Search found 18 matches

by ever1809
Wed Sep 12, 2018 10:06 pm
Forum: Personal Finance (Not Investing)
Topic: Father Wants a Home Mortgage (Bad Credit Score)
Replies: 43
Views: 3428

Re: Father Wants a Home Mortgage (Bad Credit Score)

Thank you to everyone who shared their input. Just to let everyone know that no additional advice is needed. My father successfully found a bank willing to do a mortgage. The only condition was a 2.5% down payment plus closing costs to obtain a mortgage with an APR of 5%. Because he didn’t have enou...
by ever1809
Tue Sep 11, 2018 7:50 am
Forum: Personal Finance (Not Investing)
Topic: Father Wants a Home Mortgage (Bad Credit Score)
Replies: 43
Views: 3428

Re: Father Wants a Home Mortgage (Bad Credit Score)

Not to sound morbid, but given that you are an adult, I presume your grandfather is rather elderly. What are his prospects for still being around in 5 years? Do you have any idea who stands to inherit the house? Presumably not your father given the situation. How might other relatives who DO stand ...
by ever1809
Mon Sep 10, 2018 4:04 pm
Forum: Personal Finance (Not Investing)
Topic: Father Wants a Home Mortgage (Bad Credit Score)
Replies: 43
Views: 3428

Re: Father Wants a Home Mortgage (Bad Credit Score)

If grandfather was reporting this to the IRS (unlikely), he would have either reported this as rental income, or as an installment sale on form 6252. If he reported it as an installment sale, perhaps this could be used to show intent, even though there is no contract? I would consider turning the o...
by ever1809
Mon Sep 10, 2018 11:52 am
Forum: Personal Finance (Not Investing)
Topic: Father Wants a Home Mortgage (Bad Credit Score)
Replies: 43
Views: 3428

Re: Father Wants a Home Mortgage (Bad Credit Score)

Can your dad document that he paid rent? If so I would be very tempted to tell grandfather to go screw himself. I would continue paying "rent" but stop paying insurance and taxes. And inform grandfather you will see him in court. It is extremely difficult to evict a paying renter Ultimately your fa...
by ever1809
Mon Sep 10, 2018 11:41 am
Forum: Personal Finance (Not Investing)
Topic: Father Wants a Home Mortgage (Bad Credit Score)
Replies: 43
Views: 3428

Re: Father Wants a Home Mortgage (Bad Credit Score)

If the home is valued around $130k, you and/or your father will not get a mortgage for $130k. Does he have 10% to put down and enough for closing costs? Tough scenario, no doubt. If you decide to co-sign and help with a downpayment/closing costs, be prepared to assume the full mortgage burden (now ...
by ever1809
Mon Sep 10, 2018 10:42 am
Forum: Personal Finance (Not Investing)
Topic: Father Wants a Home Mortgage (Bad Credit Score)
Replies: 43
Views: 3428

Re: Father Wants a Home Mortgage (Bad Credit Score)

Your dad got into this situation through a problematic mix of finances and family. I'd hate to see the same sort of problems trickle down to another generation. Is $130k a reasonable market price for the home or is it below market? If it's market price, I think your father would be far better off b...
by ever1809
Mon Sep 10, 2018 8:28 am
Forum: Personal Finance (Not Investing)
Topic: Father Wants a Home Mortgage (Bad Credit Score)
Replies: 43
Views: 3428

Father Wants a Home Mortgage (Bad Credit Score)

Backstory relevant to the situation: When my father faced his second divorce (my ex-step-mother), he had to fight a legal battle to retain the home he was raised in and lived in the majority of his life. Although he won the rights to the house, he owed her half the value of the home. He had a bad c...
by ever1809
Wed Aug 30, 2017 8:17 am
Forum: Investing - Theory, News & General
Topic: Adding to Emergency Fund
Replies: 8
Views: 1111

Re: Adding to Emergency Fund

Suppose that you have a fully funded emergency fund (i.e. 6 months of expenses) that realizes a negative real return. At what point do you add additional funds to keep it fully funded? What I do is I calculate the interest I make at the end of the year and then minus what I pay in taxes on said int...
by ever1809
Wed Aug 30, 2017 7:35 am
Forum: Investing - Theory, News & General
Topic: Adding to Emergency Fund
Replies: 8
Views: 1111

Adding to Emergency Fund

Suppose that you have a fully funded emergency fund (i.e. 6 months of expenses) that realizes a negative real return. At what point do you add additional funds to keep it fully funded?
by ever1809
Fri May 05, 2017 2:36 pm
Forum: Personal Finance (Not Investing)
Topic: Fairness in College Savings
Replies: 47
Views: 4275

Re: Fairness in College Savings

Suppose that you're fortunate enough that you have extra cash beyond retirement funding or retirement needs, have no debt, and you'd like to save for college for your kids, grandkids, nieces, nephews, etc. In all likelihood, if there are multiple children you'd like to save for, they will be at dif...
by ever1809
Fri May 05, 2017 2:25 pm
Forum: Personal Finance (Not Investing)
Topic: Fairness in College Savings
Replies: 47
Views: 4275

Re: Fairness in College Savings

Suppose that you're fortunate enough that you have extra cash beyond retirement funding or retirement needs, have no debt, and you'd like to save for college for your kids, grandkids, nieces, nephews, etc. In all likelihood, if there are multiple children you'd like to save for, they will be at dif...
by ever1809
Fri May 05, 2017 2:17 pm
Forum: Personal Finance (Not Investing)
Topic: Fairness in College Savings
Replies: 47
Views: 4275

Re: Fairness in College Savings

Suppose that you're fortunate enough that you have extra cash beyond retirement funding or retirement needs, have no debt, and you'd like to save for college for your kids, grandkids, nieces, nephews, etc. In all likelihood, if there are multiple children you'd like to save for, they will be at dif...
by ever1809
Fri May 05, 2017 11:50 am
Forum: Personal Finance (Not Investing)
Topic: Fairness in College Savings
Replies: 47
Views: 4275

Re: Fairness in College Savings

Suppose that you're fortunate enough that you have extra cash beyond retirement funding or retirement needs, have no debt, and you'd like to save for college for your kids, grandkids, nieces, nephews, etc. In all likelihood, if there are multiple children you'd like to save for, they will be at dif...
by ever1809
Fri May 05, 2017 10:46 am
Forum: Personal Finance (Not Investing)
Topic: Fairness in College Savings
Replies: 47
Views: 4275

Re: Fairness in College Savings

I'm paying for my first son's college. If or when my second kid goes to college, I'll pay for that. Beyond that, if the second one gets scholarships, goes to a cheaper school, etc, that's great, but I'm not planning to do anything beyond paying for their costs during school. No, I won't pay some di...
by ever1809
Fri May 05, 2017 10:27 am
Forum: Personal Investments
Topic: Birthday Rebalance - Quick Quesiton
Replies: 8
Views: 1005

Re: Birthday Rebalance - Quick Quesiton

If you follow the 5/25 rule for rebalancing, then this would be small enough of a deviation, rebalancing would not be necessary.
by ever1809
Fri May 05, 2017 10:21 am
Forum: Personal Finance (Not Investing)
Topic: Fairness in College Savings
Replies: 47
Views: 4275

Fairness in College Savings

Suppose that you're fortunate enough that you have extra cash beyond retirement funding or retirement needs, have no debt, and you'd like to save for college for your kids, grandkids, nieces, nephews, etc. In all likelihood, if there are multiple children you'd like to save for, they will be at diff...
by ever1809
Fri Apr 14, 2017 10:56 am
Forum: Personal Investments
Topic: Portfolio Thoughts
Replies: 2
Views: 436

Portfolio Thoughts

Hello all, I've lurked here the past couple of months soaking up information on the wiki and general posts. Although I've learned quite a bit, I'm fairly new to investing and am seeking general thoughts of my portfolio. Without any further ado, here is the recommended information per the "Asking Por...