BiggerPockets Money Podcast BiggerPockets

The house hack strategy doesn’t always run smoothly. Turning an old home into a modern, rentable masterpiece takes money—especially if you’re doing a big renovation. One of the easiest ways to get the rehab funds you need? A home equity line of credit (HELOC). But, when used incorrectly, a HELOC’s adjustable interest rate can bury any chance you have at cash flowing, no matter how great of a mortgage rate you get.

Welcome back to another Finance Friday episode! This time around, we’re tackling a rental property problem that is plaguing today’s guest, Josh. Josh has made some sound financial moves by having a stable income, a great side hustle, and his newest house hack. But, to maximize this house hack’s return on investment, Josh was forced to expand and convert many portions of his newly bought, hundred-and-fifty-year-old home. This forced his budget to shoot up higher than he was expecting. Now, he’s trying to figure out the best move as he manages his debt spread across his mortgage, a high-interest HELOC, a family loan, and more.

Josh is poised to continue investing in real estate even after this intensive experience. He wants advice from veteran landlords Mindy and Scott on what his next move should be, how he can best capitalize on his remodeled home, and when he might be able to buy the next house hack. If you’re looking to reach financial freedom using real estate like Josh is, this episode is for you!




In This Episode We Cover

The house hack strategy and why it’s a phenomenal way for new investors to build wealth

Home equity lines of credit (HELOCs) and when using this type of debt makes sense

Home renovation budgeting and what to expect when doing an entire house remodel

Velocity banking and why this form of leverage isn’t a smart move to make now

When to sell a rental property and when to keep a cash-flowing investment

The medium-term rental strategy and how to get higher rents for the same room or unit

And So Much More!




Links from the Show

Find an Investor-Friendly Real Estate Agent

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Scott's Instagram

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget




Click here to check the full show notes: https://www.biggerpockets.com/blog/money-359

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

For the past decade, Giving Tuesday has been a way for everyday Americans to donate their money, or time, to charities and causes that help collectively make the world a better place. Whether it’s a little or a lot, we’re encouraged to give what we can to bridge the gap between those that have so little and many of us that have so much. But how do you know a charity or organization is using your donation accordingly? How can you spot-check to see if your dollars are being used for those in dire need?

We brought on Elie Hassenfeld, GiveWell co-founder and CEO, to help us navigate the tricky subject of giving to worthwhile charities. Elie knows a thing or two about validating which charities are worth donating to. At GiveWell, he spends his days researching thousands of charities for hundreds of millions of donatable dollars, helping those of us that are too busy to find a home for the donations that we are willing to give.

In just six tips, Elie will give you the framework for finding a worthwhile charity or organization to give to, so you know that your dollar is being stretched the farthest it can. We also touch on whether or not high administration costs are ared flag, whether it's better to give goods rather than money, and how to truly measure an organization's impact to see how many lives they’re saving or improving with each dollar donated. If you're still on the fence about where to give this Giving Tuesday, head over to GiveWell.org to know your dollar is making a difference! 




In This Episode We Cover

Why donating overseas has much more of an economic impact than domestic donations

How GiveWell validates the charities they approve and how to do the same in your local area

Top tips for finding a charity that will use your dollar for its highest use

Red flags to watch out for when researching charities and organizations

GiveWell’s past mistakes and how they’re using them to grow a better organization

Top charities that both GiveWell and BiggerPockets recommend donating to (like CrossPurpose!)

And So Much More!




Links from the Show

Find an Investor-Friendly Real Estate Agent

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Scott's Instagram

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Give Well

 

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-358




Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The cost of raising a child is constantly changing. Every year, a new article comes out claiming that the cost of raising a child is hundreds of thousands of dollars. But is this figure accurate? Could kids actually cost far less than this, or does a few hundred thousand barely even scratch the service? What should new parents know before they bring home their first bundle of joy, and is financial independence even worth pursuing while raising a kid, let alone a few?

We brought in the Investor Mama, Jen Narciso, who is not only raising kids but also chasing financial independenceand running her own podcast. Jen speaks to mothers all around the world who not only want the best for their children's futures but their finances as well. And, as someone raising two young children, she knows how much kids truly costbetween the car seats, formula, dance classes, doctors' bills, and everything in between.

And, with Scott as a new dad, he’s got some serious questions to ask about how he can best raise his own daughter on a budget without sacrificing any quality of life in the process. Jen talks through the surprise expenses that most new parents overlook, how to save money on some of the most expensive items you need, the cost of child care and how to make it affordable, and whether to invest for your child’s future or your future retirement!




In This Episode We Cover

The average annual cost of raising a child and why it’s not what you’d expect

Common child care costs and innovative ways to significantly lower your spending

Surprise expenses you should prepare for and why you always need an emergency fund

Money tips for new parents and how to sleep soundly even if you’re not financially free yet

Roth IRA investing for your child and how to fast-track them to financial freedom even earlier

Medical costs of having a child from delivery to regular doctors visits

And So Much More!

Links from the Show

Find an Investor-Friendly Real Estate Agent

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Scott's Instagram

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Toysrus

InvestorMama Podcast

4 Ways Real Estate Can Help Offset the Staggering Cost of Having Kids

Taxes, Backdoor Roths, Options, and How to Max Out Your Childrens’ Roths




Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tech stocks were slam dunk investments for the past decade. No matter what you invested in—Google, Facebook, Amazon, or even some obscure AI toaster company—you probably made decent returns. But, after years of continuous economic growth and massive government stimulus, tech stocks are finally starting to get shaky. The problem? New investors like Zoe have huge paper losses on their dashboards. But is this worth worrying over?

Zoe is an ideal investor. At just twenty-four, she already has close to six-figure wealth, with a house hack, a respectable retirement portfolio, and a solid income every month. She’s making the right moves but feels like some of her most recent choices haven’t hit the mark. She dabbled in stock picking as her income went up, investing in some of the biggest names in tech over the past few years. Her house hack, which is almost letting her live for free, was bought at the top of the market with an average interest rate.

Zoe needs to know what to do next. Should she sell her tech stocks and invest the money into index funds where she can let it ride? Should she buy a new house hack that allows her to live for free instead of at a discount? And where should she put the thousands of dollars she’s saving every month to ensure her a life of financial freedom in the near future? Zoe has some enviable problems, and on this Finance Friday, we’ll be solving them!




In This Episode We Cover

The 2022 stock market crash and whether selling and cutting your losses is a smart idea

The right way to invest in tech stocks and how to get educated on stock picking

House hacking and how deals that aren’t “home runs” can still be huge winners

Getting paid to learn about real estate and using your downtime to boost your financial knowledge

FHA loans, conventional loans, USDA loans, and other ways to fund a property purchase for low money down

The right moves to make in your early twenties and why Zoe is a role model for new graduates

And So Much More!




Links from the Show

Find an Investor-Friendly Real Estate Agent

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Scott's Instagram

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

The 4 Steps to Financial Freedom and Debt-Free Wealth

Is Now the Time to Buy as The Housing Market Starts to Dip?




Click here to check the full show notes: https://www.biggerpockets.com/blog/money-356




Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Travel hacks, spending hacks, medical hacks. If there’s one thing that Chris Hutchins has learned from hosting the All the Hacks podcast, it’s that everything is negotiable. You can travel to over sixty countries for (almost) free, outsource your cooking at a reasonable rate and even get free money once forgotten. Chris should know—he’s done all this and more as he works to optimize every aspect of his life, both financially and personally!

Chris was hacking at a very young age. In high school, he made a fake magazine so he could score free press passes to concerts. When he was away at boarding school, he would buy whole pizzas and sell them by the slice just to afford a few slices of his own. Then, later when he quit his job to travel the world, Chris and his partner hit over sixty countries, using credit card points to globetrott from South Africa to Singapore!

Now, as a father, Chris is more concerned about hacking his time. He’s got kids to take care of and doesn’t want to waste a second of his day that could be spent planning for, or playing with, his children. In today’s episode, you’ll hear some of the most insane life hacks, from hiring a personal chef for a fraction of the cost to getting free champagne at any hotel stay and even snagging twenty to thirty percent off of your dream vacation villa. These hacks work (we tried them in real-time), and you may need a pen and paper to write them all down!




In This Episode We Cover

Credit card points, travel hacking, and how to get flights for free (or at a steep discount)

Outsourcing and delegating everything so you spend more of your time with those who are most important

Simple principles for an optimized life and why conventional wisdom is usually out of whack

How to get deep discounts off of vacation properties during your next big trip

Why you should NEVER cancel a flight until twelve hours before takeoff

Where to find “unclaimed money” you never knew you had (we found some ourselves!)

And So Much More!




Links from the Show

Find an Investor-Friendly Real Estate Agent

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Scott's Instagram

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

All The Hacks Podcast




Click here to check the full show notes: https://www.biggerpockets.com/blog/money-355




Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

You’re one bad real estate investment away from being cash flow-poor and debt-rich. That’s right, not every investment property works out, and when leveraged the wrong way, a single property could put your financial future on the wrong track. While it’s easy to watch social media real estate investors flaunt their infinite cash flow and no money down tricks, buying profitable real estate is a little harder than it seems. Today’s guest, Shane, finds himself in this position, as an over-leveraged investment is causing him to hemorrhage cash.

Welcome back to another episode of Finance Friday, where hosts Mindy and Scott bring financial suggestions, no matter how extreme, to guests in many different situations. This week, Shane walks through his numbers, and from the start, Scott picks up on a big problem. Shane and his partner bring in a solid amount of income, but it’s slowly slipping out of their accounts every month as an overleveraged short-term rental property and high consumer debt eats away at their respectable income.

This isn’t an easy position to dig yourself out of, and Scott has some serious suggestions for Shane that could flip his financial position 180 degrees. But, doing so will require Shane to make drastic moves that will force him to reevaluate his relationships with spending and debt. While this “rip off the band-aid” type approach can be painful at first, it could save Shane years' worth of time on his path to real estate riches.




In This Episode We Cover

Staying away from consumer debt and how it can destroy your financial position

Real estate leverage and why too much of it can cause you to have negative cash flow

Sacrificing subscriptions, eating out, and other spending categories that may be tanking your budget

Having a money date with your partner or spouse to get on the same financial footing

The biggest moves to make if you’re serious about getting out of debt and on the path to financial freedom

Budget busters and how to build a more sustainable pattern of spending

And So Much More!




Links from the Show

Find an Investor-Friendly Real Estate Agent

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Scott's Instagram

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Designing a Frugal But Luxurious FI Life by Age 32

Food Spending Eating Away at Your FI Plans? Here’s How to Eat for Cheap

BudgetBytes.com

The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple




Click here to check the full show notes: https://www.biggerpockets.com/blog/money-354




Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.