Search found 57 matches

by fishingmn
Thu Jun 09, 2016 4:27 pm
Forum: Personal Finance (Not Investing)
Topic: Are Rentals As Bad As Some Make Them Out To Be?
Replies: 66
Views: 5595

Re: Are Rentals As Bad As Some Make Them Out To Be?

They can be good if you have realistic expectations and be willing to put some time into it. The big ones are 1. Doing a detailed background check and selecting the best tenants. 2. Realistic about expected rent and expenses that only happen once in a while but you still need to account for, like t...
by fishingmn
Tue Mar 01, 2016 4:41 pm
Forum: Investing - Theory, News & General
Topic: rental income investing
Replies: 50
Views: 5030

Re: rental income investing

I have 11 rental properties - most purchased 4-5 years ago. All with cash (no leverage). To answer the OP - to me it seemed like a no brainer as a way to lock in returns with very little risk. You mentioned 6% real return on stocks (which people like Kitces may challenge). I was able to lock in 8-9%...
by fishingmn
Sun Feb 28, 2016 9:35 am
Forum: Investing - Help with Personal Investments
Topic: To Sell or Keep my Investment Property??
Replies: 34
Views: 3301

Re: To Sell or Keep my Investment Property??

What other costs should I keep in consideration if I do end up selling my unit? 15% capital gains, brokers fee, closing costs. Besides attorney fee, is there anything else major in the closing costs? I assume the buyer has more of the burden of closing costs? State income tax on the capital gain is...
by fishingmn
Tue Feb 09, 2016 3:02 pm
Forum: Personal Consumer Issues
Topic: Do we need to be physically in Costa Rica?
Replies: 19
Views: 1329

Re: Do we need to be physically in Costa Rica?

Couldn't you make this same argument about everything you do? - Made reservations at a restaurant and looked at menu online to see what they serve - doesn't = having the meal - Booked a tee time and thought about what the course was like on previous visit - doesn't = playing the game - Arranged to g...
by fishingmn
Mon Jan 04, 2016 11:16 am
Forum: Personal Finance (Not Investing)
Topic: Lottery - lump sum or annual payout?
Replies: 75
Views: 6724

Re: Lottery - lump sum or annual payout?

I think the answer depends a little on how financially sophisticated the winner is. There are tons of stories about people winning the lottery, taking the lump sum and losing it all within a few years due to scams, mismanagement, poor investment choices or being inundated by friends/family with thei...
by fishingmn
Mon Jan 04, 2016 10:38 am
Forum: Investing - Theory, News & General
Topic: REGISTRATION FOR THE 2016 BOGLEHEAD CONTEST
Replies: 656
Views: 22919

Re: REGISTRATION FOR THE 2016 BOGLEHEAD CONTEST

1876

DW just retired so just my luck the market will dip
by fishingmn
Thu Dec 17, 2015 3:21 pm
Forum: Personal Finance (Not Investing)
Topic: Can I Afford an $800k Home on $4K/month Take Home?
Replies: 146
Views: 12970

Re: Can I Afford an $800k Home on $4K/month Take Home?

I don't know Houston so not sure if this is in your target area but why not get someplace like this - http://www.zillow.com/homedetails/4038-Falkirk-Ln-Houston-TX-77025/28035630_zpid/ Seems like it's close to your ideal spot for $500k. Put $100k into updates (think Property Brothers on HGTV) and you...
by fishingmn
Thu Dec 17, 2015 3:09 pm
Forum: Personal Finance (Not Investing)
Topic: Can I Afford an $800k Home on $4K/month Take Home?
Replies: 146
Views: 12970

Re: Can I Afford an $800k Home on $4K/month Take Home?

Wow, thanks for all the responses. I have to be quick, but I'll try to respond further when I have time. So if you buy the new house with cash, your expenses are assumed to be the same of 2325 per month. But the 800K house will have property taxes of 800K * 2.5% = 20K per year or 1667 per month. Th...
by fishingmn
Thu Dec 10, 2015 8:54 am
Forum: Personal Finance (Not Investing)
Topic: How much money should I leave my kids?
Replies: 59
Views: 6486

Re: How much money should I leave my kids?

Agree about spending it on them while you are living so you can reap the rewards of seeing them benefit. One way we intend to do that is by trying to fund family vacations into their adult/family lives. We are following the Variable Spending Withdrawal process - would love to spend it all while livi...
by fishingmn
Tue Dec 08, 2015 10:36 am
Forum: Personal Finance (Not Investing)
Topic: Nursing home billing for skilled nursing
Replies: 4
Views: 538

Re: Nursing home billing for skilled nursing

I would work closely with the billing people at the nursing homes. My mom went through all kinds of billing issues early this year with Humana and Medicare claims. Many times the nursing homes had to file appeals with Humana which were often approved weeks later. The Medicare rules surrounding numbe...
by fishingmn
Thu Nov 19, 2015 7:51 am
Forum: Personal Finance (Not Investing)
Topic: Parents - your favorite and most challenging years
Replies: 71
Views: 7686

Re: Parents - your favorite and most challenging years

Do you both need to go to part-time? Why not just have 1 of you do that? Another option is to look for different jobs that would allow more family time. For example, I've worked in sales from home for 27 years so while I did travel for work when I was in the office it was home so there was no lost c...
by fishingmn
Thu Nov 19, 2015 7:30 am
Forum: Personal Finance (Not Investing)
Topic: How Much Property Tax is Actually Saved?
Replies: 22
Views: 3130

Re: How Much Property Tax is Actually Saved?

It should be deductible on your federal taxes if you itemize but keep in mind that you are in the top tax bracket so you may be subject to the phase out of itemized deductions for high earners which could reduce the amount by a few thousand. This is called the Pease Limitation if you want to researc...
by fishingmn
Mon Nov 09, 2015 7:30 pm
Forum: Personal Consumer Issues
Topic: Password managers (eg Keepass, Lastpass, 1Password etc)- security risk
Replies: 29
Views: 3260

Re: Password managers (eg Keepass, Lastpass, 1Password etc)- security risk

Thanks Mordoch - this is helpful.

I already do all of these but I did just log in and set up to have text message alerts in addition to e-mail alerts to any activity on my account.
by fishingmn
Mon Nov 09, 2015 4:14 pm
Forum: Personal Consumer Issues
Topic: Password managers (eg Keepass, Lastpass, 1Password etc)- security risk
Replies: 29
Views: 3260

Re: Password managers (eg Keepass, Lastpass, 1Password etc)- security risk

So let's play this out -

Someone steals my Vanguard login and password somehow.

Would Vanguard's safeguards stop them from stealing the money? Most importantly, who's liable if they do steal it?
by fishingmn
Wed Oct 28, 2015 2:46 pm
Forum: Personal Consumer Issues
Topic: SUV with "Best Ride"
Replies: 40
Views: 9430

Re: SUV with "Best Ride"

Personally, I would trust a testing source like Consumer Reports or Edmunds on the subject vs. the opinions on a nameless message board.

That's what led me to a Mazda CX-5 a month ago. So far the ride is quite nice and compared to luxury models it's a very good value.
by fishingmn
Mon Oct 19, 2015 8:00 am
Forum: Personal Finance (Not Investing)
Topic: Is there an ideal age to retire?
Replies: 137
Views: 12760

Re: Is there an ideal age to retire?

Seems like there are 2 parts to this. Ideal age to retire - answer depends on each individual or couple. Will be influenced by how much they like their jobs, kids ages, ability to have outside interests beyond work and their financial ability to make it work. Ideal age to financial independence - as...
by fishingmn
Thu Oct 15, 2015 4:59 pm
Forum: Personal Finance (Not Investing)
Topic: 50% pay increase to move from family, 5 years from retirment
Replies: 27
Views: 2705

Re: 50% pay increase to move from family, 5 years from retirment

To me this has to be answered by you and any significant other.

But it if were me there's now way I would move 3 hours from my kids, grandkids and friends.

We all get a very short time to spend here on earth - I want to spend mine as close as possible to the ones I love.
by fishingmn
Wed Oct 14, 2015 10:07 am
Forum: Investing - Help with Personal Investments
Topic: Best dollars to use for real estate investing
Replies: 63
Views: 3775

Re: Best dollars to use for real estate investing

Well it was just an example. Of course you could do this with less years and use leverage. My intent from the scenarios was to buy a large property. For instance my father has an 11 unit building, fair market value $400,000, annual income net of expenses is about $40,000. In another thread of yours...
by fishingmn
Tue Oct 13, 2015 12:23 pm
Forum: Personal Finance (Not Investing)
Topic: Six figure salary is not what it used to be-how to save for retirement?
Replies: 89
Views: 12514

Re: Six figure salary is not what it used to be-how to save for retirement?

So you are saving: 6% of 110k with match (6600 annual plus 6600 match) $1400 / month X 3/4 (roughly the amount on the 15 year mortgage going to principal) X 12 = $12600 in home equity per year = $25800 or a little less than 1/4 of your income EDIT: This isn't doing the work to tell you what to do N...
by fishingmn
Fri Oct 09, 2015 12:17 pm
Forum: Personal Finance (Not Investing)
Topic: Real estate agent responsibilities
Replies: 10
Views: 992

Re: Real estate agent responsibilities

I'm a Realtor - sounds like she is working hard to get your business.

That said, if it was my house I would have just bought (or borrowed) a $30 lockbox from Home Depot and put that on the home for contractors to access (assuming you trusted who you hired).
by fishingmn
Thu Oct 08, 2015 7:28 am
Forum: Personal Finance (Not Investing)
Topic: Ethics and a real estate agent
Replies: 22
Views: 2703

Re: Ethics and a real estate agent

In Minnesota a listing "withdrawn" doesn't necessarily mean the listing contract was cancelled. The listing contract will still be in force if you are within the dates of the contract and it hasn't been formally cancelled with signatures by the seller, agent and listing broker. Even after ...
by fishingmn
Fri Oct 02, 2015 1:21 pm
Forum: Personal Finance (Not Investing)
Topic: Sale or purchase of home from a friend
Replies: 8
Views: 665

Re: Sale or purchase of home from a friend

Is there reason to think that there will be offers right away - as in, it's in a lower price point and a hot market?

Personally, I have no reason to recommend against this (and I'm a Realtor). What I would do is hire an independent appraiser to set the number and go from there.
by fishingmn
Mon Sep 14, 2015 3:55 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house - Exclusive buyer representation agreement
Replies: 10
Views: 810

Re: Buying house - Exclusive buyer representation agreement

Is it possible that kickbacks still occur - yes. That said, there have been numerous cases of those being caught and prosecuted. In addition, the new CFPB has made this one of their focus areas. My broker has warned against anything that even looks fishy at least 3 times in the last year because of ...
by fishingmn
Mon Sep 14, 2015 2:34 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house - Exclusive buyer representation agreement
Replies: 10
Views: 810

Re: Buying house - Exclusive buyer representation agreement

Boy, this is a difficult question to answer without significantly more information. If the agent has substantially assisted you in finding, viewing and vetting the house in question, and you believe they'll adequately represent you during negotiation and close, probably only fair to have them forma...
by fishingmn
Thu Aug 27, 2015 9:57 am
Forum: Personal Consumer Issues
Topic: How to get best deal on a rental car ?
Replies: 29
Views: 2810

Re: How to get best deal on a rental car ?

I use Hotwire a lot for car rentals.

Just check multiple sources, even direct on places like Dollar or Budget. I have a 2 week, 1 way rental next year I am planning and while lots of people here like Costco their quote is about $600 more than Hotwire's.
by fishingmn
Wed Jul 22, 2015 9:03 am
Forum: Investing - Theory, News & General
Topic: Why I Said "No" to Peer-to-Peer Lending
Replies: 66
Views: 7493

Re: Why I Said "No" to Peer-to-Peer Lending

I put $10k into Lending Club 18 months ago - all in $25 loan segments. It didn't take too long to identify loans once you set up parameters. I've been pulling it all out as I get payments. Even though I am still showing a 11%+ return I just don't like how 20 of them have defaulted. My biggest worry ...
by fishingmn
Fri Jul 17, 2015 6:44 am
Forum: Personal Consumer Issues
Topic: Recommended World War I book
Replies: 48
Views: 4076

Re: Recommended World War I book

Okay - this is not a book. But If you ever listen to podcasts I highly recommend one called Hardcore History by Dan Carlin. His most recent series was a 6 part podcast on WW1. Each episode is 2-4 hours long and is very in depth and well done. And they are free (unless you choose to make a small dona...
by fishingmn
Thu Jul 16, 2015 8:29 am
Forum: Personal Finance (Not Investing)
Topic: The Good the Bad and the Ugly of real estate
Replies: 87
Views: 14587

Re: The Good the Bad and the Ugly of real estate

This would imply you will be out of the business in a couple of years for a total venture of 7 years in the business. Do you mean that this is the backbone of your retirement income by making a good profit which will support retirement by being invested elsewhere. Otherwise your post is confusing. ...
by fishingmn
Thu Jul 16, 2015 7:00 am
Forum: Personal Finance (Not Investing)
Topic: The Good the Bad and the Ugly of real estate
Replies: 87
Views: 14587

Re: The Good the Bad and the Ugly of real estate

If you really want to learn about real estate investing you should check out biggerpockets.com It's the premier site for RE investors and has a very active forum, articles, how-to's and podcast. I have 11 rental properties which I've purchased over the last 5 years. Nothing but positive experience. ...
by fishingmn
Wed Jul 15, 2015 12:53 pm
Forum: Personal Finance (Not Investing)
Topic: I tipped 15% and got a dirty look
Replies: 129
Views: 8419

Re: I tipped 15% and got a dirty look

So, I wonder why I should tip at all. After all, it's a minimum wage job, nothing more, nothing less. Minimum wage in CA is $9/hr - more in some cities. How much more than that is the work that a waiter/waitress does worth? I get it - it's a hard job and you deal with a lot of unpleasant people, bu...
by fishingmn
Wed Jul 15, 2015 9:08 am
Forum: Personal Finance (Not Investing)
Topic: I tipped 15% and got a dirty look
Replies: 129
Views: 8419

Re: I tipped 15% and got a dirty look

I pretty much always do 20% but don't tip on tax. My grandfather always told me to not tip on tax growing up so it stuck with me.

No tip on takeout.
by fishingmn
Tue Jul 07, 2015 7:07 pm
Forum: Personal Consumer Issues
Topic: Worst financial book you have read (or will admit you have read)
Replies: 94
Views: 11174

Re: Worst financial book you have read (or will admit you have read)

The worst "financial" book I read has to be Rich Dad, Poor Dad by Robert Kiyasaki. +1 Totally agree. I listen to the Bigger Pockets podcast on real estate investing. They interview real estate investors every week and always ask about their favorite book at the end and I'm amazed that so ...
by fishingmn
Tue Jul 07, 2015 7:01 pm
Forum: Personal Consumer Issues
Topic: Provence Travel
Replies: 19
Views: 1666

Re: Provence Travel

Last October we spent 3 nights in a B&B near Roussillon in the Luberon hill country and 3 nights at a B&B in Saint Remy de Provence. Loved both of them. Did the Sunday market as we suggested above which is fun and spent a day exploring the Luberon hill towns. We really liked Saint Remy as a ...
by fishingmn
Sun Jun 28, 2015 6:40 am
Forum: Personal Consumer Issues
Topic: Home cleaning services
Replies: 30
Views: 3802

Re: Home cleaning services

GoldenFinch wrote:Where I live (Midwest) the going rate for an independent cleaning person is $25 per hour. Cleaning companies charge $34 per person per hour.


I can confirm this rate in Minneapolis.
by fishingmn
Thu Jun 25, 2015 1:47 pm
Forum: Investing - Theory, News & General
Topic: Why do Bogleheads/BiggerPocketers think there is only one way?
Replies: 123
Views: 15890

Re: Why do Bogleheads/BiggerPocketers think there is only one way?

I think most people get into trouble with directly held real estate from being greedy, overextended, and over-leveraged. I think real estate that is unleveraged or moderately leveraged can be useful in a retirement portfolio as it adds stability and better inflation protection to an income stream o...
by fishingmn
Sun May 31, 2015 9:40 pm
Forum: Personal Consumer Issues
Topic: Selling A House Via Auction
Replies: 20
Views: 1754

Re: Selling A House Via Auction

Jack FFR1846 wrote:Say your house is worth $400k. An agency would charge....say 5% or $20k, so you net $380k.

What if you go to auction and the highest bid is $175k?

Then you pay 10% auction fee.


That's why you'd want to set a reserve price.
by fishingmn
Sun May 24, 2015 2:48 pm
Forum: Personal Finance (Not Investing)
Topic: A different way of calculating when to retire
Replies: 26
Views: 3086

Re: A different way of calculating when to retire

You said you want to keep working to increase your level of spending in retirement. First off, there's no evidence that spending more would definitely make you happier. And while many people decide to retire when their BS bucket is full - my wife decided to retire in early 2016 when our good friend ...
by fishingmn
Fri May 22, 2015 7:43 am
Forum: Personal Finance (Not Investing)
Topic: The end of the nest egg
Replies: 30
Views: 8156

Re: The end of the nest egg

You might look at the Variable Percentage Withdrawal option which has a spreadsheet and long discussion here - https://www.bogleheads.org/wiki/Variable_percentage_withdrawal It doesn't allow you to run out of money unless you live beyond your projection. It doesn't make you save "too much"...
by fishingmn
Sun May 17, 2015 7:42 am
Forum: Investing - Theory, News & General
Topic: Best Asset Allocation if you've "won the game"
Replies: 86
Views: 10764

Re: Best Asset Allocation if you've "won the game"

Question - How would you suggest calculating AA when you have a sizable chunk of rental real estate? We are 1 year from retirement (53). Current AA not including real estate - 72% stocks, 16% bonds, 12% cash (holding cash looking for another rental purchase) But, if I considered the real estate to b...
by fishingmn
Thu May 07, 2015 1:02 pm
Forum: Investing - Help with Personal Investments
Topic: How much home can we afford (Short Post)
Replies: 8
Views: 1125

Re: How much home can we afford (Short Post)

Well there are 2 possible answers here. To answer the straight forward one a rough lender estimate would take your income and multiply by .28 and then divide by 12 to get a maximum monthly payment. $250k * .28 / 12 = $5,800/mo You then can look up the interest rate on a 15 year mortgage which is aro...
by fishingmn
Thu May 07, 2015 12:54 pm
Forum: Personal Consumer Issues
Topic: New car vs used car -- what's your approach?
Replies: 57
Views: 4649

Re: New car vs used car -- what's your approach?

Part of the answer probably lies in information you didn't provide. What's your income? A lot of people think it would be fun and impressive to drive around in the new $45k Infinity but financially it's probably not a good solution unless you are already well set financially. I would look to pay no ...
by fishingmn
Sat May 02, 2015 10:02 am
Forum: Personal Consumer Issues
Topic: Rental flooring decision
Replies: 36
Views: 4490

Re: Rental flooring decision

I have carpet in mine but that's more of a standard here in Minnesota where it's warmer in the winter. I don't allow any pets which helps keep the flooring in better condition.
by fishingmn
Sat Apr 11, 2015 7:29 am
Forum: Personal Finance (Not Investing)
Topic: When to Retire?
Replies: 35
Views: 3954

Re: When to Retire?

Looks to me like you could retire now quite easily.

My biggest concern would be the safety level of the pension.
by fishingmn
Thu Apr 09, 2015 4:12 pm
Forum: Personal Finance (Not Investing)
Topic: inherited rental property depreciation need to deduct land
Replies: 18
Views: 992

Re: inherited rental property depreciation need to deduct la

I have 11 rentals - my accountant has me calculate the amount to depreciate differently. Lets say the county assessor has it valued at $75,000 which is made up of $60,000 building and $15,000 land. We then see that they assume the land is 20% of the assessor's value and the building 80%. We then tak...
by fishingmn
Tue Mar 31, 2015 3:51 pm
Forum: Personal Consumer Issues
Topic: [living in] Minneapolis-St. Paul
Replies: 55
Views: 4405

Re: [living in] Minneapolis-St. Paul

If anyone can suggest anything I can do about this situation short of a lawsuit, I would be very grateful. Move? PM me, I'm a realtor in town :) Short of enlisting support from fellow residents and/or getting like minded people elected to the board your 3 options are - 1) Deal with it 2) Rent it (i...
by fishingmn
Mon Mar 23, 2015 1:46 pm
Forum: Personal Consumer Issues
Topic: Restaurant tipping
Replies: 200
Views: 18428

Re: Restaurant tipping

In MN minimum wage for wait staff is the same as everyone else so they do make a bit more. In fact, the legislature is now considering to reduce the minimum to $8/hour while the rest of the state is scheduled to go to $9.50. I typically do 20% but I don't tip on tax. My grandfather always insisted o...
by fishingmn
Wed Mar 18, 2015 12:29 pm
Forum: Investing - Theory, News & General
Topic: Buy a rental property in this market ?
Replies: 42
Views: 3704

Re: Buy a rental property in this market ?

Good advice from James 7. I wouldn't settle for 10% returns. Concentrating wealth into one property is a huge risk and landlording is a hassle. I need to be paid a premium over historic stock market returns for that. What I don't really agree with is this. I'm happy to get 10% cash return on my rent...
by fishingmn
Thu Mar 12, 2015 12:27 pm
Forum: Personal Finance (Not Investing)
Topic: Rental properties
Replies: 25
Views: 3763

Re: Rental properties

With 11 properties I maybe get 1 call per month from a tenant - not too taxing. I have a list of vendors I use to address issues. The biggest time issue arises when I need to find a new tenant. Most tenants stay on for quite a while but I do allow tenants to cancel their lease at any time if they us...
by fishingmn
Thu Mar 12, 2015 10:38 am
Forum: Investing - Help with Personal Investments
Topic: Edward Jones Account Closing Fees
Replies: 90
Views: 11128

Re: Edward Jones Account Closing Fees

I don't have experience with EJ but I would start with the nice route - "appreciate all the assistance over the years and hope you will work with us to minimize any fees" .... If that doesn't work then maybe just go with "I'd hate to feel the need to go on Yelp, Google + and every oth...
by fishingmn
Thu Mar 12, 2015 10:32 am
Forum: Personal Finance (Not Investing)
Topic: Rental properties
Replies: 25
Views: 3763

Re: Rental properties

I have 11 rental properties which will provide over half of our ongoing income in retirement (next year at age 53).

Go to advanced search