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Afford Anything | Make Smart Money Choices

Ask Paula - I'd Like to Airbnb a Yurt. Should I?

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.73.6K Ratings

🗓️ 26 March 2018

⏱️ 48 minutes

🧾️ Download transcript

Summary

#122: Tony lives in Chicago, where the returns on rental properties are so-so. He's thinking about investing in Indianapolis, where he consistently finds rental properties with cap rates that are greater than 8 percent. Should he invest locally, so that he can get a primary residence mortgage and keep a closer eye on the space? Or should he invest out-of-state, where the returns are stronger? Dan lives in California. He's curious: where should he look for rental properties? And when should he buy? Dan holds $150,000 in a savings account and carries a mortgage and car loan with less-than-2-percent interest rates. Should he continue saving, or is he ready to take the plunge? Isaiah and his friends want to buy a plot of land and build two yurts, complete with internal bathrooms and kitchenettes. They estimate this will cost $120,000 and they can Airbnb the yurts for $100 per night. They'd like this to be a hybrid between an investment and a personal vacation spot. Should they do it? Evelyn lives in Brooklyn, where she's an Airbnb host within her primary residence. She'd like to sell her home and she expects to clear $1 million in equity. What should she do with this windfall? She holds $100,000 in a SEP-IRA and $10,000 in credit card debt, and she can't qualify for another mortgage. I tackle these questions on today's episode. Enjoy! For more information, visit the show notes at http://affordanything.com/episode122 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

You can afford anything but not everything.

0:11.0

Every decision that you make is a trade-off against something else, and that's true.

0:14.6

Not just for your money, but also your time, focus, energy, attention, anything in your

0:18.9

life that's a scarce or limited resource.

0:21.3

And so the questions become twofold.

0:23.0

Number one, what's most important to you?

0:25.3

And number two, how do you align your day-to-day actions to reflect that?

0:29.9

Answering these two questions is a lifetime practice, and that is what this podcast is

0:33.6

here to explore.

0:34.9

My name is Paula Pant, I'm the founder of AffordAnything.com, and the host of the Afford Anything

0:39.6

podcast.

0:41.3

Every other week I do an interview, and on the weeks in between I answer questions that

0:45.6

come in from you, the listeners.

0:47.6

Of these episodes in which I answer questions, I alternate between general personal finance

0:52.2

questions and real estate questions.

0:54.5

So every fourth episode is one in which I answer real estate-related questions that come

0:58.9

from you, and this happens to be that one in four episodes.

1:02.3

So if you're interested in real estate investing, stick around, and if not, don't worry, 75%

1:07.6

of our episodes are not about this topic, so check out some of those.

1:11.4

If you are into real estate investing, then you'll probably be interested in this first question

1:15.7

about where to buy a property.

1:17.4

It comes from Tony.

...

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