? Running away to play some old tunes and dream of a BNL reunion.)

[rebcoola]

I would probably buy into our gymnastics gym I would mostly be silent partner.

[Lady Florida.]

I'd be rich.

 

Not a real green dress, that's cruel.

 

 

I’d buy you a house...and furniture for your house, maybe a nice chesterfield or ottoman....I’d buy your love...

 

 

Kraft dinner, with fancy Dijon ketuchup.

 

 

A Picasso or a Garfunkel?









(Has someone already responded with that? Running away to play some old tunes and dream of a BNL reunion.)

 

For all of us who have not been able to get the song out of our head since we saw the thread title. 

 

[Arctic Bunny]

This is disturbingly detailed :p

Well, we’ve driven a lot of rural highways.... hockey moms and people driving hours to a Costco need refuelling. And I have definitely planned routes and potty breaks based on Tim Hortons availability.

[Frances]

My SLP keeps trying to talk me into doing it as a career post kids. Apparently the need is huge in our area too.

Same here, huge need. However, like virtually every health care related field in the US, there are way more qualified, interested people than there are training spots for them. Admission to programs in my state is very competitive, and they don’t produce nearly enough to fill the need.

[Scarlett]

Not a real green dress, that's cruel.

Ha you beat me to it.

[Mommyof1]

Kraft dinner, with fancy Dijon ketuchup.

I would buy you a monkey. Haven't you always wanted a monkey?

[Seasider]

I would so much more enjoy just giving it away. Seriously.

 

BUT since I still have bills to pay, I'd consider investing in some property to use as airbnb units.

 

Or, start a small business incubator, providing office space and receptionist services for a small monthly fee and some reasonable share of future earnings/guaranteed participation in an IPO when the businesses take off.

[Sarah CB]

I'd probably invest it--stocks and bonds.

 

But if I wanted to start a business I'd consider something elder care related, like maybe a concierge service. I think that's going to be a big thing in the coming years, plus I'd feel like I was providing a needed service. 

 

I've thought about that kind of business a lot. My mother is an RN and has worked in care homes with the elderly for decades. She's tired of being overworked and understaffed - she's also tired of how much management she has to do. She really likes working closely with patients, and all of that is being handed down to the LPN's. She would do so well providing elder care on an as-needed basis to people still living in their homes. 

[Sarah CB]

renting houses is a business.   you may not have employees - but you still have expenses related to your investment income stream.

 

depending upon location - rentals are a great way to make money. but they are work - especially if you are doing your own property management.

 

I've known people who buy a big house - then fix up their basement and rent it out.  it does take a separate entrance.  depending upon neighborhood, you can do well.  dh just interviewed a girl for a business group who sets people up to do airbnb  in their homes/vacation homes.   those are even more profitable - and you can block dates to use the place yourself.

 

Can you tell me more about the business group? That sounds really interesting (and, potentially, like something you *wouldn't* need a million dollars to start doing). 

[Tanaqui]

I'd go to an accountant and ask their advice for the safest way to guarantee I still had that money at 65+ - and hopefully a bit more!

[MamaBearTeacher]

So many people saying real estate. Why was I always told not to invest in real estate, or that it was too much of a gamble or headache?

[Mimm]

College funds for the kids, bigger nicer house. Savings and travel. :)

[Arcadia]

So many people saying real estate. Why was I always told not to invest in real estate, or that it was too much of a gamble or headache?

It’s also about holding power. When the property market crashed years ago, we just paid off our first home and my husband’s job was relatively stable so we didn’t have a problem with our mortgage. Neighbors who had difficulty making their ARM (adjustable rate mortgage) payments went into short sale or foreclosure.

 

Rents were very high since people need somewhere to stay so those who can stay with parents and rent out their homes (market rate was $2k and up for a one bedroom condo where I am) were able to tide over and refinance to something more manageable.

 

One of my upstairs neighbor bought her condo unit for $350k with an ARM and had difficulty making payments when the monthly payment went up to $2,800. They short sale their unit and rented somewhere less popular. Her floor plan has been selling in the upper $700k for the past two years.

My same floor neighbor (two adults one child) stayed with her parents during that time and our floor plan sold recently for above $800k and rents out for close to $3k. They are dual income and probably paid off their mortgage but if they are cash strapped they can move back in with her parents and rent out their home again.

 

It can be a headache. A girlfriend relocated and her homes are rented out using a property management firm. One of her home (near Google’s expansion) has definitely double in sales price while the other home is more rural (long commute to work) and while not doubled has definitely held its sale price since people retire there. She has changed property management companies over the years because of unhappiness with how they managed.

[SamanthaCarter]

I’d buy three, maybe four of the tiny little dilapidated houses south of our cute little Main Street. They are adorable little things (if you look carefully) but have suffered a lot of neglect. It’s not high crime, and in a well regarded school district. Walkable to the library, restaurants, a private liberal arts college and farmers market. I figure if I could buy about three of these things, fix them up, give them some attractive landscaping, they’d start a cascade of gentrification. Most of them are single story, so could be attractive to older downsizers given the right neighborhood vibe.

 

My guess is that most would go for about 90 to 120k and would require about 50 to 100k in improvements. Rents would be at $1,000 to $1,200 per month. Is that any good?

Edited March 4, 2018 by SamanthaCarter

[DawnM]

I would probably move into the house I want, in the location I want.

 

I would pay cash for college with it and give the boys each a good downpayment on their own first homes.

 

And invest any of the rest, possibly more real estate, not sure.

[eternalsummer]

Well, if we're talking about what we'd do with a million dollars, instead of how we'd invest it to make more money, I'd definitely use some of it to buy an off-grid house out in the woods somewhere.

 

But I wouldn't buy real estate as an investment, because I know I could grow this business to about 10x its current size in a couple of years, given the cash (and the willingness to work harder than I do now).