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

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

FromBiggerPockets Money Podcast


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

FromBiggerPockets Money Podcast

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)

For those who have money… or want more of it! Join Mindy Jensen and Scott Trench (from BiggerPockets.com) weekly for the BiggerPockets Money Podcast. Each week, financial experts Mindy and Scott interview unique and powerful thought leaders about how to earn more, keep more, spend smarter, and grow wealth.