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BiggerPockets Money Podcast

204: Finance Friday: Single Mom Making 20% ROI on Detroit Rentals

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.53K Ratings

🗓️ 11 June 2021

⏱️ 70 minutes

🧾️ Download transcript

Summary

We all know someone who hustles. Maybe it’s your sibling or your friend, or maybe you’re the hustler in your group. Those who hustle to make more money seem to always find new ways to bring in more cash, and that’s exactly what today’s guest, Alicia, is doing. Alicia jokes that she has 2-4 jobs, because in the day she’s working 65 hours a week at a media company, but is also a “saloon girl” and professional singer on the side. How many moms do you know that can ride a mechanical bull? Well, Alicia can! Alicia recently purchased a rental property in Detroit that is giving her a 20% return! This is far higher than most real estate investors anticipate, and for her, it’s a blessing on her path to hitting passive FI. She was able to buy this rental in cash with a 401(k) loan, but with some taxes looming on the horizon, Alicia is asking whether or not paying off the debt or buying another property is the best move to hit her financial freedom goals. In This Episode We Cover 401(k) loans and when (or when not) they’re appropriate to use for investment purposes Getting 20% ROI with section 8 tenants in Detroit Why side income streams are important for any new or established investor How live in flips still provide great returns even in a hot market Knowing which debts to pay off slowly and which debts to get rid of fast And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Growing Your 401k vs. Liquidating It to Invest in Real Estate Is a Live In Flip Right for You? Here’s How to Tell Feline Good Social Club Check the full show notes here: https://www.biggerpockets.com/moneyshow204 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Welcome to the Bigger Pog its Money Podcast, show number 204, Finance Friday edition,

0:06.6

where we interview Alicia, a single mom with a very average income and a real estate

0:11.6

investor who is looking for ways to speed up rental acquisition.

0:16.5

I do tend to take a pretty conservative approach.

0:20.0

One is knowing that I don't have a very large monthly income to be able to pull from if

0:26.3

something goes wrong.

0:28.3

So as a single parent, I have two people who depend on me and I don't have anyone to

0:34.2

depend on for myself.

0:36.0

So in order for me to be the most stable, I'm going to have to work harder and smarter

0:41.4

and not necessarily faster.

0:43.6

Hello, hello, hello, my name is Mindy Jensif and with me as always is my kitty cat owning

0:48.3

coho Scott Trent.

0:49.3

Oh, I'm really feeling these new interests Mindy, thanks for coming up with that.

0:55.5

And I are here to make financial independence less scary, less just for somebody else,

1:00.3

to introduce you to every money story because we truly believe that financial freedom is

1:04.3

attainable for everyone, no matter when or where you're starting.

1:08.4

That's right, whether you want to retire early and travel the world, go on to make big

1:11.2

time investments and ask that's like real estate or start your own business.

1:14.4

We'll help you reach your financial goals and get money out of the way so you can launch

1:17.3

yourself towards those dreams.

1:25.2

In the spirit of your kitty cat owning co-host of my kitty cat owning co-host, I want to give

1:30.9

a shout out to Feline Good Social Club in Long Beach, California.

...

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