Search found 485 matches

by Tal-
Tue Aug 04, 2020 11:06 am
Forum: Personal Finance (Not Investing)
Topic: Refinancing advice please
Replies: 7
Views: 449

Re: Refinancing advice please

A few things: First - props!!! It sounds like you've done a great job making early payments for many years. That's not easy, and you deserve credit for that. Well done. Second - Setting aside all other details, if you're potentially moving in the next few years, and selling your house when you do, I...
by Tal-
Tue Aug 04, 2020 9:45 am
Forum: Personal Finance (Not Investing)
Topic: Rental property investing and #'s explained (why real estate can be a great investment)
Replies: 138
Views: 8635

Re: Rental property investing and #'s explained (why real estate can be a great investment)

With numbers like this, you wonder why the tenants rent? In the $160k market, you would think most good tenants would be able to save up a downpayment fairly easily. Never underestimate the ability of people to save absolutely nothing. As a long-term landlord, I think the OP has numbers that are wa...
by Tal-
Wed Jul 29, 2020 9:57 am
Forum: Personal Finance (Not Investing)
Topic: I agree that Investing is better than paying off mortage but.....
Replies: 71
Views: 5824

Re: I agree that Investing is better than paying off mortage but.....

You've got good advice up above - but that's never stopped me from weighing in... :) First - you really are doing great. Props. Second - financially speaking, it's hard to go wrong with either option here. Third - My personal philosophy is that you should save/invest the money for now, and then ask ...
by Tal-
Tue Jul 07, 2020 5:13 pm
Forum: Personal Finance (Not Investing)
Topic: Rental property sale taxation
Replies: 10
Views: 552

Re: Rental property sale taxation

I'm not especially well versed in taxes, but have sold a few rentals, including one in a similar situation. This looks pretty consistent with what I would expect. I don't know of clauses that let you use the original purchase price. At first glance, it looks like TurboTax is doing it right, with the...
by Tal-
Mon Jul 06, 2020 9:11 am
Forum: Personal Finance (Not Investing)
Topic: Attorney needed?
Replies: 28
Views: 3187

Re: Attorney needed?

I'm sorry that this happened. I'm not going to give any legal advice or even advice on getting legal council because I'm simply not qualified to do either. But, I do want to comment on your "we don't want to ruin them" comment. Your father will have large medical bills in addition to multiple other ...
by Tal-
Wed Jun 24, 2020 5:51 pm
Forum: Personal Finance (Not Investing)
Topic: Cost of a PMP and is it worth it?
Replies: 38
Views: 3648

Re: Cost of a PMP and is it worth it?

I work for a good sized company and have worked with our PMO quite a bit.

Yes - you should probably get your PMP. While it may not always increase the amount that an individual job will pay, it will increase the number of jobs that you can get. Many of our PM jobs have a firm PMP requirement.
by Tal-
Wed Jun 24, 2020 5:45 pm
Forum: Personal Investments
Topic: Leverage While Young on Real Estate?
Replies: 27
Views: 1988

Re: Leverage While Young on Real Estate?

Yes. Barring special circumstances, you look like the ideal candidate to do a cash out refi on rental #1 to buy a small multi family for rental #2. Here's why: You're young. You have excess cashflow before the rental. You have assets outside of real estate (I'd like to see more than 20K, but that's ...
by Tal-
Fri Jun 19, 2020 5:34 pm
Forum: Personal Finance (Not Investing)
Topic: Rental Property -> Umbrella vs LLC
Replies: 29
Views: 1793

Re: Rental Property -> Umbrella vs LLC

I own several rentals and have a few thoughts: Umbrella policies are great (and cheap), and our PERSONAL umbrella policy (through State Farm) actually covered our first 1-3 rentals. After that, we had to shift to a commercial. Not sure if this has changed. I'm not an attorney, but I've researched it...
by Tal-
Mon Jun 15, 2020 10:03 am
Forum: Personal Finance (Not Investing)
Topic: Got toddler, good time to sell rental Duplex?
Replies: 19
Views: 1480

Re: Got toddler, good time to sell rental Duplex?

I owner occupy a duplex I live in a LCOL Midwest town, I grew up in the town and am a 5 minute drive to my parents. In the next year or two I should have the whole place paid off. I do not mind having a renter next door to me, I like how it lowers my cost of living. I am single and plan on staying ...
by Tal-
Wed Jun 10, 2020 11:35 am
Forum: Personal Consumer Issues
Topic: how much to tip painters
Replies: 66
Views: 4370

Re: how much to tip painters

I've done pizza once or twice, and that was a huge hit and greatly appreciated. Coffee was also mentioned above, and that's a good idea as well.

But money??? I'm a nice guy and all, but this is not the type of service that I would even consider tipping for.
by Tal-
Wed Jun 03, 2020 8:47 am
Forum: Personal Finance (Not Investing)
Topic: Got toddler, good time to sell rental Duplex?
Replies: 19
Views: 1480

Re: Got toddler, good time to sell rental Duplex?

I love Real Estate, own quite a few, and tend to be more bullish on rentals than most on this forum. And even with that bias, this is a clear sell in my eyes. A few reasons: 1: Owning a few rentals as a long term plan is problematic. I think someone should commit to being a long-term landlord, for 2...
by Tal-
Mon Jun 01, 2020 9:00 pm
Forum: Personal Finance (Not Investing)
Topic: Questions about Mother-in-law live rent free in my rental unit
Replies: 21
Views: 2470

Re: Questions about Mother-in-law live rent free in my rental unit

Questions: 1. What is the tax implication to let MIL use rental property for free? 2. What steps should we take to soften the blow of taking on this added financial responsibility? 3. What other help can I get her? 4. Do you have any other advice for us going forward? Thank You. In a similar situat...
by Tal-
Mon Jun 01, 2020 8:25 pm
Forum: Personal Finance (Not Investing)
Topic: Should I Stick with Term Insurance?
Replies: 29
Views: 1884

Re: Should I Stick with Term Insurance?

I'd echo the comments above - you should stick with term. Term life is a wonderful product - it's readily available protection against a clearly definable, unlikely, but major scenario. It's simple, cheap, and wonderfully effective. For 98% - 99% of us, it's the right call for your life insurance ne...
by Tal-
Tue May 12, 2020 10:42 am
Forum: Personal Finance (Not Investing)
Topic: how much to charge for two large dogs at rental
Replies: 41
Views: 2618

Re: how much to charge for two large dogs at rental

It seems I'm in the minority on this one, perhaps because I'm not a landlord, but I just don't believe in charging extra fees for pets. At most, I think an additional refundable deposit from which you can deduct damages is appropriate. Having lived with both dogs and humans, I think I can honestly ...
by Tal-
Fri May 08, 2020 6:57 pm
Forum: Personal Investments
Topic: Rental Property - Exit Plan!
Replies: 30
Views: 3436

Re: Rental Property - Exit Plan!

I own several rentals myself, and I've researched this quite a bit for our own situation - and one of my big takeaways is that you need to consider the rental as part of your overall plan. For us, we do not need the income now, have strong W2 incomes, and find our rentals problematic but not prohibi...
by Tal-
Fri May 08, 2020 6:27 pm
Forum: Personal Finance (Not Investing)
Topic: Is my CPA overcharging me?
Replies: 24
Views: 3224

Re: Probably yes

1. Pay him. He provided the service. 2. Find someone else to help with your taxes. 3. You don't need a CPA unless your taxes are very complicated. 4. I pay $350/year for tax prep. Questions/answers are included. Have been using the same family-owned firm since 1980 tax year. Our return includes: se...
by Tal-
Thu May 07, 2020 8:12 pm
Forum: Personal Finance (Not Investing)
Topic: Should I buy this annuity?
Replies: 18
Views: 1288

Re: Should I buy this annuity?

I don't hate the idea, but I do want to clarify a few things: 1: It's inaccurate to compare the 2.5% and 7.47%. I hate to use the word, but comparing these percents is a trick frequently used by annuity companies. This is because you are preserving the $2M with the mutual fund (and thus can spend it...
by Tal-
Tue Apr 28, 2020 4:57 pm
Forum: Personal Finance (Not Investing)
Topic: best use of $0.13?
Replies: 20
Views: 3877

Re: best use of $0.13?

If this had happened last week, you could have purchased 1,000,000 barrels of oil with it...
by Tal-
Fri Mar 06, 2020 3:19 pm
Forum: Personal Investments
Topic: Young Investor Roth Or Rental Properties
Replies: 23
Views: 1278

Re: Young Investor Roth Or Rental Properties

First - a huge congrats for paying off your house! We have done both (and love both), but in this situation, I would strongly advocate a Roth. Rental properties are a huge risk and have huge swings year-to-year. My read is that you're in a situation where a $30K unplanned expense from your rental co...
by Tal-
Mon Feb 10, 2020 10:08 am
Forum: Investing - Theory, News & General
Topic: Best way to invest in Real Estate if little cash flow
Replies: 13
Views: 1126

Re: Best way to invest in Real Estate if little cash flow

I love my rentals, and I'm generally bullish on others buying rentals in the right situation. But, I agree with Sandtrap, and would tread very very carefully here. If your 5-year goal is to be "in" real estate, and you have 15K extra cash per year, my advice would be to save that 15K - either in a R...
by Tal-
Sat Feb 08, 2020 11:01 pm
Forum: Personal Investments
Topic: Should I invest in this rental property?
Replies: 11
Views: 1326

Re: Should I invest in this rental property?

It's clearly not a home run either way, so you should NOT be looking at this as an outstanding opportunity that you must do. Barring additional information, a $1225/month return on a $160K house with $1.6K in taxes in Grants Pass is just boarding on viable. At $1550/month in rent or a $130K purchase...
by Tal-
Sat Feb 08, 2020 10:43 pm
Forum: Personal Finance (Not Investing)
Topic: Physician assistant salary?
Replies: 39
Views: 7681

Re: Physician assistant salary?

Two things: Most of the salary info provided here is accurate. It's reasonable for a full time PA to make around $100K-150K depending on specialty/location/etc - though anything from $70K to $300K+ can be possible. More importantly - most projections think that PAs will be in more-and-more demand in...
by Tal-
Mon Jan 06, 2020 8:58 pm
Forum: Personal Finance (Not Investing)
Topic: Renting without income
Replies: 23
Views: 2592

Re: Renting without income

Ask if proof of assets is accepted in lieu of income. I've used this twice in the past and it wasn't any problem. I think most brokerages will generate a "balance of" letter for you for this purpose so you don't have to disclose your assets, just that you meet their requirement. I'm a landlord, and...
by Tal-
Mon Dec 30, 2019 5:54 pm
Forum: Personal Investments
Topic: Critique my retirement savings strategy
Replies: 31
Views: 3221

Re: Critique my retirement savings strategy

First - congrats on a job well done! You're doing awesome!!! You've got good advice above, but i wanted to jump in with a few extra thoughts: 1: Look into an HSA. If you qualify, I would highly suggest you go this route. 2: Can either you or your wife do after-tax contributions to the 401k, and roll...
by Tal-
Sun Dec 29, 2019 11:33 pm
Forum: Personal Investments
Topic: Investment Priorities w/ No Debt and Max'd Out Retirement Accts
Replies: 12
Views: 1023

Re: Investment Priorities w/ No Debt and Max'd Out Retirement Accts

First, congrats. You're clearly kill'n it!

I wouldn't advocate a 529. With an early retirement scheduled for 10 years from now, I'd argue that you should prioritize flexibility over the (often) modest tax savings of a 529.

It's not exciting, but I would go with a taxable account.
by Tal-
Sun Dec 29, 2019 10:29 am
Forum: Personal Investments
Topic: Emergency fund as part of asset allocation?
Replies: 45
Views: 3293

Re: Emergency fund as part of asset allocation?

For us, that is taxable account that is made up at least X$ in bond; X is actually 125% of what define as our emergency need. Our hope is to get the taxable account so that the bond percent in that account resembles the bond percent in our overall asset allocation, but that's a longer term goal. So...
by Tal-
Sun Dec 22, 2019 11:58 pm
Forum: Personal Investments
Topic: Emergency fund as part of asset allocation?
Replies: 45
Views: 3293

Re: Emergency fund as part of asset allocation?

I don't have a separate emergency fund, I have an emergency plan. I have a little over one month's expenses in my bank account. It is not part of my allocation or portfolio. I have almost ten months' expenses in Series I Bonds. In event of emergency, that's where I can draw from. This is also part ...
by Tal-
Fri Dec 20, 2019 9:35 am
Forum: Personal Finance (Not Investing)
Topic: Rental Property Cash Out Refi - To Do, or Not to Do???
Replies: 6
Views: 512

Re: Rental Property Cash Out Refi - To Do, or Not to Do???

My take is probably different than many. You don't know how your kids will grow up and what they will do. That is even true for upper middle class families. I think 529s are fine, but I wouldn't over fund them. I'm not against a cash out refi, in certain circumstances, but I don't think I'd cash ou...
by Tal-
Thu Dec 19, 2019 10:52 pm
Forum: Personal Finance (Not Investing)
Topic: Rental Property Cash Out Refi - To Do, or Not to Do???
Replies: 6
Views: 512

Re: Rental Property Cash Out Refi - To Do, or Not to Do???

What asset allocation would you use for the 529s? With 10-12 years to go I certainly wouldn't be 100% stocks. Why cash out refinance now, rather than in 10-12 years when your kids are imminently in college? Why tie that money up in funds that must be used for education rather than cash-flowing when...
by Tal-
Thu Dec 19, 2019 5:09 pm
Forum: Personal Finance (Not Investing)
Topic: Rental Property Cash Out Refi - To Do, or Not to Do???
Replies: 6
Views: 512

Rental Property Cash Out Refi - To Do, or Not to Do???

Looking for your thoughts on a cash out refinance we are considering. A bit about us... We are on track to retire early, 10 years from now. We own several rentals; these are part of our retirement plan. We have quite robust retirement accounts, but not quite enough that we could retire only on them....
by Tal-
Wed Dec 18, 2019 10:44 am
Forum: Personal Finance (Not Investing)
Topic: Is any one uncomfortable with their wealth?
Replies: 152
Views: 12293

Re: Is any one uncomfortable with their wealth?

A few thoughts: *Your friends' reactions, regardless of what they are, should have zero impact on your investments or actions. I don't think this makes them bad people at all - I just think that changing your actions based on how they talk is never a good idea. *No one knows what will happen in the ...
by Tal-
Tue Dec 17, 2019 4:43 pm
Forum: Personal Finance (Not Investing)
Topic: estate distribution confusion
Replies: 79
Views: 4302

Re: estate distribution confusion

Sorry for your loss. I think you have a few options: 1: You can obviously take the 520K. If you take two things from this thread, it should be that it is common practice, and that a 5.5% gap from the value-to-net is probably fair. This is especially true with tenants in the property, as selling will...
by Tal-
Wed Dec 04, 2019 11:51 pm
Forum: Personal Finance (Not Investing)
Topic: how much to tip the cleaning lady
Replies: 76
Views: 5393

Re: how much to tip the cleaning lady

Our cleaning people come every other week. They have charged 120 for 9 years, so we have increased tips from 10 per visit to 40 per visit today - basically paying 160 per visit now.

We tip them an extra 100 at Christmas.
by Tal-
Mon Dec 02, 2019 10:39 pm
Forum: Personal Finance (Not Investing)
Topic: I passed on making $3
Replies: 42
Views: 4885

Re: I passed on making $3

Did you mail the check?
by Tal-
Mon Dec 02, 2019 9:39 pm
Forum: Personal Consumer Issues
Topic: Best Ways to Help Poor Families at the Holiday Season?
Replies: 43
Views: 3019

Re: Best Ways to Help Poor Families at the Holiday Season?

I grew up pretty poor. Always had food on the table, but always struggled to make ends meet. For us, an older gentleman kind of adopted us for. He would come by on Christmas eve (or so), dressed up with a Santa hat (and even the coat one year), complete with presents. He wouldn't stay and wasn't the...
by Tal-
Mon Nov 25, 2019 6:43 pm
Forum: Personal Investments
Topic: Another take a lump sum or pension question
Replies: 23
Views: 1218

Re: Another take a lump sum or pension question

I'm inferring a bit, but it sounds like you're in good financial shape. Given that, there doesn't seem to be a wrong answer here. Taking the lump sum probably simplifies things a bit - especially if you use it to fun your trip. Taking the payment probably gives you a smidge more security, and is the...
by Tal-
Fri Nov 22, 2019 10:14 pm
Forum: Personal Finance (Not Investing)
Topic: What's your FIRECALC number?
Replies: 58
Views: 8437

Re: What's your FIRECALC number?

I have two concerns about calculators like this. First, they model the future based on the past - and the past has been pretty freaking bullish. And second, they assume that life doesn't happen, and that your expenses are constant and predictable.

Given that, 95%+.
by Tal-
Wed Nov 20, 2019 3:26 pm
Forum: Personal Finance (Not Investing)
Topic: Assessing Home Refinance
Replies: 21
Views: 1953

Re: Assessing Home Refinance

I can't view the statement from work, so I'm going of memory, but... I'm not oppose to a refi (probably a good idea with your rate), but I am oppose to a refi that adds so much to your balance. I don't know the going closing costs rate, but this really does seem high. It would take more than two yea...
by Tal-
Sun Nov 17, 2019 1:54 am
Forum: Personal Investments
Topic: How to combine finances with your spouse? Recently married/early30s
Replies: 72
Views: 5668

Re: How to combine finances with your spouse? Recently married/early30s

LilyFleur wrote:
Thu Nov 14, 2019 11:56 pm
Actually, even in a community property state, in a divorce, if parties to the divorce brought debt and/or assets into the marriage and can prove this, it will be a factor in the division of assets.
Apparently, you're right. How little I knew. Thanks for catching this.
by Tal-
Thu Nov 14, 2019 12:14 am
Forum: Personal Investments
Topic: How to combine finances with your spouse? Recently married/early30s
Replies: 72
Views: 5668

Re: How to combine finances with your spouse? Recently married/early30s

... What we are trying to do is to have: 1. a joint spending account (for mutual expenses, rent, bills, groceries etc.); 2. a joint savings account; 3. each person has an individual fun money account (things we buy the partner doesn't really have anything to do with, such as my clothes, his games, ...
by Tal-
Tue Nov 12, 2019 1:25 am
Forum: Personal Investments
Topic: "Tax advantaged Annuity" advised for friend
Replies: 35
Views: 1711

Re: "Tax advantaged Annuity" advised for friend

I would not advocate an annuity in this case. If I understand - she is 65 and has 270K in an annuity today generating 2.8%. I am inferring that this was funded by a life insurance settlement, and is not in a 401k (may be worth verifying with your friend). She has two plans for the 270K: A new home a...
by Tal-
Mon Nov 11, 2019 10:50 am
Forum: Personal Finance (Not Investing)
Topic: Job negotiation 101?
Replies: 14
Views: 1042

Re: Job negotiation 101?

Commute and work life balance are high on my prioirty list, so I probably wouldn't be considering this as an option. But - that's your call. In negotions, try and avoid being the first one to share a number. So, as phase one, I would say something like "I view pay as just one of the parts of the com...
by Tal-
Wed Nov 06, 2019 5:43 pm
Forum: Personal Investments
Topic: Investment Ideas
Replies: 89
Views: 6890

Re: Investment Ideas

A few things: * The refi may not have been a great move. But, at this point, it is what it is. * The timeframe of when he would need the money is important. The plan for a 3 year vs 7 year vs 20 year timing is important. * The rest of his financial situation is also important. The right answer to vi...
by Tal-
Tue Nov 05, 2019 4:11 pm
Forum: Personal Investments
Topic: Retirement
Replies: 21
Views: 2853

Re: Retirement

You're not screwed, but you are behind.

I'll sidestep the math and expense comments which have already been made, and instead focus on the 10% saving. If you're making $160K a year, and want to get to $4M in 30 years, you do need to be saving more than 10%.
by Tal-
Tue Nov 05, 2019 3:01 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella policy with no car insurance
Replies: 18
Views: 1518

Re: Umbrella policy with no car insurance

I'm not an expert, but I have a different read on this... I think the answer is no - you (or your son) will not be able to get an umbrella policy without first having car insurance in place. Part of why an umbrella is so inexpesive is because they are not the first line of payment. So, an umbrella p...
by Tal-
Sun Nov 03, 2019 12:06 am
Forum: Personal Consumer Issues
Topic: Cruises, where to book?
Replies: 17
Views: 1906

Re: Cruises, where to book?

Getting the best fare is part art and part science. Here are some highlights: Who to book with? 1: Don't book directly. You get more control if you book directly, but you can always get a better price, or better perks if you book elsewhere. 2: Costco is super popular, and is a good middle-ground if ...
by Tal-
Sat Nov 02, 2019 1:05 am
Forum: Personal Finance (Not Investing)
Topic: how does Personal Umbrella Insurance work?
Replies: 28
Views: 3058

Re: how does Personal Umbrella Insurance work?

Sometimes an example can be helpful. Say a person is at-fault in an auto accident and causes $2M in damages. First their auto insurance pays, up to the limits of the policy. Lets assume the person has $500K in auto liability limits. There is $1.5M remaining to be paid. Next they might have a $1M um...
by Tal-
Sat Nov 02, 2019 12:51 am
Forum: Personal Finance (Not Investing)
Topic: Interest from loans
Replies: 19
Views: 1334

Re: Interest from loans

I wouldn't think you'll get flagged, but you might. If so, I'm not sure you've done anything wrong. Be sure you're paying your taxes on the interest (which you seem to be doing), that you're compliant with any usury laws in your state. Here's a link that shows usury laws by state: https://www.cuna.o...
by Tal-
Thu Oct 31, 2019 2:04 pm
Forum: Personal Finance (Not Investing)
Topic: Budget tracking with CC "float"
Replies: 19
Views: 1104

Re: Budget tracking with CC "float"

What is your objective? Tracking spending as it is incurred will tell you something about your behavior. Tracking cash flow (when the CC is paid) will help you to allocate surplus cash to investing. I personally look at my cash balance at the very end of the month, look up the statement balance of ...
by Tal-
Wed Oct 30, 2019 11:29 pm
Forum: Personal Consumer Issues
Topic: Solar Panel worth it 2019? SoCal region
Replies: 46
Views: 6014

Re: Solar Panel worth it 2019? SoCal region

Just a few thoughts: 1: I would seriously consider replacing your 22 year old roof before putting on solar panels. We opted to do them at the same time, meaning in 10 years, we won't have a fully working solar system, but a roof underneath it that is end of life. 2: Go bigger. The bigger the better....