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!
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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!
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Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.