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Afford Anything | Make Smart Money Choices

Ask Paula - Should I Sell My Rental Property and Invest the Proceeds in the Market?

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.73.6K Ratings

🗓️ 6 November 2017

⏱️ 54 minutes

🧾️ Download transcript

Summary

#102: This week, I'm back to answering questions posed by listeners of the podcast. An anonymous listener asks: Should we continue to rent out our home, or should we sell it? We bought a home in California but have since moved to New York and have been renting there. After all expenses on the rental are accounted for, we receive $150/mo in profit. We estimate that even with repairs factored in, we'll still be in the positive. However, my husband thinks it's better to sell the property and invest the profits. I think we're better off keeping the house and having someone else pay the mortgage. Who has the better idea? What would you do?   Jessica asks: My husband and I are about to relocate from the mid-west to Colorado Springs, and we anticipate making $80,000 from the sale of our house. Should we take the proceeds from the sale and put it toward our next home? Or should we put that money in index funds instead? For context, we plan on buying either a duplex or triplex, or doing a fix-and-flip like we did with our current home. Terri asks: How can I find a good real estate agent - especially one who is good with short sales and foreclosures? What are the signs of a good real estate agent? Laura asks: My husband and I currently own a three-family home (in which we live on the bottom floor), but in light of getting a new job that requires me to commute an hour each way, we are thinking about either converting the three-family home into three condo units and selling them, or buying another house and keeping the three-family home as a rental. There's another factor to consider, though: the property is located on a peninsula, and with sea levels rising, we don't think it has long-term potential (in terms of equity). What should we do?   For more, visit the show notes at http://affordanything.com/episode102  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.

0:10.9

Every decision that you make is a trade-off against something else.

0:13.4

And that's true, not just of your money, but also your time, energy, focus, attention.

0:18.1

Anything in your life that is a scarce or limited resource, and so the questions become

0:21.7

twofold.

0:23.2

What are you going to do with those limited resources?

0:26.2

What is most important to you?

0:28.1

What do you value?

0:29.1

What do you prioritize?

0:30.1

And question number two, how do you align your day-to-day behaviors to reflect those

0:35.9

decisions, those priorities?

0:38.0

Figuring out these answers is a lifetime practice.

0:40.5

That's what this podcast is here to explore.

0:42.2

My name is Paula Pat.

0:43.2

I am the host of the Affordable Care Foundation.

0:46.1

Every other week I answer questions submitted by you, the listeners.

0:49.6

And actually, for the past three weeks, I've been doing interviews because we had a normally

0:54.2

on every even numbered episode.

0:56.7

We do an Ask Paula episode where I take your questions.

0:59.6

But two episodes ago, the last even number one was episode 100, which if you did not

1:04.6

catch, please go catch that because Pat was awesome.

1:08.4

Episode 100 was a special celebration.

...

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