Search found 1833 matches

by Carefreeap
Wed Jun 28, 2017 5:09 pm
Forum: Personal Finance (Not Investing)
Topic: what would you do? considering relocating and visiting area first
Replies: 8
Views: 332

Re: what would you do? considering relocating and visiting area first

We've relocated 5x for my husband's job. If the company is moving several people they often have a relationship with a local real estate firm. I'd start with your HR department first. Is this a large metro area or a smaller town? If you're on your own I found going to some open houses in the neighbo...
by Carefreeap
Wed Jun 28, 2017 10:09 am
Forum: Personal Finance (Not Investing)
Topic: Tax Liability on Selling Former Residence (Now Rental)
Replies: 14
Views: 777

Re: Tax Liability on Selling Former Residence (Now Rental)

Your situation is one where it makes sense to ask the what-ifs such as whether moving back into the property for 2 years makes sense to save on cap gains (or possibly on a part-time basis for a culmative 24 months) or alternatively whether doing a 1031 exchange into a property closer to you which yo...
by Carefreeap
Sun Jun 25, 2017 11:44 am
Forum: Personal Finance (Not Investing)
Topic: What to do with mortgages, etc.
Replies: 29
Views: 3183

Re: More about prorating gain while the property wa rented out

I appreciate the article but all of the references were about property that was originally purchased as a rental and then subsequently converted to a primary. I didn't see a reference to the situation where someone buys the property as a primary, then converts to a rental within the qualified perio...
by Carefreeap
Sat Jun 24, 2017 9:03 pm
Forum: Personal Consumer Issues
Topic: Bay Area housing
Replies: 69
Views: 5198

Re: Bay Area housing

I hate to say it but it is true - pull the trigger asap. I tried to go boglehead conservative in 2010 and fought my wife hard to not buy a bay area home in the downturn. I was completely wrong. It's been 7 years now and even the 10 or more yrs before that there were no 'reasonable' priced times to ...
by Carefreeap
Sat Jun 24, 2017 8:06 pm
Forum: Personal Finance (Not Investing)
Topic: Mediator for ownership division of primary home
Replies: 46
Views: 1448

Re: Mediator for ownership division of primary home

I'm pretty sure that the general rule is that when a married couple buys a house as joint tenants, or similar, the presumption is that they own the house equally, unless they made an agreement in writing at the time , to do differently. Correct, and since they bought the house in California after t...
by Carefreeap
Sat Jun 24, 2017 7:11 pm
Forum: Personal Finance (Not Investing)
Topic: Mediator for ownership division of primary home
Replies: 46
Views: 1448

Re: Mediator for ownership division of primary home

I'm pretty sure that the general rule is that when a married couple buys a house as joint tenants, or similar, the presumption is that they own the house equally, unless they made an agreement in writing at the time , to do differently. Correct, and since they bought the house in California after t...
by Carefreeap
Sat Jun 24, 2017 6:01 pm
Forum: Personal Finance (Not Investing)
Topic: Insurance Company: "Why do you need so much coverage?"
Replies: 18
Views: 1557

Re: Insurance Company: "Why do you need so much coverage?"

If you don't have a million in assets, why would you insure that much ? Is future income an "asset?" It may vary by state..... If future income is an asset, why not a lottery prize, or an inheritance ? Can a court adjudicate damages in an uncertain amount "pay the plaintiff up to a m...
by Carefreeap
Sat Jun 24, 2017 5:23 pm
Forum: Personal Finance (Not Investing)
Topic: Mediator for ownership division of primary home
Replies: 46
Views: 1448

Re: Mediator for ownership division of primary home

When I type mediators into Yelp for their area, pretty much everything that comes up is Divorce and Family Law.... EDIT: I did find one mediator with good reviews that had a whole segment of their website dedicated to Estate Matters. Sent Mom the link, maybe they can give them a call and see if the...
by Carefreeap
Sat Jun 24, 2017 4:54 pm
Forum: Personal Finance (Not Investing)
Topic: Mediator for ownership division of primary home
Replies: 46
Views: 1448

Re: Mediator for ownership division of primary home

What state is the property in and how did they take title? That could matter if the situation went to court. My county has a program to deal with disputes, called Peninsula Conflict Resolution. They will do all kinds of dispute resolution between parties. You might look into whether there is a simi...
by Carefreeap
Sat Jun 24, 2017 4:49 pm
Forum: Personal Finance (Not Investing)
Topic: Insurance Company: "Why do you need so much coverage?"
Replies: 18
Views: 1557

Re: Insurance Company: "Why do you need so much coverage?"

dbr wrote:Maybe you should bump your umbrella up to $2Mil and they would require a $1Mil auto limit.


Hmm my auto is set at $300k then claims goes to my umbrella.

But you bring up a good point that the OP probably should get an umbrella policy.
by Carefreeap
Sat Jun 24, 2017 4:32 pm
Forum: Personal Finance (Not Investing)
Topic: Mediator for ownership division of primary home
Replies: 46
Views: 1448

Re: Mediator for ownership division of primary home

What state is the property in and how did they take title? That could matter if the situation went to court. My county has a program to deal with disputes, called Peninsula Conflict Resolution. They will do all kinds of dispute resolution between parties. You might look into whether there is a simi...
by Carefreeap
Sat Jun 24, 2017 3:27 pm
Forum: Personal Finance (Not Investing)
Topic: Mediator for ownership division of primary home
Replies: 46
Views: 1448

Re: Mediator for ownership division of primary home

What state is the property in and how did they take title? That could matter if the situation went to court. My county has a program to deal with disputes, called Peninsula Conflict Resolution. They will do all kinds of dispute resolution between parties. You might look into whether there is a simil...
by Carefreeap
Sat Jun 24, 2017 3:18 pm
Forum: Personal Finance (Not Investing)
Topic: What to do with mortgages, etc.
Replies: 29
Views: 3183

Re: What to do with mortgages, etc.

I appreciate the article but all of the references were about property that was originally purchased as a rental and then subsequently converted to a primary. I didn't see a reference to the situation where someone buys the property as a primary, then converts to a rental within the qualified perio...
by Carefreeap
Sat Jun 24, 2017 12:17 pm
Forum: Personal Finance (Not Investing)
Topic: What to do with mortgages, etc.
Replies: 29
Views: 3183

Re: What to do with mortgages, etc.

Here's an option to avoid the capital gains issues: rent your primary house, live in the secondary/rental house for 2 years to establish primary residency, then sell the rental, and then move back the primary house. Is this possible? Other possibility is wait for an foreseeable unemployment (e.g. c...
by Carefreeap
Sat Jun 24, 2017 12:08 pm
Forum: Personal Finance (Not Investing)
Topic: What to do with mortgages, etc.
Replies: 29
Views: 3183

Re: What to do with mortgages, etc.

. One question for the OP is whether s/he has any carry-forwards? We're in the process of selling a condo whereby I have a similar size cap gain. We are reducing (but not eliminating) our cap gain by taking back a seller carryback and spreading out the gain over a three year period of time. We (and...
by Carefreeap
Fri Jun 23, 2017 4:58 pm
Forum: Personal Finance (Not Investing)
Topic: What to do with mortgages, etc.
Replies: 29
Views: 3183

Re: What to do with mortgages, etc.

Here's an option to avoid the capital gains issues: rent your primary house, live in the secondary/rental house for 2 years to establish primary residency, then sell the rental, and then move back the primary house. Is this possible? Other possibility is wait for an foreseeable unemployment (e.g. c...
by Carefreeap
Thu Jun 22, 2017 9:05 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 62
Views: 4889

Re: Trust Services

Based on our experience, I think keeping real estate in a Trust with a corporate Trustee is not a good situation, especially with smaller Trusts which tend to get ignored anyway. The problem is that in addition to being illiquid real estate requires active management and that layers on another set o...
by Carefreeap
Thu Jun 22, 2017 4:52 pm
Forum: Personal Finance (Not Investing)
Topic: Co-workers advising to buy house RIGHT NOW
Replies: 62
Views: 5456

Re: Co-workers advising to buy house RIGHT NOW

Thanks everyone for thoughtful and helpful responses. What is keeping me awake in the night is the scary thought that home prices may go up and up and reach millions like CA, Seattle etc. Also, this bull market is not showing any remote signs of weakness. As a correction/crash seems far away, not e...
by Carefreeap
Thu Jun 22, 2017 3:49 pm
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 16336

Re: Siblings in disagreement over mom's house.

5. On multiple occasions I have helped keepers financially and so have other sellers. I've been reading this thread on and off, have not read every post. Makes me happy my 5 siblings are sane. I find it hard to imagine people who think it is ok to force you to hold onto a house when they don't have...
by Carefreeap
Wed Jun 21, 2017 7:27 pm
Forum: Personal Finance (Not Investing)
Topic: Windfall inheritance and new home
Replies: 20
Views: 1615

Re: Windfall inheritance and new home

Just for clarification, when you say "Ranch" do you mean literally a ranch or a "ranch style house".

Owning a real ranch is going to involve some additional resources, especially maintenance.
by Carefreeap
Wed Jun 21, 2017 7:22 pm
Forum: Personal Finance (Not Investing)
Topic: Co-workers advising to buy house RIGHT NOW
Replies: 62
Views: 5456

Re: Co-workers advising to buy house RIGHT NOW

Last time I heard people talking like that was right before the housing crash beginning in 2006. And at the top of the dot com bubble of tech stocks. I don't know if it is true or not but supposedly one of the big investors in the 1920's was able to avoid the stock market crash in 1929 when he sold...
by Carefreeap
Wed Jun 21, 2017 5:06 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage and Low-Income
Replies: 26
Views: 2355

Re: Mortgage and Low-Income

Just want to check again to see if there is anyone who can give insight on whether or not putting MORE than 20% down on a house is a bad idea? I'm really interested in knowing whether that's ever a good idea because we will have a large amount (at least $40k to $50k) to COMFORTABLY put down on a ho...
by Carefreeap
Wed Jun 21, 2017 5:00 pm
Forum: Personal Finance (Not Investing)
Topic: Step-up basis of inherited rental properties
Replies: 10
Views: 1017

Re: Step-up basis of inherited rental properties

I'll add that you want a tax professional who practices in your state and should find out how title to the properties was held. For example tax treatment might be different if they were held as Tenancy by the Entirety vs Joint ownership.

Good luck and I'm sorry for your loss.
by Carefreeap
Tue Jun 20, 2017 6:24 pm
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 16336

Re: Siblings in disagreement over mom's house.

As another option..... Where I live we see advertisements from places that "buy junk houses" for cash. I don't know what kinds of people/individuals are involved, but it may be that somebody out there with an LLC would be interested in buying a 60% share of this house at a large discount ...
by Carefreeap
Tue Jun 20, 2017 11:37 am
Forum: Personal Finance (Not Investing)
Topic: Tripped on this this morning - pros and cons? [HELOC as emergency fund]
Replies: 22
Views: 3367

Re: Tripped on this this morning - pros and cons? [HELOC as emergency fund]

Debt is not the same thing as cash. Naturally, a bank wants you to think that a HELOC will always be there. Why wouldn't they? Why would they want to call attention to unpleasant possibilities like the value of your house tanking, or the bank getting into trouble and not having money to lend? Have ...
by Carefreeap
Mon Jun 19, 2017 3:23 pm
Forum: Personal Consumer Issues
Topic: For Sale By Owner HOUSE- Advice Please
Replies: 26
Views: 2890

Re: For Sale By Owner HOUSE- Advice Please

Is the buyer getting a loan? If so, be prepared for the closing to take a while. You are going to want some assurances that the people can actually qualify for a loan and not tie up your property. Do you understand what disclosures your state requires for a sale? I'm in the process of selling my mot...
by Carefreeap
Mon Jun 19, 2017 2:57 pm
Forum: Personal Consumer Issues
Topic: Want to downsize, see "to do" list. What to tackle first?
Replies: 39
Views: 3729

Re: Want to downsize, see "to do" list. What to tackle first?

With the HELOC, I'd go for it now rather than later, stating that you need to update your aging house. Some loan docs will ask you if you plan on selling your house within a certain period of time. Get the clock going now. You don't need to borrow the money right away but get the line of credit now....
by Carefreeap
Sun Jun 18, 2017 9:21 pm
Forum: Personal Finance (Not Investing)
Topic: How to put your primary residence in your living trust?
Replies: 3
Views: 520

Re: How to put your primary residence in your living trust?

The usual tool is a Quitclaim Deed which transfers title from the existing names into the name of the Trust. The signature of the party(ies) will need to be notarized. You can generally find a general quitclaim deed for your state over the internet or at a stationery store. Your county recorder will...
by Carefreeap
Sun Jun 18, 2017 7:04 pm
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 16336

Re: Siblings in disagreement over mom's house.

Does attempting mediation help make a better case in front of a judge for a partition suit? I ask because I can see a judge giving extra time to get the parties to work something out if there is no written evidence otherwise. When I was settling my mother's estate, the estate attorney recommended t...
by Carefreeap
Sun Jun 18, 2017 4:03 pm
Forum: Personal Finance (Not Investing)
Topic: Negotiating a House Using Seller's Agent (opinions wanted)
Replies: 78
Views: 3010

Re: Negotiating a House Using Seller's Agent (opinions wanted)

Write a letter to the owner (now) with your offer and NO commission effective subsequent to the expiration of the listing. Request them to notify you when the listing expires. Subsequent to the listing expiration, both of you go directly to a different escrow (if they have suggested one) and have t...
by Carefreeap
Sun Jun 18, 2017 4:01 pm
Forum: Personal Finance (Not Investing)
Topic: Negotiating a House Using Seller's Agent (opinions wanted)
Replies: 78
Views: 3010

Re: Negotiating a House Using Seller's Agent (opinions wanted)

So the sellers tried screw their agent out of a commission by going around him/her and trying to contact you through a mutual friend. And they are upset because you wrote another offer using the proper procedure and going through the agent. Be very, very careful dealing with these people. Had the or...
by Carefreeap
Sun Jun 18, 2017 3:38 pm
Forum: Personal Finance (Not Investing)
Topic: Inheriting Quandary
Replies: 46
Views: 6578

Re: Inheriting Quandary

Seek legal counsel representing only yourself. Inquire "partition suit" proceedings to be able to extricate yourself from building/property ownership paid fairly/appraised apportioned value, to you. The siblings have the option of buying you out with cash or selling the properties. A part...
by Carefreeap
Sun Jun 18, 2017 3:32 pm
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 16336

Re: Siblings in disagreement over mom's house.

General question to the knowledgeable posters who have commented: What (besides deep sympathy to OP) is the take-away from this for others? Can you write something in your Will stating that the heirs have a certain period of time (six months, 11 months, whatever) to sell the real property, whether ...
by Carefreeap
Sun Jun 18, 2017 11:22 am
Forum: Personal Finance (Not Investing)
Topic: Inheriting Quandary
Replies: 46
Views: 6578

Re: Inheriting Quandary

Seek legal counsel representing only yourself. Inquire "partition suit" proceedings to be able to extricate yourself from building/property ownership paid fairly/appraised apportioned value, to you. The siblings have the option of buying you out with cash or selling the properties. A part...
by Carefreeap
Sun Jun 18, 2017 11:13 am
Forum: Personal Finance (Not Investing)
Topic: Inheriting Quandary
Replies: 46
Views: 6578

Re: Inheritance Quandary

I know I'm late to the party but thought I'd throw out an option I didn't see posted. Sell the $2M home. Not sure what county the property is in but under Prop 60 your sib could downsize to a cheaper property and maintain the lower owner occupied tax (Please read the rules carefully as it is a litt...
by Carefreeap
Fri Jun 16, 2017 6:13 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage and Low-Income
Replies: 26
Views: 2355

Re: Mortgage and Low-Income

I would look to rent in the area at first in order to get to know the area better and also what your income will really be. Then run the numbers as others have mentioned. I bought a 140k house on a 40k income using an FHA loan. Rent is insane here, so a 30 year mortgage even with the high taxes cos...
by Carefreeap
Fri Jun 16, 2017 6:04 pm
Forum: Personal Finance (Not Investing)
Topic: Medicaid Planning
Replies: 32
Views: 1834

Re: Medicaid Planning

munemaker wrote:
bsteiner wrote:If you give away your assets, if you then wait 5 years, you can get Medicaid.



Provided you do not maintain a beneficial interest, of course. Some people don't get that part.


It also depends on the state. In CA life estates are exempt.
by Carefreeap
Wed Jun 14, 2017 4:48 pm
Forum: Personal Finance (Not Investing)
Topic: valuing real estate for probate
Replies: 4
Views: 445

Re: valuing real estate for probate

It depends on where the property is located. If you're talking Coastal CA the price may be significantly higher both due to actual appreciation and timing. I would have had a bidding war on my mom's condo in San Diego and I definitely would have one here in the SF Bay Area. Inventory in both areas h...
by Carefreeap
Wed Jun 14, 2017 4:41 pm
Forum: Personal Finance (Not Investing)
Topic: The Average Mortgage?
Replies: 15
Views: 1134

Re: The Average Mortgage?

There's a lot you can speculate about. I'm guessing the first two refinances were to lower the rate and maybe pull a little cash out of #1 #3 & #4 are probably cash-out refis. Maybe they are doing home improvement projects? The final question is what is the home worth now since its purchase? Don...
by Carefreeap
Tue Jun 13, 2017 7:23 pm
Forum: Personal Consumer Issues
Topic: Resorts outside San Francisco
Replies: 20
Views: 1723

Re: Resorts outside San Francisco

Check out Evergreen Lodge at Yosemite or Rush Creek Lodge. We stopped at the Rush Creek one last week after we ran out of water on the way out of the park and it looked really nice. Might be pricier than you want. The only problem is that most places around Yosemite require really far advanced book...
by Carefreeap
Tue Jun 13, 2017 6:55 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Fund Hell
Replies: 66
Views: 7738

Re: Trust Fund Hell

As someone who inherited an upside down estate ( -$400,000) I think having $50k as the third installment is a nice thing to have. :wink: I do understand where you're coming from. When DH got his inheritance it was frustrating to deal with some of the incompetence we saw. Inappropriate investments, e...
by Carefreeap
Mon Jun 12, 2017 4:25 pm
Forum: Personal Finance (Not Investing)
Topic: Rental Property Repairs - Whose to Pay?
Replies: 32
Views: 2779

Re: Rental Property Repairs - Whose to Pay?

I'm from Massachusetts and a former landlord. MA is a very, very pro-tenant state. Unless you've followed very specific laws and regulations on security deposits, including keeping them in a separate, interest bearing account, paying the interest annually to the tenant, and giving the tenant writte...
by Carefreeap
Mon Jun 12, 2017 4:09 pm
Forum: Personal Finance (Not Investing)
Topic: Retirement or permanent limbo around 50?
Replies: 19
Views: 2303

Re: Retirement or permanent limbo around 50?

I think it's a real reality. DH was pretty sure that his last assignment was going to be a "sunset" assignment in 2009. He was in IT for most of his career and then switched into a business risk management role. His company went through a severe downsizing process in 2009 and actually with...
by Carefreeap
Mon Jun 12, 2017 1:18 pm
Forum: Personal Finance (Not Investing)
Topic: Renting Stuff [Renting out a boat dock]
Replies: 7
Views: 667

Re: Renting Stuff

Some people are like that. Whatever you offer they feel the need to push for more. I like the idea of thanking him for his interest but tell him that you are going to go in a different direction. I've done business with a couple of friends. It's worked out. But I'll never do business with my family ...
by Carefreeap
Mon Jun 12, 2017 12:52 pm
Forum: Personal Finance (Not Investing)
Topic: Rental Property Repairs - Whose to Pay?
Replies: 32
Views: 2779

Re: Rental Property Repairs - Whose to Pay?

I appreciate any opinions shared - I self-manage a rental (condo) in San Diego, CA. The long term tenant (lived there 4 years) is getting ready to move. A few items will need to be cleaned or repaired and I am unsure if I should bear the cost, charge it to the tenant or share the cost between the t...
by Carefreeap
Mon Jun 12, 2017 10:15 am
Forum: Personal Finance (Not Investing)
Topic: Need Advice Urgently - Are we in over our heads?
Replies: 45
Views: 5981

Re: Need Advice Urgently - Are we in over our heads?

Sounds like typical buyer's remorse. Yes, it may be tough, but you can make it if --- You don't go all out to furnish the place. Slowly look around for cheap/free sources for the things you really want. I don't mean junk, but it doesn't have to be new and some rooms can be empty for a while, too. Y...
by Carefreeap
Sun Jun 11, 2017 10:14 pm
Forum: Personal Consumer Issues
Topic: Resorts outside San Francisco
Replies: 20
Views: 1723

Re: Resorts outside San Francisco

The Gold Country outside of Sacramento is also a great area to explore. If you like wine tasting Coppola's resort in Sonoma looks like an absolute blast for families. It's about a 2hr drive to the City. You can also head out to the Coast for a gorgeous trip along the Russian River. There is also tub...
by Carefreeap
Sun Jun 11, 2017 6:59 pm
Forum: Personal Consumer Issues
Topic: Fence Dilemma
Replies: 31
Views: 2616

Re: Fence Dilemma

we had to do some repairs on our fence in southern california. Had a surveyor buddy come out (not a full official survey) and as near as we could reckon the fence was just inside our property line. Not even a foot setback, like an inch. the back neighbor kind of had a scary hoarder thing going on i...
by Carefreeap
Sun Jun 11, 2017 6:11 pm
Forum: Personal Consumer Issues
Topic: Fence Dilemma
Replies: 31
Views: 2616

Re: Fence Dilemma

No, the fence is on the common boundary and it should be shared. We live in Northern California where termites are semi-common and houses get tented for termite fumigation as a condition of sale. We have our property checked every few years and the last check was clean of termites. Actually termite...
by Carefreeap
Sun Jun 11, 2017 5:44 pm
Forum: Personal Finance (Not Investing)
Topic: Auto-Debit May Not Be Such a Good Idea
Replies: 25
Views: 3118

Re: Auto-Debit May Not Be Such a Good Idea

I do the automatic payment from the bank site as recommended in the article. Years ago (maybe 35? :!: ) I set up an auto-debit for a gym membership. Thought I had cancelled it but they wound up debiting my account two more times. Amount was relatively small and the time taken off of work to resolve ...

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