33 min listen
204: Finance Friday: Single Mom Making 20% ROI on Detroit Rentals
204: Finance Friday: Single Mom Making 20% ROI on Detroit Rentals
ratings:
Length:
74 minutes
Released:
Jun 11, 2021
Format:
Podcast episode
Description
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 Cover401(k) loans and when (or when not) they’re appropriate to use for investment purposesGetting 20% ROI with section 8 tenants in DetroitWhy side income streams are important for any new or established investorHow live in flips still provide great returns even in a hot marketKnowing which debts to pay off slowly and which debts to get rid of fastAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterGrowing Your 401k vs. Liquidating It to Invest in Real EstateIs a Live In Flip Right for You? Here’s How to TellFeline Good Social ClubCheck the full show notes here: https://www.biggerpockets.com/moneyshow204See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Released:
Jun 11, 2021
Format:
Podcast episode
Titles in the series (100)
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