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Afford Anything | Make Smart Money Choices

Ask Paula - Should I Sell Stocks to Buy a Rental Property

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.73.6K Ratings

🗓️ 21 May 2018

⏱️ 59 minutes

🧾️ Download transcript

Summary

#130: Anna and Dave want to get married … eventually. But they want to buy a rental property together first. How should they approach this from a paperwork/legal structure standpoint? Note: They’re thinking about having one partner purchase the home, with the other partner acting as a lender (with proper paperwork in place). Would this be a wise approach? Fred lives in Saskatchewan, Canada and owns two duplexes. He’s thinking of buying rental properties in the U.S., and he has 4 questions: What requirements or criteria do you establish ahead of time? For example, do you look for a minimum cap rate? Or a specific type of property? When you’re looking out-of-state, what steps do you take to identify a community? How about the type of property? What market research do you undertake? How would you caution an international investor who wants to start investing in U.S. properties? Jordana wants to build financial independence. She’s thinking about selling off stocks and index funds in order to buy her first rental property. Is this a good idea? Cheryl lives in Texas, where property taxes are astronomical. How should she factor this into her rental property decisions? Rachel is worried about bed begs. (Yuck!) Have I dealt with these in any of my rental properties? How do I protect against pests, termites and roaches? I tackle these five questions in today’s episode, which is dedicated to rental property investing. Enjoy! P.S. Need software to manage your rental properties? Collect applications, screen tenants, and collect rent online with Cozy.co/Paula. (And P.P.S. — If you’re not interested in rental investing, don’t worry! Check out last week’s episode about debt payoff with Laura Adams, or the previous week’s episode, in which Joe Saul-Sehy and I answer a smattering of general personal finance questions. Have fun!) For more information, visit the show notes at http://affordanything.com/episode130 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.

0:10.8

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

0:13.2

And that's true not just for your money, but your time, your focus, your energy, your

0:17.2

attention, your emotions, anything in your life that is a focused and directed and limited

0:22.6

resource.

0:23.9

And so the question becomes, what are you going to focus on?

0:27.4

What of that is understanding what is most important to you?

0:31.0

And how do we lie in your day-to-day behaviors to reflect those priorities?

0:35.7

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

0:39.2

explore.

0:40.4

My name is Paula Pant.

0:41.4

I'm the founder of AffordAnything.com and the host of the AffordAnything podcast.

0:46.5

Every other week we interview a guest and on the weeks in between I take questions that

0:50.6

come from you, the community.

0:52.4

Now of these weeks in which I take community questions, half of those are general personal

0:57.9

finance questions, and half of those are real estate questions.

1:01.9

This happens to be that one in four episodes where I answer real estate-related questions

1:05.8

that have come from you.

1:07.1

So if you're interested in rental property investing, keep listening.

1:10.3

And if that's not your cup of tea, don't worry.

1:12.4

There are plenty of other topics to explore.

1:15.3

For now though, let's start with this question from Anna and Dave.

...

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