Search found 233 matches

by wholeinone04
Fri Apr 29, 2016 2:31 pm
Forum: Personal Finance (Not Investing)
Topic: 29 yo and married: Do I need a will and/or trust?
Replies: 10
Views: 1050

Re: 29 yo and married: Do I need a will and/or trust?

Thanks for the feedback. It sounds like at a minimum, we need a will? So how does this plan sound? Retirement accounts - designate beneficiary (my wife/bro/sis) Taxable accounts - designate beneficiary (my wife/bro/sis). Do these still need to be in a will though? Confused here.. Real estate propert...
by wholeinone04
Fri Apr 29, 2016 1:05 am
Forum: Personal Finance (Not Investing)
Topic: 29 yo and married: Do I need a will and/or trust?
Replies: 10
Views: 1050

29 yo and married: Do I need a will and/or trust?

I've had this on my to do list for a while and am finally looking into wills/trusts. From my research, it seems like will costs less up front but you may have to spend more money when you die in probate. Trusts cost more up front, but cost less money when you die. I've been doing a good job saving, ...
by wholeinone04
Wed Jan 27, 2016 1:03 pm
Forum: Investing - Help with Personal Investments
Topic: In Plan Roth/Mega Backdoor Roth For Self-Employed/Incorporated Business
Replies: 0
Views: 241

In Plan Roth/Mega Backdoor Roth For Self-Employed/Incorporated Business

So I've read a lot of other threads/blog posts/etc on the in plan roth/mega backdoor roth and it sounds like it can benefit me a lot. I think it's pretty confusing though so I wanted to do a post to make sure I'm not missing anything. Background : I'm a 29 year old male, married. In 2015, my biz was...
by wholeinone04
Wed Dec 23, 2015 7:17 pm
Forum: Personal Finance (Not Investing)
Topic: Made Too Much For A Roth But Already Contributed For 2015 - What Should I Do?
Replies: 1
Views: 751

Made Too Much For A Roth But Already Contributed For 2015 - What Should I Do?

I contributed $5,500 at the beg. of 2015 for tax year 2015 to my Roth IRA with SDIRA (invested in Lending Club notes). Biz was good this year and ended up making way more than the Roth limits so now I need to re-characterize and do a backdoor Roth. Option 1 Unfortunately SDIRA is making it very diff...
by wholeinone04
Fri Aug 28, 2015 12:46 pm
Forum: Investing - Theory, News & General
Topic: So Is Now The Time To Buy?
Replies: 21
Views: 1113

Re: So Is Now The Time To Buy?

Yes, please buy, that way if enough buyers come in my NAV will go back to what it was last week and the shares I picked up on sale will have gone up in value. Market timing does not work, if you had the money on Monday, that would have been a good time to buy. The next best time is today. But only ...
by wholeinone04
Fri Aug 28, 2015 12:45 pm
Forum: Investing - Theory, News & General
Topic: So Is Now The Time To Buy?
Replies: 21
Views: 1113

Re: So Is Now The Time To Buy?

What would you do/how would you feel if the market went down another 10% (or more) in the near future instead, and stayed there for a while? That could definitely happen. RM Good point, I'd probably put another $25k in :) Now if it went down another 10% after that, I probably wouldn't lose any slee...
by wholeinone04
Fri Aug 28, 2015 12:32 pm
Forum: Investing - Theory, News & General
Topic: So Is Now The Time To Buy?
Replies: 21
Views: 1113

So Is Now The Time To Buy?

Let's say I had $25k to invest right now, is there a reason why I shouldn't just drop it in a low ER 500 Index Fund and see what happens? Looks like the market was down 10% a couple days ago and has recovered some but still down around 6% from prices just a couple weeks ago. If the market goes up 5-...
by wholeinone04
Thu Aug 20, 2015 1:25 pm
Forum: Personal Finance (Not Investing)
Topic: How Much and How Long For Term Life Insurance for 28 yo/spouse?
Replies: 23
Views: 1670

Re: How Much and How Long For Term Life Insurance for 28 yo/spouse?

Thanks for all the different takes - this is exactly what I'm looking for. Even though we'll likely have plenty saved in 20-25 years, I still think it makes sense to extend life insurance past when your kids would graduate from college and when a 30 year mortgage would be coming to an end. Insurance...
by wholeinone04
Thu Aug 20, 2015 1:15 am
Forum: Personal Finance (Not Investing)
Topic: How Much and How Long For Term Life Insurance for 28 yo/spouse?
Replies: 23
Views: 1670

Re: How Much and How Long For Term Life Insurance for 28 yo/spouse?

If someone depends on your financially, I'd say $1-5M is the right amount. So $500K seems a little low. Just multiply the amount by 4% as an annual spending amount and you'll see why. So if you can afford more, I'd get it. In your 20s, I'd say choose either 30 year level term or annually renewable ...
by wholeinone04
Thu Aug 20, 2015 12:16 am
Forum: Personal Finance (Not Investing)
Topic: How Bad Does My New Property Management Company Sound?
Replies: 9
Views: 1601

Re: How Bad Does My New Property Management Company Sound?

My leases specifically say that I don't guarantee that the place will be ready the first day--this is because there is NOTHING I can do to make someone in the place leave on time and often I am moving someone out and someone in within 24 hours---does make cleaning difficult!! ... Wow... my property...
by wholeinone04
Thu Aug 20, 2015 12:12 am
Forum: Personal Finance (Not Investing)
Topic: How Much and How Long For Term Life Insurance for 28 yo/spouse?
Replies: 23
Views: 1670

How Much and How Long For Term Life Insurance for 28 yo/spouse?

I've been slowly ticking off all the stuff I never got around to and this month is life insurance's turn :) I'm looking at term policies and have been doing preliminary research reading threads here on BH and comparing policies on term4sale. But where I'm running into problems is figuring out how lo...
by wholeinone04
Wed Aug 19, 2015 11:14 pm
Forum: Personal Finance (Not Investing)
Topic: How Bad Does My New Property Management Company Sound?
Replies: 9
Views: 1601

Re: How Bad Does My New Property Management Company Sound?

There is a potentially simple solution here. Tenants have moved out so you should try to arrange to move your things into one or two rooms that are finished, or, for example the garage. You will need to negotiate with the property management firm for this, i.e. make it clear to them that you will a...
by wholeinone04
Tue Aug 18, 2015 11:34 pm
Forum: Personal Finance (Not Investing)
Topic: How Bad Does My New Property Management Company Sound?
Replies: 9
Views: 1601

Re: How Bad Does My New Property Management Company Sound?

Sucks being a renter, huh? Sorry, couldn't resist... and J/K :happy I don't think you would have much of a case. Stuff happens and they are notifying you of the delay(s). I would also think you could cancel if things don't go as planned for the start date. But, sounds like you like and want the pla...
by wholeinone04
Tue Aug 18, 2015 8:25 pm
Forum: Personal Finance (Not Investing)
Topic: How Bad Does My New Property Management Company Sound?
Replies: 9
Views: 1601

How Bad Does My New Property Management Company Sound?

So I was scheduled to move in to a new house this Thursday and this morning I got a call from the PM saying it 'may not be ready' until Friday or Saturday. I was obviously pissed but I basically just said no way is this acceptable and she said she'd call me back. Next call came at 2 pm and now she s...
by wholeinone04
Tue Aug 18, 2015 7:56 pm
Forum: Personal Finance (Not Investing)
Topic: Am I crazy? Quitting my job.
Replies: 107
Views: 19189

Re: Am I crazy? Quitting my job.

I'm 28 too, 'retired' engineer, I was in a somewhat similar situation where I planned to work until my wife got done with med school. But my side biz (blogging) started taking off and eventually it was just too much opportunity to say no to and I quit my day job and am now a full time blogger. A lo...
by wholeinone04
Wed Aug 12, 2015 1:05 am
Forum: Personal Finance (Not Investing)
Topic: Am I crazy? Quitting my job.
Replies: 107
Views: 19189

Re: Am I crazy? Quitting my job.

I'm 28 too, 'retired' engineer, I was in a somewhat similar situation where I planned to work until my wife got done with med school. But my side biz (blogging) started taking off and eventually it was just too much opportunity to say no to and I quit my day job and am now a full time blogger. A lot...
by wholeinone04
Wed Aug 05, 2015 9:59 pm
Forum: Personal Finance (Not Investing)
Topic: How Does S Corp Tax Savings Affect Future SS Payout?
Replies: 15
Views: 1083

Re: How Does S Corp Tax Savings Affect Future SS Payout?

Oh and thanks to everyone for all the thoughtful replies. Much appreciated!
by wholeinone04
Wed Aug 05, 2015 9:59 pm
Forum: Personal Finance (Not Investing)
Topic: How Does S Corp Tax Savings Affect Future SS Payout?
Replies: 15
Views: 1083

Re: How Does S Corp Tax Savings Affect Future SS Payout?

Ie if I make $120k in 2014, have $20k in expenses and contribute $10k to an IRA , Are you talking about SIMPLE IRA or SEP IRA OR the trad/roth ira? I was really just using it more as an ex., I haven't contributed to either yet but see below. Looks like retirement contributions don't affect ss payou...
by wholeinone04
Wed Aug 05, 2015 11:22 am
Forum: Personal Finance (Not Investing)
Topic: How Does S Corp Tax Savings Affect Future SS Payout?
Replies: 15
Views: 1083

How Does S Corp Tax Savings Affect Future SS Payout?

So I'm looking into converting my business (blog) from an SP to an LLC taxed as S corp. I have read through a few threads on BH and done some google-ing and I understand that the benefit of taxing as s corp is that you basically pay yourself a reasonable salary (that is taxed same as if you were jus...
by wholeinone04
Tue May 19, 2015 8:16 pm
Forum: Personal Finance (Not Investing)
Topic: Healthcare Sharing Ministry A No Brainer?
Replies: 66
Views: 7800

Re: Healthcare Sharing Ministry A No Brainer?

Well, then at least the Federal deduction is still an advantage. Yes, but I think this fact reduces the appeal of HDHP HSA plans in California vs traditional plans. Not really. Fed deduction of 25% at marginal tax bracket, I'll take it :) Plus I actually max out HSA and pay for out of pocket expens...
by wholeinone04
Mon May 18, 2015 1:19 am
Forum: Personal Finance (Not Investing)
Topic: Healthcare Sharing Ministry A No Brainer?
Replies: 66
Views: 7800

Re: Healthcare Sharing Ministry A No Brainer?

I don't have any experience with healthcare sharing ministries but I took a look at the Liberty Healthshare website and read this on the Legal Notices page at http://www.libertyhealthshare.org/legal-notices : This program is not an insurance company nor is it offered through an insurance company......
by wholeinone04
Sun May 17, 2015 3:33 pm
Forum: Personal Finance (Not Investing)
Topic: Healthcare Sharing Ministry A No Brainer?
Replies: 66
Views: 7800

Re: Healthcare Sharing Ministry A No Brainer?

...Even if I did get cancer which is highly unlikely for 30 yo... Why do you think so? I tried to find some straightforward stats for 25-29 yo but was more difficult than I thought. Unlikely in my mind would be < 1% though, highly unlikely would be < .1%. I think the solution below though would wor...
by wholeinone04
Sat May 16, 2015 3:36 pm
Forum: Personal Finance (Not Investing)
Topic: Healthcare Sharing Ministry A No Brainer?
Replies: 66
Views: 7800

Re: Healthcare Sharing Ministry A No Brainer?

Yes this is true. Insurance is supposed to protect against that which you cannot afford to insure right? But at a certain point, things become so improbable that it does not make financial/mathematical sense to insure against them. Even if I did get cancer which is highly unlikely for 30 yo (althoug...
by wholeinone04
Sat May 16, 2015 1:31 pm
Forum: Personal Finance (Not Investing)
Topic: Healthcare Sharing Ministry A No Brainer?
Replies: 66
Views: 7800

Healthcare Sharing Ministry A No Brainer?

I recently went full time self-employed and have been researching health insurance options. I'm in CA and the 'cheapest' plans are around $400/mo for premiums and $9,000 deductibles for my wife and I to get coverage. I've had employer healthcare (PPO/HSA) for the past 6 years and maxed out HSA all 6...
by wholeinone04
Wed Mar 18, 2015 5:44 pm
Forum: Personal Finance (Not Investing)
Topic: Need help with condo rental depreciation basis
Replies: 17
Views: 2878

Re: Need help with condo rental depreciation basis

yes haha sorry. So you may want to do the opposite of what I did :)
by wholeinone04
Thu Feb 19, 2015 11:43 am
Forum: Personal Finance (Not Investing)
Topic: Credit Card accounts (leave open or close?)
Replies: 26
Views: 2198

Re: Credit Card accounts (leave open or close?)

One of my cards that I rarely use was just closed by the cc company. It was probably my newest (5 years old or so), and even if there is a tiny dent, I'm happier without it to keep track of. I'm down to two. Only your utilization and # of accounts (higher is better contrary to popular belief since ...
by wholeinone04
Wed Feb 18, 2015 6:59 pm
Forum: Personal Finance (Not Investing)
Topic: Shared personal/biz expenses on a biz credit card?
Replies: 10
Views: 797

Re: Shared personal/biz expenses on a biz credit card?

May I ask the question in a lightly different way? In terms of with the IRS, ignoring the legal liability issues, is there ANY advantage for a "flow through" S-Corp to keeping a separate credit card, or even paying for expenses out of a specific business checking account, as song as an ac...
by wholeinone04
Wed Feb 18, 2015 6:41 pm
Forum: Personal Finance (Not Investing)
Topic: Shared personal/biz expenses on a biz credit card?
Replies: 10
Views: 797

Re: Shared personal/biz expenses on a biz credit card?

I have an LLC for my business but there are a few items that I use for personal/business use. For example my cell phone and my car I use about 50/50 personal/business. So I know the point of a business credit card is so that you don't co-mingle personal and business expenses but what about these it...
by wholeinone04
Wed Feb 18, 2015 2:32 pm
Forum: Personal Finance (Not Investing)
Topic: Early rental lease termination - what is reasonable?
Replies: 20
Views: 1576

Re: Early rental lease termination - what is reasonable?

RM Most tenants/landlords don't know this but at least in California this is true. If a tenant moves out, the landlord has to make a good faith effort to find new tenants otherwise the old tenants are on the hook for the entire amount (or at least until they can get it rented out). [/quote] But in ...
by wholeinone04
Wed Feb 18, 2015 1:22 am
Forum: Personal Finance (Not Investing)
Topic: HSA - how to keep receipts? And reimbursing for past costs?
Replies: 6
Views: 759

Re: HSA - how to keep receipts? And reimbursing for past cos

You can still deposit into your HSA for 2014 but if you don't do it through your employer you lose out on FICA savings. I pay for all my HSA expenses and just keep a log in excel. I save all the receipts and scan them at the end of every year, boom done. I actually max out all my retirement accounts...
by wholeinone04
Wed Feb 18, 2015 1:19 am
Forum: Personal Finance (Not Investing)
Topic: Early rental lease termination - what is reasonable?
Replies: 20
Views: 1576

Re: Early rental lease termination - what is reasonable?

In many states, if a tenant moves out early, then the landlord is entitled to the normal rent for the term of the lease, PROVIDED he makes a good faith effort to find new tenants. You say that you are not willing to do this. I would take the deal the tenants are offering. Ralph If this is the case ...
by wholeinone04
Wed Feb 18, 2015 1:05 am
Forum: Personal Finance (Not Investing)
Topic: Credit Card accounts (leave open or close?)
Replies: 26
Views: 2198

Re: Credit Card accounts (leave open or close?)

Ah finally something I'm an expert in :) You ALWAYS want to keep your oldest cards open because of the credit history. Keeping them open will help your utilization but more importantly credit history is something you won't ever be able to get back since you'll never be able to open a card again in 2...
by wholeinone04
Wed Feb 18, 2015 12:56 am
Forum: Personal Finance (Not Investing)
Topic: Shared personal/biz expenses on a biz credit card?
Replies: 10
Views: 797

Re: Shared personal/biz expenses on a biz credit card?

If you are using the standard mileage rate, then the car washes, seat covers, etc. should not be considered as a business expense UNLESS you can show a definite business reason that the car wash helps your business (like if you are transporting clients, like a Realtor). Business related tolls and p...
by wholeinone04
Wed Feb 18, 2015 12:52 am
Forum: Personal Finance (Not Investing)
Topic: Sell rental property or stick it out?
Replies: 12
Views: 1586

Re: Sell rental property or stick it out?

If your home is still upside down after the past 2.5 years you must have been really deep in the hole. Either way, look at it as a positive and sell now so that you can get this one off your hands. It's much better to make a mistake like this with a 100k house than a 1 million dollar house :)
by wholeinone04
Tue Feb 17, 2015 10:38 pm
Forum: Personal Finance (Not Investing)
Topic: Shared personal/biz expenses on a biz credit card?
Replies: 10
Views: 797

Shared personal/biz expenses on a biz credit card?

I have an LLC for my business but there are a few items that I use for personal/business use. For example my cell phone and my car I use about 50/50 personal/business. So I know the point of a business credit card is so that you don't co-mingle personal and business expenses but what about these ite...
by wholeinone04
Wed Nov 12, 2014 4:07 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Question
Replies: 14
Views: 1971

Re: Tax Question

Assuming you did in fact live in the house for 2 of the last 5 years you can exclude up to 500k of the gain if Married Filing jointly. If single, 250k gain exclusion. You will need to recapture any depreciation you took. Without considering the depreciation you currently have a gain of 70k. Single ...
by wholeinone04
Sat Nov 08, 2014 11:30 am
Forum: Personal Finance (Not Investing)
Topic: Overall Insurance Strategy
Replies: 4
Views: 934

Re: Overall Insurance Strategy

We were told by the local insurance agency that because our property was not being used as a personal residence (first or second - that didn't matter; what mattered was "personal use" or "business/income", etc.), then we MUST have commercial insurance for all purposes: liability...
by wholeinone04
Sat Nov 08, 2014 12:56 am
Forum: Personal Finance (Not Investing)
Topic: Overall Insurance Strategy
Replies: 4
Views: 934

Re: Overall Insurance Strategy

Sure. My rental property is in San Diego, CA and rented out unfurnished. I rent an apartment an hour north in Orange County, CA. I didn't really think about it but going forward I will require tenant to get renter's insurance (I'm 95% sure he has it but will confirm). Any reason why you have a busin...
by wholeinone04
Fri Nov 07, 2014 5:58 pm
Forum: Personal Finance (Not Investing)
Topic: Overall Insurance Strategy
Replies: 4
Views: 934

Overall Insurance Strategy

I decided to sign up for an umbrella policy and that got me thinking about all of my insurance coverages... Currently have auto and homeowners (on my rental property). Going to be adding renter's and umbrella. I'm most worried about liability with a current NW of ~350k (married) and growing. Umbrell...
by wholeinone04
Tue Nov 04, 2014 2:19 pm
Forum: Investing - Theory, News & General
Topic: 529 Withdrawal for Fiancee
Replies: 2
Views: 492

Re: 529 Withdrawal for Fiancee

Fiancee is now my wife. And in case anyone is wondering, I opened a new account (still under my account/login though) for my wife and designated her as the beneficiary. Now I'm going to make a qualified withdrawal to her so she'll get a check in the mail. At the end of the year we should get a 1099Q...
by wholeinone04
Fri Oct 31, 2014 12:30 pm
Forum: Personal Finance (Not Investing)
Topic: Would You Sell Or Continue Renting Out My Condo?
Replies: 27
Views: 4192

Re: Would You Sell Or Continue Renting Out My Condo?

I bought my condo in 2010 for 340k and real estate agent told me i probably could get 375k from it. I moved out and rented it in August 2013 for 1900 a month. I have 112k left on a 5/1 ARM at 3.75%. Looking at your rate of return, I really feel like I overpaid. It was my first purchased home so I l...
by wholeinone04
Thu Oct 30, 2014 4:10 pm
Forum: Personal Finance (Not Investing)
Topic: Would You Sell Or Continue Renting Out My Condo?
Replies: 27
Views: 4192

Re: Would You Sell Or Continue Renting Out My Condo?

Hi, I don't mean to hijack this thread but I am also in a very similar situation. If the OP decides to keep the rental for life, would you recommend he stay with the ARM mortgage or refinance into something else? I always thought an ARM was good if you plan on selling soon but if the OP decides to ...
by wholeinone04
Tue Oct 28, 2014 4:13 pm
Forum: Personal Finance (Not Investing)
Topic: Would You Sell Or Continue Renting Out My Condo?
Replies: 27
Views: 4192

Re: Would You Sell Or Continue Renting Out My Condo?

That makes sense. Yes in your case I can understand the desire to sell, and I think it makes sense. I still think it makes sense as a good long term investment, but if you sell you could use the proceeds to max out all tax advantaged space for a year or two - also a good long term investment - plus...
by wholeinone04
Mon Oct 27, 2014 10:10 am
Forum: Personal Finance (Not Investing)
Topic: Would You Sell Or Continue Renting Out My Condo?
Replies: 27
Views: 4192

Re: Would You Sell Or Continue Renting Out My Condo?

The answer hinges on what the rest of your portfolio looks like. Good point, we are doing well. I'm 27, married, wife has 60k of student loan debt and will be 175k -ish by summer of 2017 (she's an MS2). No other outstanding debt other than mortgage on this rental property (207k). We have 160k in ta...
by wholeinone04
Sat Oct 25, 2014 5:04 pm
Forum: Personal Finance (Not Investing)
Topic: Would You Sell Or Continue Renting Out My Condo?
Replies: 27
Views: 4192

Re: Would You Sell Or Continue Renting Out My Condo?

Can I ask why you chose an ARM if you were planning on keeping the property as a long-term rental? I wasn't planning on renting out, I wasn't sure at all. I don't know why people are so anti-ARM, I suppose it's because they don't like the risk. But for me, I would rather under-pay and take the risk...
by wholeinone04
Fri Oct 24, 2014 3:27 pm
Forum: Personal Finance (Not Investing)
Topic: Would You Sell Or Continue Renting Out My Condo?
Replies: 27
Views: 4192

Re: Would You Sell Or Continue Renting Out My Condo?

Why are you considering selling? What would you do with the proceeds from the sale? If you don't need the cash and you have positive cash flow, then just keep it. Every year your equity increases and hopefully so does your cash flow. Once the mortgage is paid off this will be an even nicer source o...
by wholeinone04
Fri Oct 24, 2014 12:25 pm
Forum: Personal Finance (Not Investing)
Topic: Would You Sell Or Continue Renting Out My Condo?
Replies: 27
Views: 4192

Re: Would You Sell Or Continue Renting Out My Condo?

See the link here regarding the sale of a house used as both a primary residence and rental property. They give two examples - one where the taxable gains were prorated and the other where they were not. In both cases any recapture for depreciation (whether or not you claimed it or not on your taxe...
by wholeinone04
Thu Oct 23, 2014 4:15 pm
Forum: Personal Finance (Not Investing)
Topic: Would You Sell Or Continue Renting Out My Condo?
Replies: 27
Views: 4192

Re: Would You Sell Or Continue Renting Out My Condo?

I will owe around 205k next summer so if I sell at that time for 375k (minus 6% of 375k for realtor fees = 352.5) that would leave me with 147.5k in cash (352.5 - 205k). So I'm making around 5.7% on this idle cash (my equity) in a best case scenario, but likely there will be expenses so I'd say the...
by wholeinone04
Wed Oct 22, 2014 11:40 pm
Forum: Personal Finance (Not Investing)
Topic: Would You Sell Or Continue Renting Out My Condo?
Replies: 27
Views: 4192

Would You Sell Or Continue Renting Out My Condo?

So I bought a condo in April of 2010 for 280k in San Diego (Mission Valley). I put 20% down (56k), got the 10k homebuyer credit but spent 10k on initial repairs. I have no cost refi'd twice and I'm currently 2 years in (about to start year 3) of a 7/1 3.125% ARM. Today, it's probably worth 375k base...

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