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Re: our renters want to buy our rent house

I know people want to make money but I personally would never enter a deal thinking up front "hey, it's likely they won't complete the deal and I'll pocket their money." Even if said person was bugging the crap out of you to do it? I am not wanting to structure it where it is abusive or t...
by southwest_stacker
Wed Mar 26, 2014 12:14 am
 
Forum: Personal Finance (Not Investing)
Topic: our renters want to buy our rent house
Replies: 20
Views: 2459

Re: our renters want to buy our rent house

Lots of good advice so far - thanks. To answer some questions: I am not actively trying to sell the property. I had not even thought of selling it until the tenants brought it up. If I can get a good price I would be ok selling it and then I would go look for another bargin. When I said I didn't wan...
by southwest_stacker
Tue Mar 25, 2014 10:17 pm
 
Forum: Personal Finance (Not Investing)
Topic: our renters want to buy our rent house
Replies: 20
Views: 2459

Re: our renters want to buy our rent house

Thanks for the replies. As to if we want to sell it we don't really care either way. We are not actively trying to sell it but everything is for sale at the right price. We bought this particular house from a distressed seller for cash and got it for approx 25k below market so if we sold it we could...
by southwest_stacker
Tue Mar 25, 2014 6:56 am
 
Forum: Personal Finance (Not Investing)
Topic: our renters want to buy our rent house
Replies: 20
Views: 2459

our renters want to buy our rent house

Our renters in one of our or rent houses want to buy it. They want to do some type of rent to own type deal. I don't really care either way if they buy it or don't but I want to make sure I do the paperwork right. I read somewhere that like 90% of the people that do this never end up buying the prop...
by southwest_stacker
Tue Mar 25, 2014 12:10 am
 
Forum: Personal Finance (Not Investing)
Topic: our renters want to buy our rent house
Replies: 20
Views: 2459

Re: Cars: Lease vs. buy. (Similar to houses? rent vs. buy?)

The car dealer is not going to lose money. The have actuaries that know what the car is going to be worth when the lease is up. They are going to get enough money from you in the form of upfront payments and monthly payments to cover the loss in value of the car, their cost of capital, and a health...
by southwest_stacker
Fri Mar 21, 2014 7:12 pm
 
Forum: Personal Finance (Not Investing)
Topic: Cars: Lease vs. buy. (Similar to houses? rent vs. buy?)
Replies: 47
Views: 2935

Re: Cars: Lease vs. buy. (Similar to houses? rent vs. buy?)

The car dealer is not going to lose money. The have actuaries that know what the car is going to be worth when the lease is up. They are going to get enough money from you in the form of upfront payments and monthly payments to cover the loss in value of the car, their cost of capital, and a healthy...
by southwest_stacker
Fri Mar 21, 2014 5:45 pm
 
Forum: Personal Finance (Not Investing)
Topic: Cars: Lease vs. buy. (Similar to houses? rent vs. buy?)
Replies: 47
Views: 2935

Re: How do you keep all your important documents?

I have the neat scanner and use it and the software. It works well but I have some concerns about the proprietary format and the size of the data file. In just one year of use my file is over 400mb. I wonder whats going to happen as the file gets huge and worry about it being corrupted and losing ev...
by southwest_stacker
Sat Nov 30, 2013 12:16 pm
 
Forum: Personal Finance (Not Investing)
Topic: How do you keep all your important documents?
Replies: 43
Views: 3619

Re: Wanting to spend money all of a sudden

I just had the time to really sit down and read through all the posts here in detail and let them sink in. Lots of wisdom spoken here and I it may be some sort of depression I don't know. This may sound dumb but about 8 years ago I was making 40k a year. I was even working two jobs to get this done....
by southwest_stacker
Tue Jun 18, 2013 12:36 pm
 
Forum: Personal Consumer Issues
Topic: Wanting to spend money all of a sudden
Replies: 76
Views: 5888

Re: Wanting to spend money all of a sudden

I just want to know how you have retirement fully funded, but yet can't cut back on work?? The two don't jive. Either you have a lot of money which buys you financial freedom or you don't. Which one is it?? Like I was saying work is complicated. 95% of my business comes from 5 companies. I have bee...
by southwest_stacker
Tue Jun 18, 2013 12:11 pm
 
Forum: Personal Consumer Issues
Topic: Wanting to spend money all of a sudden
Replies: 76
Views: 5888

Re: Wanting to spend money all of a sudden

Lots of good advice here - Thanks. As to the hours of work I am self employed and work 7 days a week. Long term I am working on some ideas to get me more time off maybe hiring more help, etc but for now there is not much I can do about it. Work is complicated and pretty much all of our business come...
by southwest_stacker
Mon Jun 17, 2013 6:48 pm
 
Forum: Personal Consumer Issues
Topic: Wanting to spend money all of a sudden
Replies: 76
Views: 5888

Re: Wanting to spend money all of a sudden

Start buying guns, lots of ammo and go shooting on the weekends. That'll burn up some cash. I do like guns but it is a similar deal. I have bought maybe ten of them over the past couple years and have not shot a single one of them. I used to enjoy shooting, hunting & fishing but have not been i...
by southwest_stacker
Mon Jun 17, 2013 5:46 pm
 
Forum: Personal Consumer Issues
Topic: Wanting to spend money all of a sudden
Replies: 76
Views: 5888

Wanting to spend money all of a sudden

I consider myself a frugal person. I am 36, have a paid for house,no debts, good income, and fully fund retirement. I think I am way ahead of the game for our age. Years ago I bought a sports car and sold it after a year because I did not drive it. It had nothing to do with the cost of it or needing...
by southwest_stacker
Mon Jun 17, 2013 5:33 pm
 
Forum: Personal Consumer Issues
Topic: Wanting to spend money all of a sudden
Replies: 76
Views: 5888

Re: First Time Landlord: Am I Doing It Right?

Sounds like good renters to me.

We have two rental properties and I would have no problems with them as tenants.

I would never ask for tax return or bank statements.

I would get both to sign.

The fact they are wanting a two year lease is a a good thing IMHO.
by southwest_stacker
Mon Jun 17, 2013 5:19 pm
 
Forum: Personal Finance (Not Investing)
Topic: First Time Landlord: Am I Doing It Right?
Replies: 27
Views: 1803

Re: What % of Gross Income Should You Spend on a New Car?

Before that we had a 13k car, a 8k car, and a 3k car. All were reliable, all had AC, all did there job on getting us from point a to b. I don't see why people want to spend so much on a stupid car to impress someone they don't even know sitting next to them at a stoplight. It isn't always about imp...
by southwest_stacker
Fri Jun 14, 2013 11:25 am
 
Forum: Personal Consumer Issues
Topic: What % of Gross Income Should You Spend on a New Car?
Replies: 70
Views: 3327

Re: Pest control with concerns about baby

You should be ok there are sprays that are approved for use in daycares and stuff like that. Just spray when the baby is not home and keep him out of the house until it dries. If you are going somewhere for the weekend or something it would be the perfect time to spray on your way out when you will ...
by southwest_stacker
Fri Jun 14, 2013 10:41 am
 
Forum: Personal Consumer Issues
Topic: Pest control with concerns about baby
Replies: 12
Views: 980

Re: What % of Gross Income Should You Spend on a New Car?

I have always thought it is crazy what people spend on cars. Not a little crazy - total crazy. Cars lose value FAST. How people can spend so much of their income on a fastly depreciating item blows my mind. I guess when I was in high school I thought it was important what I drove and how it looked b...
by southwest_stacker
Fri Jun 14, 2013 10:35 am
 
Forum: Personal Consumer Issues
Topic: What % of Gross Income Should You Spend on a New Car?
Replies: 70
Views: 3327

Re: Having a renter deposit rent directly at bank?

Can't they just have their bank accounts auto send you a check every month? I think you missed the part where the OP wrote that the tenants don't have bank accounts. I wouldn't give them deposit slips. Meet them at a bank central to the two locations. The meeting them is the hard part. Between thei...
by southwest_stacker
Tue May 07, 2013 1:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: Having a renter deposit rent directly at bank?
Replies: 32
Views: 1777

Having a renter deposit rent directly at bank?

We have two rent houses and both renters pay us every month in cash. They don't have bank accounts. We live about 10 miles from one and 30 miles from the other. Every month we have to meet up with them somewhere to get the rent. It is kind of a hassle. Interestingly enough both of them live right by...
by southwest_stacker
Tue May 07, 2013 1:22 pm
 
Forum: Personal Finance (Not Investing)
Topic: Having a renter deposit rent directly at bank?
Replies: 32
Views: 1777

two retirement accounts with two jobs?

I own a small business (LLC) with ten employees and have a simple IRA set up with it. I recently formed another LLC with no employees other than me that is totally unrelated and in a separate field than the first LLC. Can I set up and participate in any type of retirement plan simple/sep/solo 401k w...
by southwest_stacker
Wed Apr 24, 2013 3:55 pm
 
Forum: Investing - Theory, News & General
Topic: two retirement accounts with two jobs?
Replies: 6
Views: 539

Re: can't pay my taxes

I don't know how much you owe, but you are in MUCH better shape if it is not five figures. I know that from personal experience. If it were only 4 figures he wouldn't have a problem paying it. How much easier is it to pay $9,999 than $10,001? How much does it cost to reduce a 5 figure debt to a 4 f...
by southwest_stacker
Mon Mar 25, 2013 9:35 am
 
Forum: Personal Finance (Not Investing)
Topic: can't pay my taxes
Replies: 12
Views: 2166

Re: can't pay my taxes

Thanks for all the advice.

I am definitely filing on time and am going to visit with accountant on options.

The amount I have due on April 15 is 5 figures but I will be able to pay over half maybe 3/4 of it on time. The remainder I should be able to pay in May or June.
by southwest_stacker
Mon Mar 25, 2013 8:31 am
 
Forum: Personal Finance (Not Investing)
Topic: can't pay my taxes
Replies: 12
Views: 2166

can't pay my taxes

I am self employed. Have been for many years. I made all my quarterly payments in 2012 but just heard from accountant that I will have a large tax bill. I made a lot in 2012 but did not think the taxes would be this bad. Most of the money we made was used to pay off debts and then we had a major bus...
by southwest_stacker
Sun Mar 24, 2013 6:21 pm
 
Forum: Personal Finance (Not Investing)
Topic: can't pay my taxes
Replies: 12
Views: 2166

Re: recommend a online background/credit check service

I have a general question. What are the specific reasons for checking credit history of a prospective tenant? Will a low score deter you from renting or are you more interested in checking their bill payment history? Not necessarily just the score but what is on there. A credit history will also sh...
by southwest_stacker
Sat Mar 23, 2013 4:38 pm
 
Forum: Personal Finance (Not Investing)
Topic: recommend a online background/credit check service
Replies: 9
Views: 838

recommend a online background/credit check service

We are going to be renting out a house soon and are looking for a good online service to do a credit/background check. This is in Texas. Any recommendations?
by southwest_stacker
Fri Mar 22, 2013 12:44 pm
 
Forum: Personal Finance (Not Investing)
Topic: recommend a online background/credit check service
Replies: 9
Views: 838

Re: Mathematicians or statisticians here? Seeking your advic

I have a composite math / science minor. Took some graduate level math classes. I did not start as late as you but I did not really take any prep math classes in high school and was just kind of thrown into it in college. This was back before they had the placement tests or likely I would have not s...
by southwest_stacker
Thu Mar 07, 2013 3:22 pm
 
Forum: Personal Finance (Not Investing)
Topic: Mathematicians or statisticians here? Seeking your advice
Replies: 66
Views: 5680

Re: What is a 'reasonable compensation' for an S Corp?

I will add an example to clarify what I was saying. Lets say you are a Doctor and you have an S corp for your practice. Your net revenue is 300k / yr. It would be hard to justify a 30k salary since you are making the big bucks because you are a doctor. On the other hand lets say you bought a 500k bu...
by southwest_stacker
Wed Mar 06, 2013 7:40 pm
 
Forum: Personal Finance (Not Investing)
Topic: What is a 'reasonable compensation' for an S Corp?
Replies: 16
Views: 1642

Re: What is a 'reasonable compensation' for an S Corp?

200k has worked well for me and has satisfied the irs and my cpa over the years (as pres of a small yet profitable company) even with multiples of that left for distributions in good years. Of course if the S-corp made 100k, then 70k may be enough. That seems way high and defeats the purpose of the...
by southwest_stacker
Wed Mar 06, 2013 7:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: What is a 'reasonable compensation' for an S Corp?
Replies: 16
Views: 1642

Flood zones / insurance

Anyone know much about flood zones / insurance? I bought a house in 2010. At the the time the lender determined it was not in a flood zone and flood insurance was not required. I have the flood certification showing this. The certification is based off a 2007 map. In 2011 I refi'd and the lender sai...
by southwest_stacker
Wed Mar 06, 2013 5:53 pm
 
Forum: Personal Finance (Not Investing)
Topic: Flood zones / insurance
Replies: 2
Views: 243

Re: Landlord dilema

That is about what I was thinking. I was figuring installed price.

I used to be all about principle and often lost money because of it because I was going to do what I thought was right regardless. Now I look at things and do what is most financially prudent.
by southwest_stacker
Fri Jan 18, 2013 5:43 pm
 
Forum: Personal Finance (Not Investing)
Topic: Landlord dilema
Replies: 33
Views: 2614

Buying listed house without realtor

We have a distant relative that has a house they are wanting to sell. They live in a different town and were renting it out. The tenants moved out and they don't want the hassle of being long distance landlords and just want to sell. We are looking at buying it for an investment property/rental. Her...
by southwest_stacker
Fri Jan 18, 2013 4:56 pm
 
Forum: Personal Finance (Not Investing)
Topic: Buying listed house without realtor
Replies: 8
Views: 740

Re: Landlord dilema

Water heaters are what $500? I am sure if it is bothering your tenant it is bothering the people who own it as well. Not that it is right or that you should have to do it but it may be cheaper to make some kind of deal with the neighbor to help them replace it. Offer to pay half or something. Would ...
by southwest_stacker
Fri Jan 18, 2013 4:42 pm
 
Forum: Personal Finance (Not Investing)
Topic: Landlord dilema
Replies: 33
Views: 2614

Re: Contractor ruts up front yard -Long Distance landlord. A

From the OP it does not sound like there has been any confrontation on this yet? Has the contractor even been asked to fix the ruts yet? More than likely the contractor had knucklehead employees out there doing the work and is not even aware of the problem. Call them and calmy describe the problem a...
by southwest_stacker
Tue Jan 15, 2013 1:01 pm
 
Forum: Personal Consumer Issues
Topic: Contractor ruts up front yard -Long Distance landlord. Ahh!!
Replies: 15
Views: 1709

Re: 2013 coverdell limit

Yes there are no Coverdell's at Vanguard. I have my kids coverdells at scottrade but buy Vanguard funds with them. When we started the accounts 2k per child was about all we could afford and I liked the fact the coverdell was really simple, just like an IRA. You did not have to mess with any state s...
by southwest_stacker
Fri Jan 04, 2013 6:19 am
 
Forum: Investing - Theory, News & General
Topic: 2013 coverdell limit
Replies: 50
Views: 6086

2013 coverdell limit

I was getting ready to do the contributions for the kiddo's 2013 Coverdells and I was wondering if anyone has heard anything about the limits. It has been $2000/yr forever but was supposed to go down to $500/yr with all the fiscal cliff hoopla. I have not been able to find anything on if the $2000 w...
by southwest_stacker
Thu Jan 03, 2013 11:24 pm
 
Forum: Investing - Theory, News & General
Topic: 2013 coverdell limit
Replies: 50
Views: 6086

Re: If you had a windfall, would you pay off a loan with 2.5

One fallacy I see is everyone assumes if you pay of your debt you will be broke and have zero cash. That wouldn't be smart. You need an emergency fund and good cash buffer. Don't pay off all of your debt if it leaves you penniless. I am saying I think it is not smart to paying interest on a loan whe...
by southwest_stacker
Sun Dec 23, 2012 10:13 pm
 
Forum: Personal Finance (Not Investing)
Topic: If you had a windfall, would you pay off a loan with 2.5% in
Replies: 34
Views: 2843

Re: Record income this year or next

On the other hand, holding on to the tax payment for another year (also questionable, aren't you supposed to pay estimated taxes quarterly?) in this interest rate environment is not going to be worth it that much. My 2012 income so far (excluding this check ) is about double 2011. Required quarterl...
by southwest_stacker
Sun Dec 23, 2012 11:23 am
 
Forum: Personal Finance (Not Investing)
Topic: Record income this year or next
Replies: 11
Views: 951

Re: Record income this year or next

The IRS will not allow you the option of arbitrarily deciding in which year income is taxed. Under the "constructive receipt" doctrine, income is taxable in the year the payment is received without restriction on its use, not in the year the check is deposited. Technically you are correct...
by southwest_stacker
Sat Dec 22, 2012 6:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: Record income this year or next
Replies: 11
Views: 951

Re: If you had a windfall, would you pay off a loan with 2.5

Has nothing to do with Dave Ramsey. I don't even agree with a lot he says. Maybe for me it is because I am self employed. I was always stressed about how I had to pay the mortgage, pay the student loan, etc. I often would take on projects with my business that I knew were not very profitable just be...
by southwest_stacker
Sat Dec 22, 2012 5:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: If you had a windfall, would you pay off a loan with 2.5% in
Replies: 34
Views: 2843

Record income this year or next

I have a small business. We did a large job that the balance due represents about 1/3 of our annual net income. The customer is supposed to be mailing the check the day after christmas so likely I will receive it right at the end of the year. I could deposit it right away and owe taxes on it this ye...
by southwest_stacker
Sat Dec 22, 2012 4:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: Record income this year or next
Replies: 11
Views: 951

Re: If you had a windfall, would you pay off a loan with 2.5

The other thing I will add is the 2.5% you pay on your debt is guaranteed.You WILL pay that. What you earn on your investments is a crap shoot. You might make ten percent you might lose ten percent. Using this example if your investments gain you will feel smart making the 7.5% spread but if they lo...
by southwest_stacker
Sat Dec 22, 2012 4:40 pm
 
Forum: Personal Finance (Not Investing)
Topic: If you had a windfall, would you pay off a loan with 2.5% in
Replies: 34
Views: 2843

Re: If you had a windfall, would you pay off a loan with 2.5

It is hard to describe how being 100% debt free feels. There is no math to describe it. We have always been smart with debt and did ok but once we paid everything off it was like life changed. It is hard to describe but it is definitely worth it. It is amazing how fast you can build up money once yo...
by southwest_stacker
Sat Dec 22, 2012 4:37 pm
 
Forum: Personal Finance (Not Investing)
Topic: If you had a windfall, would you pay off a loan with 2.5% in
Replies: 34
Views: 2843

Re: need advice on insurance claim

Thanks for the info.
by southwest_stacker
Mon Dec 17, 2012 4:22 pm
 
Forum: Personal Consumer Issues
Topic: need advice on insurance claim
Replies: 11
Views: 527

need advice on insurance claim

We have a $1000 deductible on our insurance. My wife was driving the other day and the person in front of her was pulling a trailer and some boards flew off the trailer and hit her car causing about $1500 in damage. The people pulling the trailer did not stop but my wife good a good picture of them,...
by southwest_stacker
Mon Dec 17, 2012 10:48 am
 
Forum: Personal Consumer Issues
Topic: need advice on insurance claim
Replies: 11
Views: 527

Re: American funds bond funds

Thanks a lot for the advice and the links. Definitely saved me some money. As for the purpose of this money it is not really retirement money and not really emergency fund. It is just kind of there if needed. Maybe some sort of unknown business opportunity or something comes up and it would be used ...
by southwest_stacker
Wed Nov 28, 2012 11:30 pm
 
Forum: Investing - Help with Personal Investments
Topic: American funds bond funds
Replies: 12
Views: 924

Re: American funds bond funds

The highest yield Vanguard fund that I see that is open is VWESX at 3.94% and this is not tax free.

Seems like I would be better off paying the higher fees on the american funds or am I missing something?
by southwest_stacker
Wed Nov 28, 2012 1:57 am
 
Forum: Investing - Help with Personal Investments
Topic: American funds bond funds
Replies: 12
Views: 924

American funds bond funds

Currently all my investing is done in Vanguard funds. I use a mix of total stock, total international, total bond, and reit. This is done in our simple ira accounts and traditional ira accounts. We recently became totally debt free and are looking for where to put extra money. We currently have abou...
by southwest_stacker
Wed Nov 28, 2012 1:17 am
 
Forum: Investing - Help with Personal Investments
Topic: American funds bond funds
Replies: 12
Views: 924

First time investing in non tax advantaged accts

I am needing some advice. I am 35 and wife is 31. We have two kids 1 & 9. We max out our simple IRA's at the company (~12k/yr each). We also do 5k each to a traditional IRA (non deductible due to income). We max out coverdell ESA's for both kids. Everything is invested in a four fund vanguard po...
by southwest_stacker
Mon Nov 19, 2012 11:11 am
 
Forum: Investing - Help with Personal Investments
Topic: First time investing in non tax advantaged accts
Replies: 4
Views: 403

more than one accountant?

I have a small business. Made more than I ever have before in my life this year. I am worried about the tax implications. I have an accountant I have been using for several years and no issues but I wonder if it might be useful to get a second opinion? Maybe I (current accountant) is overlooking som...
by southwest_stacker
Wed Nov 07, 2012 10:19 am
 
Forum: Personal Finance (Not Investing)
Topic: more than one accountant?
Replies: 5
Views: 556

Re: How much hassle will you endure to save more or earn mor

I used to do everything myself. I own a business with 8 employees and I often found myself performing all sorts of tasks at night so that I didn't have to pay my employees to do them. Now I am starting to see the big picture and how my time is more valuable than that. Now I look at things with that ...
by southwest_stacker
Sat Nov 03, 2012 11:09 am
 
Forum: Personal Finance (Not Investing)
Topic: How much hassle will you endure to save more or earn more??
Replies: 22
Views: 2640

Re: how long do you save various papers?

I was talking about receipts for expense for my own business. It is an LLC. How long do I need to keep those?
by southwest_stacker
Mon Oct 22, 2012 11:53 pm
 
Forum: Personal Finance (Not Investing)
Topic: how long do you save various papers?
Replies: 27
Views: 1864
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