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by fishingmn
Sat May 02, 2015 10:02 am
Forum: Personal Consumer Issues
Topic: Rental flooring decision
Replies: 36
Views: 3121

Re: Rental flooring decision

I have carpet in mine but that's more of a standard here in Minnesota where it's warmer in the winter. I don't allow any pets which helps keep the flooring in better condition.
by fishingmn
Sat Apr 11, 2015 7:29 am
Forum: Personal Finance (Not Investing)
Topic: When to Retire?
Replies: 35
Views: 3269

Re: When to Retire?

Looks to me like you could retire now quite easily.

My biggest concern would be the safety level of the pension.
by fishingmn
Thu Apr 09, 2015 4:12 pm
Forum: Personal Finance (Not Investing)
Topic: inherited rental property depreciation need to deduct land
Replies: 15
Views: 463

Re: inherited rental property depreciation need to deduct la

I have 11 rentals - my accountant has me calculate the amount to depreciate differently. Lets say the county assessor has it valued at $75,000 which is made up of $60,000 building and $15,000 land. We then see that they assume the land is 20% of the assessor's value and the building 80%. We then tak...
by fishingmn
Tue Mar 31, 2015 3:51 pm
Forum: Personal Consumer Issues
Topic: [living in] Minneapolis-St. Paul
Replies: 55
Views: 3332

Re: [living in] Minneapolis-St. Paul

If anyone can suggest anything I can do about this situation short of a lawsuit, I would be very grateful. Move? PM me, I'm a realtor in town :) Short of enlisting support from fellow residents and/or getting like minded people elected to the board your 3 options are - 1) Deal with it 2) Rent it (i...
by fishingmn
Mon Mar 23, 2015 1:46 pm
Forum: Personal Consumer Issues
Topic: Restaurant tipping
Replies: 200
Views: 12933

Re: Restaurant tipping

In MN minimum wage for wait staff is the same as everyone else so they do make a bit more. In fact, the legislature is now considering to reduce the minimum to $8/hour while the rest of the state is scheduled to go to $9.50. I typically do 20% but I don't tip on tax. My grandfather always insisted o...
by fishingmn
Wed Mar 18, 2015 12:29 pm
Forum: Investing - Theory, News & General
Topic: Buy a rental property in this market ?
Replies: 42
Views: 2975

Re: Buy a rental property in this market ?

Good advice from James 7. I wouldn't settle for 10% returns. Concentrating wealth into one property is a huge risk and landlording is a hassle. I need to be paid a premium over historic stock market returns for that. What I don't really agree with is this. I'm happy to get 10% cash return on my rent...
by fishingmn
Thu Mar 12, 2015 12:27 pm
Forum: Personal Finance (Not Investing)
Topic: Rental properties
Replies: 25
Views: 3020

Re: Rental properties

With 11 properties I maybe get 1 call per month from a tenant - not too taxing. I have a list of vendors I use to address issues. The biggest time issue arises when I need to find a new tenant. Most tenants stay on for quite a while but I do allow tenants to cancel their lease at any time if they us...
by fishingmn
Thu Mar 12, 2015 10:38 am
Forum: Investing - Help with Personal Investments
Topic: Edward Jones Account Closing Fees
Replies: 90
Views: 7400

Re: Edward Jones Account Closing Fees

I don't have experience with EJ but I would start with the nice route - "appreciate all the assistance over the years and hope you will work with us to minimize any fees" .... If that doesn't work then maybe just go with "I'd hate to feel the need to go on Yelp, Google + and every oth...
by fishingmn
Thu Mar 12, 2015 10:32 am
Forum: Personal Finance (Not Investing)
Topic: Rental properties
Replies: 25
Views: 3020

Re: Rental properties

I have 11 rental properties which will provide over half of our ongoing income in retirement (next year at age 53).
by fishingmn
Wed Jan 28, 2015 12:35 pm
Forum: Personal Consumer Issues
Topic: Perspectives on house with a pool
Replies: 34
Views: 2992

Re: Perspectives on house with a pool

We sold a lake cabin in Minnesota in 2004 and bought a house to install a pool instead. Figured we'd bring the water to us instead of drive 3 hours each way. Yes, we only got 3-4 months of use out of it but we really enjoyed it. Kids loved it and it was a great entertainment spot. If you won't use i...
by fishingmn
Thu Apr 17, 2014 10:58 am
Forum: Investing - Help with Personal Investments
Topic: Help with Home Sale
Replies: 15
Views: 990

Re: Help with Home Sale

Offer the sellers of the house you are buying $1,000 if they agree to push the closing to a date that works for you.

Win-win
by fishingmn
Thu Mar 07, 2013 9:16 am
Forum: Investing - Theory, News & General
Topic: "Debunking the Myth of the 8% Return"
Replies: 61
Views: 4772

Re: "Debunking the Myth of the 8% Return"

The only problem I have with this, it that it is a 'Job'. I'm retired. Not retired yet and it really hasn't been that much work - 8 properties and I maybe get a call once a month. The other side benefit is that as a Realtor it has lead to additional revenue. One tenant used me to buy a house and an...
by fishingmn
Thu Mar 07, 2013 8:30 am
Forum: Investing - Theory, News & General
Topic: "Debunking the Myth of the 8% Return"
Replies: 61
Views: 4772

Re: "Debunking the Myth of the 8% Return"

The underpinnings of this discussion is why I started buying rental properties 2 1/2 years ago. No mortgages so I'm not using the banks money but 8-11% cash returns + they are protected from inflation as that leads to rising rents. Now in hindsight I would have done better in the recent stock market...
by fishingmn
Mon Feb 04, 2013 10:35 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need a realtor??
Replies: 19
Views: 2148

Re: Do I need a realtor??

You don't need one, and I think the benefit is limited, but there's little real downside either. Just don't assume a buyer's agent is negotiating on your behalf - they are paid by the seller. Just not true. Here in MN this Disclosure document (Agency Relationships in Real Estate Transactions) is re...
by fishingmn
Fri Feb 01, 2013 10:42 am
Forum: Personal Finance (Not Investing)
Topic: How much do you expect your kids to pay for college?
Replies: 237
Views: 18783

Re: How much do you expect your kids to pay for college?

Since my grandfather paid for my college I've always had the notion that I'd cover it. Therefore, we agreed to cover 100% of tuition & room/board for 4 years at the state school rate (where we went). They cover living expenses and books. First child did just that. Second child chose a different ...
by fishingmn
Fri Feb 01, 2013 10:07 am
Forum: Personal Finance (Not Investing)
Topic: Do I need a realtor??
Replies: 19
Views: 2148

Re: Do I need a realtor??

I don't agree with a lot of this advice - yes, I'm a Realtor in MN. First of all, every state is going to be different so that's an important consideration. Here are the issues I see in the above answers - - Assuming the home you are looking at is listed on MLS, seller pays the real estate commissio...

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