Search found 673 matches

by SouthernCPA
Fri Oct 19, 2018 12:08 pm
Forum: Personal Finance (Not Investing)
Topic: Depositing Cash if it was gifted?
Replies: 113
Views: 6912

Re: Depositing Cash if it was gifted?

Just deposit the money all at once, answer the questions the banker will ask you about where it came from and move on. You and your grandmother have done nothing illegal here and there is nothing to be worried about. Some of you are way too paranoid.
by SouthernCPA
Thu Oct 18, 2018 10:00 am
Forum: Investing - Help with Personal Investments
Topic: Spoke with a CFP...underwhelming!
Replies: 51
Views: 5295

Re: Spoke with a CFP...underwhelming!

Their job is to help and teach people that don't know much. If you're already an expert, what's the point? Did you just want to point out their supposed errors? Like any profession, some are better than others. I agree. This would be like a self taught guitarists such as John Mayer going to an inte...
by SouthernCPA
Wed Oct 17, 2018 10:46 am
Forum: Personal Finance (Not Investing)
Topic: How to avoid exposure from owning rental properties
Replies: 6
Views: 542

Re: How to avoid exposure from owning rental properties

You probably cannot get the properties entirely veiled by an LLC *if* you have a mortgage, unless the LLC has enough assets/credit history to have a mortgage issued INSTEAD OF a mortgage in personal names. If properties are "paid off", then that's not a concern. I don't believe a mortgage has any i...
by SouthernCPA
Wed Oct 17, 2018 10:29 am
Forum: Personal Finance (Not Investing)
Topic: How to avoid exposure from owning rental properties
Replies: 6
Views: 542

Re: How to avoid exposure from owning rental properties

You probably cannot get the properties entirely veiled by an LLC *if* you have a mortgage, unless the LLC has enough assets/credit history to have a mortgage issued INSTEAD OF a mortgage in personal names. If properties are "paid off", then that's not a concern. I don't believe a mortgage has any i...
by SouthernCPA
Thu Sep 06, 2018 11:20 am
Forum: Personal Finance (Not Investing)
Topic: European Rental Property Considerations
Replies: 8
Views: 792

Re: European Rental Property Considerations

Questions: 1. No rental income in 2018 and I understand that I can’t deduct rental losses from my other income. I there a way to carry over some or all of the loss from 2018 to 2019 when rental income is expected? I understand a carry over is possible..will this include travel cost to Europe/TAXes ...
by SouthernCPA
Tue Aug 21, 2018 10:54 am
Forum: Personal Finance (Not Investing)
Topic: Your major and investing/finance?
Replies: 99
Views: 5165

Re: Your major and investing/finance?

The theoretical and mathematical underpinnings of personal finance are so simple (really just arithmetic) that anybody with a grade 8 education can easily grasp them. Way more “common sense” than “theory”. Investment professionals try very hard to convince us differently. I suspect the reason Perso...
by SouthernCPA
Mon Aug 13, 2018 4:44 pm
Forum: Personal Finance (Not Investing)
Topic: Advice on Joint RE Ownership
Replies: 5
Views: 528

Re: Advice on Joint RE Ownership

Mortgage interest can be allocated based on ownership %. This may just be a manual calculation rather than taking what comes on the 1098 at the end of the year. Whether the interest is deductible on Schedule A will depend on the use of the property and each individuals filing situation. If it was me...
by SouthernCPA
Mon Aug 13, 2018 1:46 pm
Forum: Personal Finance (Not Investing)
Topic: Can the greedy 'Private Bank' make any money off my index funds?
Replies: 21
Views: 2245

Re: Can the greedy 'Private Bank' make any money off my index funds?

Are the additional services and conveniences of the private bank worth enough to you to have to constantly worry about this?
by SouthernCPA
Tue Aug 07, 2018 2:50 pm
Forum: Personal Finance (Not Investing)
Topic: Dear BH, what are non-BH [financial] actions you do?
Replies: 71
Views: 4946

Re: Dear BH, what are non-BH actions you do?

HEDGEFUNDIE wrote:
Mon Aug 06, 2018 4:43 pm
SouthernCPA wrote:
Mon Aug 06, 2018 4:38 pm
I own a boat and have real estate investments.
“My boat owns me and I have real estate investments.”

There, I fixed it for you.
It's not about miles per gallon, its about smiles per gallon.
by SouthernCPA
Mon Aug 06, 2018 4:38 pm
Forum: Personal Finance (Not Investing)
Topic: Dear BH, what are non-BH [financial] actions you do?
Replies: 71
Views: 4946

Re: Dear BH, what are non-BH actions you do?

I own a boat and have real estate investments.
by SouthernCPA
Wed Jul 25, 2018 3:08 pm
Forum: Investing - Help with Personal Investments
Topic: Investing with a Developer
Replies: 48
Views: 3848

Re: Investing with a Developer

Without going point by point. As I have said in previous threads I do institutional real estate investing. I would never invest passively in another’s real estate deal. Too many risks and not having control over the investments magnifies all of them. I would stay away. Agree, we have done passive d...
by SouthernCPA
Wed Jul 25, 2018 3:07 pm
Forum: Investing - Help with Personal Investments
Topic: Investing with a Developer
Replies: 48
Views: 3848

Re: Investing with a Developer

I'm actually In real estate development and this deal structure is bizarre to me. Let me say this another way to show you how this makes no sense.... The "developer" ultimately is bulk buying land, putting in infrastructure to subdivide lots, then reselling the lots for you to build spec homes on th...
by SouthernCPA
Mon Jul 23, 2018 10:31 am
Forum: Personal Finance (Not Investing)
Topic: Real estate partnership
Replies: 14
Views: 1106

Re: Real estate partnership

In commercial real estate developments we do, we set up a "distribution waterfall." You usually have a developer doing the work and equity partners (the cash). Something like this could look like: Whatever profit is made on the eventual sale is distributed according to the following waterfall: First...
by SouthernCPA
Fri Jul 13, 2018 4:15 pm
Forum: Personal Finance (Not Investing)
Topic: New construction: financing fell through, builder won't return deposit/earnest $
Replies: 43
Views: 5019

Re: New construction: financing fell through, builder won't return deposit/earnest $

How many cases have you tried? Ever hear of a motion for summary judgment? The above “advice” should be ignored and this is another example of non lawyers offering thoughts and opinions that could greatly damage the financial well being of forum members . 70+ cases filed. One appeal to a federal ci...
by SouthernCPA
Thu Jul 12, 2018 1:13 pm
Forum: Personal Finance (Not Investing)
Topic: New construction: financing fell through, builder won't return deposit/earnest $
Replies: 43
Views: 5019

Re: New construction: financing fell through, builder won't return deposit/earnest $

The way that is worded, it looks to me like it's the seller's preference on if they want to return the deposit + earnest money or not. "Seller may, as Seller's option..."

You might be out of luck on this one.
by SouthernCPA
Mon Jul 09, 2018 3:47 pm
Forum: Personal Finance (Not Investing)
Topic: Borrow for BigLaw Partnership Buy-in?
Replies: 26
Views: 4177

Re: Borrow for BigLaw Partnership Buy-in?

The capital contribution never accrues interest. My wife just got hers back after over 20 years--the same amount she put in. That's the business model. OP will not score points by getting crafty and trying to reverse engineer the model. Smectym I understand the capital contribution never accruing "...
by SouthernCPA
Mon Jul 09, 2018 3:40 pm
Forum: Personal Finance (Not Investing)
Topic: Borrow for BigLaw Partnership Buy-in?
Replies: 26
Views: 4177

Re: Borrow for BigLaw Partnership Buy-in?

OP will not score points by getting crafty and trying to reverse engineer the model. Smectym As someone in a professional services firm who's reasonably close to a similar decision, I agree with this. Just part of the process, but I'd focus on the bigger picture for what this means for your career ...
by SouthernCPA
Tue Jul 03, 2018 4:06 pm
Forum: Personal Finance (Not Investing)
Topic: Retirement Destination - are you happy with your choice?
Replies: 127
Views: 16411

Re: Retirement Destination - are you happy with your choice?

The concept of up and moving simply due to retirement is an odd one for me to grasp. I try to live where I want to live now, while I am working, have roots in the community, family, friends and we have a great network of people here. Starting over from scratch at retirement sounds exhausting. Obviou...
by SouthernCPA
Tue Jul 03, 2018 10:24 am
Forum: Personal Finance (Not Investing)
Topic: Fed survey: 40% of adults cannot cover a $400 emergency expense
Replies: 48
Views: 5333

Re: Fed survey: 40% of adults cannot cover a $400 emergency expense

Why are Bogleheads so fascinated by stories like this? Get over it. Just be happy and thankful we are so smart/lucky/disciplined. My interest in stories like this is because it allows me to show my kids what can happen in life. 1210 Wouldn’t have thought you would need these kind of stories to do t...
by SouthernCPA
Wed Jun 20, 2018 1:49 pm
Forum: Personal Consumer Issues
Topic: "distilled" water for wife's CPAP machine
Replies: 74
Views: 5982

Re: "distilled" water for wife's CPAP machine

I am honestly dumbfounded that someone would ask this about something that costs a few pennies a day. You and me, both. I don't even know how the cost of distilled water for a CPAP machine would even hit the radar for a cost savings mechansim and enough so to post on a financial/investing forum.
by SouthernCPA
Wed Jun 13, 2018 1:23 pm
Forum: Personal Finance (Not Investing)
Topic: Forbes: Millennials Aren't Having Kids Heres Why That's a Problem for Baby Boomer Real Estate and Retirement
Replies: 74
Views: 7612

Re: Forbes: Millennials Aren't Having Kids Heres Why That's a Problem for Baby Boomer Real Estate and Retirement

I suppose that's the risk of planning on house equity to be used as a retirement source. You carry the risk of having an undesirable product that takes a haircut on price as demand shifts. Welcome to real estate investing, Boomers. Stop blaming millennials for inadequate retirement planning. We can'...
by SouthernCPA
Mon May 21, 2018 4:59 pm
Forum: Personal Finance (Not Investing)
Topic: Fractional Ownership [Property]
Replies: 33
Views: 4550

Re: Fractional Ownership [Property]

Timeshares are great for the developers, but that's about it. I'd either rent and have options each year or fully own the unit myself and have access whenever I wanted (and control of the property).
by SouthernCPA
Mon May 21, 2018 3:34 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a Vacation Rental Property as an Investment
Replies: 53
Views: 5018

Re: Buying a Vacation Rental Property as an Investment

When you factor in 25% management fees for local property managers, ever increasing VRBO website listing fees, higher cleaning fees due to short tenant lives of vacation properties, etc I just believe you can find much better and more passive returns in other sectors of real estate if you want RE ex...
by SouthernCPA
Fri May 18, 2018 2:50 pm
Forum: Personal Finance (Not Investing)
Topic: Surgeon salary vs owning a business salary/profit?
Replies: 47
Views: 4730

Re: Surgeon salary vs owning a business salary/profit?

If you're making that much as a CPA, you're probably a Big 4 partner. Aside from high stress in that position, you will have suffered through a career of high stress to even get to that point. Or maybe you could get to that salary level after hanging a shingle and building a business over decades. ...
by SouthernCPA
Tue May 15, 2018 11:49 am
Forum: Investing - Help with Personal Investments
Topic: How can I clear $40-60,000/yr with $1,000,000 cash... Low Risk?
Replies: 71
Views: 11375

Re: How can I clear $40-60,000/yr with $1,000,000 cash... Low Risk?

You're either investing to win or investing to "not lose". It sounds like you want to win, but have the risk profile of "not lose." Stay away from Ponzi Schemes, these traits are right up their sales pitch. Why not just allocate the $1,000,000 based on the proper asset allocation for your risk toler...
by SouthernCPA
Fri May 11, 2018 2:49 pm
Forum: Personal Consumer Issues
Topic: Buying a Boat
Replies: 47
Views: 5440

Re: Buying a Boat

I live on the gulf coast and have always had or had access to a boat. I bought my current boat 3 years ago and use it as often as possible. In the summer this is nearly every weekend. It's really a lifestyle. We fish, go to islands/sandbars, cruise to dinner/bars on the water. We enjoy entertaining ...
by SouthernCPA
Wed Apr 18, 2018 9:57 am
Forum: Investing - Help with Personal Investments
Topic: I want to pay off my mortgage. Am I crazy?
Replies: 54
Views: 6407

Re: I want to pay off my mortgage. Am I crazy?

I have a mortgage of $745,000 on a house conservatively worth $1.6 million. The interest rate is 3.25 percent. It's an interest only loan for the first 10 years, then readjusts every year (likely higher) and principal payments will also become due. I have four years left before this happens. Until ...
by SouthernCPA
Tue Apr 17, 2018 10:51 am
Forum: Personal Finance (Not Investing)
Topic: Rentals and Security Deposits
Replies: 21
Views: 1647

Re: Rentals and Security Deposits

I'd just have one annual lease with all roommates listed on the lease. With that one lease is one security deposit that gets returned and made out to all roommates on the check. Let the roommates sort it out as far is who is paying what amount of rent/expenses/deposit, but from your end, no deposit ...
by SouthernCPA
Fri Mar 23, 2018 4:04 pm
Forum: Personal Finance (Not Investing)
Topic: Losing friends/family when wealthy
Replies: 118
Views: 11948

Re: Losing friends/family when wealthy

Friendships must be maintained, or they will die slow death. If you did not have a wedding, you missed an opportunity to strengthen your friendships. If you don't go out to eat, you are missing opportunities to socialize with your friends. If you don't travel with your friends for vacations, you do...
by SouthernCPA
Fri Mar 23, 2018 3:58 pm
Forum: Personal Finance (Not Investing)
Topic: Losing friends/family when wealthy
Replies: 118
Views: 11948

Re: Losing friends/family when wealthy

No. But maybe it's not your money, maybe you come across as judgmental. ... modest vehicles and live in a small home...lived a frugal existence... scrimped and saved... While most of our peers were traveling and living it up, we lived with parents rent free... We did not have a wedding so that we w...
by SouthernCPA
Fri Mar 23, 2018 3:00 pm
Forum: Personal Consumer Issues
Topic: Your favorite Florida beach??
Replies: 52
Views: 5538

Re: Your favorite Florida beach??

Perdido Key is a nice area as well to take advantage of the Gulf Shores/Florabama area. Beaches arent Destin quality but less congested and a nice compromise. Plus you are near the Florabama bar which is always a good time. I grew up going to Destin most summers because it's only a 2 hour drive fro...
by SouthernCPA
Mon Mar 19, 2018 4:45 pm
Forum: Personal Consumer Issues
Topic: What is your favorite reasonably priced bourbon?
Replies: 148
Views: 14107

Re: What is your favorite reasonably priced bourbon?

Evan Williams. Surprised I had to scroll so far to see this. It's pretty close to what Jack Daniels is at about half the price - even the label seems to be a close rip-off. I found out about it from a WSJ article maybe 8 years ago. It's no Knob Creek, Woodford Reserve, or Makers Mark's - but the OP...
by SouthernCPA
Mon Mar 19, 2018 4:43 pm
Forum: Personal Consumer Issues
Topic: What is your favorite reasonably priced bourbon?
Replies: 148
Views: 14107

Re: What is your favorite reasonably priced bourbon?

The best bang for your buck in my opinion is Buffalo Trace. Fantastic taste and isn't overly expensive.
by SouthernCPA
Mon Mar 19, 2018 4:38 pm
Forum: Personal Consumer Issues
Topic: Least Expensive Way to Comprehensively Learn Law
Replies: 22
Views: 1841

Re: Least Expensive Way to Comprehensively Learn Law

Jack FFR1846 wrote:
Mon Mar 19, 2018 2:24 pm
I plan to do something like taking the courses needed for a CFA just for fun once I retire.
You and I have very different definitions of "fun."
by SouthernCPA
Mon Mar 12, 2018 3:06 pm
Forum: Personal Consumer Issues
Topic: traveling to mexico, should I be concerned?
Replies: 107
Views: 10227

Re: traveling to mexico, should I be concerned?

It can't be any worse than going to New Orleans and I go there all the time...
by SouthernCPA
Thu Mar 08, 2018 9:44 pm
Forum: Personal Consumer Issues
Topic: Replacing vanities?
Replies: 21
Views: 2150

Re: Replacing vanities?

I recently replaced vanities in two of our bathrooms by myself. It was fairly straightforward. The only issue I ran into was the new vanity had drawers and the old didn't so I had to get creative in fitting the P-trap and plumbing in the new one so it didn't keep the drawers from being able to clos...
by SouthernCPA
Thu Mar 08, 2018 2:56 pm
Forum: Personal Consumer Issues
Topic: Is this too much for a kitchen?
Replies: 69
Views: 7707

Re: Is this too much for a kitchen?

I'd get several quotes/referrals to confirm pricing is reasonable in your area. I'm in the real estate development business so I can say this with confidence, don't just go with the lowest quote - It can cost you more in the long run. Referrals are almost as important as pricing.... If this was an i...
by SouthernCPA
Thu Mar 08, 2018 2:46 pm
Forum: Personal Finance (Not Investing)
Topic: How do I reverse the deduction I claimed earlier years in the current tax return?
Replies: 10
Views: 619

Re: How do I reverse the deduction I claimed earlier years in the current tax return?

Hi, I am in this situation where you guys can help me to file this year taxes. I claimed 1099 misc deduction in previous years which is legal attorney fees and this year those attorney fees are returned to me. Is there anyway to reverse the deduction I claimed earlier years without disclosing 1099 ...
by SouthernCPA
Thu Mar 08, 2018 2:29 pm
Forum: Personal Consumer Issues
Topic: Replacing vanities?
Replies: 21
Views: 2150

Re: Replacing vanities?

I recently replaced vanities in two of our bathrooms by myself. It was fairly straightforward. The only issue I ran into was the new vanity had drawers and the old didn't so I had to get creative in fitting the P-trap and plumbing in the new one so it didn't keep the drawers from being able to close...
by SouthernCPA
Thu Mar 08, 2018 2:25 pm
Forum: Personal Consumer Issues
Topic: food safety after power outage
Replies: 26
Views: 2233

Re: food safety after power outage

If my power goes out for an extended time period I throw everything away. The cost of getting sick is not worth saving a couple hundred bucks in food regardless. This is my motto during hurricane season down here on the Gulf Coast. I now have a honda generator that I usually will run my fridge on, ...
by SouthernCPA
Wed Feb 28, 2018 11:27 am
Forum: Personal Finance (Not Investing)
Topic: Will my lax approach to record keeping fly in an audit?
Replies: 40
Views: 4236

Re: Will my lax approach to record keeping fly in an audit?

I was a CPA and had a NW Mutual rep as a client. He refused to substantiate his business mileage after repeated warnings - he just didn't care. IRS disallowed a deduction of 30,000 miles - a $17k deduction thrown out the window. Some people learn the hard way. I am guessing there is more to the sto...
by SouthernCPA
Tue Feb 27, 2018 5:07 pm
Forum: Personal Finance (Not Investing)
Topic: # X Gross = Home price?
Replies: 81
Views: 6774

Re: # X Gross = Home price?

I'm still in my starter home so we are at 0.84 x Gross salary. We are looking to upgrade soon to 2.75X gross as sales price of the new home. It sure is nice being where we are right now, financially though.
by SouthernCPA
Thu Feb 22, 2018 3:16 pm
Forum: Personal Consumer Issues
Topic: Florida in the summer
Replies: 113
Views: 12367

Re: Florida in the summer

It hasn't been mentioned so I will. Bugs and mosquitos. The heat and humidity creates a perfect environment for them. An elderly Floridian once told me to learn to "get used to them and love'em cause they were here first and they ain't leavin'." Don't forget Fire Ants :shock: Adding to fear mongeri...
by SouthernCPA
Thu Feb 22, 2018 3:02 pm
Forum: Personal Consumer Issues
Topic: Bogleheads with $100K+ MSRP cars?
Replies: 113
Views: 14730

Re: Bogleheads with $100K+ MSRP cars?

I'd say the fear when taking the car out is very dependent on location. For instance, I moved to the north Dallas area a bit over a year ago. In my last city where I grew up, I'd never own a super nice car. They stuck out like a sore thumb and were ripe for vandalism. Even when I bought my Challeng...
by SouthernCPA
Fri Feb 09, 2018 5:03 pm
Forum: Investing - Theory, News & General
Topic: U.S. stocks in freefall
Replies: 7832
Views: 1607243

Re: U.S. stocks in freefall

Nothing has changed for me. I'll reallocate at the end of the quarter like I always do. My vanguard automatic investment is still buying and I'm still not worrying about it. It's super boring investing like a boglehead, but I prefer that to spending energy trying to time the market. I'm staying the ...
by SouthernCPA
Fri Feb 09, 2018 4:56 pm
Forum: Personal Consumer Issues
Topic: For BHs who actually like cars - [what car do you drive every day?]
Replies: 280
Views: 21457

Re: For BHs who actually like cars - [what car do you drive every day?]

I love my truck because it tows my boat well :beer . 2006 Tundra 180k miles. When it dies 10 years from now, I'll buy another Tundra.
by SouthernCPA
Fri Feb 09, 2018 4:52 pm
Forum: Personal Consumer Issues
Topic: Car people: 2014 E63 AMG or 2018 E400 wagon??
Replies: 69
Views: 5389

Re: Car people: 2014 E63 AMG or 2018 E400 wagon??

I adore the concept of a performance european sports wagon but 99% of people on the road will view it as a station wagon period. Seems like a high premium to pay to impress a few automotive cognoscenti. Buying a car to impress people you don't know is a fool's errand. Who cares what everyone else t...
by SouthernCPA
Fri Feb 09, 2018 4:33 pm
Forum: Personal Consumer Issues
Topic: Buying a rental house. Pay cash or mortgage?
Replies: 21
Views: 2115

Re: Buying a rental house. Pay cash or mortgage?

To be clear, this is a favor for your parents, not an investment property. Look up IRS rules on renting to relatives - there are restrictions on deductions and rent rates in that scenario. Generally speaking, the way rentals make money is by leveraging them. Paying cash gives you pretty terrible ret...
by SouthernCPA
Fri Feb 09, 2018 4:29 pm
Forum: Personal Consumer Issues
Topic: Not happy where we live
Replies: 26
Views: 3631

Re: Not happy where we live

Move where you will be happy. Nothing else matters if you are miserable. I couldn't move away from the gulf coast because being away from the water, seafood, fishing, mardi gras culture, etc would make me miserable. You only get so many trips around the sun - money isn't everything.