A WOMAN who dropped out of college has revealed how she now earns £65,000 a year – while working just 20 minutes a day.
Hannah Ingram is raking in the big bucks and driving her dream car at the age of 24 after taking the plunge and starting her own business.
Hannah Ingram boasts that she has a short work day and a huge bank balance[/caption]
The 24-year-old is earning thousands thanks to her thriving car wash[/caption]
She had big plans to study the subject first after completing two years of community college, but ended up taking an alternate route.
Hannah only made it through one semester before dropping out of university, instead opting to pave her own way to success.
The entrepreneur, from Tennessee, USA, got her real estate license at 18-years-old after working at an agency for over a year.
While she was finding dream homes for her clients, Hannah realised the financial potential of investing in bricks and mortar.
And as she was “struggling to make ends meet” in 2021, the estate agent was keen to take a gamble to earn some extra cash.
Hannah explained she read about the power of passive income, which could help boost her bank balance without a lot of work.
She told CNBC: ” I wanted to invest in a business that basically runs itself.
“Then, like fate, an operational self-service car wash went up for sale in my Tennessee hometown.”
The savvy businesswoman didn’t let her sparse credit history or the fact she had had just £1,600 in savings stop her from seizing the opportunity.
Hannah came up with a clever way to fund her new venture while minimalising the risks of the investment.
She said: “Thanks to my real estate background, I knew I had a number of financing options at my disposal.
“I decided to use the seller financing method. This is when, as part of the sale, the buyer agrees to pay the seller’s monthly loan installments, rather than taking out their own loan from a bank.”
Hannah drew up a contract that agreed she would cover the monthly mortgage payments on the existing car wash loan, as well as the income taxes, property taxes and utility bills.
In return, the 24-year-old would keep all the profits – but the property would be seized by the sellers if she failed to cough up.
It turned out to be an extremely smart decision – as she claims she started “making money immediately” despite not having to put any cash down to begin with.
The car wash has continued to thrive, with Hannah ensuring everything is running along smoothly.
However, she claims that running her business doesn’t demand long exhausting hours.
She boasted that she can still dedicate most of her time to selling houses while reaping the rewards of her self-sufficient car wash.
Hannah continued: “I go before, after or during work to take the wash’s trash out, fill the coin machines, and wash dirty car wash bays.
“I also do preventative maintenance, like oiling the machinery, once a month.
“Now, at 24, I earn an average of $5,450 (£4,425) a month in passive income off my car wash business, after $1,500 (£1,220) to $2,000 (£1,620) of monthly expenses.
“The best part is that I only work on it for 20 minutes a day.”
Hannah says her side hustle has paid off more than she ever anticipated, allowing her “to build a stream of income” on top of her 9-to-5.
Real estate remains her primary source of income, but the car wash makes her an extra £65,000 a year.
“Last fall, I had enough money and credit to get a traditional bank loan and buy the wash from the sellers,” she added.
Hannah now coaches budding entrepreneurs keen to invest in car washes and laundromats after her incredible success.
She suggests finding a good location, touring the property, reviewing the finances and focusing on ensuring customer loyalty to create a profitable business.
We previously told how a woman claimed she makes £400,000 a year and has paid all her student loans off at the age of 27.
Certified registered nurse anesthetist Olivia Reeves, 35, revealed how she secured a six-figure salary and became debt free.
The real estate agent concentrates on selling houses while the car wash runs itself[/caption]
Hannah encourages others to start their own side hustles and offers coaching[/caption]