465: Finance Friday: Should I Double Down on Real Estate or Start a Side Hustle?

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 3 November 2023

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

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Summary

When people hear the term “passive income,” their minds usually flash to real estate investing. But, taking on real estate debt may not be the best option for you—especially if you have a high-risk financial portfolio. Instead, you might be better off starting a side hustle that brings in extra dough without huge startup costs or a massive time commitment! Kayla is a healthcare sales professional who has just bought her first property—a beautiful townhouse that she plans to house hack with a couple of friends. Although she was able to get a loan with a low interest rate from a private lender, there are several risks involved that keep Kayla awake at night. With a hard deadline to refinance the mortgage in five years and a potential recession looming, Kayla must reassess her five-year plan and determine the most viable path to financial freedom. Fortunately, Scott and Mindy are here to help her out! If you’re feeling a little uneasy about 2024’s recession risk, you won’t want to miss out on the many nuggets of wisdom shared in this episode. You’ll learn the best ways to offset a high-risk portfolio, the importance of building your cash position in case of emergency, and how to supplement your W2 salary with REAL passive income! In This Episode We Cover How to offset high levels of risk in your financial portfolio Supplementing your W2 earnings with passive income opportunities Side hustle ideas you can start with a few hundred dollars (or less!) How to get a low-interest mortgage in today’s housing market Subsidizing your mortgage payment by house hacking The emergency fund you NEED on hand for a worst-case scenario And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment How Anyone Can Easily Make Extra Money Using Side Hustles with Nick Loper Choosing Side Hustles (& Happiness!) Over Full-Time Employment Making Money From a Legitimate Side Hustle With Mark Wills More Money in Less Time: How to Start a Profitable Side Hustle Click here to check the full show notes: https://www.biggerpockets.com/blog/money-465 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hello my dear listeners and welcome to the BiggerPockets Money Podcast where we are interviewing Kayla and talking about whether investing in real estate is the smoothest and easiest path to financial freedom for her current position.
0:14.0	Hello, hello, hello, my name is Mindy Jensen and with me as always is my bigger pockets
0:20.1	is his full-time job and side hustle co-host Scott Trench.
0:23.8	Oh, thanks Mindy, you always broker such great intro adjectives for me.
0:28.6	I really appreciate it.
0:29.6	Scott and I are here to make financial independence less scary, less just for somebody else to introduce
0:35.8	you to every money story because we truly believe financial freedom is attainable for
0:40.5	everyone no matter when or where you're starting.
0:43.4	That's right with you want to retire early and travel the world, go on to make big-time
0:46.8	investments in assets like real estate or think through the risks, rewards, and
0:52.0	possibilities of balloon financing debt on real estate
0:56.0	investments or start your own business will help you reach your financial goals and get money
0:59.8	out of the way so you can launch yourself towards your dreams. That was a bit of
1:03.0	foreshadowing Scott. I like it. Today's money moment is provided by Enago.
1:07.8	Start saving time and money with Enago's free property management software.
1:11.6	Find out why Enago is the number one rated property management software.
1:16.0	As an exclusive offer to BiggerPockets listeners,
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1:22.0	slash BiggerPockets. That's I&E. for using Inago at Inago.com
1:23.0	Bigger Pockets. That's I N-N-A-G-O-com
1:27.3	slash bigger pockets.
1:28.7	Today's money moment is if you have the space for it, invest in a deep freezer. Do you find yourself over purchasing
	...

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