Manage episode 294721027 series 2566047
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