Search found 32 matches

by fishingmn
Wed Jul 22, 2015 9:03 am
Forum: Investing - Theory, News & General
Topic: Why I Said "No" to Peer-to-Peer Lending
Replies: 66
Views: 6034

Re: Why I Said "No" to Peer-to-Peer Lending

I put $10k into Lending Club 18 months ago - all in $25 loan segments. It didn't take too long to identify loans once you set up parameters. I've been pulling it all out as I get payments. Even though I am still showing a 11%+ return I just don't like how 20 of them have defaulted. My biggest worry ...
by fishingmn
Fri Jul 17, 2015 6:44 am
Forum: Personal Consumer Issues
Topic: Recommended World War I book
Replies: 43
Views: 3095

Re: Recommended World War I book

Okay - this is not a book. But If you ever listen to podcasts I highly recommend one called Hardcore History by Dan Carlin. His most recent series was a 6 part podcast on WW1. Each episode is 2-4 hours long and is very in depth and well done. And they are free (unless you choose to make a small dona...
by fishingmn
Thu Jul 16, 2015 8:29 am
Forum: Personal Finance (Not Investing)
Topic: The Good the Bad and the Ugly of real estate
Replies: 79
Views: 10437

Re: The Good the Bad and the Ugly of real estate

This would imply you will be out of the business in a couple of years for a total venture of 7 years in the business. Do you mean that this is the backbone of your retirement income by making a good profit which will support retirement by being invested elsewhere. Otherwise your post is confusing. ...
by fishingmn
Thu Jul 16, 2015 7:00 am
Forum: Personal Finance (Not Investing)
Topic: The Good the Bad and the Ugly of real estate
Replies: 79
Views: 10437

Re: The Good the Bad and the Ugly of real estate

If you really want to learn about real estate investing you should check out biggerpockets.com It's the premier site for RE investors and has a very active forum, articles, how-to's and podcast. I have 11 rental properties which I've purchased over the last 5 years. Nothing but positive experience. ...
by fishingmn
Wed Jul 15, 2015 12:53 pm
Forum: Personal Finance (Not Investing)
Topic: I tipped 15% and got a dirty look
Replies: 129
Views: 6806

Re: I tipped 15% and got a dirty look

So, I wonder why I should tip at all. After all, it's a minimum wage job, nothing more, nothing less. Minimum wage in CA is $9/hr - more in some cities. How much more than that is the work that a waiter/waitress does worth? I get it - it's a hard job and you deal with a lot of unpleasant people, bu...
by fishingmn
Wed Jul 15, 2015 9:08 am
Forum: Personal Finance (Not Investing)
Topic: I tipped 15% and got a dirty look
Replies: 129
Views: 6806

Re: I tipped 15% and got a dirty look

I pretty much always do 20% but don't tip on tax. My grandfather always told me to not tip on tax growing up so it stuck with me.

No tip on takeout.
by fishingmn
Tue Jul 07, 2015 7:07 pm
Forum: Personal Consumer Issues
Topic: Worst financial book you have read (or will admit you have read)
Replies: 90
Views: 8517

Re: Worst financial book you have read (or will admit you have read)

The worst "financial" book I read has to be Rich Dad, Poor Dad by Robert Kiyasaki. +1 Totally agree. I listen to the Bigger Pockets podcast on real estate investing. They interview real estate investors every week and always ask about their favorite book at the end and I'm amazed that so ...
by fishingmn
Tue Jul 07, 2015 7:01 pm
Forum: Personal Consumer Issues
Topic: Provence Travel
Replies: 19
Views: 1403

Re: Provence Travel

Last October we spent 3 nights in a B&B near Roussillon in the Luberon hill country and 3 nights at a B&B in Saint Remy de Provence. Loved both of them. Did the Sunday market as we suggested above which is fun and spent a day exploring the Luberon hill towns. We really liked Saint Remy as a ...
by fishingmn
Sun Jun 28, 2015 6:40 am
Forum: Personal Consumer Issues
Topic: Home cleaning services
Replies: 30
Views: 3358

Re: Home cleaning services

GoldenFinch wrote:Where I live (Midwest) the going rate for an independent cleaning person is $25 per hour. Cleaning companies charge $34 per person per hour.


I can confirm this rate in Minneapolis.
by fishingmn
Thu Jun 25, 2015 1:47 pm
Forum: Investing - Theory, News & General
Topic: Why do Bogleheads/BiggerPocketers think there is only one way?
Replies: 123
Views: 14531

Re: Why do Bogleheads/BiggerPocketers think there is only one way?

I think most people get into trouble with directly held real estate from being greedy, overextended, and over-leveraged. I think real estate that is unleveraged or moderately leveraged can be useful in a retirement portfolio as it adds stability and better inflation protection to an income stream o...
by fishingmn
Sun May 31, 2015 9:40 pm
Forum: Personal Consumer Issues
Topic: Selling A House Via Auction
Replies: 20
Views: 1505

Re: Selling A House Via Auction

Jack FFR1846 wrote:Say your house is worth $400k. An agency would charge....say 5% or $20k, so you net $380k.

What if you go to auction and the highest bid is $175k?

Then you pay 10% auction fee.


That's why you'd want to set a reserve price.
by fishingmn
Sun May 24, 2015 2:48 pm
Forum: Personal Finance (Not Investing)
Topic: A different way of calculating when to retire
Replies: 26
Views: 2875

Re: A different way of calculating when to retire

You said you want to keep working to increase your level of spending in retirement. First off, there's no evidence that spending more would definitely make you happier. And while many people decide to retire when their BS bucket is full - my wife decided to retire in early 2016 when our good friend ...
by fishingmn
Fri May 22, 2015 7:43 am
Forum: Personal Finance (Not Investing)
Topic: The end of the nest egg
Replies: 30
Views: 7798

Re: The end of the nest egg

You might look at the Variable Percentage Withdrawal option which has a spreadsheet and long discussion here - https://www.bogleheads.org/wiki/Variable_percentage_withdrawal It doesn't allow you to run out of money unless you live beyond your projection. It doesn't make you save "too much"...
by fishingmn
Sun May 17, 2015 7:42 am
Forum: Investing - Theory, News & General
Topic: Best Asset Allocation if you've "won the game"
Replies: 86
Views: 9167

Re: Best Asset Allocation if you've "won the game"

Question - How would you suggest calculating AA when you have a sizable chunk of rental real estate? We are 1 year from retirement (53). Current AA not including real estate - 72% stocks, 16% bonds, 12% cash (holding cash looking for another rental purchase) But, if I considered the real estate to b...
by fishingmn
Thu May 07, 2015 1:02 pm
Forum: Investing - Help with Personal Investments
Topic: How much home can we afford (Short Post)
Replies: 8
Views: 896

Re: How much home can we afford (Short Post)

Well there are 2 possible answers here. To answer the straight forward one a rough lender estimate would take your income and multiply by .28 and then divide by 12 to get a maximum monthly payment. $250k * .28 / 12 = $5,800/mo You then can look up the interest rate on a 15 year mortgage which is aro...
by fishingmn
Thu May 07, 2015 12:54 pm
Forum: Personal Consumer Issues
Topic: New car vs used car -- what's your approach?
Replies: 57
Views: 3186

Re: New car vs used car -- what's your approach?

Part of the answer probably lies in information you didn't provide. What's your income? A lot of people think it would be fun and impressive to drive around in the new $45k Infinity but financially it's probably not a good solution unless you are already well set financially. I would look to pay no ...
by fishingmn
Sat May 02, 2015 10:02 am
Forum: Personal Consumer Issues
Topic: Rental flooring decision
Replies: 36
Views: 3632

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: 3574

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: 595

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: 3804

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: 15815

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: 3313

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: 3275

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: 8905

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: 3275

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: 3257

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: 1007

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: 4835

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: 4835

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: 2178

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: 19540

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: 2178

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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