Ask Paula - The Real Estate Edition

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.7 • 3.6K Ratings

🗓️ 20 March 2017

⏱️ 66 minutes

🔗️ Recording | iTunes | RSS

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Summary

#69: So many Afford Anything listeners have great questions about real estate investing. That's why this episode of Ask Paula is dedicated to answering them. Our first question comes from Ade, who has $25,000 to invest in real estate and lives in the Bay Area. Understandably, he's thinking of investing out-of-state, and wants to know if Atlanta is still a good city to invest in. Where can the best deals be found? Krystina lives and has four rentals in Vermont, but she's sick of the cold. She's thinking of selling the properties and moving elsewhere. She asks: if you had to start over, where would you buy and what type of property would you buy? The next question comes from Kayla, who wants to know how to report rental income on your taxes when you also live in the property. Are there any tax implications to be aware of? Claire is relocating to California, and is curious to know if she's better off renting, or if she should max out her mortgage loan potential and buy a house that has a detached garage she can rent out to cover the increased mortgage. Our next question comes from a listener with a paid-off rental who also has an Airbnb on her property. Nice! But, she has a $160,000 mortgage on her own house. She has $30,000 in the bank and wants to know: should she put it toward her mortgage, or use it to buy another property? Our last question comes from Katie, who's eyeing a vacation rental in one of her favorite destinations. Does it sound like a good idea? And how can she estimate the cap rate (and her expenses) without a ton of information on the property? We dive into these topics - and more - in today's episode. Enjoy! To be included in Paula's Real Estate Course, click on the link in the show notes at http://affordanything.com/episode69 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	You can afford absolutely anything you want without any restriction.
0:12.0	Not you can afford anything, but you can't afford everything.
0:17.0	That's just the fundamental truth. There are limits to what you can afford and that's
0:21.0	true not just for your money, but also your time, your focus, your energy, your attention,
0:28.0	literally anything in your life that is a scarce or limited resource is something that you have to make crucial decisions about.
0:36.0	Because given that you do have certain limitations, how are you going to use those limited resources at your disposal in the wisest way possible?
0:46.0	How will you make smart decisions about the most optimal use of your time, your money, your focus, your energy, given that we have more opportunities,
0:56.0	more choices at our fingertips that we have this abundance of what we could possibly do and only so many things that we could do it with?
1:03.0	How will you make those choices and equally as important? How will you make sure that you are day-to-day actions aligned with the choices that you're making?
1:12.0	That's what this podcast is here to explore. My name is Paula Pant, I'm the host of the Afford Anything Podcast to where we try to answer all of those questions that I have just described.
1:22.0	Today, I'm answering questions that you, the Afford Anything Community have sent in.
1:28.0	By the way, if any of you listening do want to send in a question for a future show, head to affordanything.com slash voicemail, where you can leave your question.
1:36.0	Now, today's episode is a little different than normal because I got a lot of questions related to real estate investing, and I know that some of you are into that and some of you aren't.
1:47.0	So, what I decided to do was take all of the real estate investing questions, okay, I want to all of them, but a lot of them, I took a bunch of the real estate investing questions and I consolidated them all into one show.
1:59.0	So, today's show is a special edition of Ask Paula where I answer only questions that are related to real estate investing.
2:10.0	If you're interested in this topic, listen on, and if you're not, then thanks for joining us and check out some of the other shows in the archives.
2:18.0	You know, I wanted to respect the fact that a lot of you just aren't into real estate investing, and if you're not, then that's okay. I'll meet you in the next episode.
2:27.0	This one is just the episode where we're going to focus on that.
2:31.0	Thanks so much. Our first question comes from a day.
2:36.0	Hi, Paula. My name is a day, and first off, I want to say that you've been a complete inspiration to me and many others, so please keep up the good work.
2:43.0	I have about $25,000 that I can invest into real estate, and that's not going to give me very far here in the Bay Area.
2:51.0	So, I've turned my attention to the South, specifically Atlanta, and I know that you've had a lot of success in Atlanta.
	...

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