Search found 52 matches

by tomtoms
Mon Jul 04, 2016 8:57 pm
Forum: Personal Finance (Not Investing)
Topic: Can I afford a million dollar house?
Replies: 85
Views: 8576

Re: Can I afford a million dollar house?

^ Leemiller- I don't think your post is fair or necessary.
by tomtoms
Mon Jul 04, 2016 6:30 pm
Forum: Personal Finance (Not Investing)
Topic: Can I afford a million dollar house?
Replies: 85
Views: 8576

Re: Can I afford a million dollar house?

I appreciate all of the feedbacks. I think my numbers are a bit too optimistic. **Update** I did make an offer on the housing @ asking price. However, my agent informed me the seller received three offers that are above asking price and they are all cash offer. Initially I didn't want my mortgage to...
by tomtoms
Mon Jul 04, 2016 3:12 pm
Forum: Personal Finance (Not Investing)
Topic: Can I afford a million dollar house?
Replies: 85
Views: 8576

Re: Can I afford a million dollar house?

harrychan wrote:$1250 for monthly living expense? I think you just answered your own question.


Just to clarify, $1250 for monthly living expenses does not include income from my business. That is income from my job.
by tomtoms
Mon Jul 04, 2016 2:44 pm
Forum: Personal Finance (Not Investing)
Topic: Can I afford a million dollar house?
Replies: 85
Views: 8576

Re: Can I afford a million dollar house?

Thank you again everyone! I have gone over the numbers again: $1,200,000 - $240,000 (20% down) = $960,000 3.3% interest rate $1150 property tax $1839 principle $2365 interest $100 insurance $300 utilities $5754 total $3915 (not including principle) x 0.25 = $980 (tax saving from using part of the ho...
by tomtoms
Mon Jul 04, 2016 10:46 am
Forum: Personal Finance (Not Investing)
Topic: Can I afford a million dollar house?
Replies: 85
Views: 8576

Re: Can I afford a million dollar house?

Thank you for your feedbacks so far. Please keep them coming! It seems like the consensus is that I can afford to make the payment. I was actually pre-approved for this amount last year. Now that I have more cash reserve, I feel comfortable moving forward. I also understand the risks - my business t...
by tomtoms
Sun Jul 03, 2016 8:08 pm
Forum: Personal Finance (Not Investing)
Topic: Can I afford a million dollar house?
Replies: 85
Views: 8576

Re: Can I afford a million dollar house?

Travellight- yes, $15 k a month is reliable. I don't think my business will keep on expanding at the current rate but I don't believe it will drop more 50%. I also don't have much business expense. Please note $320 k is pretaxed income. Whitecoatinvestor- I have your book. Do you think I should put ...
by tomtoms
Sun Jul 03, 2016 7:23 pm
Forum: Personal Finance (Not Investing)
Topic: Can I afford a million dollar house?
Replies: 85
Views: 8576

Can I afford a million dollar house?

I would like to get your feedback! House price (Southern California): $1.2 million Annual pre-tax income ($320 k): - Job: $140 k (stable, 40 hours a week) - Business: $180 k in profit (90% growth per year for last 2 years; 30% growth this year) Cash reserve: $400 k Retirement fund: $210 k Stock: $57...
by tomtoms
Sat May 28, 2016 2:03 pm
Forum: Personal Finance (Not Investing)
Topic: Changing job: 401 k/403b, 401a/SEP IRA max contribution?
Replies: 1
Views: 185

Changing job: 401 k/403b, 401a/SEP IRA max contribution?

Old job (have not left yet): - 401 k: have contributed 12 k so far - 401 k: employer matches 5% New job: - 403 b: employee contributes - 401 a: employer matches 5% Current side business: - SEP IRA: 24 k What is the max I can contribute for 2016? Can I max out my 401 k (old job) at 18 k and also max ...
by tomtoms
Tue Apr 05, 2016 10:11 am
Forum: Investing - Help with Personal Investments
Topic: Backdoor ROTH IRA and SEP IRA
Replies: 2
Views: 238

Backdoor ROTH IRA and SEP IRA

I have a SEP IRA with Vanguard. Can I open an IRA account with Fidelity, contribute 5500 and then convert it to ROTH IRA or do I need to "hide" my SEP IRA with Vanguard first by converting it to an employer 401k?

Any advice or any other suggestion would be greatly appreciated!
by tomtoms
Wed Mar 09, 2016 9:15 am
Forum: Personal Finance (Not Investing)
Topic: Book copyright infringement: how to stop someone?
Replies: 31
Views: 2739

Book copyright infringement: how to stop someone?

I just found out someone has scanned my book and is selling it on a file sharing site. I have warned her via email but it has not stop her, as she continues to profit from my hard work. What other options do I have? I prefer not to hire an attroney because of the legal cost. She is a nurse. Do you t...
by tomtoms
Mon Aug 10, 2015 12:07 am
Forum: Personal Finance (Not Investing)
Topic: Buy a house that is registered under a sex offender[?]
Replies: 36
Views: 4886

Re: Buying a house that is registered under a sex offender

FYI: it involves a girl who is < 14 years old. I understand what some of you are saying but I think it is a mistake for anybody to buy this house. A simple search would turn off most potential buyers. It doesn't matter if this person had moved out or not. How would they know? The address will be for...
by tomtoms
Sun Aug 09, 2015 5:15 pm
Forum: Personal Finance (Not Investing)
Topic: Buy a house that is registered under a sex offender[?]
Replies: 36
Views: 4886

Re: Buying a house that is registered under a sex offender

I think that these records are updated promptly since people like to keep track of offenders. Find out who they have to report to, look up your address on a list of offenders, and if your address is still on the list, show up in their office. I don't see this as a problem. The problem is that there...
by tomtoms
Sun Aug 09, 2015 4:27 pm
Forum: Personal Finance (Not Investing)
Topic: Buy a house that is registered under a sex offender[?]
Replies: 36
Views: 4886

Re: Buying a house that is registered under a sex offender

Update: I told my agent not to make an offer on the house. My reasoning: I know he is going to move out but when someone googles the address, she will find out the address is registered under a sex offender even when it is no longer true. You can't erase the Internet. I feel like I have just dodged ...
by tomtoms
Sun Aug 09, 2015 1:15 pm
Forum: Personal Finance (Not Investing)
Topic: Buy a house that is registered under a sex offender[?]
Replies: 36
Views: 4886

Buy a house that is registered under a sex offender[?]

First, I want to thank everyone as I am a first time home buyer. In California, sex offenders must register their address. I was planning to make an offer on a house until I googled the address and found out the owner is a registered sex offender. I don't know how often the sex offender's website is...
by tomtoms
Fri Jul 03, 2015 12:13 am
Forum: Investing - Help with Personal Investments
Topic: Housing Market in Southern California
Replies: 32
Views: 5042

Re: Housing Market in Southern California

The original poster is looking in an area, Arcadia in particular, that has been heavily influenced by Chinese all-cash buyers (see http://www.bloomberg.com/bw/articles/2014-10-15/chinese-home-buying-binge-transforms-california-suburb-arcadia). Whether that has any bearing on visitors to open houses...
by tomtoms
Mon Jun 29, 2015 10:38 pm
Forum: Investing - Help with Personal Investments
Topic: Housing Market in Southern California
Replies: 32
Views: 5042

Re: Housing Market in Southern California

[url][/url] Actually in some desirable upper middle class (but not luxury) Southern CA neighborhoods that I track we are starting to see a little softening (back to normalcy from a definite sellers market). $800-$1.2M houses are staying on the market a few weeks longer, and when houses do sell they ...
by tomtoms
Mon Jun 29, 2015 1:22 pm
Forum: Investing - Help with Personal Investments
Topic: Housing Market in Southern California
Replies: 32
Views: 5042

Re: Housing Market in Southern California

Maybe that's just around LA. Consider yourself fortunate that you are in a buyers market. I don't know if I am feeling fortunate. I am in my mid 30s, makes more than 200 k a year, have less than 15 k in student loans with low interest and I still feel uncomfortable buying in LA. Salary here is not ...
by tomtoms
Mon Jun 29, 2015 11:05 am
Forum: Investing - Help with Personal Investments
Topic: Housing Market in Southern California
Replies: 32
Views: 5042

Re: Housing Market in Southern California

Maybe that's just around LA. Consider yourself fortunate that you are in a buyers market. I don't know if I am feeling fortunate. I am in my mid 30s, makes more than 200 k a year, have less than 15 k in student loans with low interest and I still feel uncomfortable buying in LA. Salary here is not ...
by tomtoms
Mon Jun 29, 2015 12:12 am
Forum: Investing - Help with Personal Investments
Topic: Housing Market in Southern California
Replies: 32
Views: 5042

Housing Market in Southern California

So today, I went to 6 open house. Prices are in the $800-900s k. Good areas (Pasadena, Sierra Madra, Monrovia, Arcadia). To my surprise:

3 houses: nobody was there
3 houses: only a couple of people were there

Did you have a similar experience?
by tomtoms
Tue Jun 23, 2015 2:12 am
Forum: Personal Finance (Not Investing)
Topic: How much house can I afford (Los Angeles)?
Replies: 15
Views: 3117

How much house can I afford (Los Angeles)?

I am planning to buy a 3 bedroom, 2 bathroom house with a back-unit (for my parents) in the LA area. How much do you think I can afford? 34 years old Single Job: $132 k/year (stable, have been working there for 7 years) Side business: $100 k/year (made $60 k last year) ESSP: $68 k Stocks: $49 k (tax...
by tomtoms
Mon Jun 22, 2015 8:05 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage interest tax deduction in California
Replies: 4
Views: 888

Mortgage interest tax deduction in California

Hello! I know you can deduct mortgage interest rate and property tax from your federal taxable income. Can you also deduct them from your California taxable income? A link would be helpful! Your help is greatly appreciated.
by tomtoms
Thu Apr 02, 2015 4:44 pm
Forum: Personal Finance (Not Investing)
Topic: How does home office tax deduction work?
Replies: 14
Views: 1674

Re: How does home office tax deduction work?

Thank you everyone for your inputs so far! It doesnt sound like I can deduct the mortgage interest rate and property tax for myself and for the side business. My side business is expanding fast and it needs more space. My side business should generate about $100-120 k in profit this year. My current...
by tomtoms
Thu Apr 02, 2015 10:07 am
Forum: Personal Finance (Not Investing)
Topic: How does home office tax deduction work?
Replies: 14
Views: 1674

How does home office tax deduction work?

I am buying a $700 k house ($540 k mortgage with 3.5% interest rate) and I am planning to use 30% of the house for my business. I am of course planning to write off the mortgage interest rate and property tax as a personal tax deduction but can I also write off 30% of the mortgage interest rate and ...
by tomtoms
Sat Jan 31, 2015 12:00 pm
Forum: Investing - Help with Personal Investments
Topic: Buying a loft and using it for my your business
Replies: 1
Views: 280

Buying a loft and using it for my your business

Hello! My business is in the low 6 figures. I am currently using a room in my house to run the business and getting the home office tax deduction. The business is expanding and I am thinking about buying a loft and using 100% or 80% of it (20% for personal use) for business. I am planning to deduct ...
by tomtoms
Mon Jan 26, 2015 2:25 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a loft as the location of my business
Replies: 6
Views: 954

Re: Buying a loft as the location of my business

What if I buy the loft and use 100% of it for business instead of 80%? Would I be able to deduct the mortgage interest as a business expense and also get tax deduction on the mortgage interest rate?
by tomtoms
Wed Jan 21, 2015 1:05 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a loft as the location of my business
Replies: 6
Views: 954

Buying a loft as the location of my business

This forum has always been helpful! Thank you in advance for your time. My side business is growing. Revenue is in the low 6 figures. I am thinking about buying a loft ($550-700 k) and planning to use 80% of the loft for business and 20% as an extra living quarter. By doing this, I am planning to wr...
by tomtoms
Thu May 29, 2014 9:22 am
Forum: Personal Finance (Not Investing)
Topic: Can I lock in the low mortgage rate?
Replies: 8
Views: 1048

Can I lock in the low mortgage rate?

I am planning to purchase a house in the fall. Can I lock in the mortgage rate now while I am looking for a house? Any advise is appreciated!
by tomtoms
Tue May 27, 2014 7:56 pm
Forum: Personal Finance (Not Investing)
Topic: How much house can I afford?
Replies: 16
Views: 1986

Re: How much house can I afford?

Thank you for the advise ! Any additional advise would be greatly appreciated.
by tomtoms
Sun May 25, 2014 6:54 pm
Forum: Personal Finance (Not Investing)
Topic: How much house can I afford?
Replies: 16
Views: 1986

Re: How much house can I afford?

Thank you everyone for your opinions so far! I have updated my original post with answer to the questions I have received.
by tomtoms
Sun May 25, 2014 4:28 pm
Forum: Personal Finance (Not Investing)
Topic: How much house can I afford?
Replies: 16
Views: 1986

Re: How much house can I afford?

I am 35 and I think it is time for me to stop leeching from my family. I am embarrassed to say that I have been living in a family house for free. Why? It's quite common in other parts of the world. It might be so hot for the love-life here, but I don't think it's something to be ashamed of (my gir...
by tomtoms
Sun May 25, 2014 4:18 pm
Forum: Personal Finance (Not Investing)
Topic: How much house can I afford?
Replies: 16
Views: 1986

How much house can I afford?

I am 35 and I think it is time for me to stop leeching from my family. I am embarrassed to say that I have been living in a family house for free (I live in the back house). I am thinking about buying a house and I need to ask for your advise. How much can I afford? I live in the LA area and I am pl...
by tomtoms
Wed Apr 09, 2014 9:48 pm
Forum: Personal Finance (Not Investing)
Topic: Asset depreciation for a small business
Replies: 4
Views: 497

Re: Asset depreciation for a small business

any other inputs would be greatly appreciated!
by tomtoms
Mon Apr 07, 2014 10:42 pm
Forum: Personal Finance (Not Investing)
Topic: Asset depreciation for a small business
Replies: 4
Views: 497

Asset depreciation for a small business

I started a business in 2013. I am using my old laptop, old furnitures for this new business. I want to write these off to reduce my tax liability (asset depreciation). Although I have a general idea how much they cost me but I don't have any receipt and I don't remember exactly when I purchased the...
by tomtoms
Sat Apr 05, 2014 2:29 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need an accountant? Small business with 55 k in revenue
Replies: 8
Views: 592

Do I need an accountant? Small business with 55 k in revenue

First, I want to thank everybody for your valuable inputs. I was wondering if I need an accountant. I started a business that has 55 k in revenue and 35 k in profit. It is mostly an online business. I use my residence as a home business and I use my personal car as a business car. My business record...
by tomtoms
Fri Apr 04, 2014 4:08 pm
Forum: Personal Finance (Not Investing)
Topic: Business-related meals: tax deductions
Replies: 11
Views: 1129

Re: Business-related meals: tax deductions

Any other inputs would be greatly appreciated!
by tomtoms
Thu Apr 03, 2014 2:48 pm
Forum: Personal Finance (Not Investing)
Topic: Business-related meals: tax deductions
Replies: 11
Views: 1129

Re: Business-related meals: tax deductions

Lets say a small business owner works at a local cafe. In order to work there, he has to buy drinks and food. Can he include the cost of the drinks and food as a business expense? If so, how much of it can he write off (50%, 100%, etc)? Just so that I understand, this small business owner has no ac...
by tomtoms
Thu Apr 03, 2014 8:08 am
Forum: Personal Finance (Not Investing)
Topic: Business-related meals: tax deductions
Replies: 11
Views: 1129

Re: Business-related meals: tax deductions

Allan wrote:I am not an accounting or tax expert but if the food and drinks are part of your business I would think the food and drinks are part of Cost of Goods Sold. In what capacity do you work at cafe?

Allan


I would use my laptop and would do my work at the cafe.
by tomtoms
Thu Apr 03, 2014 1:04 am
Forum: Personal Finance (Not Investing)
Topic: Business-related meals: tax deductions
Replies: 11
Views: 1129

Business-related meals: tax deductions

Lets say a small business owner works at a local cafe. In order to work there, he has to buy drinks and food. Can he include the cost of the drinks and food as a business expense? If so, how much of it can he write off (50%, 100%, etc)?
by tomtoms
Thu Mar 27, 2014 8:23 am
Forum: Personal Finance (Not Investing)
Topic: Where to find the right accountant for a small business?
Replies: 4
Views: 539

Where to find the right accountant for a small business?

I started a small business that generated about $35k in profit last year. I mostly sell things online. I am looking for an accountant in the LA area that is right for my business but I am not sure how I should proceed. Any suggestions would be greatly appreciated!
by tomtoms
Sun Feb 16, 2014 6:51 pm
Forum: Personal Consumer Issues
Topic: where do I find thick, quality cover papers?
Replies: 11
Views: 1172

Re: where do I find thick, quality cover papers?

Thank you everyone! any more suggestions would be greatly appreciated!
by tomtoms
Thu Feb 06, 2014 10:51 pm
Forum: Personal Consumer Issues
Topic: where do I find thick, quality cover papers?
Replies: 11
Views: 1172

where do I find thick, quality cover papers?

I am looking for quality, thick (250-300 gram/m2), dual sided glossy or matte papers. Similar to the brochure papers that big pharma use in their advertisement. I am planning to use them to make a brochure and cover for my book. I have went to Staples, Office Depot but I can't seem to find any. Plea...
by tomtoms
Wed Apr 10, 2013 12:20 am
Forum: Personal Finance (Not Investing)
Topic: How to pay taxes: small business + regular job
Replies: 7
Views: 887

Re: How to pay taxes: small business + regular job

Thanks everyone for your replies! I wish I can just concentrate on my business but having a regular job and taking care of taxes, it is becoming increasingly difficult. I have a couple of questions: (1) Income tax, social security tax, medicare tax from my business must be paid quarterly (next due d...
by tomtoms
Sat Apr 06, 2013 3:53 pm
Forum: Personal Finance (Not Investing)
Topic: How to pay taxes: small business + regular job
Replies: 7
Views: 887

How to pay taxes: small business + regular job

I have a dilemma. I don't know how to pay my estimated tax for my small business. I started a business in 2013 and I am expecting to make $50,000 in profit this year. I am still working at my regular job that pays $120,000 a year. I am planning to ask my employer to withhold extra taxes on my W-4 to...
by tomtoms
Mon Apr 01, 2013 5:43 am
Forum: Personal Finance (Not Investing)
Topic: Self-employment tax for a small business
Replies: 7
Views: 1077

Re: Self-employment tax for a small business

Thanks everybody for your reply so far! My 2012 salary is $120,000. I should make $125,000 in 2013 at my regular job. I started a business in 2013 and I should make a profit of $50,000 from my small business this year. (1) Just so I can understand, instead of paying my quarterly estimated taxes for ...
by tomtoms
Sun Mar 31, 2013 3:16 pm
Forum: Personal Finance (Not Investing)
Topic: Self-employment tax for a small business
Replies: 7
Views: 1077

Another Question

Thank you! Another question: (6) It seems like I would need to pay my taxes throughout the year on Jan 15, April 15, June 15 and Sept 15. If I started my business in Jan 2013, what do I need to pay by April 15? Do I need to pay my estimated business income tax for the first quarter by April 15 2013?...
by tomtoms
Sun Mar 31, 2013 12:43 pm
Forum: Personal Finance (Not Investing)
Topic: Self-employment tax for a small business
Replies: 7
Views: 1077

Self-employment tax for a small business

First, I want to thank everyone on this forum for your helpful advise so far. I started a business this year and it is to my understand that I must pay self-employment (SE) tax for the first quarter of 2013 by April 15, 2013. I also understand all wages and earnings are subject to 10.4% social secur...
by tomtoms
Sun Mar 10, 2013 3:28 pm
Forum: Personal Finance (Not Investing)
Topic: Getting mortgage in 6 mths. Should I get a new credit card?
Replies: 14
Views: 1114

Re: Getting mortgage in 6 mths. Should I get a new credit ca

OP here. I just received approval for a new credit card. I am planning to check my credit score 3 months from now and see if it has gone up. I will update everyone!
by tomtoms
Sat Mar 09, 2013 10:29 pm
Forum: Personal Finance (Not Investing)
Topic: Getting mortgage in 6 mths. Should I get a new credit card?
Replies: 14
Views: 1114

Re: Getting mortgage in 6 mths. Should I get a new credit ca

My score from credit karma is 35 points higher than my equifax score. Hopefully, they won't use my equifax score?
by tomtoms
Sat Mar 09, 2013 5:22 pm
Forum: Personal Finance (Not Investing)
Topic: Getting mortgage in 6 mths. Should I get a new credit card?
Replies: 14
Views: 1114

Re: Getting mortgage in 6 mths. Should I get a new credit ca

Thank you for everyone for your advise so far! I have added additional information to the post. Your suggestion is greatly appreciated!
by tomtoms
Sat Mar 09, 2013 10:43 am
Forum: Personal Finance (Not Investing)
Topic: Getting mortgage in 6 mths. Should I get a new credit card?
Replies: 14
Views: 1114

Getting mortgage in 6 mths. Should I get a new credit card?

I am planning to obtain a $500,000 mortgage in the next 6 months and to put 20% down. I recently checked my credit score from Equifax and it is 731. Apparently, I need a > 760 score to get the best rate. I have been using just one credit card for the last 13 years. My monthly credit card bill is usu...

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