Episode #465

Side hustles? Rental properties? What’s the best way to make some more “passive income”? 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!

Manage Rentals Better For Free & Get $25 with Innago: https://innago.com/biggerpockets/

Show Notes at:
https://www.biggerpockets.com/blog/money-465?utm_source=youtube&utm_medium=description&utm_campaign=none
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How Anyone Can Easily Make Extra Money Using Side Hustles with Nick Loper: https://www.biggerpockets.com/blog/biggerpockets-money-podcast-28-how-anyone-can-easily-make-extra-money-using-side-hustles-with-nick-loper?utm_source=youtube&utm_medium=description&utm_campaign=none
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Choosing Side Hustles (& Happiness!) Over Full-Time Employment: https://www.biggerpockets.com/blog/biggerpockets-money-podcast-107-financial-panther?utm_source=youtube&utm_medium=description&utm_campaign=none
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Making Money From a Legitimate Side Hustle With Mark Wills: https://www.biggerpockets.com/blog/biggerpockets-money-podcast-74-making-money-legitimate-side-hustle-mark-wills?utm_source=youtube&utm_medium=description&utm_campaign=none
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More Money in Less Time: How to Start a Profitable Side Hustle: https://www.biggerpockets.com/blog/profitable-side-hustle?utm_source=youtube&utm_medium=description&utm_campaign=none
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Connect with Scott and Mindy on BiggerPockets:
Scott: https://www.biggerpockets.com/users/scotttrench?utm_source=youtube&utm_medium=description&utm_campaign=none
Mindy: https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none


00:00 Intro

01:05 Money Moment

02:50 Money Snapshot

14:16 The Current Five-Year Plan

27:11 A Crossroads to FI

28:59 Playing Defense with Your Money

32:52 Lucrative Side Hustles

41:25 Do What You’re Passionate About!