Search found 15 matches

by gjgarcia41
Sat Aug 06, 2016 11:21 pm
Forum: Personal Finance (Not Investing)
Topic: Inherited half a house - how best to proceed?
Replies: 19
Views: 1945

Re: Inherited half a house - how best to proceed?

I couldn't buy the house while it was still in the trust. I called numerous lenders and they wouldn't loan me the money because the house was in an irrevocable trust. They all said the house would need to be distributed out of the trust before they would take on the risk. So the house belonged to my...
by gjgarcia41
Sat Aug 06, 2016 1:10 am
Forum: Personal Finance (Not Investing)
Topic: Inherited half a house - how best to proceed?
Replies: 19
Views: 1945

Re: Inherited half a house - how best to proceed?

Yeah the 188k was my idea. I assumed that I'd have to pay something down and selected that one. But now that I preapproved, Penfed is telling me I can't a loan on those terms because it is for the full amount of the sales price. Doesn;t make too much sense to me but that is why I'm exploring elsewhe...
by gjgarcia41
Sat Aug 06, 2016 12:46 am
Forum: Personal Finance (Not Investing)
Topic: Inherited half a house - how best to proceed?
Replies: 19
Views: 1945

Inherited half a house - how best to proceed?

Hello all, I just inherited half of a house in socal. The plan is to buyout the other half from the other party once it is distributed out of the trust. The house was appraised at 470k. We have agreed on a sale price of 235k. I now need to obtain financing but don't know how best to proceed. Here is...
by gjgarcia41
Mon May 09, 2016 8:28 pm
Forum: Personal Finance (Not Investing)
Topic: Advice for estate sale of home and loan
Replies: 3
Views: 333

Re: Advice for estate sale of home and loan

The property tax is one of my main concerns as well. It is only $1200 annually due to some law in the 70s but it would shoot up to 2% of the purchase price once sold. I'll have to find out if there is any way to avoid that.
by gjgarcia41
Mon May 09, 2016 7:20 pm
Forum: Personal Finance (Not Investing)
Topic: Advice for estate sale of home and loan
Replies: 3
Views: 333

Advice for estate sale of home and loan

Hello all, I'd appreciate any advice regarding my current situation. I recently inherited a house in California, which is split 50/50 between my Uncle and I. The plan is for me buy out his half of the house. We are having the house independently appraised and will agree on a number soon. My main que...
by gjgarcia41
Tue Aug 05, 2014 12:37 am
Forum: Personal Finance (Not Investing)
Topic: Should I worry about being audited?
Replies: 34
Views: 3673

Should I worry about being audited?

My mom has always been paranoid about depositing her money in bank accounts (she makes most of her money under the table). For about two years now, she has been giving me 300-400 dollars a week that I've been depositing into a savings account/vanguard taxable. I plan on using the money in the saving...
by gjgarcia41
Tue Nov 05, 2013 10:10 am
Forum: Investing - Help with Personal Investments
Topic: TIRA to RothIRA - Convert or Recharacterize?
Replies: 7
Views: 573

Re: TIRA to RothIRA - Convert or Recharacterize?

Oh okay i was over thinking things, thanks for the clarification!
by gjgarcia41
Sat Nov 02, 2013 2:47 pm
Forum: Investing - Help with Personal Investments
Topic: TIRA to RothIRA - Convert or Recharacterize?
Replies: 7
Views: 573

Re: TIRA to RothIRA - Convert or Recharacterize?

Yeah the value has gone up so looks like it would be most beneficial to recharacterize. I am able to deduct the whole $5500 and have no other traditional Ira money. But if I recharacterize, the account will still be a TIRA...so any future contributions would be deductible. I don't see the point in h...
by gjgarcia41
Sat Nov 02, 2013 12:28 pm
Forum: Investing - Help with Personal Investments
Topic: TIRA to RothIRA - Convert or Recharacterize?
Replies: 7
Views: 573

TIRA to RothIRA - Convert or Recharacterize?

I opened a Vanguard TIRA in March 2013 because my employer did not offer a 401K plan. Now my employer offers a 401K plan so I'd like to convert my TIRA into a Roth. I called Vanguard, and they gave me the options of converting or re-characterizing my contributions. So far I've contributed the $5,500...
by gjgarcia41
Thu Oct 31, 2013 12:31 am
Forum: Investing - Help with Personal Investments
Topic: 23 year old noob investor
Replies: 6
Views: 982

Re: 23 year old noob investor

Hello again everyone! I've made a few moves since my original post. I'd like some advice on my portfolio. Emergency funds: 4 months of expenses Debt: 60k mortgage at 2.75% (5/5 Penfed ARM) This will be paid off in roughly 5 years. Tax Filing Status: Single Tax Rate: 15% Federal, 6% State; Income 35k...
by gjgarcia41
Wed Jul 17, 2013 1:26 am
Forum: Personal Finance (Not Investing)
Topic: Should I Refinance?
Replies: 24
Views: 2020

Re: Should I Refinance?

I am a banker who also used to originate conventional mortgages and based on your stated goal of paying the loan off faster, I would NOT recommend that you refinance. If you really need to lower your minimum loan payment due to a possible cash flow cruch then refinancing would be a good choice, but...
by gjgarcia41
Sun Jul 14, 2013 8:01 pm
Forum: Personal Finance (Not Investing)
Topic: Should I Refinance?
Replies: 24
Views: 2020

Re: Should I Refinance?

Yes, you should refi. No, you should not go with any of the outfits you listed. With such a small balance, it will be hard to break even with $2,600 in closing costs. And the quoted rates don't seem competitive. Common recommendations here are to check out a handful of lenders listed as "Upfro...
by gjgarcia41
Fri Jul 12, 2013 1:07 am
Forum: Personal Finance (Not Investing)
Topic: Should I Refinance?
Replies: 24
Views: 2020

Should I Refinance?

Hello all, I know it really missed the boat on this one, but I am just barely starting to consider refinancing. I recently became the successor trustee to my father's estate, which means I am now a 23 year old new homeowner. There is a lot for me to learn about property management and mortgages, so ...
by gjgarcia41
Fri May 03, 2013 1:51 am
Forum: Investing - Help with Personal Investments
Topic: 23 year old noob investor
Replies: 6
Views: 982

Re: 23 year old noob investor

Thanks for all the advice so far. I'm really liking the three fund portfolio. The thing is...can I keep my target retirement account as my tax-deferred account and then have the three taxable accounts funds? My Target Retirement account is composed as follows: Vanguard Total Stock Market Index Fund ...
by gjgarcia41
Thu May 02, 2013 2:17 am
Forum: Investing - Help with Personal Investments
Topic: 23 year old noob investor
Replies: 6
Views: 982

23 year old noob investor

Hi everyone, I just finished reading Personal Finance for Dummies and the Bogleheads Guide to Investing. Now I'd like to adjust a portfolio I rushed into before I finished the Bogleheads book. I have no big purchases pending and would like to invest as much money as I can while I'm single. I have $3...

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