Search found 1638 matches

by Carefreeap
Tue Mar 28, 2017 4:39 pm
Forum: Personal Finance (Not Investing)
Topic: Daughter maxed out credit cards, needs help from me
Replies: 92
Views: 3926

Re: Daughter maxed out credit cards, needs help from me

[quote="livesoft"]I didn't see how she got into debt in the first place. If she is like my daughter, it is about going to bars every evening for happy hour, then going out to dinner. It is even better if the bars and restaurants are an airplane trip away. Until she realizes how she got int...
by Carefreeap
Tue Mar 28, 2017 2:22 pm
Forum: Personal Finance (Not Investing)
Topic: Realtor vs MLS Listing Service
Replies: 13
Views: 605

Re: Realtor vs MLS Listing Service

I agree with the others that as an out of area owner you do need a full-service agent. As others mentioned, you need someone to check on the property at least weekly. Also you want someone to be present during inspections. I don't know if you read about my tale last year when I sold a rental propert...
by Carefreeap
Sun Mar 26, 2017 3:30 pm
Forum: Personal Consumer Issues
Topic: Does living at the beach reduce it's appeal?
Replies: 33
Views: 4169

Re: Does living at the beach reduce it's appeal?

We're about a mile back from the beach up on a hill with an ocean view. I never get tired of it. The sunsets are always different, watching storms come in is super cool. We can see some off shore islands and a lighthouse blinking. We also see the main shipping lane going into SF Bay. I've seen whale...
by Carefreeap
Thu Mar 23, 2017 6:59 pm
Forum: Personal Finance (Not Investing)
Topic: Administration of relative's estate
Replies: 36
Views: 2382

Re: Administration of relative's estate

It's a long shot but it won't take you much time to try this. Find the clerk of courts website for the county he lived in and do a records search against your relatives name. Make certain to search across all record types to avoid missing something. Heirs would not be responsible for any debts of h...
by Carefreeap
Thu Mar 23, 2017 10:31 am
Forum: Personal Finance (Not Investing)
Topic: High CoL Area (W/ Mortgage) VS. Low CoL Area (W/ Paid Off House)
Replies: 9
Views: 705

Re: High CoL Area (W/ Mortgage) VS. Low CoL Area (W/ Paid Off House)

Well you could wait another year or two and you'll see prices correct. Saw the first set of stats in the Chron indicating net migration OUT of most SF Bay Area Counties in 2016. In my experience this is the indicator that will signal the flattening and eventually correcting of SF Bay Area prices. We...
by Carefreeap
Tue Mar 21, 2017 1:58 pm
Forum: Personal Finance (Not Investing)
Topic: Inlaw Suddenly Wants Financial Security in 60's..
Replies: 31
Views: 5237

Re: Inlaw Suddenly Wants Financial Security in 60's..

Perhaps Inlaw could drop by a Fidelity office, where at least she would meet a real person who could then steer her to nice, cheap, index funds, and maybe fill out the forms for her. If a short observation that 1~2% fees will take 20% of her money over the next years doesn't sink in, nothing will. ...
by Carefreeap
Tue Mar 21, 2017 11:02 am
Forum: Personal Finance (Not Investing)
Topic: Recording documents in California...Will, Living Will, Power of Attorney
Replies: 4
Views: 303

Re: Recording documents in California...Will, Living Will, Power of Attorney

If you gave someone a Specific Power of Attorney (required in CA for real estate documents) that document would likely need to be recorded by either the title or mortgage company to be accepted.

Otherwise no.
by Carefreeap
Sun Mar 19, 2017 12:10 pm
Forum: Personal Finance (Not Investing)
Topic: First Home and Another Investment Property
Replies: 11
Views: 538

Re: First Home and Another Investment Property

How about one property at a time? FHA can be a wonderful program for folks first starting out. You can buy with low down and keep a healthy reserve for that stuff you didn't plan for. If you think you want to be a LL buy something that gives you the most flexibility; in my experience that would be a...
by Carefreeap
Thu Mar 16, 2017 6:41 pm
Forum: Personal Finance (Not Investing)
Topic: Does new job affect pre-qualifying for mortgage?
Replies: 18
Views: 1022

Re: Does new job affect pre-qualifying for mortgage?

If the job is in the same field and the new employer can document the new income it's generally not a problem. The typical problem is when one transitions from a salary type position to a sales and commission. Or gets the bright idea they can quit their day job and sell real estate or open a new bus...
by Carefreeap
Thu Mar 16, 2017 5:34 pm
Forum: Personal Finance (Not Investing)
Topic: Just starting to look at next home (Rent or sell current)
Replies: 5
Views: 285

Re: Just starting to look at next home (Rent or sell current)

For a profit of only $295/month (and I'm not sure who is paying for repairs or upkeep), I would not be interested in renting out my old house. Not nearly enough money for the hassle. Yeah that did seem low too me. But don't I have to include in my calculation that I'm building equity in the house a...
by Carefreeap
Thu Mar 16, 2017 3:52 pm
Forum: Personal Finance (Not Investing)
Topic: Early Retirement - what to do about healthcare?
Replies: 101
Views: 9624

Re: Early Retirement - what to do about healthcare?

I predicted it would be our new mortgage payment in retirement. I was right! DH retired in 2012 from a private employer at age 53, I was 50. Our current monthly premiums are approximately$650/$600 per month. We might have gotten some partial ACA subsidies for one or two years but nothing significant...
by Carefreeap
Thu Mar 16, 2017 3:00 pm
Forum: Personal Consumer Issues
Topic: selling home/lease back/long escrow
Replies: 14
Views: 538

Re: selling home/lease back/long escrow

Around here (SF Bay Area) it's still common to price competitively and still have bids significantly over asking especially at the entry level market which is SFR <$1M. When you have 8 offers from which to choose, the seller can stipulate that the sale is contingent on being able to find suitable ho...
by Carefreeap
Wed Mar 15, 2017 9:18 pm
Forum: Personal Finance (Not Investing)
Topic: IRS Code 453 Trust
Replies: 3
Views: 288

Re: IRS Code 453 Trust

Maybe the CPAs know BS when they hear it. I have my doubts about a trust where you avoid all taxes (your words) My opinion is this will eventually get dismantled by the IRS and the question you have to ask yourself is, do you want to be in the middle of that mess (tax, penalties & interest) whe...
by Carefreeap
Wed Mar 15, 2017 3:38 pm
Forum: Personal Consumer Issues
Topic: Scottsdale vacation locations?
Replies: 5
Views: 474

Re: Scottsdale vacation locations?

I wouldn't limit myself to just Airbnb. Try VRBO, HomeAway and even Realtor.com. January is part of peak season so nothing is going to be cheap. There are A LOT of gated resort-like communities in the area. One thing to be mindful in my area with single-family furnished rentals is that many of them ...
by Carefreeap
Wed Mar 15, 2017 3:22 pm
Forum: Personal Finance (Not Investing)
Topic: Help finding deceased grandparents money
Replies: 4
Views: 783

Re: Help finding deceased grandparents money

Doesn't the K-1 list an address for the Master Limited Partnership? I'd start there.
by Carefreeap
Wed Mar 15, 2017 3:20 pm
Forum: Personal Finance (Not Investing)
Topic: Wife wants to get into real-estate
Replies: 21
Views: 3078

Re: Wife wants to get into real-estate

Thanks for all the responses. My wife and I made the decision together that she will be a Realtor. She got her license and ready to start. We are mainly looking for advice in terms of how we can leverage her new role from a financial perspective. If it means buying and selling properties, do we nee...
by Carefreeap
Wed Mar 15, 2017 10:21 am
Forum: Personal Finance (Not Investing)
Topic: IRS Code 453 Trust
Replies: 3
Views: 288

Re: IRS Code 453 Trust

Bumping this post again.

I might have to repost later because the tax experts might be a little busy this time of year. :wink:
by Carefreeap
Wed Mar 15, 2017 10:13 am
Forum: Personal Finance (Not Investing)
Topic: Scottsdale Real Estate Market
Replies: 9
Views: 1249

Re: Scottsdale Real Estate Market

I have a family of 7 with kids ages 1 to 13. I am considering visiting the Scottsdale area in January 2017 for about a week. Where do you recommend I rent an airbnb where I will be in a gated community with access to an outdoor heated pool, playground, and possibly gym? Or would I need to book a re...
by Carefreeap
Tue Mar 14, 2017 9:04 pm
Forum: Personal Finance (Not Investing)
Topic: Scottsdale Real Estate Market
Replies: 9
Views: 1249

Re: Scottsdale Real Estate Market

My house is in Carefree but it essentially follows the N. Scottsdale market. As other posters have indicated, homes on the upper end stay on the market for a long time because there are far fewer buyers. That, plus there's still a lot of building going on and people in that price range may prefer to...
by Carefreeap
Tue Mar 14, 2017 7:29 pm
Forum: Personal Finance (Not Investing)
Topic: IRS Code 453 Trust
Replies: 3
Views: 288

IRS Code 453 Trust

Hi All, I just got a solicitation in the mail from a RE Broker hawking a IRS Code 453 Trust as a way to avoid both capital gains as the depreciation recapture tax. Does anyone know about these? Are they legitimate? It looks like it gets taxed like an installment sale but I have to wonder about the c...
by Carefreeap
Tue Mar 14, 2017 7:09 pm
Forum: Personal Consumer Issues
Topic: Temporarily registering new car at friend's address -- anything wrong?
Replies: 39
Views: 2100

Re: Temporarily registering new car at friend's address -- anything wrong?

Not sure if it's relevant, but according to dealer, their corporate office limits them to sales within their region, so they are required by their corporate office to charge higher prices for buyers outside the region (defined by new vehicle registration address). The vehicle registration form (CA ...
by Carefreeap
Tue Mar 14, 2017 7:00 pm
Forum: Personal Consumer Issues
Topic: gratuitous homeownership items
Replies: 218
Views: 16759

Re: gratuitous homeownership items

The rock burglar targeted high end homes and neighborhoods. VP Dan Quale and other celebs and pro ball players were some of his targets. Some times he broke in when the people were home so the alarms were off. In Arizona the big homes are long with bedrooms on one end and family rooms on the other ...
by Carefreeap
Tue Mar 14, 2017 6:42 pm
Forum: Personal Finance (Not Investing)
Topic: Helping a Friend Become Financially Healthy
Replies: 6
Views: 888

Re: Helping a Friend Become Financially Healthy

Back when we financed cars we would create a "sinking fund" savings account for the next set of cars. That is, we would keep making the car payments and would have enough to pay cash for a new car (about every 10 years). ETA: You do want to encourage her to have some "mid-term" m...
by Carefreeap
Tue Mar 14, 2017 6:36 pm
Forum: Personal Finance (Not Investing)
Topic: Question about breaking trust
Replies: 18
Views: 1444

Re: Question about breaking trust

I know a case that is just the opposite. The estate was liquidated over a year ago but not yet dispersed. None of the beneficiaries know why or seem to care. This family thinks that if one of them asks questions, that is considered "rocking the boat". They believe it will all unfold in du...
by Carefreeap
Tue Mar 14, 2017 5:56 pm
Forum: Personal Finance (Not Investing)
Topic: Wife wants to get into real-estate
Replies: 21
Views: 3078

Re: Wife wants to get into real-estate

My observation may be Bay Area specific, but from what I've seen the Realtor industry seems to be one where the few top Realtors make most of the money, and the ones lower in the pyramid seem to really struggle to do deals. The bar seems low (to enter this profession), I've had a few folks who have...
by Carefreeap
Tue Mar 14, 2017 4:34 pm
Forum: Personal Finance (Not Investing)
Topic: Wife wants to get into real-estate
Replies: 21
Views: 3078

Re: Wife wants to get into real-estate

Former realtor (many, many years ago), former corporate and public agency real estate officer and current investor here. I think the biggest issue is time management and family expectations. The first couple of years can be really tough, especially if there is a lot of competition in a hot sales env...
by Carefreeap
Tue Mar 14, 2017 4:22 pm
Forum: Personal Finance (Not Investing)
Topic: Another rent versus buy - moving from MCOL to VHCOL
Replies: 15
Views: 1405

Re: Another rent versus buy - moving from MCOL to VHCOL

Another long-time Bay Area resident and homeowner who thinks renting for a year is a good idea. We only rented for 3 months and it worked out o.k. but we never had to deal with schools. That said, the town where we live had its schools rated 8 vs 10 yet the people who owned our house before us for 2...
by Carefreeap
Tue Mar 14, 2017 9:48 am
Forum: Personal Consumer Issues
Topic: gratuitous homeownership items
Replies: 218
Views: 16759

Re: gratuitous homeownership items

At 2500 sq.ft. we are over-housed for most people, including most Americans. That said, we do use all the spaces. The formal dining room which we added in about 2000 is under utilized as a dining room (we used to host more dinner parties when DH was working) but makes a great project/craft room. Ye...
by Carefreeap
Tue Mar 14, 2017 9:42 am
Forum: Personal Consumer Issues
Topic: gratuitous homeownership items
Replies: 218
Views: 16759

Re: gratuitous homeownership items

I'm surprised by how many people think alarm systems are gratuitous. We use ours every night, and my wife loves the peace of mind especially when I'm out of town. Plus we get a cheaper rate on homeowner's insurance as a little additional bonus. I've house sat or pet sat for friends with these syste...
by Carefreeap
Mon Mar 13, 2017 6:12 pm
Forum: Personal Consumer Issues
Topic: gratuitous homeownership items
Replies: 218
Views: 16759

Re: gratuitous homeownership items

At 2500 sq.ft. we are over-housed for most people, including most Americans. That said, we do use all the spaces. The formal dining room which we added in about 2000 is under utilized as a dining room (we used to host more dinner parties when DH was working) but makes a great project/craft room. Yes...
by Carefreeap
Sun Mar 12, 2017 4:07 pm
Forum: Personal Finance (Not Investing)
Topic: Home Transfer
Replies: 18
Views: 1050

Re: Home Transfer

DW is a part owner of a large tract of property she inherited with her sisters. What a mess! A couple of the sisters want it. A couple of the sisters don't want it. The sisters that want it can't afford to buy out the sisters that don't want it. Also, the sisters that want it can't afford the taxes...
by Carefreeap
Sun Mar 12, 2017 11:20 am
Forum: Personal Finance (Not Investing)
Topic: Home Transfer
Replies: 18
Views: 1050

Re: Home Transfer

Do your kids get along? How are they with money? I'm all for keeping things simple and think the beneficiary deed option can be good for some families. However I can say that it wouldn't have worked for my family. My brother is a financial trainwreck. At the time of my mother's death, my brother was...
by Carefreeap
Tue Mar 07, 2017 2:22 pm
Forum: Personal Consumer Issues
Topic: Suriving spouse - social security and debt
Replies: 12
Views: 1417

Re: Suriving spouse - social security and debt

3.) Someone should notify SSA of the MIL's passing, a phone call will do. If you want a minimalist approach to death notifications you could simply return all mail/bills received with an annotation "Deceased MM/DD/YY - Return to Sender". With respect to everyone's good intentions, unless ...
by Carefreeap
Tue Mar 07, 2017 11:39 am
Forum: Personal Consumer Issues
Topic: Suriving spouse - social security and debt
Replies: 12
Views: 1417

Re: Suriving spouse - social security and debt

I would suggest consulting with an elder law attorney to fully understand the situation and any liabilities that may transfer to the husband. Also, you may want to consult with a realtor regarding the value of the property. There are investors who buy these types of property for rentals in spite of...
by Carefreeap
Mon Mar 06, 2017 3:38 pm
Forum: Personal Finance (Not Investing)
Topic: What are your alternate investments?
Replies: 21
Views: 1531

Re: What are your alternate investments?

As a contractor, I have my business and 2 rental properties. That is enough for me as I do not like dealing with tenants and will sell both properties when it is time to retire. Not sure if my business will be salable then. That and the diversification issue. Over the years I've seen plenty of cont...
by Carefreeap
Mon Mar 06, 2017 11:07 am
Forum: Personal Finance (Not Investing)
Topic: What are your alternate investments?
Replies: 21
Views: 1531

Re: What are your alternate investments?

We have about half of our NW in RE including our home. Part of that is due to the crazy price of real estate in the SF Bay Area. We've sold one rental in San Diego County last summer and plan to sell another this summer. We also have some mineral rights which I've not figured into our NW. We inherit...
by Carefreeap
Mon Mar 06, 2017 11:01 am
Forum: Personal Finance (Not Investing)
Topic: What are your alternate investments?
Replies: 21
Views: 1531

Re: What are your alternate investments?

As a contractor, I have my business and 2 rental properties. That is enough for me as I do not like dealing with tenants and will sell both properties when it is time to retire. Not sure if my business will be salable then. That and the diversification issue. Over the years I've seen plenty of cont...
by Carefreeap
Sun Mar 05, 2017 11:58 pm
Forum: Personal Finance (Not Investing)
Topic: Windfall: should we pay cash for ~$1.3M home?
Replies: 96
Views: 5098

Re: Windfall: should we pay cash for ~$1.3M home?

I would say buy the house. VHCOL areas are peculiar and so they warrant peculiar solutions. What you are really buying is the security that you will be able to live indefinitely in the city where you want to be. As a renter for the long term in a crazy HCOL area, your future is precarious and you a...
by Carefreeap
Sun Mar 05, 2017 11:56 pm
Forum: Personal Finance (Not Investing)
Topic: Windfall: should we pay cash for ~$1.3M home?
Replies: 96
Views: 5098

Re: Windfall: should we pay cash for ~$1.3M home?

OP here. Gosh, seems like I really touched a nerve here and the consensus is that the only possible reason for staying in the Bay Area with $130k household income is sheer insanity. I respect that opinion, and I completely understand how that could seem crazy to someone else. So I guess I need to e...
by Carefreeap
Sun Mar 05, 2017 6:19 pm
Forum: Personal Finance (Not Investing)
Topic: Windfall: should we pay cash for ~$1.3M home?
Replies: 96
Views: 5098

Re: Windfall: should we pay cash for ~$1.3M home?

Well, yes, that would be better financially. But the bank might just try to come after the buyer for that money. Do they typically? No. But if they have a copy of bank records for the mortgage with very large balances, they just might try to. Most of the time the bank let's it go since most people ...
by Carefreeap
Sun Mar 05, 2017 6:09 pm
Forum: Personal Finance (Not Investing)
Topic: Windfall: should we pay cash for ~$1.3M home?
Replies: 96
Views: 5098

Re: Windfall: should we pay cash for ~$1.3M home?

OP here. Gosh, seems like I really touched a nerve here and the consensus is that the only possible reason for staying in the Bay Area with $130k household income is sheer insanity. I respect that opinion, and I completely understand how that could seem crazy to someone else. So I guess I need to e...
by Carefreeap
Sun Mar 05, 2017 11:32 am
Forum: Personal Finance (Not Investing)
Topic: Windfall: should we pay cash for ~$1.3M home?
Replies: 96
Views: 5098

Re: Windfall: should we pay cash for ~$1.3M home?

This doesn't have to be an all or nothing solution. Maybe a smallish (relative to the price) loan could be an option. I'm thinking perhaps in the $250k-$500k range. What are your incomes? Our gross income is currently around $130k, with solid but not exceptional prospects for growth. Annual spendin...
by Carefreeap
Sat Mar 04, 2017 6:37 pm
Forum: Personal Finance (Not Investing)
Topic: Windfall: should we pay cash for ~$1.3M home?
Replies: 96
Views: 5098

Re: Windfall: should we pay cash for ~$1.3M home?

itstoomuch wrote:It would certainly give you bargaining creed.
YMMV


Unfortunately not as much as you would think in the SF Bay Area at this price point. Inventory is still really low with lots of multiple offers. Tech and overseas money still common.
by Carefreeap
Sat Mar 04, 2017 6:30 pm
Forum: Personal Finance (Not Investing)
Topic: Windfall: should we pay cash for ~$1.3M home?
Replies: 96
Views: 5098

Re: Windfall: should we pay cash for ~$1.3M home?

This doesn't have to be an all or nothing solution. Maybe a smallish (relative to the price) loan could be an option. I'm thinking perhaps in the $250k-$500k range.

What are your incomes?
by Carefreeap
Sat Mar 04, 2017 6:22 pm
Forum: Personal Consumer Issues
Topic: Describe your Reasonable Dream Home
Replies: 51
Views: 3108

Re: Describe your Reasonable Dream Home

I never wanted to go through the brain damage of trying to build a new house in the SF Bay Area therefore we're content with our semi-custom tract house. Let's call it an 85% dream home. :D Ocean and valley views on 1/2 acre lot. 2500 sq.ft. Built in 1964. Wish it were single level but can't have ev...
by Carefreeap
Fri Mar 03, 2017 11:53 am
Forum: Personal Finance (Not Investing)
Topic: Tax Thoughts - Home Sale and Rental Sale in 2016
Replies: 5
Views: 552

Re: Tax Thoughts - Home Sale and Rental Sale in 2016

anseriformes wrote:
Goal33 wrote:I'd say you're on the hook for taxes on both.


Oh well. I'm sure the money will be put to good use.


Go to a good CPA who does a lot of this work. I have heard of exceptions to the 2/5 rule and possibly some pro-rations of gains.

Good luck!
by Carefreeap
Thu Mar 02, 2017 4:55 pm
Forum: Personal Finance (Not Investing)
Topic: Pros and cons of a mortgage
Replies: 10
Views: 1096

Re: Pros and cons of a mortgage

Is the new house in move-in condition or will you be making substantial improvements to it? If you are making substantial improvements I would give some thought about using a mortgage vs a series of HELOCs due to the interest rate risk but you need to actually run the numbers to see if it makes sense.
by Carefreeap
Wed Mar 01, 2017 8:30 pm
Forum: Personal Finance (Not Investing)
Topic: Market Cycle Psychology
Replies: 23
Views: 1662

Re: Market Cycle Psychology

I think we are approaching euphoria. It's like everyone has forgotten about 2008 a convenient 10 years ago. :oops: Well, I'm retired now, so it's hard to assess what people are talking about around the water cooler... but I haven't seen any obvious signs of euphoria that are comparable with what I ...
by Carefreeap
Tue Feb 28, 2017 7:19 pm
Forum: Personal Finance (Not Investing)
Topic: Market Cycle Psychology
Replies: 23
Views: 1662

Re: Market Cycle Psychology

I think we are approaching euphoria. It's like everyone has forgotten about 2008 a convenient 10 years ago. :oops:
by Carefreeap
Tue Feb 28, 2017 10:50 am
Forum: Personal Finance (Not Investing)
Topic: Second home or not ready
Replies: 56
Views: 4306

Re: Second home or not ready

First of all I would spend a couple of years renting VRBO or AirBnB properties before buying a second home in a vacation area. And talk to property owners and managers about the kinds of issues that come up. It's not just the initial outlay. It's the on-going maintenance and repairs that can become ...

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