4 ms·

I had 3 sources of side income last year. 1/ Started a niche dating app in 2017. Revenue ranges form 700-1,100/mo. Hosting is about $50/mo. 2/ Bought a house

by itake 4y ago

I had 3 sources of side income last year. 1/ Started a niche dating app in 2017. Revenue ranges form 700-1,100/mo. Hosting is about $50/mo. 2/ Bought a house and rent our spare rooms for $3,100/mo. 3/ Contracting projects for a small dev shop earned $3-10k/mo (depending on how many hours I worked).

unsupp0rted 4y ago
I'm considering buying a niche dating site right now (it's in my own niche, so I understand it fairly well). If I buy it, I'm wondering how to grow it though. How do you solve the chicken-egg problem?
- itake 4y ago
  All the mainstream 'successful' apps uses advertising on other social media networks + Apple and Google Ads. They quickly ask / require money to be paid when you join to cover the acquisition costs as part of the on-boarding flow.
xutopia 4y ago
What is your niche dating app?
pc86 4y ago
Nearly $100k/yr in side income at the low end is very impressive. Do you work full-time as a developer in addition to this?
- itake 4y ago
  Ignoring rent income, I only made ~$75k in side income in 2022.
  - mylons 4y ago
    why would you ignore rent income
    - cjbgkagh 4y ago
      I guess that would be because that is making money by having money and not readily accessible to those who don’t already have money.
      - itake 4y ago
        I’m basically losing money. I spend like $1.20 to earn $1.
        OJFord 4y ago
        Assuming it's a capital repayment mortgage, you're neglecting that you are erasing debt, only the interest payment is really a cost here. But yeah I think it makes sense to exclude it anyway, needs/wants might change and you no longer have the room(s) available to let or whatever, and it wouldn't really be a useful comparison of your 'side project' earnings to compare a year as a landlord with one not, it's a different thing.
        itake 4y ago
        Insurance ($97/mo) + Mortgage ($3,400/mo) + Property taxes ($444/mo) + trash, water ($100/mo) = $4k/mo. My mortgage is new and is only paying down principle ~$120/mo. This means I pay about $900/mo for my room, except I have had an average of $1k/mo in home repairs since I bought the house. The real value I am capturing is my personal housing _might_ be cheaper than if I rented myself. I am sure in 10 years, I will be in a good spot, but not today.
    - itake 4y ago
      My mortgage is $3.2k/mo. It’s basically a net zero for me.

by itake 4y ago

unsupp0rted 4y ago

I'm considering buying a niche dating site right now (it's in my own niche, so I understand it fairly well). If I buy it, I'm wondering how to grow it though. How do you solve the chicken-egg problem?

itake 4y ago
All the mainstream 'successful' apps uses advertising on other social media networks + Apple and Google Ads. They quickly ask / require money to be paid when you join to cover the acquisition costs as part of the on-boarding flow.

xutopia 4y ago

What is your niche dating app?

pc86 4y ago

Nearly $100k/yr in side income at the low end is very impressive. Do you work full-time as a developer in addition to this?

itake 4y ago
Ignoring rent income, I only made ~$75k in side income in 2022.
- mylons 4y ago
  why would you ignore rent income
  - cjbgkagh 4y ago
    I guess that would be because that is making money by having money and not readily accessible to those who don’t already have money.
    - itake 4y ago
      I’m basically losing money. I spend like $1.20 to earn $1.
      - OJFord 4y ago
        Assuming it's a capital repayment mortgage, you're neglecting that you are erasing debt, only the interest payment is really a cost here. But yeah I think it makes sense to exclude it anyway, needs/wants might change and you no longer have the room(s) available to let or whatever, and it wouldn't really be a useful comparison of your 'side project' earnings to compare a year as a landlord with one not, it's a different thing.
        itake 4y ago
        Insurance ($97/mo) + Mortgage ($3,400/mo) + Property taxes ($444/mo) + trash, water ($100/mo) = $4k/mo. My mortgage is new and is only paying down principle ~$120/mo. This means I pay about $900/mo for my room, except I have had an average of $1k/mo in home repairs since I bought the house. The real value I am capturing is my personal housing _might_ be cheaper than if I rented myself. I am sure in 10 years, I will be in a good spot, but not today.
  - itake 4y ago
    My mortgage is $3.2k/mo. It’s basically a net zero for me.