Search found 1966 matches

by JGoneRiding
Mon Dec 14, 2020 9:18 am
Forum: Personal Finance (Not Investing)
Topic: Does buying property in Hawaii make sense?
Replies: 58
Views: 6885

Re: Does buying property in Hawaii make sense?

I enjoy being a landlord. And those numbers are good for buying and renting. But at your income level and long distance you would be crazy to be a long distance land lord.

Any time moving to an area for less than 3 years renting is usually the better option. Also doesnt sound like you are including the value of furniture in transaction costs.

I imagine right now things that would rent well before are not you know that whole pandemic and quarantine issue.
by JGoneRiding
Sat Dec 12, 2020 11:13 am
Forum: Personal Finance (Not Investing)
Topic: Should I sell stocks to get a better mortgage refi rate?
Replies: 20
Views: 1924

Re: Should I sell stocks to get a better mortgage refi rate?

I would do it. But I also am unlikely to ever have 2 mil taxable so there is that. But if I did and had no taxes I would take it out to get the better loan.

Stocks are very high right now. Who knows what January will do.
by JGoneRiding
Sat Dec 12, 2020 10:33 am
Forum: Personal Finance (Not Investing)
Topic: Tax question for refi cash-out for primary or investment property
Replies: 18
Views: 1290

Re: Tax question for refi cash-out for primary or investment property

1) where are you getting that rental rate!

2) legally if you use the cash out to pay your primary house loan that portion of the rental loan is NOT deductible as part if the rental income.
by JGoneRiding
Sat Sep 26, 2020 5:31 pm
Forum: Personal Finance (Not Investing)
Topic: Schwab closed my checking $0 account without a warning. Is that common?
Replies: 33
Views: 7824

Re: Schwab closed my checking $0 account without a warning. Is that common?

Fyi I was told this week by us bank that activity was loosely defined and could.just be logging on and or a balance enquiry. But she was unable to tell.ke exactly how long inactive was. Inwas checking because I need to leave an estate account open forn6 to 9 months to deal with taxes but there should be zero activity during that time.
by JGoneRiding
Sat Sep 26, 2020 5:14 pm
Forum: Personal Finance (Not Investing)
Topic: estate planning attorneys: how to split an inheritance?
Replies: 28
Views: 3049

Re: estate planning attorneys: how to split an inheritance?

Sandi_k wrote: Sat Sep 26, 2020 1:38 pm I would just leave a flat dollar amount to each grandkid, sufficient for reasonable college expenses.

Assuming the grandparents have $2M now, and there are 2 kids, 8 grandkids.

$2m x 6.25% = $125k. Presumably you'll have spent some of the $2m, but maybe it appreciates. Who knows? Therefore, I'd feel like $100k per grandkid is a good way to do it, and then split the remainder 50/50 between your children.
Just fyi this runs the risk of giving grandkids more than kids . That would happen if the total estate shrunk to less than then600k needed for the grandkids bequests. All stated flat amounts are awarded out of an estate before %. Using % for each generation is better.
by JGoneRiding
Sat Sep 26, 2020 10:59 am
Forum: Personal Finance (Not Investing)
Topic: estate planning attorneys: how to split an inheritance?
Replies: 28
Views: 3049

Re: estate planning attorneys: how to split an inheritance?

MarkerFM wrote: Sat Sep 26, 2020 8:45 am We have our estate set to split equally between two children no matter how many children they have.

My wife's mother decided to bequeath her IRA to her six grandchildren. Our two kids got 1/3, a brother's three got half, and another brother's kid got the rest. This obviously favored the brother who had the largest family. Ironically, those kids had also received help with tuition, camp, etc. from the grandparents over the years, and the single kid did as well. Ours didn't, because we didn't need the help. I don't think this was very equitable, but it wasn't my decision or my money.
It wasnt your money our your brothers either. I have always thought treat all levels of heirs equal. All the grandkids got the same amount right that is fair
by JGoneRiding
Sat Sep 26, 2020 10:44 am
Forum: Personal Finance (Not Investing)
Topic: House equity split
Replies: 13
Views: 1576

Re: House equity split

No equity. Write up a straight fwd loan repayment plan with him having second place as a lein on the home. For this to work she buys and closes on the home before he gives her a dime. Then he loans her the money. This will be a lot simpler. There is NO Way to record what you are saying with a deed. Your equity share doesnt go down when you record the deed that is it. And as already pointed out he wouldn't have 50% in Reading the last line. But the mortgage directly increases the equity and ONLY your friend is paying it. The other way would be to do 50/50 but she gets out the primary mortgage payments first before equity is split legally this is difficult because like I said you cant record the title that way it would be a separate agreement...
by JGoneRiding
Sat Sep 26, 2020 10:33 am
Forum: Personal Finance (Not Investing)
Topic: Pay off auto loan?
Replies: 23
Views: 2044

Re: Pay off auto loan?

I can honestly say in similar circumstances I absolutely would not. What I might do if I wanted to mentally pay off the car is refi that primary loan and take from the ef to do so. You should be able to get 1% or close to it nocked off that loan if you act now. Then you can say you only owe in your home and part of the loan is in the form of a shorter term at an uber low rate.
by JGoneRiding
Sat Sep 26, 2020 10:20 am
Forum: Personal Finance (Not Investing)
Topic: Avoiding Estate Tax
Replies: 40
Views: 4772

Re: Avoiding Estate Tax

I think its important to know which estate tax we are talking about. The federal tax limit is very high and only uber rich need worry. But some states have much lower like Maryland and so the irrevocable or spousal trusts make a lot of sense.
by JGoneRiding
Sat Sep 26, 2020 12:21 am
Forum: Personal Finance (Not Investing)
Topic: Hospital bill for deceased parent...received 2 years later.
Replies: 67
Views: 9407

Re: Hospital bill for deceased parent...received 2 years later.

Yes she was on Medicare (she was 85) but I don’t know details about deductibles. I will have to see if I can find any files at their house that may give insight. If she had been in the hospital I am confident that she had already met her deductible for the year. This is highly likely a clerical error on the part of Aetna. I wouldn't spend anytime trying to find out if her deductible had been met but rather with bill in hand call Aetna and make certain to document your contacts and conversations. Sorry for this hassle for you. Cheers It was actually her second stay in the hospital for the same issue that year. I was hoping this question was a yes or no answer. Not a “requires more work on our part” :P Hopefully Aetna will talk to me (I’m ju...
by JGoneRiding
Fri Sep 25, 2020 9:28 am
Forum: Personal Finance (Not Investing)
Topic: What happens if your income comes in below the minimum for the ACA?
Replies: 70
Views: 6158

Re: What happens if your income comes in below the minimum for the ACA?

Forgive me for not reading all the answers. Are you confusing maximum and minimum? The maximum income in my state - California - for a couple is $24,690. You can't go over. If you are substantially under, as we accidentally were one year, it was suggested we could have gone with Medicaid. The question is what happens if you estimate income at $25K, receive a premium tax credit and enroll in an insurance plan, but your income turns out to be $23K at year end. You cannot go back in time and enroll in medicaid. If you estimated income at $23K and enrolled in medicaid, you would become ineligible when income turns out to be higher. I think the loss of medicaid would be a qualifying event to enroll in an insurance plan. Medicaid works different...
by JGoneRiding
Fri Sep 25, 2020 9:14 am
Forum: Personal Finance (Not Investing)
Topic: One house or two?
Replies: 3
Views: 901

Re: One house or two?

The only thing that matters is what does your wife think?

I personally wouldn't do 3 unless rental real estate was already your plan. It gets very complicated with a rental to family at below market rent. For how many years do you plan to provide housing for your parents? For most that is not a sustainable long term plan.
by JGoneRiding
Sat Sep 19, 2020 1:14 pm
Forum: Personal Finance (Not Investing)
Topic: Preparing for retirement in mid 30s
Replies: 311
Views: 26234

Re: Preparing for retirement in mid 30s

I plan to semi retire at 40. I will continue to work to pay expenses ( 20 hrs a week covers expenses comfortably) and not go into my savings/ investments as they continue to grow. I suppose what I am saying is I will stop accumulating at 40, and work enough so I dont dig into my savings. This will also qualify me for subsadized health covg and many other perks. Semi retirment to me means work at will. No real boss. Travel as you like. My profession allows me to do that( hint: not tech). My uncle worked to 70 chasing that extra " security" and his retirement involves joyous trips to his cardiologist and thats about it. He cant travel and says doent have the energy or desire to do the things he thought he would do. I might be wrong...
by JGoneRiding
Sat Sep 19, 2020 9:46 am
Forum: Personal Finance (Not Investing)
Topic: Too good to be true? [Refinance]
Replies: 9
Views: 2537

Re: Too good to be true? [Refinance]

We refied with UWM in march. No issues closing was fast. Only hiccup was that at signing suddenly all the notaries wouldn't meet anywhere but per our title agent that has been resolved in the last 6 months.

Yes they were significant lower than others at the time.
by JGoneRiding
Wed Sep 16, 2020 9:29 pm
Forum: Personal Finance (Not Investing)
Topic: ethics concern with trust
Replies: 74
Views: 6217

Re: ethics concern with trust

I assume that S has a different set of beneficiaries than the 16 that your father's Trusts do? Are any S's beneficiaries aware of what happened? They are the group that is out 25k. If you feel strongly about this, then maybe you should advise one of them and let them decide whether to take action. Yes, S was a step-mother who has two adult children. I have not told them and would hesitate to out of concern that it could provoke legal action against the trust. This concern is not about wanting to retain her $25K, but to avoid a legal battle. Keep in mind that I just learned that the broker who committed to reimburse these funds did not do so. I am very surprised that the trust attorneys do not want to pay back the money - it just seems so c...
by JGoneRiding
Wed Sep 16, 2020 8:22 pm
Forum: Personal Finance (Not Investing)
Topic: Preparing for retirement in mid 30s
Replies: 311
Views: 26234

Re: Preparing for retirement in mid 30s

My only recommendation would be to buy a small house in cash to limit risk of rent increases. You can easily have a 3/2 1500 sqft for $150,000 in the Midwest/South. Yes, I am seriously considering this. It will require working several more years, but it means my family will not be beholden to landlords. And it means I can withdraw less from my portfolio, which will give more favorable tax benefits and a larger margin of error. No it shouldn't change your immediate numbers at all and if it does your numbers arent strong enough. Right now you are saying you need 45k income to rent. It's being suggested you shift some of your net worth into a fixed asset as a housing inflation hedge. This should immediately drop your projected spend and there...
by JGoneRiding
Fri Sep 11, 2020 9:55 pm
Forum: Personal Finance (Not Investing)
Topic: Bet that 30-year mortgage rates are below 2.00% by July 2021
Replies: 37
Views: 4593

Re: Bet that 30-year mortgage rates are below 2.00% by July 2021

Admiral wrote: Fri Sep 11, 2020 2:39 pm United Wholesale Mortgage ALREADY has (or had, a month ago) 30 year rates under 2%. Some caveats, but they were there.

https://www.housingwire.com/articles/uw ... -mortgage/
I went with them at 3.24 in march rates then went up but then down so I haven't looked at another. I do believe they only work through a broker
by JGoneRiding
Fri Sep 11, 2020 9:47 pm
Forum: Personal Finance (Not Investing)
Topic: Bet that 30-year mortgage rates are below 2.00% by July 2021
Replies: 37
Views: 4593

Re: Bet that 30-year mortgage rates are below 2.00% by July 2021

David Jay wrote: Fri Sep 11, 2020 11:18 am I read in a recent thread that someone had snagged a 2.25% 30 year fixed.
My parents did but it was a va refi.
by JGoneRiding
Thu Sep 10, 2020 1:31 pm
Forum: Personal Finance (Not Investing)
Topic: Tenants screening
Replies: 32
Views: 3341

Re: Tenants screening

As for whether or not to rent to the tenant you describe, did you do all the background checks, verify all the data on their rental application, and meet them personally and ask 5x as many questions as on your rental app? j :D +1 to this. Basically what I said in my above post, I think Sandtrap will agree. After you've been doing this for a while, you know who the good tenants are when you are meeting them in person, it's not so much what they say, but how they say it. This. It's why Seattle first rent law is terrible. Just how do you screen for "unlikely to annoy me with a lot of petty demands and questions while reporting legit issues in a timely manner" but after can afford to and will pay the rent this is the next thing I want.
by JGoneRiding
Thu Sep 10, 2020 1:22 pm
Forum: Personal Finance (Not Investing)
Topic: Payoff Mortgage from 401K
Replies: 8
Views: 974

Re: Payoff Mortgage from 401K

Are you planning on 1099 income next year? From a taxed stand point it makes most sense to wait until the year after you finish collecting the 1099 income. Esp if you are able, planning on living on the pension plus SSA income.
I would personally keep doing what you are doing until you are like yeah ok I will just make a last payment with cash.
by JGoneRiding
Thu Sep 10, 2020 1:15 pm
Forum: Personal Finance (Not Investing)
Topic: Question for owners of residential rental property.
Replies: 7
Views: 1061

Re: Question for owners of residential rental property.

I have been using venmo and very happy or I was going to figure out another service I would use zillow
by JGoneRiding
Thu Aug 27, 2020 12:21 pm
Forum: Personal Finance (Not Investing)
Topic: Cousin died He did not leave a will
Replies: 85
Views: 12858

Re: Cousin died He did not leave a will

I am currently an executor on a state with a will and only 6 heirs. Then thanks to covid probate got extended then the youngest most obnoxious but chronically Ill beneficiary DIED then we had to wait again to get his estate set up to receive his share of funds, which was most of his estate! That caused enough if a delay that the estate earned interest over the federal limit so now I have to wait until next Feb to close everything.

I would 100% rec you contact the county admin and help then out by getting all cousins registered and just sit back and wait for whatever little check is left
by JGoneRiding
Wed Aug 26, 2020 12:14 pm
Forum: Personal Finance (Not Investing)
Topic: Finding balance in life: When do you let up off the gas?
Replies: 105
Views: 11617

Re: Finding balance in life: When do you let up off the gas?

Now seems like a good time :sharebeer I am 41 and have a net worth slightly less than yours. For many years I had your mindset, pedal to the metal toward an early-as-possible retirement. But as my two children were born in the past five years and our net worth passed 3 million, we decided to take a step back. My wife will go 50% time next year and maybe quit a year or two after that. I May go part time in the next five years as well. Sure, we both could have retired completely before 50 if we kept working. But we did some math and realized we could have less stress and more time to enjoy life now, with adding only another 5-8 years until we fully retire. For us it was worth it. I dont make anywhere what you and the OP do and never will. Bu...
by JGoneRiding
Sun Aug 23, 2020 10:02 am
Forum: Personal Finance (Not Investing)
Topic: Are emergency funds for suckers?
Replies: 202
Views: 19483

Re: Are emergency funds for suckers?

Hub wrote: Thu Aug 20, 2020 10:36 am My personal checking is one of those high interest accounts that requires transactions, but pays currently 2.5% on the 1st $30k. That works out to be plenty of cash on hand to also count as my "emergency fund," but it's all just in my main checking and not earmarked specifically.
Is this a bank anyone can access? Given ally significant drop I am looking at other options for banking.
by JGoneRiding
Sat Aug 22, 2020 3:25 pm
Forum: Personal Finance (Not Investing)
Topic: Cousin died He did not leave a will
Replies: 85
Views: 12858

Re: Cousin died He did not leave a will

I think gill idea is very good. Someone needs to step up or the state and county will get everything.

Generally speaking intestate estates go like this.

Spouse/ children
Parents
Siblings
Grand parents
Forgot niece/nephew here
Aunt/uncle
1st cousins
2ne cousins
The state/sometimes 3rd cousins.

I am guessing 1-5 are ALL missing? Anyone of any of those generations gets it all before cousins.
Then if it gets to cousins its ALL cousins on all 4 sides.

But 1/10 of something is better than nothing and you would also get the executor fee. In all this time has no one applied for the position?
by JGoneRiding
Sat Aug 22, 2020 3:19 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage refi math
Replies: 1
Views: 387

Mortgage refi math

I need your help making a decision. I have a rental property I intend to keep.long term. Currently at 4.5 % about 160k loan. I have been looking to refi just to save money no cash out. Though I dislike resetting the loan time Because if the current political climate rentals are being considered high risk by banks, especially in my state. So the rates and costs are not as great as I think they should be. I have debated waiting and see what happens when we can evict again but unless the governor losses (not super likely) come November I think we might all be permanently screwed over. What I can get right now is 3.5%for $3500 in costs that might not include title escrow fees (no lawyers here). My calculator says about 2.5 yr to pay it back in ...
by JGoneRiding
Wed Aug 12, 2020 10:50 am
Forum: Personal Finance (Not Investing)
Topic: Rec'd Unsolicited Offer for Land
Replies: 27
Views: 2689

Re: Rec'd Unsolicited Offer for Land

How many acres and what are you currently leasing for?
by JGoneRiding
Wed Aug 12, 2020 10:15 am
Forum: Personal Finance (Not Investing)
Topic: Covid Salary Reduction, Debt vs. Investing v. Saving
Replies: 32
Views: 3657

Re: Covid Salary Reduction, Debt vs. Investing v. Saving

My plan is to pay off the car loan and credit cards by spring, salary restored or not. When back to $130k, I plan to max the 401k (15%), and try to max the Roth IRA. I'm currently contributing only 4%. Or, with a restored salary, and only 4% contribution, I could pay about $3k per month toward debt. At that rate, I could pay off everything except the mortgage in +/- 3 years (though sacrificing retirement). Also, I should add, I don't feel I will need 75% of $130k per year in retirement, my expenses will not be high. I would rather not work until 70 to receive max social security (my job is high stress), but will do what I have to. Sorry for the wall of text, but thank you so much for your time, I appreciate it. Go with plan a esp given you...
by JGoneRiding
Wed Aug 12, 2020 10:08 am
Forum: Personal Finance (Not Investing)
Topic: Covid Salary Reduction, Debt vs. Investing v. Saving
Replies: 32
Views: 3657

Re: Covid Salary Reduction, Debt vs. Investing v. Saving

Thank you for your replies. I have been going back and forth on the car vs. the lower balance credit card. Mainly, freeing up the $469 car payment will "feel" better, but also enable me to put more toward retirement earlier. There is no deferred interest on the 0% card, it will just start to accrue beginning in January '21. And following-up - would you leave the student loans and mortgage alone after the initial debt is gone and save solely for retirement or keep the ball rolling with the pay down or a mix of both? Thanks! You are clearly an intelligent person "feel better" about saving more money. There is nothing wrong with your car loan. There is a lot wrong with over paying on a cc. Calculate the math if you need to...
by JGoneRiding
Tue Aug 11, 2020 9:19 am
Forum: Personal Finance (Not Investing)
Topic: Rental property investing and #'s explained (why real estate can be a great investment)
Replies: 138
Views: 11240

Re: Rental property investing and #'s explained (why real estate can be a great investment)

RocketShipTech wrote: Mon Aug 03, 2020 9:08 pm Here is my more realistic scenario:

$500k 2/2 condo in downtown Chicago

Annual rent: $35k
Annual HOA: $11k
Annual property tax: $9k
Unleveraged Annual profit: $15k (only 3% return!)

Leveraged up 50% at 3%, annual interest cost: $7.5k
Leveraged annual profit: $7.5k (still only 3% return!)

:oops:
Never buy a rental with an hoa
by JGoneRiding
Mon Aug 10, 2020 9:58 pm
Forum: Personal Finance (Not Investing)
Topic: Wedding Finances during COVID
Replies: 26
Views: 3562

Re: Wedding Finances during COVID

This is one thing I hope people getting engaged will realize they dont need super fancy expensive weddings and stupid fancy "venues" kiss
by JGoneRiding
Sun Aug 09, 2020 9:50 am
Forum: Personal Finance (Not Investing)
Topic: What percent of net worth should a persons house be?
Replies: 206
Views: 25001

Re: What percent of net worth should a persons house be?

I also think that it is strange to use net worth as a yard stick. For a regular Joe who is working, I find that it is more appropriate to use annual income. The one that I use is between 2x and 3x annual income. When I purchased mine close to 20 years ago, it was 3x my income, now it is under 2x. (I have an el cheapo condo.) Of course for someone in the top 1%, it may be good to use net worth as a measurement but I have no experience in this and it unlikely I would reach this status. Edit: Others have mentioned the ratio of cost of maintaining house to income, which I agree is a better measurement. My above suggestion is only meant to be a simple proxy. Is that % in mortgage or value? When we purchased we were a little tight at 3.3x income...
by JGoneRiding
Sun Aug 09, 2020 9:37 am
Forum: Personal Finance (Not Investing)
Topic: Large windfall - impact on financial plan
Replies: 29
Views: 4101

Re: Large windfall - impact on financial plan

I would definitely fund staying home for a year with the baby. You dont get that time back and nearly every other developed society gives it to moms.

Also with this money and what you have you dont really need to save any more. So yes you can totally live on 200k a year. Especially since there isnt a need to put more money away. Though i would still save enough for the match.
by JGoneRiding
Sat Aug 08, 2020 9:40 am
Forum: Personal Finance (Not Investing)
Topic: Charitable giving in an estate will/trust
Replies: 12
Views: 1056

Re: Charitable giving in an estate will/trust

As an executor I can promise I would refuse any future executor role (I have 2 more madian aunts) that donated to charity. My suggestion create an IRA at a seperate brokerage and leave the remainder to charity. This is what my gma did. Now of course all the money has been spent but it was seperate from her estate and required no action on part of the executor
by JGoneRiding
Wed Aug 05, 2020 10:17 pm
Forum: Personal Finance (Not Investing)
Topic: second home or primary home?
Replies: 3
Views: 653

Re: second home or primary home?

I did this. Just told them we were going to rent home 1. As long as you have the income it's fine. In my case we had other rentals so while close it wasnt bad
by JGoneRiding
Mon Jul 27, 2020 9:09 am
Forum: Personal Finance (Not Investing)
Topic: Driveway On Neighbor's Land
Replies: 139
Views: 6997

Re: Land Border Issues & Aggressive Neighbor - Help Wanted Please

In most states he gave up right to that land 3 years ago. 7 years after the fence was established
by JGoneRiding
Wed Jul 22, 2020 11:00 pm
Forum: Personal Finance (Not Investing)
Topic: Financial Crisis: Advice needed
Replies: 90
Views: 9333

Re: Financial Crisis: Advice needed

OP. The basic question becomes are YOU willing to support sibling? If not then remove your self completely from the situation and practice things like here is the number for senior assistance. Your fil plan is most likely to die before he has to admit failure.

Your mil will have more than most if that happens as she will have above average ss. Sibling will be sol at that point maybe they will learn to care for themselves
by JGoneRiding
Wed Jul 22, 2020 10:42 pm
Forum: Personal Finance (Not Investing)
Topic: Financial Crisis: Advice needed
Replies: 90
Views: 9333

Re: Financial Crisis: Advice needed

atikovi wrote: Wed Jul 22, 2020 2:43 pm
livesoft wrote: Wed Jul 22, 2020 2:39 pm I don't understand how someone with income of $300K is collecting Social Security because isn't Social Security reduced $1 for every $2 of earned income?
Yikes! Good call.
Not after you reach fra which it sounds like they have. Which is great means they have medicare but are paying irma
by JGoneRiding
Wed Jul 22, 2020 10:30 pm
Forum: Personal Finance (Not Investing)
Topic: Financial Crisis: Advice needed
Replies: 90
Views: 9333

Re: Financial Crisis: Advice needed

DreamsOfRetiring wrote: Wed Jul 22, 2020 9:21 am
Living Free wrote: Wed Jul 22, 2020 9:10 am What about the MIL? Does she not work? Is she able to work?
No she is not, she has mobility issues. and other health problems.
Why are you trying to pay off this debt at all then? Pay the irs as agreed drag the student plus loan out as long as possible. Safe the rest. The IRS can go after the estate doubtful on the student loan. Sounds like they are both likely to die in 5 to 15 yr.
by JGoneRiding
Tue Jul 21, 2020 9:40 pm
Forum: Personal Finance (Not Investing)
Topic: It is okay to spend money on depreciating assets?
Replies: 51
Views: 4508

Re: It is okay to spend money on depreciating assets?

So I am 39 2 young kids nw about 300k not counting real estate (so I guess really 700k, crazy)
Only make about 80k average and going down.

Any way I have excepted I will be working longer to pay for the toys. Like others have said no need to buy top of the line. We are on the camper grow up plan. First one was old and coat $1800 next one is not young and cost $6500. Should last us several years. The point is these things loose value rapidly and then stop loosing value a lot.
by JGoneRiding
Tue Jun 16, 2020 10:42 am
Forum: Personal Finance (Not Investing)
Topic: Choosing an executor?
Replies: 25
Views: 2351

Re: Choosing an executor?

I just want to say it should.be the most honest person you know. I can't even begin to tell you how much estate funds I have received in my name.
by JGoneRiding
Sun Jun 07, 2020 9:21 pm
Forum: Personal Finance (Not Investing)
Topic: Can we afford 600k house?
Replies: 98
Views: 12957

Re: Can we afford 600k house?

wander wrote: Sun Jun 07, 2020 10:08 am Yes, you can; but, you will have to give up a lot of things and have not much room for error. Good luck!
Yes that. We bought a $425k house with 10% down in a 130k income. 2 kids in and some drop in income (because I wasn't going to work 60hr weeks with 2 littles) and I can assure you ita very tight.
by JGoneRiding
Sun Jun 07, 2020 9:17 pm
Forum: Personal Finance (Not Investing)
Topic: Escape from the House of Dust and Mold
Replies: 7
Views: 1365

Re: Escape from the House of Dust and Mold

It’s probably not going to be worth your time and effort to contest paying July rent. I’d ask the landlord if he would be willing to let June be your last month. At the very least, I’d definitely write a letter memorializing the verbal agreement to terminate the lease at the end of July and get LL to sign it. It might be worth seeing if you can get a consultation with a legal aid attorney to see what your options might be, but I wouldn’t spend time and money trying to fight this. IANYL. Ianal either but I am a LL I know if someone was complaining that much about mold and spores and had 3 handyman in, trying to decide why you did that. I would definitely let them walk without issue if you gave notice now for the end of the month. Its only 8...
by JGoneRiding
Sat Jun 06, 2020 10:30 am
Forum: Personal Finance (Not Investing)
Topic: Seller breach of contract on home. I need advice.
Replies: 64
Views: 7669

Re: Seller breach of contract on home. I need advise.

What does your realtor say? You have a professional handling things, right? A seller who’s willing to bail over a $3500 difference either knows they can quickly sell it to someone else, or they’re so sick of trying to deal with a difficult buyer that they’re willing to take the risk of relisting. I think at this point, either go through with the sale and fix it yourself, or find another place. Edit...lots of older houses have ungrounded, two prong outlets. Asking for the seller to upgrade them isn’t really a normal part of most real estate transactions. From the sellers point of view its NOT $3500 it's more like 30k from what op said in price reduction and multiple repairs. At this point op needs to take it or accept they are not going to ...
by JGoneRiding
Sun May 31, 2020 5:34 pm
Forum: Personal Finance (Not Investing)
Topic: 50% pay cut: moving advice
Replies: 68
Views: 5843

Re: 50% pay cut: moving advice

I rented out my first home. But I wanted to be a LL. My debt to income ratios were tight. They absolutely counted the rent I was getting. I do not know at what ratio though it helped on the most recent refi where my income had gone down that my rentals are now "seasoned" yes the wilp most likely discount the rent but it will still be income, yes they will consider your reserves for sure. I would totally go with your plan but hire a PM. I would also ask for an 18 month lease from your tenants so it ends the following summer. Adding since so many are against and now I know where you are. Assuming not Seattle proper with the comment about rail (dont ll in Seattle proper to liberal) I would definitely do it for a year or 2. I think pr...
by JGoneRiding
Mon May 18, 2020 3:55 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Issue
Replies: 13
Views: 1434

Re: Social Security Issue

Wife will only owe for what she feels like paying. I personally might see they were buried properly.
The rent they will have to pay if they asked the landlord to extend the lease otherwise they should have been out in 30 days.

Funeral expenses and then last hospital usually take precedence for being paid. But to get that money you would need to file as pr and put in as a small estate.

I am a pr currently. I guarantee in this situation I would stay far far away. I would take care of personal effects and catalog everything of potential value. Iw ould hold a garage sale and then wait to see if anyone shows up to claim the funds.
by JGoneRiding
Sun May 17, 2020 10:21 pm
Forum: Personal Finance (Not Investing)
Topic: College Student: The Lost Summer
Replies: 10
Views: 1917

Re: College Student: The Lost Summer

Daycares are open in lots of places. Mine never closed at all though I do know attendance is WAY down they also lost a lot of the college caretakers that normal fill in between hours as they all went "home" we are a college town. So I am sure there is still need.
by JGoneRiding
Sun May 17, 2020 9:53 pm
Forum: Personal Finance (Not Investing)
Topic: Mountain cabin?
Replies: 24
Views: 4366

Re: Mountain cabin?

750 ft cabin with the great outdoors to play in and presume some out door living space sounds great ri me! Personally I wouldn't want the bigger and more expensive house unless I was going to have a lot of people living there.
by JGoneRiding
Wed May 13, 2020 12:07 pm
Forum: Personal Finance (Not Investing)
Topic: Second Mortgage Questions
Replies: 10
Views: 918

Re: Second Mortgage Questions

Well you dont have any options then. The reason for the insistence is that they wont be first in line and or the second (if they retain first status) can still force foreclosure if they arent paid. There is no way you are getting a normal refi in this current market with those restrictions. Either create enough equity to get one loan and refi your first and second together (what I would try to do) live with the loans toy have.

It's not unusual to have a loan set to amortization as a 30yr loan but have a callable 15 yr ballon.
by JGoneRiding
Thu Apr 30, 2020 4:37 pm
Forum: Personal Consumer Issues
Topic: Has Your Spending Changed Since The Shutdown?
Replies: 180
Views: 10332

Re: Has your budget changed? What items have you cut out?

Day care and mortgage (in that order) make up about 60 to 70% of our budget. If one of us stops working daycare has to go! We spend nothing else significant. Next highest is food at $500 to 600.