290: Finance FAQs: Renting vs. Buying, How to Pay Off Debt, & Creative Real Estate Closings
04/08/22 • 62 min
2 Listeners
Renting vs. buying a home, debt payoff, and the best investments of 2022 are just a few of the topics discussed in this week’s Finance FAQs. That’s right, we’re here with a new segment where Scott and Mindy take your questions directly from the BiggerPockets Money Facebook group and give answers so you can make smarter investing, saving, and life-changing decisions.
In this episode, we get into questions from a range of different financial situations. We have questions about debt payoff schedules, whether to sell stocks and invest in real estate, why “safe” investing may not be smart investing, and what to do when three-quarters of a million dollars are given to you. Scott and Mindy not only answer these questions the best they can, but they also give the “why” behind the financial decision so you can be better equipped when situations like this come up in your own life!
If you want to ask a question or give us feedback about this new format, you can do so on the BiggerPockets Money Facebook Group or leave a comment on the BiggerPockets Money YouTube channel. We’ll try and round up the most commonly asked questions so Scott and Mindy can keep the wealth-building wisdom coming!
In This Episode We Cover
The safest investment vehicle in 2022 (and why safest doesn’t always mean best)
Whether to pay off student loans or invest in retirement and real estate
Which debt to pay off first so you can coast to debt-free freedom
Renting vs. buying in today’s hot housing market and how to decide for yourself
Funding home renovation projects (even when contractor costs are high!)
House hacking and using it to lower your expenses, grow net worth, and build financial runway
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Apply to Be a Guest on The Money Show
Follow Along Mindy’s Live Budget Tracking
BiggerPockets Money Podcast 35 with Craig Curelop (House Hacking)
BiggerPockets Money Podcast 267 with Robert Farrington (Student Loans)
Does It Make More Sense to Rent or Buy in Today’s Real Estate Market?
A Beginners Guide to Hack Your Housing and Live for Free
Check the full show notes here: https://www.biggerpockets.com/blog/money-290
Learn more about your ad choices. Visit megaphone.fm/adchoices
Renting vs. buying a home, debt payoff, and the best investments of 2022 are just a few of the topics discussed in this week’s Finance FAQs. That’s right, we’re here with a new segment where Scott and Mindy take your questions directly from the BiggerPockets Money Facebook group and give answers so you can make smarter investing, saving, and life-changing decisions.
In this episode, we get into questions from a range of different financial situations. We have questions about debt payoff schedules, whether to sell stocks and invest in real estate, why “safe” investing may not be smart investing, and what to do when three-quarters of a million dollars are given to you. Scott and Mindy not only answer these questions the best they can, but they also give the “why” behind the financial decision so you can be better equipped when situations like this come up in your own life!
If you want to ask a question or give us feedback about this new format, you can do so on the BiggerPockets Money Facebook Group or leave a comment on the BiggerPockets Money YouTube channel. We’ll try and round up the most commonly asked questions so Scott and Mindy can keep the wealth-building wisdom coming!
In This Episode We Cover
The safest investment vehicle in 2022 (and why safest doesn’t always mean best)
Whether to pay off student loans or invest in retirement and real estate
Which debt to pay off first so you can coast to debt-free freedom
Renting vs. buying in today’s hot housing market and how to decide for yourself
Funding home renovation projects (even when contractor costs are high!)
House hacking and using it to lower your expenses, grow net worth, and build financial runway
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Apply to Be a Guest on The Money Show
Follow Along Mindy’s Live Budget Tracking
BiggerPockets Money Podcast 35 with Craig Curelop (House Hacking)
BiggerPockets Money Podcast 267 with Robert Farrington (Student Loans)
Does It Make More Sense to Rent or Buy in Today’s Real Estate Market?
A Beginners Guide to Hack Your Housing and Live for Free
Check the full show notes here: https://www.biggerpockets.com/blog/money-290
Learn more about your ad choices. Visit megaphone.fm/adchoices
Previous Episode
289: How to Retire in 3 Years (After MANY Mistakes) with Real Estate w/Hugh Carnahan
Real estate and early retirement go hand in hand. Most people think that it’ll take years (or decades) to build up enough cash flow to simply break even on your monthly expenses (lean FI). Those people probably aren’t thinking as big as today’s guest, Hugh Carnahan, who retired in only three years thanks to speed, diligence, and a courageous amount of risk-taking.
You’d probably assume that to retire in three years, Hugh had to be a very financially adept person. Well, you’d be 100% wrong! Hugh struggled for years with his finances and committed almost every cash flow cardinal sin in the book. He made great income, saved almost none of it, then saved way too much of it, and thought that his path to financial freedom was through getting solar panels on his house, NOT buying houses.
When a local business owner set him straight, he consumed as much real estate investing content as he could. He listened to the BiggerPockets Real Estate Podcast religiously and after 386 episodes, decided he should invest in real estate. So Hugh went and bought a nice single-family home, right? Nope. He did something much different—and he’s financially free because of it.
In This Episode We Cover
How to NOT practice the “pay yourself first” principle of investing and saving
Lifestyle creep and how it can eat away at your wealth, even as a high-earner
ESPP programs and the benefits of getting discounted company stock
The BRRRR strategy and using it to force equity on your rental properties
Commercial and portfolio loans, plus how they differ from residential mortgages
How to leverage cash-flowing real estate to hit financial freedom (fast!)
And So Much More!
Links from the Show
Follow Along with Mindy’s 2022 Budget
Make Your Own Free Mobile Expense Tracking App in 30 Minutes
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Apply to Be a Guest on The Money Show
Check the full show notes here: https://www.biggerpockets.com/blog/money-289
Learn more about your ad choices. Visit megaphone.fm/adchoices
Next Episode
291: Turning eBay Profits into Cash-Flowing Rentals w/The Frugal Gay
eBay flipping isn’t something new. You’ve probably bought something on eBay that was sold by a reseller. Maybe a type of makeup you liked got discontinued. Maybe your favorite pair of jeans from a nationwide chain suddenly disappeared. For eBay resellers like today's guest, Tom Brickman (The Frugal Gay), it’s all about finding the products that people love but can’t get a hold of anymore.
Tom is a master of frugality. Raised by a real estate investor, he knew what cash flow could do to a nine-to-five worker's life. So, at age twenty-one, Tom cashed in some company stock to buy his first multifamily. He inadvertently house hacked and was living in his own place for a whopping $138 per month! From there, he moved from his native Ohio to Texas where he got a full-time job, built his eBay flipping business, and never stopped reinvesting into rentals.
As a side-hustle addict, Tom shares numerous stories about how he made (and lost) large sums of money by reselling on eBay. He even bought an entire house on eBay at auction, which came with bullet holes included. Talk about a deal! Now, retired well before sixty-five, Tom lives a life he loves with his partner, thanks to financial frugality!
In This Episode We Cover
Why frugality at a young age can compound into massive wealth-building benefits
ESPP and reinvesting your paycheck so you can use investments to buy cash flow
What makes a great eBay flipping product and how to find the best deals around
Commercial real estate investing and rehabbing properties for enormous equity gains
Buying homes at auction online and why you shouldn’t solely trust the zip code a house is in
Paying off credit card debt quickly through hard work and smart money management
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Apply to Be a Guest on The Money Show
5 Frugality Myths Americans Believe That Would Make Ben Franklin Cry
A Beginners Guide to Hack Your Housing and Live for Free
How to Pay Down Bad Debt—Fast!
Check the full show notes here: https://www.biggerpockets.com/blog/money-291
Learn more about your ad choices. Visit megaphone.fm/adchoices
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