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Alternate Income Streams
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vette74
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Joined: 30 Jul 2003
Posts: 2137
City: Houston

PostPosted: Apr 28, 2010 1:09 pm    Post subject: Reply with quote

GnarShredd wrote:
Does anyone have any new additions to this?





Mine has grown into my full time job with 2 employees plus myself and wife.

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GnarShredd
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Joined: 16 Jun 2009
Posts: 2310
City: St Pete.

PostPosted: Apr 28, 2010 1:13 pm    Post subject: Reply with quote

vette74, Nice! Congrats.
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faceplant920
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Joined: 07 Apr 2010
Posts: 178
City: Brookhaven

PostPosted: Apr 28, 2010 1:41 pm    Post subject: Reply with quote

I do taxes during the season on the side. I also have started dabbling in gun maintenance a little during the summer.
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Wonder if you would feel so brave if you came to my gym and watched me train?Cyber tough guy.
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pet575
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Joined: 20 Jun 2006
Posts: 3630
City: Kansas City, MO

PostPosted: Apr 28, 2010 2:15 pm    Post subject: Reply with quote

Sold the credit repair biz to some guys who wanted to do it full-time. Got a point that my buddy and I couldn't handle the volume while still working in our own careers and wanting to have some personal time.

Moved on to serving as in-house counsel for a company that my best friend started. Without getting too much into what the company does, I handle all of their contracts, general corporate structure, and potential liability issues. In return, I received 5% equity in the parent corporation. So I'm a shareholder/owner and I am paid dividends and get an expense account for no-questions-asked reimbursement. I also serve as a corporate officer and director. So, we do things like take ourselves and our wives on a director's retreat for a weekend getaway or we play golf on the expense accounts and discuss business while enjoying the round at the same time.

The company's revenues have grown by 300+% for 7 months in a row, and they aren't anticipating a slowdown anytime soon. My equity is already worth 10's of thousands if I were to sell it today. Best part is that most of the legal work is now done and so it is just "maintaining" things and so the time factor is not all that much. Added bonus, if the company ever gets into any heavy litigation they will retain my firm and my firm gives me a cut of the fees I generate. If the revenues continue to grow even at a much flatter rate, my equity will still be VERY nice come this time next year.

Best part is that it is all sweat equity-no cash layout. So, if it takes off then that is all financial gain. If it crashes and burns I'm out no money. We observe all corporate formalities to avoid personal liability and the only shareholders are the 3 of us-so there is no risk of a shareholder suit against the directors.

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Wakebrad wrote:
I honestly think it has to do with internet penetration...
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smokinheels10
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Joined: 10 Apr 2010
Posts: 100

PostPosted: Apr 28, 2010 3:28 pm    Post subject: Reply with quote

What kind of law do you practice pet575? Business law?
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pet575
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PostPosted: Apr 29, 2010 8:44 am    Post subject: Reply with quote

My focus is litigation connected to federal labor law, employee benefits law, and employment law. I also do some transactional work on the employee benefits side as well.

Try to stay away from general "Business Law" unless there is something special I want to take on that comes my way.

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Wakebrad wrote:
I honestly think it has to do with internet penetration...
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rearviewsg
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Joined: 30 Apr 2005
Posts: 63
City: eugene

PostPosted: May 27, 2010 9:52 pm    Post subject: Reply with quote

we started a truck washing company we put in 2 x 12 hr days on sat and sunday and then go back to our normal job on monday mornig but it is an extra 700 bones a weekend.. with the % i make off my buddies working under me its and extra 30K a year paid off my student loans in a year and a half but have not had a weekend social life in 2.5 years..
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GnarShredd
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Joined: 16 Jun 2009
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PostPosted: May 28, 2010 5:04 am    Post subject: Reply with quote

Does anyone have any part-time online job experience. You see ads for them and while I'm sure 95% of them are bull-stuff, there's got to be something out there that I can at least earn some gas money off of, right?
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bigair
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Joined: 17 Sep 2006
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PostPosted: Jun 09, 2010 8:36 pm    Post subject: Reply with quote

I promote a 90 day challenge called body by vi. I help people achieve all types of fitness goals whether it be loss weight gain lean muscle mass or shorten your time for a 5 k at the same time I show people how to get a free bmw and create extra money working from home www.schweda.bodybyvi.com
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ohsix
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Joined: 12 Jan 2003
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PostPosted: Sep 04, 2010 4:10 pm    Post subject: Reply with quote

pet575, how would I go about getting an attorney on retainer? More specifically, I own 1/2 of an oil & gas exploration and production company. We have ~12 title opinions done each year by attorneys and we have a few disputes a year with land owners or surface tenants that do not own the minerals and/or the land we're drilling on. Paying attorneys by the hour, it's usually not worth it to fight their exorbitant requests. I think if we could have an attorney on retainer for ~40k year for ~8 weeks work spread out through the year it would be well worth it to us. However, we would need one that does title opinions and litigation or one for each.
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AaronATX
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Joined: 17 Jun 2010
Posts: 136
City: Austin

PostPosted: Sep 05, 2010 10:06 pm    Post subject: Reply with quote

i am currently working on a business plan to start android app development...it's more of a "school project" as I call it but the android market is expanding very rapidly and i wouldn't mind getting a foothold in. plus i have a few good niche app ideas and a few good more general app ideas, i have a good graphic designer on tap and just need to find the right programmer. it's been slow moving but with android 2.2 out i really want to get started.
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pet575
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Joined: 20 Jun 2006
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City: Kansas City, MO

PostPosted: Sep 07, 2010 11:38 am    Post subject: Reply with quote

ohsix wrote:
pet575, how would I go about getting an attorney on retainer? More specifically, I own 1/2 of an oil & gas exploration and production company. We have ~12 title opinions done each year by attorneys and we have a few disputes a year with land owners or surface tenants that do not own the minerals and/or the land we're drilling on. Paying attorneys by the hour, it's usually not worth it to fight their exorbitant requests. I think if we could have an attorney on retainer for ~40k year for ~8 weeks work spread out through the year it would be well worth it to us. However, we would need one that does title opinions and litigation or one for each.


If you don't know of anyone locally who could help you, I would call the Bar Association for whatever state you live in and tell them what you need and ask them to provide you with recommendations for attorneys near you. Then, here comes the hard part, ask to meet with them to discuss your needs with them. If someone impresses you and you want to work with them, ask them about their retainer and what you get in exchange for it.

Do you also need info on how retainers work or what?

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Wakebrad wrote:
I honestly think it has to do with internet penetration...
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ohsix
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PostPosted: Sep 07, 2010 1:37 pm    Post subject: Reply with quote

Yes, how do retainers typically work? For firms? For individuals? I didn't really expect you to name some local attorneys. I guess I didn't phrase my question very well.
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pet575
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PostPosted: Sep 08, 2010 11:04 am    Post subject: Reply with quote

Retainers are typically the same for firms or individuals. You hire the attorney and write them a check for a sizable amount (say, $3K) which they deposit into their account. At that point, you have retained the attorney/firm as your counsel. They work for you on an hourly basis and deduct the amounts billed to you from your retainer. So, if your attorney was $150/hour then you would get roughly 20 hours of work from them. Once you use that up, they would ask you for another retainer payment if you want them to continue to represent them. If you should terminate them as your counsel, or their representation ends for some other reason, they would refund the unused portion of the retainer to you.

Some do it a a little differently and simply keep the retainer on account and bill you on an hourly basis for whatever work they do. The retainer is held in the event that you fail to pay your bill or elect to have them deduct it from your retainer. Each attorney/firm does it differently when it comes to WHEN they require you to pay more retainer money. Some will run it all out to a zero balance, others will never let you run up a bill with them that would drop your retainer below a certain amount.

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ohsix
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PostPosted: Sep 08, 2010 12:23 pm    Post subject: Reply with quote

I guess a retainer is not what I'm looking for.

I seem to be paying more and more on attorney fees. Probably enough to pay 20% or so of the attorney's salary that we have been using since he is billed out by the firm he works for. However, we don't spend enough to hire an attorney full time. I would like to pay an attorney a set fee and every time someone wants to sue us because we won't pay them $4,000 an acre for land damages on land that is worth $240 acre, the attorney will handle it up to a certain extent.

Right now, for the 3rd time this year, I'm dealing with a landowner who wants $4,000 per acre for damages on some land he tried sell for $240 per acre a few months ago. We have the minerals leased, and in Texas, the mineral owner/lessee has the right to ingress and egress their minerals and shall reasonably compensate surface owner for damages. If the land owner and mineral lessee can't agree, the land owner can sue the mineral lessee and has to prove actual damages. Unfortunately in this case, it would be cheaper for us to pay ~$8,000 the guy wants than to hire an attorney. I wish we had an attorney that we could pay a given amount per year and that would include handling any dispute that we do not start.

We have a similar situation with our accountant but he works for himself. We pay him a set fee once a year and he does all of our taxes and tax filing and we can call him whenever for advice.

What I hate about the attorneys we use is the bills they send. I have no idea how many hours it took them to do whatever they're billing us for so all I can do is pay it and hope they're honest. Also, on the front end of a dispute, I'll talk to an attorney and ask what the possible outcomes are and how much it will probably cost and what's the most it should cost and they'll never give me a straight answer.
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pet575
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City: Kansas City, MO

PostPosted: Sep 08, 2010 1:55 pm    Post subject: Reply with quote

What you're looking for is called a flat-fee arrangement. There are plenty of attorneys who do it, but it might be tougher to find one who handles what you need AND does it.

PM sent to avoid getting too much of your info out into cyberville on the interwebs.

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