• The KillerFrogs

OT - Second Job Ideas

froginaustin

Active Member
Stupid question, but do you have enough equity to do a cash out refinance and pay all of your debt off?

For almost everyone, almost all of the time, this is a terrible idea.

With a very few exceptions that test the rule, converting unsecured debt, even student loan debt, into debt secured by a family's home is very risky, particularly with the economy facing a possible major downturn.

Even in a good economy, there could be an illness in the family, a discovery of the gigolo side gig that results in unbudgeted expenses, etc., etc., that makes increased home mortgage debt very uncomfortable.

If one's personal economy gets dark for whatever reason, having bill collectors hassle you is not nearly as bad as having a mortgage holder demanding payment on threat of foreclosure.

My perspective: bankruptcy lawyer with a hell of a lot of experience in contingency planning in and out of Title 11 cases.
 

4 Oaks Frog

Active Member
So, I have recently listened to and been inspired by Dave Ramsey. I am looking for a second job to supplement my household income. Any thoughts or recommendations?

And sadly, my wife won't let me be a gigolo...
Awh shoot! I was going to recommend gigolo.
GO FROGS!
BEAT EVERYBODY!
Spit Blood ~~<~<and [Baylor asshoe]!!
 

asleep003

Active Member
So, I have recently listened to and been inspired by Dave Ramsey. I am looking for a second job to supplement my household income. Any thoughts or recommendations?

And sadly, my wife won't let me be a gigolo...

Cleaning Car windows in strip mall's parking lots ....

1) Ask for .50 and most of the time they'll give you $1 anyway.
2) Have quarters on hand.
3) Windex bottle ...1/2 water and 1/2 Windex works well and reduces overhead.
4) Walmart priced paper towels helps... but newspaper also cleans well.
5)Work several near by strip malls as not to become an unwanted fixture.

Did all this and grew it into 5 Car washes and bidding on #6...
 

FrogAbroad

Full Member
So, I have recently listened to and been inspired by Dave Ramsey. I am looking for a second job to supplement my household income. Any thoughts or recommendations?

And sadly, my wife won't let me be a gigolo...
"Gigolo?" Dang...so that's what the "gig economy" is about! Who knew...
 

Froggish

Active Member
Spin your debt into a story about pursuing art and Kickstarter that &:$;&@;...That’s how the lazy kids would do it...I’m watching an unprecedented number of 20 somethings figure out to travel and eat at fine restaurants without ever getting damn job. I find myself simultaneously pissed and impressed...These are confuse times
 

tcumaniac

Full Member
For almost everyone, almost all of the time, this is a terrible idea.

With a very few exceptions that test the rule, converting unsecured debt, even student loan debt, into debt secured by a family's home is very risky, particularly with the economy facing a possible major downturn.

Even in a good economy, there could be an illness in the family, a discovery of the gigolo side gig that results in unbudgeted expenses, etc., etc., that makes increased home mortgage debt very uncomfortable.

If one's personal economy gets dark for whatever reason, having bill collectors hassle you is not nearly as bad as having a mortgage holder demanding payment on threat of foreclosure.

My perspective: bankruptcy lawyer with a hell of a lot of experience in contingency planning in and out of Title 11 cases.

Not bad advice at all. But curious from your experience: how often does a lender actually successfully foreclose and kick someone out of their primary residence?
 

tcumaniac

Full Member
Ok...here’s an idea (and not a good one IMO)

About 15 years ago I was stunned to learn what umpires were being paid for youth baseball games. Stunned. Even for coach-pitch level which is tantamount to counting. I assume a person in purchasing is good at counting.

I recently learned what my son is being paid for being a fourth coach for a 12u select baseball team...stunned again. And even for each practice he attends.

Now I’m not saying “never” but I’d have to be really desperate to put myself in either of those positions given the state of youth athletics with vicariously-living parents but it ain’t bad cash.

I did some reffing for soccer when I was in middle school / high school and it was really good money. Also better exercise than a baseball umpire.
 

froginaustin

Active Member
Not bad advice at all. But curious from your experience: how often does a lender actually successfully foreclose and kick someone out of their primary residence?

That happens all the time.

In some States, foreclosure is a huge hassle (involving a lawsuit) for a lender, and takes years to complete. Not in Texas.

Deed-of-trust foreclosure sales are conducted in Texas on the first Tuesday of every month. Texas law requires a public posting about a month before the first Tuesday sale date, and most Texas counties of any size at all have one or more bulletin boards at a place designated by the county commissioners courts, usually near the back door of a courthouse, that will be loaded with these sale notices.

In a county of any size at all, in an inflating real estate market, it's not unusual to see a few dozen foreclosure postings every month. If the economy sours, there will be a whole lot more than a few dozen.

Some foreclosure postings do not lead to foreclosure sales, but many do.

In states like Florida, California, or New York, it can take a couple of years for a lender to move to a sale after giving whatever notice of default the particular state requires (getting to judgment in a lawsuit is necessary). In Texas, a really aggressive lender holding a promissory note secured by a vendor's lien and deed of trust (by far the most common purchase-money mortgage) can conduct a foreclosure sale within 3 or 4 months of a note going into default. No lawsuit is necessary. Texas allows nonjudicial foreclosure on typical real estate mortgages, including mortgaged homesteads.

It's not uncommon, in Texas, for a homeowner to miss a payment and lose title to the property 4 to 5 months later. It usually takes a few more months than that, but not always. Some big mortgage companies take more time than they have to, for various reasons.

Evictions in Texas can be lightening quick after a foreclosure sale. 2 or 3 weeks if the lender is in a hurry as more than a few are. Many lenders will give a homeowner 30 days to vacate as a courtesy.

Evictions in some other states, Cali being the most notorious, can take a couple of years. So it's not unreasonable for people that are not involved in the foreclosure process to assume that a homeowner has a lot of time to react to a threatened foreclosure.
 

Horny4TCU

Active Member
Ah there's the bogey.

A secondary job that would pay off $90,000 inside of a year (which I took away from your previous post) is... unrealistic. Manage your expectations as such.

Use your trade to do outside consulting/one-offs as I mentioned earlier. You can do that late at night, the mornings and the weekends. Plenty of companies are in need of part-time engagements with lenient delivery deadlines. That's your source of secondary income.
$90k is the total... The secondary income would not tackle the full amount. Between my wife and I, we can get it down to $75/80k if we are "gazelle intense" (Ramsey's words, not mine). So I need $15/10K in supplemental income to take care of the rest.
 
Last edited:

Eight

Member
$90k is the total... The secondary income would not tackle the full amount. Between my wife and I, we can get it down to $75/80k if we are "gazelle intense" (Ramsey's words, not mine). So I need $15/10K in supplemental income to take care of the rest.

one thing to remember is plan accordingly with your income tax projections.

seen more than one person who picked up extra jobs and got crushed on their taxes for go over certain income thresholds
 

Pharm Frog

Full Member
one thing to remember is plan accordingly with your income tax projections.

seen more than one person who picked up extra jobs and got crushed on their taxes for go over certain income thresholds

True. One year we’d have been better off had Mrs Pharm not earned any money at all.
 
Top