Search found 867 matches

by JGoneRiding
Fri Aug 18, 2017 9:53 pm
Forum: Personal Finance (Not Investing)
Topic: Increasing Loan - to Value Ratio
Replies: 6
Views: 351

Re: Increasing Loan - to Value Ratio

I wouldn't put the money towards the loan until a) you have got it in writing from your current lender that if you pay it down to x they will remove PMI b) you have a deal with a new refi company to remove it based on appraisal but you need to bring y to closing to get that amount. What I did---moni...
by JGoneRiding
Fri Aug 18, 2017 2:51 pm
Forum: Personal Finance (Not Investing)
Topic: Pension Survivor Benefit or Life Insurance -teenage daughter
Replies: 20
Views: 1124

Re: Pension Survivor Benefit or Life Insurance -teenage daughter

Are you expecting to die in the next 4 years? If not, it makes more sense to think of how things might be when you die in 20, 30, 40 years. Giving her a guaranteed $30k pension for the rest of her life could kill her incentive to work. I would rather go with term life insurance for the next 10 year...
by JGoneRiding
Fri Aug 18, 2017 2:05 pm
Forum: Personal Finance (Not Investing)
Topic: Percent of retirement expenses from fixed sources?
Replies: 16
Views: 915

Re: Percent of retirement expenses from fixed sources?

I am only 36. my projections show that SSA and rental income can completely cover my non medical fixed expenses based on what I currently spend. BUT I still plan to save a ton of money to have a lot of fun in retirement and to retire early before SSA kicks in. Basically I can retire as soon as the h...
by JGoneRiding
Fri Aug 18, 2017 2:00 pm
Forum: Personal Finance (Not Investing)
Topic: Did Chase Apply My "Additional Principal" Payment Legally?
Replies: 36
Views: 1378

Re: Did Chase Apply My "Additional Principal" Payment Legally?

Once you make an additional payment of principal, the amortization table goes out the window. Simple to build an amortization table in Excel with outstanding balance, interest, principal and orig payment columns (all calculated except original payment) . In the principal column, add the additional ...
by JGoneRiding
Fri Aug 18, 2017 11:53 am
Forum: Personal Finance (Not Investing)
Topic: Debt collector called, should we call them back?
Replies: 14
Views: 1450

Re: Debt collector called, should we call them back?

I would start with pulling my credit report and see if anything legitamently looks wrong with that. Don't worry they will call again :) though if it is legit these things are usually best dealt with right away.
by JGoneRiding
Fri Aug 18, 2017 11:46 am
Forum: Personal Finance (Not Investing)
Topic: quick estate question
Replies: 51
Views: 1994

Re: quick estate question

Just spoke to accountant absolutely no taxes needed as long as you sell the house in a reasonable time (6-months) otherwise there could be a very small gain or loss. Also said the siblings do not have to report anything in regards to anything on their returns next year, He will just complete an est...
by JGoneRiding
Fri Aug 18, 2017 11:37 am
Forum: Personal Finance (Not Investing)
Topic: When does renting make sense
Replies: 112
Views: 8484

Re: When does renting make sense

According to Ken Rockwell: After selling my condo of 17 years, sure, I sold it at the top of California's recent real estate bubble for four times what I paid. But wait: unlike a financial investment, I had to pay mortgage interest, taxes, utilities, repairs, homeowner associations and loads of oth...
by JGoneRiding
Fri Aug 18, 2017 11:24 am
Forum: Personal Finance (Not Investing)
Topic: Did Chase Apply My "Additional Principal" Payment Legally?
Replies: 36
Views: 1378

Re: Did Chase Apply My "Additional Principal" Payment Legally?

Back when I had a mortgage, I made a few payments of additional principal. They were always made along with my normal monthly payment, which I believe is the way my lender expects it to be used. That's reasonable. Now let's say you mailed a regular payment in on 2 consecutive days. How much interes...
by JGoneRiding
Thu Aug 17, 2017 2:11 pm
Forum: Personal Finance (Not Investing)
Topic: quick estate question
Replies: 51
Views: 1994

Re: quick estate question

the sister in whose name the house was oddly titled is going to owe taxes. everyone needs to account for this
by JGoneRiding
Thu Aug 17, 2017 9:28 am
Forum: Personal Finance (Not Investing)
Topic: Model Home Purchase/Leaseback
Replies: 16
Views: 1192

Re: Model Home Purchase/Leaseback

Also include anything you want left behind (... reefer , etc.). Didn't know you could ask for this. Live and learn! :sharebeer Really?? I specifically asked the builder to put in a refrig in my offer on brand new place--and specified type and brand (to match other appliances and so he couldn't do t...
by JGoneRiding
Thu Aug 17, 2017 9:13 am
Forum: Personal Finance (Not Investing)
Topic: quick estate question
Replies: 51
Views: 1994

Re: quick estate question

No will or executor. The attorney said the credit card debt and medical are unsecured debt they are small and they never come after the children for unsecured debts. I will have to call a few other attorneys and see if they give same advice. While that is most likely true, legally they have the rig...
by JGoneRiding
Wed Aug 16, 2017 10:37 am
Forum: Personal Finance (Not Investing)
Topic: Reverse Mortgage Considerations
Replies: 52
Views: 3575

Re: Reverse Mortgage Considerations

thank you for the above reply. I have tried everything to talk my parents out of one. Maybe that will help. Main reason I really don't want them to do it is my mother doesn't want to stay in the house when my father passes. For the OP--going through it with my parents I actually DO think they make s...
by JGoneRiding
Wed Aug 16, 2017 10:32 am
Forum: Personal Finance (Not Investing)
Topic: 27y/o w/ 150k debt buying 685k house
Replies: 41
Views: 4092

Re: 27y/o w/ 150k debt buying 685k house

OP--I have friends like that. they spend every dime and then complain. then they encourage me to spend too! just smile and nod and know you are setting up for retirement
by JGoneRiding
Tue Aug 15, 2017 2:24 pm
Forum: Personal Finance (Not Investing)
Topic: Spending help: Best use for $800 per month ?
Replies: 18
Views: 1519

Re: Spending help: Best use for $800 per month ?

preschool?? in our area part time pre school starts at 2 and is less than full time day care. And the full time day care centers also do some preschool--mandated by state law
by JGoneRiding
Mon Aug 14, 2017 10:54 pm
Forum: Personal Consumer Issues
Topic: Best Housing To Avoid Noise
Replies: 57
Views: 4406

Re: Best Housing To Avoid Noise

10 acres in the country is pretty quiet. That said I can actually still hear my neighbors chickens (and mine I can tell the difference) and their kids out playing basketball but its fun sounds.
by JGoneRiding
Mon Aug 14, 2017 10:51 pm
Forum: Personal Finance (Not Investing)
Topic: When to report 1031 exchange?
Replies: 11
Views: 574

Re: When to report 1031 exchange?

If I understand correctly, I can use the money towards my new home purchase. What about all the depreciation I took on the old house while it was a rental? Do I just pay capital gains on that somehow? You most certainly can NOT use a 1031 exchange to then purchase a primary house (which is what it ...
by JGoneRiding
Mon Aug 14, 2017 11:25 am
Forum: Personal Finance (Not Investing)
Topic: When does renting make sense
Replies: 112
Views: 8484

Re: When does renting make sense

Does the majority of people here really believe that you only rent apartments and never rent houses? So many of the arguments are predicated on renting apartments, I find that astonishing. I rent a big home with nice appliances just like what we had in the home we own elsewhere. I still end up goin...
by JGoneRiding
Mon Aug 14, 2017 10:12 am
Forum: Personal Finance (Not Investing)
Topic: Rent Out or Sell My Condo...
Replies: 21
Views: 1859

Re: Rent Out or Sell My Condo...

I think the biggest question is if you come back to this area do you want to return to this exact spot and condo--if not sale. AND do you think you would do that within 3 years--if not I would also sale in order to capture the owner occupied capital gains exclusion. If you really like the condo and ...
by JGoneRiding
Mon Aug 14, 2017 9:56 am
Forum: Personal Finance (Not Investing)
Topic: When to report 1031 exchange?
Replies: 11
Views: 574

Re: When to report 1031 exchange?

off the top of my head i think you have 60 days to declare 1031 and 180 to compete deal (you may already be sol these have to be done very carefully). but i also do not think this qualifies. also the question is do you REALLY WANT it to... where you depreciating your house? if you had not tax wise s...
by JGoneRiding
Mon Aug 14, 2017 9:42 am
Forum: Personal Finance (Not Investing)
Topic: Do I Need a Trust? (for single, no children, beneficiaries, etc.)
Replies: 16
Views: 1346

Re: Do I Need a Trust? (for single, no children, beneficiaries, etc.)

From your situation, as described, it seems to me that a trust would not be justifiable. Things like trusts and estate plans have a goal of making things cleaner and simpler after one's death for the survivors/beneficiaries. Since you will have none, then who would benefit? I would, I think, try to...
by JGoneRiding
Sun Aug 13, 2017 10:14 pm
Forum: Personal Finance (Not Investing)
Topic: Due to 8 Year Bull Market, Pay Off Rental Now?
Replies: 35
Views: 3551

Re: Due to 8 Year Bull Market, Pay Off Rental Now?

If I was going to do it I would still max the ROths while you can and only cut the 401k to match and drop the 529's for a year. My crystal ball is broken for what is best
by JGoneRiding
Sat Aug 12, 2017 4:00 pm
Forum: Personal Finance (Not Investing)
Topic: buying a rental property vs investing more in stocks
Replies: 26
Views: 2723

Re: buying a rental property vs investing more in stocks

I like real estate but I don't speculate. Buying a property that can't cash flow hoping for appreciation is a bad idea .
by JGoneRiding
Sat Aug 12, 2017 3:57 pm
Forum: Personal Finance (Not Investing)
Topic: Model Home Purchase/Leaseback
Replies: 16
Views: 1192

Re: Model Home Purchase/Leaseback

I would expect a great price! That is a really long rent back and why I have advocated for them several times 8 mos rent back might create loan issues unless you are using the builders perfered Lender and they have agreed to this. Generally speaking lenders require occupancy in 60 days for a primary...
by JGoneRiding
Sat Aug 12, 2017 1:07 pm
Forum: Personal Finance (Not Investing)
Topic: Can a salaried employee be docked pay...
Replies: 33
Views: 3252

Re: Can a salaried employee be docked pay...

At my last job, the private, medium sized company decided at the beginning of December that it would shut down the entire company over the Christmas to New Year period since business was down and the factory was planned to shut down. Employees without PTO earned were not allowed to go negative in P...
by JGoneRiding
Sat Aug 12, 2017 11:51 am
Forum: Personal Finance (Not Investing)
Topic: Personal mortgage loan
Replies: 16
Views: 719

Re: Personal mortgage loan

maria00200 wrote:
Sat Aug 12, 2017 11:35 am
The goal was he does not qualify for a mortgage right now, so I was thinking of helping out maybe.
if he doesn't qualify chances are good they wont like the loan. you would need to speak with the loan officer but usually they want a letter saying that its a gift if for down payment
by JGoneRiding
Sat Aug 12, 2017 11:49 am
Forum: Personal Finance (Not Investing)
Topic: Personal mortgage loan
Replies: 16
Views: 719

Re: Personal mortgage loan

THe irs has a SPECIFIC family rate for long term loaning it is NOT fair market rate (a lot less) but you MUST charge that rate if you are going to call it a loan or the IRS will impute it for you as income. I believe but you should look it up that it is currently something like 2.15% or close to tha...
by JGoneRiding
Fri Aug 11, 2017 6:49 pm
Forum: Personal Finance (Not Investing)
Topic: Will vs Living Trust
Replies: 59
Views: 5332

Re: Will vs Living Trust

I didn't read all thread. Has it been pointrd out the disaster of leaving house to 4 people? Op please read the long tread about that from a child whose parent forced that upon them and they are now forced to take siblings to court I am sure it has been pointed out that without a trust wife can rema...
by JGoneRiding
Fri Aug 11, 2017 6:22 pm
Forum: Personal Finance (Not Investing)
Topic: Can a salaried employee be docked pay...
Replies: 33
Views: 3252

Re: Can a salaried employee be docked pay...

I was a salaried employee for 40 years. I was never docked pay. I had sick leave as needed, no specific number of hours or days. It worked out fine... Surely you realize that is employer specific. "Salary" generally benefits employer. Some comp after 45 hrs some don't but sick has always come out o...
by JGoneRiding
Thu Aug 10, 2017 5:26 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a house as a student
Replies: 27
Views: 1316

Re: Buying a house as a student

Get a roommate. Problem solved min money wasting.

I posted it elsewhere we did buy a house while I was in grad school. BUT I had 3 roommates to pay for everything
by JGoneRiding
Thu Aug 10, 2017 5:21 pm
Forum: Personal Finance (Not Investing)
Topic: Basic decisions about will/estate planning for young kids
Replies: 5
Views: 471

Re: Basic decisions about will/estate planning for young kids

Bstiner: if the goal is to provide for minor children. Do you generally just do a testementory trust? If therr are no probate issues in the state would you bother with a living?
by JGoneRiding
Thu Aug 10, 2017 11:36 am
Forum: Personal Finance (Not Investing)
Topic: I pay $6K in rent. Am I an idiot for not buying?
Replies: 50
Views: 6358

Re: I pay $6K in rent. Am I an idiot for not buying?

I want to point out that the 1% thing IS NOT intended at a rent vs buy calculation (trust me you find that property you should have bought a long time ago) its a rough rule of thumb to see if an investment property is worth the hassle. AND it was coined if you will when the going mortgage rate was 6...
by JGoneRiding
Wed Aug 09, 2017 7:21 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need to file a gift tax return?
Replies: 26
Views: 1799

Re: Do I need to file a gift tax return?

"wrongfunds" the IRS cares even more than you think. Trading services (no cash) with any regularity and expectation of return is ALSO subject to tax. Example: neighbor watches your kids on a consistent basis--day care or babysitting type--in return you provide her with full lawn care services. These...
by JGoneRiding
Wed Aug 09, 2017 5:04 pm
Forum: Personal Finance (Not Investing)
Topic: Save to buy home on cash
Replies: 17
Views: 1333

Re: Save to buy home on cash

I agree with the general thought that I wouldn't do this. If I could have the cash in 10 yrs I would buy now and pay down. Over 10 years. Why? Anything "safe" over 10 years is going to loose out to inflation and increased cost. So you loose 2x. Your money can't keep up with general inflation and at ...
by JGoneRiding
Tue Aug 08, 2017 11:44 am
Forum: Personal Finance (Not Investing)
Topic: Buying a house with a current tenant?
Replies: 14
Views: 1287

Re: Buying a house with a current tenant?

in many (but not all) states you can evict a renter on purchase IF you are purchasing to occupy the place yourself. You cant do it to be able to raise rent etc, but if you purchase a place to be primary it can be terminated the lease
by JGoneRiding
Tue Aug 08, 2017 9:23 am
Forum: Personal Finance (Not Investing)
Topic: When does renting make sense
Replies: 112
Views: 8484

Re: When does renting make sense

Is it your assumption that when a home is rented, the landlord does not have to pay for upkeep or taxes or maintenance? Does the landlord not consider those factors when he decides on a rent price? How could you be better off renting? Is it your assumption that all the landlords are running a chari...
by JGoneRiding
Mon Aug 07, 2017 11:57 am
Forum: Personal Finance (Not Investing)
Topic: Buying parents home and estate planing
Replies: 17
Views: 1229

Re: Buying parents home and estate planing

It only got mentioned once, but I want to repeat it. "Buying" the mortgage would be a really clean option. You could "loan" the money at the going irs rate as a 30 yr term (I would write up a mortgage lein document and everything ) you would need to pay taxes on the implied interest bUT you could in...
by JGoneRiding
Mon Aug 07, 2017 11:25 am
Forum: Personal Finance (Not Investing)
Topic: How much do kids cost in a high COLA?
Replies: 57
Views: 3703

Re: How much do kids cost in a high COLA?

You have to wonder where all that money goes to... I know it's not the workers... The problem is the very low student to teacher ratios required for young children. Our daycare has 1 worker per 4 babies. If you pay the worker $25k/yr (they work 12 hour days- it's more than 40 hours a week), just th...
by JGoneRiding
Mon Aug 07, 2017 11:13 am
Forum: Personal Finance (Not Investing)
Topic: How much do kids cost in a high COLA?
Replies: 57
Views: 3703

Re: How much do kids cost in a high COLA?

I just had my first. i am 36 ad primary breadwinner. This year he is costing about 40k! mostly in chosen loss of income. For insurance, daycare, and diapers alone he runs about 1k/mos. I spent next to nothing on "stuff" thanks to gifts He is worth every penny! my back up plan if I didn't find a "rel...
by JGoneRiding
Sun Aug 06, 2017 3:26 pm
Forum: Personal Finance (Not Investing)
Topic: What to do if someone is using your home address?
Replies: 35
Views: 52392

Re: What to do if someone is using your home address?

Bought my home 16 years ago ,still get the IRA account info. of the previous owner.Every year,even after sending it back ,and marking envelope's ,and speaking with postal service .??? How much work am I supposed to do? Well I don't get anything thay impt looking but some stuff for actually 2 owners...
by JGoneRiding
Sun Aug 06, 2017 2:38 pm
Forum: Personal Finance (Not Investing)
Topic: Ira vs roth
Replies: 14
Views: 977

Re: Ira vs roth

If you think you'll be in phase-out, I would put it all in Roth now. Then next year, work your taxes and figure out how much could be deductible, then recharacterize that amount before tax day. How hard is it to recharacterizate? It just sounds like a lot of work vs jusy wait. But then I am out of ...
by JGoneRiding
Sun Aug 06, 2017 11:19 am
Forum: Personal Finance (Not Investing)
Topic: Townhome or condo?
Replies: 29
Views: 2213

Re: Townhome or condo?

We cannot afford a good school area and we are currently paying a rent of $2400 for a 2B 1B apt. All good school condo's are 850K plus. I have been pre-approved for a max of 800K house. Principal + interest / month for condo : $2,207 Housing Debt/Income Ratio: 29% Principal + interest / month for T...
by JGoneRiding
Sun Aug 06, 2017 11:11 am
Forum: Personal Finance (Not Investing)
Topic: What criteria warrants a need for Living Revocable Trust?
Replies: 39
Views: 3324

Re: What criteria warrants a need for Living Revocable Trust?

Can I add a question? If you have young children and in the event of death of both spouses life insurance would go to them, do you need a living trust to title the insurance to? Or can your will establish trust for the child and the life insurance be titled there? The reason I ask is our agent was o...
by JGoneRiding
Sat Aug 05, 2017 8:58 pm
Forum: Personal Finance (Not Investing)
Topic: First Home - How Much *Should* I spend?
Replies: 8
Views: 971

Re: First Home - How Much *Should* I spend?

Well you could afford more but there is no rule that says you must buy as much house as you can afford or that you must buy as big a house as possible. If you would be happy for at least 7 yrs but hopefully 10 in the house you describe I say it is likely to be the best financial decision ever to buy...
by JGoneRiding
Sat Aug 05, 2017 8:02 pm
Forum: Personal Finance (Not Investing)
Topic: Ira vs roth
Replies: 14
Views: 977

Re: Ira vs roth

2nd question: If we end up in phaseout area (magi between 99k and 119k) can I contribute to both? The amount that is deductible to a tIRA and the remainder to the roth? I have already put some for the year into the roth and was just getting ready to put the rest in (about 4400) when I realized I had...
by JGoneRiding
Sat Aug 05, 2017 7:46 pm
Forum: Personal Finance (Not Investing)
Topic: Ira vs roth
Replies: 14
Views: 977

Re: Ira vs roth

I misread your original post. When you said you'll be in 25% tax bracket no matter what, I was thinking you're in 100k+ and thus not eligible for tIRA deduction. I agree that you should wait until 12/31 to know if you can take deduction for tIRA. If not, Roth IRA is always there. Assuming you're pu...
by JGoneRiding
Sat Aug 05, 2017 7:35 pm
Forum: Personal Finance (Not Investing)
Topic: Want to finish mortgage in five years, how much to pay?
Replies: 15
Views: 1687

Re: Want to finish mortgage in five years, how much to pay?

Do you have up to date excel? There is an Amort table in there that allows for random extra payment and requires no math functions very nice
by JGoneRiding
Sat Aug 05, 2017 6:12 pm
Forum: Personal Finance (Not Investing)
Topic: Capital One -- Again!
Replies: 20
Views: 3060

Re: Capital One -- Again!

I only use my 360 acct as savings. In process of switching to Ally for higher rate. I hadn't noticed a website change. It seemed fine this morning when I logged on to make a transfer. I was originally with ing
by JGoneRiding
Sat Aug 05, 2017 6:06 pm
Forum: Personal Finance (Not Investing)
Topic: Ira vs roth
Replies: 14
Views: 977

Re: Ira vs roth

I don't know if you can contribute to tIRA while you have simple IRA. From what I know, you can't take IRA deduction if you have a qualified employer 401k plan. This is incorrect. You can take the full deduction if your MAGI is <99k for married filers with full phaseout at $119k. At your marginal r...
by JGoneRiding
Sat Aug 05, 2017 5:55 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Questions
Replies: 8
Views: 769

Re: Refinance Questions

Op. I am surprised too. Using an online mortgage provider last mos (rec through costco) I was quoted 650. And then they waived the whole thing because their internal determination was good enough (this cost me nothing ) so I think the issue is with the credit union you chose. But what do you really ...
by JGoneRiding
Sat Aug 05, 2017 3:20 pm
Forum: Personal Finance (Not Investing)
Topic: Ira vs roth
Replies: 14
Views: 977

Re: Ira vs roth

Your income allows you to contribute to Roth IRA. Considering your situation that there's a good chance you need to withdraw from your savings to cover the expenses. Roth IRA can allow you to withdraw the contribution at any time without tax and penalties. Yes I am very aware of this. There is 50k ...