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Afford Anything | Make Smart Money Choices

Ask Paula: Your Real Estate Questions, Answered

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.73.6K Ratings

🗓️ 22 July 2020

⏱️ 66 minutes

🧾️ Download transcript

Summary

#266: Paul’s parents own a property worth $100,000, and they owe $80,000 on the mortgage. If he wants to buy this property from them, how should he do it? Max is torn between investing in a rental property or taking advantage of a mega backdoor Roth 401k through his company. Which is the better option? Ali is a travel nurse and wants to get into real estate investing. Should she buy a duplex that needs fixing up or a cheaper apartment that’s rent-ready? Kate and her husband own a townhome that has appreciated substantially, but they need a bigger house. They’re wondering: is it wise to keep it, rent it out, and use a cash-out refinance as a downpayment on their next property? I answer these questions on today's episode. Enjoy! For more information, visit the show notes at http://affordanything.com/episode266 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

You can afford anything, but you can't afford everything.

0:11.8

Every choice that you make is a trade-off against something else, and that applies not

0:14.9

just to how you spend your money, but how you spend your time, your energy, your focus,

0:19.5

your attention, how you spend any limited resource in your life, saying yes to one thing,

0:24.3

implicitly means saying no to something else, and that opens up two questions.

0:28.7

First, what matters most in your life?

0:31.6

And second, how do you make daily decisions and take daily actions to reflect that which

0:37.9

matters most?

0:39.7

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

0:42.9

here to explore.

0:44.1

My name is Paula Pat.

0:45.1

I am the host of the Affordable Care Foundation podcast.

0:47.4

Every other episode I answer questions that come from you, the community.

0:51.4

And today, we'll be tackling questions with a real estate theme.

0:54.8

Here's what we're going to talk about.

0:56.8

Paul's parents own a property that's worth about $100,000, and they owe $80,000 on the

1:01.3

mortgage.

1:02.3

He's interested in buying this property from them.

1:04.9

How should he do it?

1:05.9

Can he just take over their mortgage?

1:08.2

Max is torn between investing in a rental property out of state, building a rental property

1:14.0

on his own lot, or taking advantage of a mega-backed or Roth 401k opportunity through his company.

...

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