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