Empire, hobby or sideline business?
In reflecting back upon the many conversation I have held with investors from this niche, I find that most of us have taken a hobby and turned it into a sideline business. A few jumped in full-time and some grew to bigger and better things. Some took it on the nose when the economy turned in 2008, others hunkered down, downsized and others still, grew!
Most here know that I downsized, hunkered down and now am working for/with two mobile home park investors who are growing rapidly. I have spent the past few months working to institute management and policies for the maintenance, rehab, and infill of large properties. This has been a particularly interesting task for me, to see a business growing and implementing the manpower and systems to not only run one large property, but one that can be duplicated to operate many other properties in various locations.
I personally needed this new challenge to take me out into an investment environment that is quite honestly outside the size of my personal comfort zone. I have always been the small portfolio, mom and pop type investor. I still believe this model is relevant and best for me and I would argue best for many here. A model that I believe can be accomplished safely and in a reasonably short period of time, while providing income that could easily become a full time income or retirement income/career.
But this recent experience in the rapid growth of large investing has me rethinking the systems I employ in my business to fine tune it even more. To be able to operate my business in just 2 days or less of onsite work has proven to me that my old systems worked and with fine-tuning can become even more successful. But this is not the reason for my posting.
My reason for posting is I now wonder how many have gone on to create business models of their own out of the initial models taught here and elsewhere? Have you turned a hobby or sideline business into a commercial venture? Have you chosen to grow either in this business or others to a point where there is layers of personnel, layers of systems and the ability to expand and expand?
I am not suggesting that this is the route others or I should seek to take. I am just curious to hear your stories.