Ask Paula: Should We Sell a Condo if We’re Barely Breaking Even?

#336: Anonymous and his partner have a one-bedroom condo that they rent out in Pasadena, CA. The problem? They’re barely breaking even. Should they keep the condo, or sell it and make better use of the profits? Sam wants to know: how much of an emergency fund does a rental property need? Michael and his wife expect their taxable income to be less than $10,000 this year. Should Michael (age 56) take distributions from his 401k to minimize or eliminate their income tax burden? Shanon wants to switch to an ethical bank with values that align with hers. How can she create a framework for making decisions about financial institutions when authentic information is scarce? Sharon's husband purchased a property with a below-market loan in 2008. They now have an extra $4,000 per month, and Sharon wants to buy a property as a first-time buyer. They're torn between keeping the property or selling it. What should they do? Former financial planner Joe Saul-Sehy joins me to answer more of your questions. Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode. For more information and resources, go to https://affordanything.com/episode336 Learn more about your ad choices. Visit podcastchoices.com/adchoices