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Afford Anything | Make Smart Money Choices

Ask Paula - How Do You Pick a Rental Property?

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.73.6K Ratings

🗓️ 19 June 2017

⏱️ 39 minutes

🧾️ Download transcript

Summary

#82: Welcome to another Ask Paula episode! This week, I answer three real estate questions: #1: What criteria do you use when you’re shopping for an investment property? What qualities make you say, “heck yeah I’m buying this!!” — and what qualities make you say, “No way!” #2: I enjoy renting my personal home, but I still dream of investing in rental properties. Does it make sense to buy a rental property, even while I’m still a renter myself? #3: I’m a 45-year-old actress, and my income probably won’t qualify me for conventional bank financing for an investment property. But I already own a property with a lot of equity. Should I tap that in order to buy another rental? Or look for a private loan? Enjoy!   For more Ask Paula episodes, visit http://podcast.affordanything.com/tag/ask-paula Want your question answered? Leave a message here: http://www.affordanything.com/voicemail  Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

Today's episode is brought to you by Sainbox, a smart filter that prioritizes your inbox,

0:05.7

removing the email distractions and saving you time.

0:09.2

Get a free $25 credit at Sainbox.com slash Paula.

0:21.9

You can afford anything but not everything, and that's true.

0:25.2

Not just of your money, but also your time, focus, energy attention.

0:29.2

Anything in your life that is a scarce or limited resource,

0:32.8

and I am not saying this to promote a scarcity mindset.

0:36.0

On the contrary, I believe in abundance, but I also recognize the fact that every choice is a trade-off.

0:42.8

So the question becomes number one, what's most important to you?

0:46.4

What do you value? What are your priorities?

0:48.2

And number two, how do you align your day-to-day decisions in such a way that your actions reflect those

0:55.2

priorities? Those are tough questions, ones that we seek to answer in every episode.

1:01.6

My name is Paula Pat. Welcome to the Afford Anything Podcast.

1:05.2

Speaking of answering questions, every other week, I answer questions that you, the community,

1:10.1

have sent in. And this week, I am specifically answering questions that you've sent in regarding

1:16.3

real estate investing. If you're interested in the topic of investing in rental properties or in

1:20.9

real estate, stick around. If you're not into that topic, you can skip today's episode.

1:26.4

That said, let's jump in.

1:29.1

Hi Paula. Firstly, thank you for this fabulous podcast. I am in a very different situation than

1:34.8

the majority of your usual callers. I am a 45-year-old actress. I am in and out of work,

1:40.7

and on the whole not brilliantly paid. So I'm sad to say I have no savings and no retirement fund,

1:46.1

apart from whatever gets put away when I am in a job in a 401k. On the upside, I own a house in the

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