Search found 1748 matches

by Carefreeap
Thu May 18, 2017 9:43 am
Forum: Personal Finance (Not Investing)
Topic: Question on process for trust beneficiaries
Replies: 7
Views: 459

Re: Question on process for trust beneficiaries

Your Trust should state what options the Trustee has with respect to distribution of the assets. For the typical boiler plate "Living Trust" the general goal is to pay the debts of the Trust and to distribute the assets to the beneficiaries as soon as possible. Depending on the assets that...
by Carefreeap
Wed May 17, 2017 10:54 am
Forum: Personal Finance (Not Investing)
Topic: Can we afford a 800K house?
Replies: 52
Views: 4622

Re: Can we afford a 800K house?

After two weeks in the Seattle housing market - houses listed 600K are bid up to 800K while houses listed at 800K are bid up to 950-$1mil. The house we wanted to buy at $750K had double digit bids and closed at 920K. The next round - we liked a house for 850K went with an offer with escalation till...
by Carefreeap
Wed May 17, 2017 10:22 am
Forum: Personal Finance (Not Investing)
Topic: Can we afford a 800K house?
Replies: 52
Views: 4622

Re: Can we afford a 800K house?

After two weeks in the Seattle housing market - houses listed 600K are bid up to 800K while houses listed at 800K are bid up to 950-$1mil. The house we wanted to buy at $750K had double digit bids and closed at 920K. The next round - we liked a house for 850K went with an offer with escalation till...
by Carefreeap
Tue May 16, 2017 1:03 pm
Forum: Personal Finance (Not Investing)
Topic: Is it legal to use a first mortgage for an investment property?
Replies: 40
Views: 2108

Re: Is it legal to use a first mortgage for an investment property?

I've never called or informed the mortgage company after legitimately living in a home and subsequently making it a rental. Now when it comes to doing a refinance on the property which is now a rental with the same lender, we of course did have to go with the non-owner occupied mortgage. So now tha...
by Carefreeap
Tue May 16, 2017 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: Retirees afraid to spend? (Bloomberg)
Replies: 47
Views: 2387

Re: Retirees afraid to spend? (Bloomberg)

I haven't read the article, but I think I understand. One reason is that more and more and more retirees no longer have a guaranteed pension to protect them, so if they screw up their investments and don't watch their spending, they may reach old age with nothing. Yeah and seeing what happens to yo...
by Carefreeap
Tue May 16, 2017 12:40 pm
Forum: Personal Finance (Not Investing)
Topic: Is it legal to use a first mortgage for an investment property?
Replies: 40
Views: 2108

Re: Is it legal to use a first mortgage for an investment property?

Not to be a jerk but...what business is it of yours? That was going through my head too but I chose to treat it as an honest question. :wink: An honest question could've been asked without referring to that other person. Oh well! :oops: And just to answer OP, I asked my lender (PenFed) and was info...
by Carefreeap
Tue May 16, 2017 12:37 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone else agree with my logic on silicon valley housing?
Replies: 84
Views: 6678

Re: Anyone else agree with my logic on silicon valley housing?

Lets see how that works out. Something like SV: 1 million dollar house, 10k/year taxes Austin House: 400k house, ~9k/year taxes. is about right. Call it even. Now it is 30 years later and you are ready to retire SV: 3 million dollar house, 15k/year in taxes Austin: 1.200k house, 30k/year in taxes W...
by Carefreeap
Tue May 16, 2017 12:10 pm
Forum: Personal Finance (Not Investing)
Topic: Is it legal to use a first mortgage for an investment property?
Replies: 40
Views: 2108

Re: Is it legal to use a first mortgage for an investment property?

Not to be a jerk but...what business is it of yours? That was going through my head too but I chose to treat it as an honest question. :wink: An honest question could've been asked without referring to that other person. Oh well! :oops: And just to answer OP, I asked my lender (PenFed) and was info...
by Carefreeap
Tue May 16, 2017 10:32 am
Forum: Personal Finance (Not Investing)
Topic: Is it legal to use a first mortgage for an investment property?
Replies: 40
Views: 2108

Re: Is it legal to use a first mortgage for an investment property?

mak1277 wrote:Not to be a jerk but...what business is it of yours?


That was going through my head too but I chose to treat it as an honest question. :wink:
by Carefreeap
Tue May 16, 2017 10:31 am
Forum: Personal Finance (Not Investing)
Topic: Is it legal to use a first mortgage for an investment property?
Replies: 40
Views: 2108

Re: Is it legal to use a first mortgage for an investment property?

To all the r.e. whizkids: We have a homeowner on our block who bought at the top of the market and a few years ago was entering foreclosure. What he has done is move out to a (cheaper) apartment and rent out the home to three people, thereby enabling him to make his payments. He still picks up his ...
by Carefreeap
Mon May 15, 2017 10:01 am
Forum: Personal Finance (Not Investing)
Topic: Interested in lake property
Replies: 36
Views: 3772

Re: Interested in lake property

If you decide that you want a lake home then it would be a good idea to wait until you are ready to build and do it all at once. There are a couple of problems with buying an empty lot like that. 1) If your plans change undeveloped land can be very difficult to sell. Many real estate agents really ...
by Carefreeap
Fri May 12, 2017 5:58 pm
Forum: Personal Finance (Not Investing)
Topic: Help me reduce my capital gain from a condo I just sold...
Replies: 29
Views: 2227

Re: Help me reduce my capital gain from a condo I just sold...

stats99 wrote:The depreciation recapture is taxed regardless of whether you took the depreciation deduction.


They may have not treated it as a rental property since they bought it for their sons to live in. It might have been treated as second home with no depreciation taken.
by Carefreeap
Fri May 12, 2017 5:55 pm
Forum: Personal Finance (Not Investing)
Topic: Interested in lake property
Replies: 36
Views: 3772

Re: Interested in lake property

I've had friends go down this road. They get tied financially and psychologically (we can't go to XYZ, we have this lake house/mountain house ...). Then later the kids get a little older and don't want to go (little league, gymnastics, summer swim team .....), then teenagers ... This is true. My in...
by Carefreeap
Fri May 12, 2017 5:21 pm
Forum: Personal Finance (Not Investing)
Topic: Help me reduce my capital gain from a condo I just sold...
Replies: 29
Views: 2227

Re: Help me reduce my capital gain from a condo I just sold...

I wouldn't get my knickers in a twist over a $20k cap gain. That's $4k for the Feds. Don't forget that you will be paying 25% on any depreciation you took assuming you treated this as a rental property. People get themselves in bigger messes by letting the tax tail wag the dog. For a bigger gain you...
by Carefreeap
Fri May 12, 2017 5:09 pm
Forum: Personal Finance (Not Investing)
Topic: Interested in lake property
Replies: 36
Views: 3772

Re: Interested in lake property

As an earlier poster pointed out, vacation homes are generally "toys" not investments. Some times they can work out but generally speaking they are located in areas that aren't high paying job centers. The only industry is recreation and therefore when the economy goes through its inevitab...
by Carefreeap
Fri May 12, 2017 4:59 pm
Forum: Personal Finance (Not Investing)
Topic: Will I ever have enough for a condo/house in Cali?
Replies: 42
Views: 3088

Re: Will I ever have enough for a condo/house in Cali?

Don't feel bad about renting. Live on the cheap and adopt minimalism. You can find "cheap" studios and 1 bedrooms to rent. Or you can find cool places to live if you rent a room in a cool area, plus it's already furnished so you don't have to buy anything. What I'm doing is investing the ...
by Carefreeap
Fri May 12, 2017 4:21 pm
Forum: Personal Finance (Not Investing)
Topic: Will I ever have enough for a condo/house in Cali?
Replies: 42
Views: 3088

Re: Will I ever have enough for a condo/house in Cali?

Don't feel bad about renting. Live on the cheap and adopt minimalism. You can find "cheap" studios and 1 bedrooms to rent. Or you can find cool places to live if you rent a room in a cool area, plus it's already furnished so you don't have to buy anything. What I'm doing is investing the ...
by Carefreeap
Fri May 12, 2017 3:30 pm
Forum: Personal Finance (Not Investing)
Topic: Will I ever have enough for a condo/house in Cali?
Replies: 42
Views: 3088

Re: Will I ever have enough for a condo/house in Cali?

California is not a comfortable place for those who make $60k and don't own a (mortgage free) home. Living at home is very smart. You should laser-focus on getting income up, and forget about buying a home (for now). What do you do for work? You might be underpaid as is. Currently I work as a PPC A...
by Carefreeap
Fri May 12, 2017 2:14 pm
Forum: Personal Finance (Not Investing)
Topic: Will I ever have enough for a condo/house in Cali?
Replies: 42
Views: 3088

Re: Will I ever have enough for a condo/house in Cali?

Hi Bogleheads, I want to give you a full breakdown of my assets and maybe someone can give me some advice on how I'm doing. I just want to make sure the assessment that I just need to make more money is correct. Age: 27 Salary: $60K Cash: $20.1K IRA: $28.2K (no 2017 contribution yet) Taxable Accoun...
by Carefreeap
Thu May 11, 2017 8:34 pm
Forum: Personal Finance (Not Investing)
Topic: Can you suggest a mortgage lender who does not resell
Replies: 67
Views: 4362

Re: Can you suggest a mortgage lender who does not resell

I'm sure BofA sold our loan to Fannie or Freddie but they continue to service the loan. I've never had to escrow insurance or taxes if I put at least 20% down. We also got the best rate but that may be due to us being a "Premier" banking client. Although our main banking is through USAA we...
by Carefreeap
Thu May 11, 2017 8:26 pm
Forum: Personal Finance (Not Investing)
Topic: Any experience with VRBO? [Vacation Rentals By Owner]
Replies: 19
Views: 3672

Re: Any experience with VRBO? [Vacation Rentals By Owner]

I recently had rented a house on VRBO and had the seller notify me that they were canceling my reservation because they were selling the property. I did get my refund but the owner kept the house on VRBO but at a higher rate now (a PGA tournament was in town). VRBO protected the owner but not the r...
by Carefreeap
Thu May 11, 2017 4:35 pm
Forum: Personal Finance (Not Investing)
Topic: House Deed Covenant Enforceability
Replies: 39
Views: 2724

Re: House Deed Covenant Enforceability

it appears the best route would be to place a 10 year mortgage on the home and pay off all the high interest credit cards. No. Don't even think about this one second longer. Use the Dave Ramsey snowball effect on paying off credit cards. https://www.daveramsey.com/blog/get-out-of-debt-with-the-debt...
by Carefreeap
Thu May 11, 2017 12:52 pm
Forum: Personal Finance (Not Investing)
Topic: House Deed Covenant Enforceability
Replies: 39
Views: 2724

Re: House Deed Covenant Enforceability

" When my grandmother completed the quitclaim, she added a covenant on the deed that no mortgage or loans could be applied to the property until 2021." You do not say when the quit claim with the covenant was enacted, but your parents did agree to the covenant. It sounds like they didn't ...
by Carefreeap
Wed May 10, 2017 3:30 pm
Forum: Personal Finance (Not Investing)
Topic: General question of balance and compromise
Replies: 22
Views: 1283

Re: General question of balance and compromise

As mentioned here, it's up to you. You are free (and responsible) to decide for yourself. Having said that, if you can become happier with lower-cost options in the big areas like housing and transportation, you make a big impact financially. Cutting out lattes has a much more minor effect. The cur...
by Carefreeap
Wed May 10, 2017 3:04 pm
Forum: Personal Finance (Not Investing)
Topic: How should I refinance my resident home?
Replies: 23
Views: 1071

Re: How should I refinance my resident home?

I'd let your wife have her way on the house and you can take the risks on your rental properties. You're pretty heavy on the real estate equity side which has probably worked well for the last 5 years. But markets turn and you still need to sleep at night. Good luck on whatever decision you make. I...
by Carefreeap
Wed May 10, 2017 1:17 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage for rebuilding?
Replies: 5
Views: 505

Re: Mortgage for rebuilding?

I live in a low-cost area. My home is worth $95-100K. It is a 1200 sq.ft brick ranch, and as of last year, paid off. Our house insurance has been going up and up and up. The insurance companies (and I have looked around) insist it would cost $170K to rebuild!!! I just "negotiated" with ou...
by Carefreeap
Wed May 10, 2017 1:00 pm
Forum: Personal Finance (Not Investing)
Topic: House Deed Covenant Enforceability
Replies: 39
Views: 2724

Re: House Deed Covenant Enforceability

Holding a covenant is a property interest. Your grandmother's heirs should be able to release it with proper documentation. I would apply for the mortgage, which will require a title commitment. Order the title commitment and then see if the covenant comes up on your Schedule B exceptions to the ti...
by Carefreeap
Wed May 10, 2017 12:58 pm
Forum: Personal Finance (Not Investing)
Topic: House Deed Covenant Enforceability
Replies: 39
Views: 2724

Re: House Deed Covenant Enforceability

While probably a very different type of covenant, my understanding that the very common racial exclusion covenants may still remain in some areas, but are not enforceable. Enforcement is specifically excluded by various Federal Fair Housing laws. And I know in California but am unsure about other S...
by Carefreeap
Wed May 10, 2017 11:07 am
Forum: Personal Finance (Not Investing)
Topic: House Deed Covenant Enforceability
Replies: 39
Views: 2724

Re: House Deed Covenant Enforceability

Ignoring the question of enforceability, would a lender lend against the property with that covenant in place? I doubt it. Gill I think the question is what would the recourse? Who is going to enforce the covenant? I saw plenty of reversionary deeds while working for the railroad. Some of the boile...
by Carefreeap
Wed May 10, 2017 10:58 am
Forum: Personal Finance (Not Investing)
Topic: Reverse Mortgage and Credit Score/reporting
Replies: 1
Views: 228

Re: Reverse Mortgage and Credit Score/reporting

According to this Forum, because there are no payments there is no "scoring".

http://ficoforums.myfico.com/t5/Mortgag ... d-p/575759

I'd still think that the loan would show up on a credit report as an outstanding lien.
by Carefreeap
Wed May 10, 2017 10:47 am
Forum: Personal Finance (Not Investing)
Topic: title of my home in my name but I'm remarried
Replies: 30
Views: 2866

Re: title of my home in my name but I'm remarried

It depends on the extent of your other assets and how you leave them. In New York a surviving spouse is generally entitled to 1/3 of your assets. See New York Estates, Powers & Trusts Law 5-1.1-A. There are a few exceptions so you may wish to consult with competent counsel. Are spouses allowed ...
by Carefreeap
Wed May 10, 2017 10:39 am
Forum: Personal Finance (Not Investing)
Topic: House Deed Covenant Enforceability
Replies: 39
Views: 2724

Re: House Deed Covenant Enforceability

What would be the disposition of the property if they got a loan?

That is, does the property go to someone else?
by Carefreeap
Wed May 10, 2017 10:36 am
Forum: Personal Finance (Not Investing)
Topic: How should I refinance my resident home?
Replies: 23
Views: 1071

Re: How should I refinance my resident home?

I'd let your wife have her way on the house and you can take the risks on your rental properties.

You're pretty heavy on the real estate equity side which has probably worked well for the last 5 years. But markets turn and you still need to sleep at night.

Good luck on whatever decision you make.
by Carefreeap
Tue May 09, 2017 4:23 pm
Forum: Personal Consumer Issues
Topic: HOA & renting rules
Replies: 27
Views: 2271

Re: HOA & renting rules

My HOA in Arizona specifically says no rentals less than 6 months in the rules. So no Air Bnb or vacation rentals or anything short term. This caused a major uproar with a home by me. The house sold to a new owners who bought it specifically to use part time and to vacation rent the rest of the tim...
by Carefreeap
Sat May 06, 2017 12:32 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need a deed?
Replies: 13
Views: 661

Re: Do I need a deed?

This is a good reminder to everyone to make sure that the mortgage holder files all the necessary documents releasing the lien, etc. when the mortgage is paid off. It seems like they should do so automatically, but I had to specifically ask my bank to do it, then I checked to make sure they actuall...
by Carefreeap
Fri May 05, 2017 5:42 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need a deed?
Replies: 13
Views: 661

Re: Do I need a deed?

You should have received the deed at the time you closed on home purchase. Does your attorney have it? Do you have your original loan documents? You received the notarized letter, i would ask for the original copy of the loan documents stamped paid in full, if possible. Letters can be misplaced, ca...
by Carefreeap
Fri May 05, 2017 5:01 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need a deed?
Replies: 13
Views: 661

Re: Do I need a deed?

I paid off my mortgage loan in 2007. The lending company sent me a notarized letter stating that the lien was released, with a copy going to the County Clerk. I never received a deed to the property. Do I need a physical copy of a deed? If so, how can I obtain one? This is probably a Notice of Reco...
by Carefreeap
Fri May 05, 2017 4:45 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need a deed?
Replies: 13
Views: 661

Re: Do I need a deed?

I paid off my mortgage loan in 2007. The lending company sent me a notarized letter stating that the lien was released, with a copy going to the County Clerk. I never received a deed to the property. Do I need a physical copy of a deed? If so, how can I obtain one? This is probably a Notice of Reco...
by Carefreeap
Fri May 05, 2017 12:59 pm
Forum: Personal Finance (Not Investing)
Topic: have you accepted a lower cost lifestyle to retire early?
Replies: 71
Views: 8721

Re: have you accepted a lower cost lifestyle to retire early?

Yes, definitely. I plan to retire at 40ish on about a million. Withdrawal rate of 2.25%. Not a lavish lifestyle, but I'll be totally free!! I'd love to as well but the biggest obstacle I see is health insurance. Otherwise I could live on $30-40k just fine but not if I am paying $2500 a month for he...
by Carefreeap
Fri May 05, 2017 9:21 am
Forum: Personal Finance (Not Investing)
Topic: Renters are PITAS and I'm overseas - rent or sell?
Replies: 6
Views: 1012

Re: Renters are PITAS and I'm overseas - rent or sell?

We also live overseas and are renting out our house. A property manager is crucial to make it bearable; from your budget numbers it looks like you have one. For us, we are renting it out because we want to move back to it when we return to the US. Otherwise it does not make financial sense. so my a...
by Carefreeap
Thu May 04, 2017 11:01 am
Forum: Personal Finance (Not Investing)
Topic: have you accepted a lower cost lifestyle to retire early?
Replies: 71
Views: 8721

Re: have you accepted a lower cost lifestyle to retire early?

be cautious about making these decisions at the current height of a long bull market. If we go in to a bear, and one was down 35%, would one feel the same way. this is the issue to think about. You dont know, but its been a good run.. If you are holding for the long-term (10+ years) it's likely not...
by Carefreeap
Thu May 04, 2017 10:58 am
Forum: Personal Finance (Not Investing)
Topic: have you accepted a lower cost lifestyle to retire early?
Replies: 71
Views: 8721

Re: have you accepted a lower cost lifestyle to retire early?

Anthem, in my opinion, is a little too far from the amenities the OP would find near ASU (Tempe). But I agree that given the OP's budget and requirements, s/he could enjoy a very nice life living in the greater Phoenix area full time including a month vacation rental in the AZ mountains, San Diego,...
by Carefreeap
Thu May 04, 2017 9:49 am
Forum: Personal Finance (Not Investing)
Topic: have you accepted a lower cost lifestyle to retire early?
Replies: 71
Views: 8721

Re: have you accepted a lower cost lifestyle to retire early?

Yes you can do it. Cover your health care costs. The exchanges or health sharing services could be used. What if you "fail" after 10 years and decide to work part time again? Not much of a failure. You can use 72t (substantially equal payments) to access 401k/Trad IRA funds if needed. I w...
by Carefreeap
Mon May 01, 2017 4:54 pm
Forum: Personal Finance (Not Investing)
Topic: Estate Planning Help [house was in living trust, mother passed]
Replies: 3
Views: 418

Re: Estate Planning Help [house was in living trust, mother passed]

I'm sorry for your loss.

Who is the Trustee for her Living Trust?

You'll need to clean up title to the house. Usually this is accomplished by the Trustee executing a Quitclaim Deed from the Trust to you as part of the disbursement process.
by Carefreeap
Sun Apr 30, 2017 4:50 pm
Forum: Personal Finance (Not Investing)
Topic: Lowest hassle, highest return way to buy real estate in a far-away location for use as a hedge?
Replies: 12
Views: 1152

Re: Lowest hassle, highest return way to buy real estate in a far-away location for use as a hedge?

I think it's a bad idea. Your plan is to speculate in the market not invest. You realize that real estate is a high risk, illiquid investment that can cost you a lot of money? I'm a veteran property owner of Coastal CA real estate. I've sold one of my long term holds last year and am planning to sel...
by Carefreeap
Sun Apr 30, 2017 11:04 am
Forum: Personal Finance (Not Investing)
Topic: Dealing with regret
Replies: 102
Views: 8644

Re: Dealing with regret

It's a learning experience. At some point you need to learn to forgive yourself for being a human being. Did you get a "take away" from this experience such as "stay the course" during a recession? You're going to have other "learning experiences" just don't keep making...
by Carefreeap
Sun Apr 30, 2017 10:54 am
Forum: Personal Finance (Not Investing)
Topic: paying down second home
Replies: 3
Views: 429

Re: paying down second home

Some clarifications; this isn't a "second home" it's a rental property. Taxes and loan requirements are different for "second homes" vs a rental home. What's your goal with this property? To generate income in retirement? To move there in retirement or ? If you're in the highest ...
by Carefreeap
Thu Apr 27, 2017 5:53 pm
Forum: Personal Finance (Not Investing)
Topic: Housing crash 2008
Replies: 7
Views: 993

Re: Housing crash 2008

I saw a near doubling of value for my far North Scottsdale area house from 2003-2007. And about a halving of value from 2007 to 2010. :wink: Now we're close to that peak again. Back then, the big difference were the loose lending restrictions; aka the NINJa loans where no one had skin in the game. I...
by Carefreeap
Thu Apr 27, 2017 5:17 pm
Forum: Personal Finance (Not Investing)
Topic: Online real estate class-NYS
Replies: 6
Views: 546

Re: Online real estate class-NYS

I haven't done on-line classes but back in the dinosaur days (1981 and again in 1991) I got my California Real Estate Sales license via mail-in correspondence course through Anthony Schools. I think I had to sit for the final exam in person. I passed the State Exam both times. Basically, the courses...
by Carefreeap
Wed Apr 26, 2017 6:58 pm
Forum: Personal Finance (Not Investing)
Topic: Best strategy for retaining tenants?
Replies: 30
Views: 2024

Re: Best strategy for retaining tenants?

Our first tenant was MD & big 4-CPA couple, new to Seattle. Ideal location for them. But obviously they had the income to buy from saving $$$ in renting. We financed their purchase. :oops: :annoyed Lol, well at least yours were solvent. I rented out my Bay Area house for 9 years to the same cou...

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