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Afford Anything | Make Smart Money Choices

Ask Paula - How Do I Buy a Foreclosure? - and Other Real Estate Questions

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.73.6K Ratings

🗓️ 26 February 2018

⏱️ 44 minutes

🧾️ Download transcript

Summary

#118: Questions -- I get questions! Today, I’m tackling four queries about real estate investing that come from the audience. Here are the details: Sam says: I work full-time and I’m not handy, so I definitely need a property manager. I’ve found an amazing property management company, but they only serve a small, specific neighborhood. Should I buy a property in this neighborhood so that I can use this fantastic property management company? Terri asks: I’ve heard that if you’re above a certain income level, you’re unable to carry-over losses from your income property. My accountant says it doesn’t make sense to buy a rental property if you can’t carry-over losses. Is this true? Anonymous asks: I’d like to buy my first rental property when I’m in graduate school. I’ll live in one room and rent out the other. What should I consider? Noelle says: We’d like to sell our home, and use the proceeds to pay cash for a foreclosure in the South. How do we find a foreclosure or short sale? We cover these questions in today’s episode. Enjoy! _____ Resources Mentioned: Amazon - nolo every landlord's tax deduction guide https://www.nar.realtor/rofindrealtor.nsf/pages/fs_sfrspec?OpenDocument Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

You can afford anything, you just can't afford everything.

0:12.1

Every decision that you make is a trade-off, and that is not just true for your money,

0:16.4

that's true for your time, your energy, your focus, your attention.

0:19.6

It's true for anything in your life that's a scarce or limited resource, there's always

0:23.4

a trade-off, there's always an opportunity cost.

0:26.1

Given this set of facts, the questions become twofold.

0:29.8

Number one, what is most important to you?

0:32.5

And number two, how do you align your day-to-day behaviors and actions to reflect that which is

0:38.2

most important to you to reflect your priorities?

0:41.5

Answering and living the answer to these two questions is a lifelong practice, and that

0:46.2

is what this podcast is here to explore and help facilitate.

0:49.5

My name is Paula Pan, I am the host of the Afford Anything Podcast.

0:52.8

Here's how we structure this show.

0:54.6

Every other week.

0:55.7

I have an interview with a guest, and on the weeks in between, I answer questions that

1:00.8

come from you, the listeners.

1:02.7

Among these questions, these episodes in which I answer audience questions, I divide them

1:07.8

up into two different types.

1:10.5

Half of them are questions generally about money, debt, retirement savings, budgeting,

1:16.9

and then the other half are questions specifically about real estate investing.

1:21.4

So in other words, every fourth episode of this podcast is an episode in which I answer

1:27.1

audience questions about real estate investing.

...

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