Search found 65 matches

by Payoffhouse
Thu Sep 21, 2017 9:50 pm
Forum: Personal Consumer Issues
Topic: Seeking advice about a contractor dispute
Replies: 5
Views: 479

Re: Seeking advice about a contractor dispute

Tough situation, but ultimately the cabinet sub should have caught the fact that manufacturer does not make "non-glazed" doors. He should have done his due diligence and have not ordered something you didn't want (specially if it's in writing). He order the glazed door without prior approval from yo...
by Payoffhouse
Tue Sep 19, 2017 7:00 pm
Forum: Personal Finance (Not Investing)
Topic: To Refinance or not to Refinance
Replies: 17
Views: 1418

Re: To Refinance or not to Refinance

****Update*****

I spoke to the bank today and they are willing to give me a $124k loan if I pay-off both my car loans ($34k). What do you guys/ gals think?
by Payoffhouse
Sun Sep 17, 2017 7:17 pm
Forum: Personal Finance (Not Investing)
Topic: To Refinance or not to Refinance
Replies: 17
Views: 1418

Re: To Refinance or not to Refinance

1. Waiting until 2018 is another possible option. 2. I would have an EF of about 5 months. Not including my wife's income. 3. I have about a little bit over 3 years left on the car loans. I make extra payments every month. 4. The payoffs are about $14k and $22k. 5. According to their calculation de...
by Payoffhouse
Sun Sep 17, 2017 6:42 am
Forum: Personal Finance (Not Investing)
Topic: To Refinance or not to Refinance
Replies: 17
Views: 1418

Re: To Refinance or not to Refinance

Debt to income ratio too high and they are basing my income on 2016 W2 not 2017 projected income. I think it is typical to look back to a full year's income. An individual paystub could reflect short-term overtime. If you received a considerable pay bump in 2017, then the solution may be to wait un...
by Payoffhouse
Sat Sep 16, 2017 12:58 am
Forum: Personal Finance (Not Investing)
Topic: To Refinance or not to Refinance
Replies: 17
Views: 1418

Re: To Refinance or not to Refinance

Anyone for option 2? Cons of option 2?
by Payoffhouse
Fri Sep 15, 2017 4:16 pm
Forum: Personal Finance (Not Investing)
Topic: To Refinance or not to Refinance
Replies: 17
Views: 1418

Re: To Refinance or not to Refinance

What would you do if you were in my shoes? Was there some reason that they said that they would only lend you that much? Even if you income is modest I would think that you could qualify for a lot more than that. Debt to income ratio too high and they are basing my income on 2016 W2 not 2017 projec...
by Payoffhouse
Fri Sep 15, 2017 3:56 pm
Forum: Personal Finance (Not Investing)
Topic: To Refinance or not to Refinance
Replies: 17
Views: 1418

To Refinance or not to Refinance

Hi, Need some help and advice. Background info: 1. House is valued at over $400K. 2. Emergency funds is sitting in savings account accruing very little interest. 3. Our jobs does not offer 401k and we are maximing our Roth IRA. I am looking to refinance my existing mortgage rate of 5.25%; however, I...
by Payoffhouse
Wed Aug 30, 2017 3:18 pm
Forum: Investing - Help with Personal Investments
Topic: Help, pay off house or invest?
Replies: 37
Views: 3375

Re: Help, pay off house or invest?

I think I would go with either the 10 year, and get the house paid off as quickly as possible with the lowest interest and closing costs, or possibly go with a 30 year and use the cash flow to start building up an investment portfolio. 10 years is a long time to have basically all of your net worth...
by Payoffhouse
Wed Aug 30, 2017 1:45 pm
Forum: Investing - Help with Personal Investments
Topic: Help, pay off house or invest?
Replies: 37
Views: 3375

Re: Help, pay off house or invest?

*****Update***** I took some of the advice that was posted. Thank you so much. Some changes since last post: -Emergency Fund: more than 12 months in checking account earning zilch. -I started his and hers 2017 Roth IRA which will be fully funded. -Still his and hers jobs does not offer 401k. - Only ...
by Payoffhouse
Mon Jul 24, 2017 1:10 pm
Forum: Personal Finance (Not Investing)
Topic: Guidance needed, at a crossroads in my current job.
Replies: 23
Views: 2816

Re: Guidance needed, at a crossroads in my current job.

**Update** So later on today, I am meeting with the Owner of the company to discuss my next project in which most likely I will not be in charge. My new project is a partnership with a national firm. This will give me an opportunity to bring up my 1 year review, salary adjustment, and bonus. I guess...
by Payoffhouse
Thu Jun 22, 2017 9:01 am
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Re: Siblings in disagreement over mom's house.

Update: 1. The house will be getting insurance at the latest by tomorrow. I am awaiting insurance company to contact me for payment. Btw keepers did not comment about getting insurance for the house. 2. I did some research and the house is deeded "tenants in common". 3. I spoke to a mediator for clo...
by Payoffhouse
Thu Jun 22, 2017 8:11 am
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Re: Siblings in disagreement over mom's house.

You have a right to your inheritance and also have the right not to be stuck with a share in your mom's house and its contents or be stuck in this conflict with your siblings. Those rights are equal to anyone else's rights in this situation. Talk to a lawyer to find out what your options are, prefe...
by Payoffhouse
Sun Jun 18, 2017 11:11 am
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Re: Siblings in disagreement over mom's house.

Letter signed by the three willing sellers stating 1.) Majority owners desire to sell 2.) Understand sentimental value but there are other concerns 3.) Remaining owners have 60 days to make an offer to majority or property goes on the market 4.) Proceeds to be split evenly assuming that everyone is...
by Payoffhouse
Sun Jun 18, 2017 10:47 am
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

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 Payoffhouse
Sun Jun 18, 2017 10:45 am
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

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 Payoffhouse
Sun Jun 18, 2017 10:40 am
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Re: Siblings in disagreement over mom's house.

What if the real estate was in a trust? You're on the right track here, but no one seems to pay attention to the obvious short term solution, which is to change the current legal ownership -- I recommended placing the property in an LLC, and to work out operating management of the property within t...
by Payoffhouse
Sun Jun 18, 2017 10:38 am
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

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 Payoffhouse
Sun Jun 18, 2017 10:36 am
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Re: Siblings in disagreement over mom's house.

I know this is now a moot point regarding the OP's situation, and in no way do I want to hijack the thread, but could have this been avoided if the Executor (while still being probated, assuming the Executor was one of the siblings) sold the house before the title passed jointly to the 5 heirs, des...
by Payoffhouse
Sun Jun 18, 2017 10:34 am
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Re: Siblings in disagreement over mom's house.

Are Mom's things still in the house? Did the items in storage belong to her? If yes, it would be a step in the right direction to distribute these sentimental items and make the house impersonal. The more it can become just another house the better. Yes, mom's things are in the house. Other sibling...
by Payoffhouse
Sun Jun 18, 2017 10:28 am
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

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 Payoffhouse
Sun Jun 18, 2017 10:24 am
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Re: Siblings in disagreement over mom's house.

Letter signed by the three willing sellers stating 1.) Majority owners desire to sell 2.) Understand sentimental value but there are other concerns 3.) Remaining owners have 60 days to make an offer to majority or property goes on the market 4.) Proceeds to be split evenly assuming that everyone is...
by Payoffhouse
Sun Jun 18, 2017 8:51 am
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Re: Siblings in disagreement over mom's house.

Have you and the other "seller" clearly communicated the financial liability you all share on this uninsured house? Since you sellers are the ones with deep pockets, you would likely be hurt most in the event of a suit. Perhaps your siblings don't understand this. I was involved with two siblings w...
by Payoffhouse
Sun Jun 18, 2017 8:45 am
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Re: Siblings in disagreement over mom's house.

I don't think you are looking at much in legal fees. It's a very straight fwd situation. 3 owners want to sale. You hire a lawyer, judge order sale. It's actually not overly complicated. It's the only option. Besides abandonment. It's a very clean legal option because it has good solid precident so...
by Payoffhouse
Sun Jun 18, 2017 8:37 am
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Re: Siblings in disagreement over mom's house.

I would like to point out a thing here. The people who are saying to go to the mat to get $50,000 (right it will be less than $50,000 and might even be negative if there is an accident) have, I suspect, never been in a situation like the OP's. Those of us who have are saying the enormous stress is ...
by Payoffhouse
Sun Jun 18, 2017 8:33 am
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Re: Siblings in disagreement over mom's house.

Background info: 2. Mom's house was transferred to all 5 sons/ daughters during probate (father passed away 10 years ago). 4. The siblings who want to keep house do not have the financial means to "buy-out" the other siblings. 5. The house is somewhat in average shape but rapidly deteriorating . 7....
by Payoffhouse
Sun Jun 18, 2017 8:29 am
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Re: Siblings in disagreement over mom's house.

dm200 wrote:
Logic and reason have nothing to do with these situations.
Exactly. I suspect that the holdouts (with no money) are the type that you cannot tell anything. The only way they learn the stove is hot is by getting their hands burned. Then they might even blame you.
You hit the nail on the head.
by Payoffhouse
Sun Jun 18, 2017 8:24 am
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Re: Siblings in disagreement over mom's house.

Background info: 4. The siblings who want to keep house do not have the financial means to "buy-out" the other siblings. 5. The house is somewhat in average shape but rapidly deteriorating. The siblings who do not want to sell are pretty adamant about it and basically have "over my dead body" attit...
by Payoffhouse
Sun Jun 18, 2017 8:19 am
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Re: Siblings in disagreement over mom's house.

Interesting thread. How about getting an appraisal then the five of you go to an attorney together who can explain all the possible options. The attorney should also explain the risks of having a house sitting empty, uninsured, in disrepair, and in arrears on taxes. Just a thought. An appraisal wou...
by Payoffhouse
Sun Jun 18, 2017 8:11 am
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Re: Siblings in disagreement over mom's house.

Sometimes you just have to accept that siblings are not likely to have good relationships in the future. Make a good offer to sell your share to the keepers or buy the keepers out and then sell. If they don't agree then go to court and force the sale. Giving relatives time to adjust is important bu...
by Payoffhouse
Sun Jun 18, 2017 8:01 am
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Re: Siblings in disagreement over mom's house.

What if you take out a line of credit and use that cash to buy out the parties that don't want to own it? The ones that do want to own the house are left with a reasonable mortgage payment. If I take out a line of credit I would left holding the bag when the keepers do not pay me because of their f...
by Payoffhouse
Sun Jun 18, 2017 7:55 am
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Re: Siblings in disagreement over mom's house.

aristotelian wrote:Could you sell your share at a discount to the seller group? Wouldn't solve the problem of the house but it would get you out of it.
Ill ask this question to a lawyer maybe I can sell my share to a third party and let them deal with the headache.
by Payoffhouse
Sun Jun 18, 2017 7:52 am
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Re: Siblings in disagreement over mom's house.

The siblings who want to keep the house are in bad financial situation. I do not think they would qualify for a mortgage. What if the "sellers" get together and agree to give the "keepers" an extra $10K from the proceeds if they will go along with the sale. Make the offer good for only a short time...
by Payoffhouse
Sun Jun 18, 2017 7:50 am
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Re: Siblings in disagreement over mom's house.

What if someone (either sibling or stranger) gets hurt on the property and sues? What if one person dies? Does their share go to their spouse or kids or to the other siblings? Is it a situation of last person standing owns the house? (Ie, this favors the younger people) Have you guys even talked ab...
by Payoffhouse
Sun Jun 18, 2017 7:33 am
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Re: Siblings in disagreement over mom's house.

So much good advice given. Here is my rough plan. 1. First thing I need to do is speak to other siblings and buy home owner's insurance. Please excuse my ignorance, but if there is an accident at the house can the person injured go after my personal assets? 2. Maybe make 1 last attempt to speak to "...
by Payoffhouse
Fri Jun 16, 2017 9:51 pm
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Re: Siblings in disagreement over mom's house.

Miriam2 wrote:
Payoffhouse wrote:8. House not insured as not required once house is paid-off.
9. The house is in Florida.
And what happens when the next big hurricane comes??
I have brought this issue up before.
by Payoffhouse
Fri Jun 16, 2017 9:49 pm
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Re: Siblings in disagreement over mom's house.

How about gifting your shares? You and your siblings that don't want it can gift shares to the others that want it. I don't see why you would fight over approx. 50k. Some are not in great financial situation I do not think that is an option. Has the property already been titled to you and the sibli...
by Payoffhouse
Fri Jun 16, 2017 9:47 pm
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Re: Siblings in disagreement over mom's house.

Perhaps you could suggest they get a loan on the property to pay your share? People with no money can still get a mortgage usually. I'm sure some mortgage broker could be creative for your desires. The siblings who want to keep the house are in bad financial situation. I do not think they would qua...
by Payoffhouse
Fri Jun 16, 2017 9:43 pm
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Re: Siblings in disagreement over mom's house.

Sounds like a truly horrible situation. There is nothing you can do to force a sale without going nuclear and getting lawyers involved. I would adopt the attitude that you are not going to get anything out of this house, and any settlement will be found money. With that attitude you say to the "kee...
by Payoffhouse
Fri Jun 16, 2017 9:41 pm
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Re: Siblings in disagreement over mom's house.

2pedals wrote:How about gifting your shares? You and your siblings that don't want it can gift shares to the others that want it. I don't see why you would fight over approx. 50k.
Some are not in great financial situation I do not think that is an option.
by Payoffhouse
Fri Jun 16, 2017 9:39 pm
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Re: Siblings in disagreement over mom's house.

What has the house been used for for the last 5 years? Vacation getaway for the individual families? For all families together (family reunion)? Other? Have the siblings gotten roughly equal use out of the house? How many of the 5 strongly want to sell, how many to keep, how many ambivalent, and wh...
by Payoffhouse
Fri Jun 16, 2017 9:28 pm
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Re: Siblings in disagreement over mom's house.

Sorry for the situation you find yourself in. It sounds like those that want to sell have a high level goal and plan. You might want to flesh that out in writing to describe how to get from here to there including potential distribution shares from the sale and a rough timeline. I would ask that th...
by Payoffhouse
Fri Jun 16, 2017 9:08 pm
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Re: Siblings in disagreement over mom's house.

delamer wrote:What is your siblings' objection to selling the property? Is it sentimental or financial?

It's sentimental.
by Payoffhouse
Fri Jun 16, 2017 8:54 pm
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Re: Siblings in disagreement over mom's house.

An attorney would likely have to file a petition with the court and then a judge would have to approve the "partitioning" of the asset. How many of the "sellers" are welling to contribute to "front" the attorney fees? How much is the house/property worth? If no one wants to and has the ability to "...
by Payoffhouse
Fri Jun 16, 2017 8:47 pm
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Re: Siblings in disagreement over mom's house.

Talk to a lawyer. You might be able to force the issue (google partition sales). Is anyone living in the house right now? Often the big issue is that one kid is living in the house rent free and doesn't want to lose their free ride. Personally, I almost think that parents who leave real estate spli...
by Payoffhouse
Fri Jun 16, 2017 8:30 pm
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 20283

Siblings in disagreement over mom's house.

Background info: 1. Mom passed away 5 years ago. 2. Mom's house was transferred to all 5 sons/ daughters during probate (father passed away 10 years ago). 3. 5 years later some of us want to sell house while others want to keep house. 4. The siblings who want to keep house do not have the financial ...
by Payoffhouse
Fri Jun 02, 2017 10:15 am
Forum: Personal Finance (Not Investing)
Topic: Guidance needed, at a crossroads in my current job.
Replies: 23
Views: 2816

Re: Guidance needed, at a crossroads in my current job.

What do you guys/ gals think about possibly accepting a demotion with a National firm, but making way more money, better healthcare, and having a 401k? And I wouldn't have to move. Basically a "prove it" you can handle working for a big company since I would be coming from a small company. Then afte...
by Payoffhouse
Fri May 26, 2017 12:11 pm
Forum: Personal Finance (Not Investing)
Topic: Guidance needed, at a crossroads in my current job.
Replies: 23
Views: 2816

Re: Guidance needed, at a crossroads in my current job.

After a year or so at a new job at a new company you are magically underpaid by 30%? It seems you took the role for a title and/or experience and you got what you negotiated. If this experience and new title have boosted your market value by 30% then go find it elsewhere. As a hiring manager I woul...
by Payoffhouse
Thu May 25, 2017 9:16 pm
Forum: Personal Finance (Not Investing)
Topic: Guidance needed, at a crossroads in my current job.
Replies: 23
Views: 2816

Re: Guidance needed, at a crossroads in my current job.

harrychan wrote:Press for that 1 year review. Speak in person then write an email to remind them. If you don't get anywhere near where you feel your market is, use your latest accomplishment and QUANTIFY your accomplishment on your resume and cover letter and jump ship.
Yes, I will ask/ push for my 1 year review.
by Payoffhouse
Thu May 25, 2017 9:15 pm
Forum: Personal Finance (Not Investing)
Topic: Guidance needed, at a crossroads in my current job.
Replies: 23
Views: 2816

Re: Guidance needed, at a crossroads in my current job.

Any lag or deficit in your salary and benefits are 100% your responsibility to correct. Update your resume and put out some feelers. If you are good at what you do you will soon have one or more solid in writing job offers. Then and only then, let your current manager know that you have a job offer...
by Payoffhouse
Wed May 24, 2017 8:19 pm
Forum: Personal Finance (Not Investing)
Topic: Guidance needed, at a crossroads in my current job.
Replies: 23
Views: 2816

Re: Guidance needed, at a crossroads in my current job.

Grt2bOutdoors wrote:Based on the above - do NOT be in a hurry to pay off the house. Save your cash. Put your resume together and see what opportunities may exist outside of company, discreetly.
LoL about paying off my house. Unfortunately the owners of my companies are well known in the area.