Search found 87 matches

by oldmotos
Wed Aug 12, 2020 11:30 am
Forum: Personal Finance (Not Investing)
Topic: Rec'd Unsolicited Offer for Land
Replies: 18
Views: 1084

Re: Rec'd Unsolicited Offer for Land

It might be good to contact a local farm management company as they will probably have knowledge about these offers and be able to give some advice. These offers are fairly common in rural areas both for solar and wind power based on government programs. There may also be a government farm agency or...
by oldmotos
Mon Aug 10, 2020 2:22 pm
Forum: Personal Finance (Not Investing)
Topic: Thinking of buying a vacation home in NC mountains and doing Airbnb. Bad idea?
Replies: 62
Views: 6076

Re: Thinking of buying a vacation home in NC mountains and doing Airbnb. Bad idea?

We have owned a vacation rental house over 2000 miles away for 10 years with good results. However since VRBO was bought by Expedia they have made changes to benefit themselves to the detriment of the home owners. It has not affected us as much as it would a new owner as we have many repeat guests t...
by oldmotos
Wed Jul 15, 2020 10:20 pm
Forum: Personal Finance (Not Investing)
Topic: Liability for Golf Ball Through Windshield
Replies: 93
Views: 5813

Re: Liability for Golf Ball Through Windshield

I have played the same golf course for over 50 years and have paid for one windshield and one house window. In our area the understanding is that the golfer is responsible for damages but not sure anyone has challenged that. The car window was obvious to me but the only way I knew the house window w...
by oldmotos
Thu Jul 02, 2020 10:51 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone get a discount for paying year in advance power or phone bill?
Replies: 28
Views: 2281

Re: Anyone get a discount for paying year in advance power or phone bill?

It would be great if a discount was offered but I have not seen it. I often pay 6 months in advance on our second home utilities and some investment property utilities that are not too high instead of having to record the small monthly direct pay.
by oldmotos
Wed Jul 01, 2020 9:37 pm
Forum: Personal Finance (Not Investing)
Topic: Refinancing for INVESTMENT property
Replies: 17
Views: 1337

Re: Refinancing for INVESTMENT property

Commercial loans will always have a higher rate than a home loan because all lenders know there is generally more risk in a commercial loan than a home loan. You yourself want to pay off your home and borrow on another property to do it. In my case I believe the commercial loan would be much less r...
by oldmotos
Wed Jul 01, 2020 4:00 pm
Forum: Personal Finance (Not Investing)
Topic: Refinancing for INVESTMENT property
Replies: 17
Views: 1337

Re: Refinancing for INVESTMENT property

Following. I have a 100k loan on our home at 3.25% interest but am unable to deduct the interest. I would like to borrow 100K on a commercial building I rent out and pay off my home loan. Our local banks charge more for commercial loans than residential. Are there any national companies that do thes...
by oldmotos
Mon Jun 29, 2020 5:04 pm
Forum: Personal Consumer Issues
Topic: Painting new drywall
Replies: 24
Views: 1604

Re: Painting new drywall

My drywall guy always tells us to do 2 coats of drywall primer then paint.
by oldmotos
Wed Jun 17, 2020 4:44 pm
Forum: Personal Consumer Issues
Topic: Should I buy this tractor for new home on 15 acres, (approx 1 acre of grass and almost 1 acre potential garden)
Replies: 39
Views: 2495

Re: Should I buy this tractor for new home on 15 acres, (approx 1 acre of grass and almost 1 acre potential garden)

I would only buy it if you enjoy working on old equipment and money was tight. A newer style mower would make that job much easier.
by oldmotos
Mon Jun 08, 2020 10:57 am
Forum: Personal Consumer Issues
Topic: Does Buying an RV make sense?
Replies: 97
Views: 6429

Re: Does Buying an RV make sense?

I have read that RV rental prices have gone up a lot because people are trying to avoid hotels due to COVID concerns. And RV and boat sales are very strong. I sold our Yamaha Waverunner today immediately after I listed it for sale.
by oldmotos
Mon Jun 01, 2020 4:14 pm
Forum: Personal Finance (Not Investing)
Topic: FL Snowbirds with Second Homes - Give Me Pros/Cons of Owning Our Own vs Renting Seasonal
Replies: 80
Views: 7860

Re: FL Snowbirds with Second Homes - Give Me Pros/Cons of Owning Our Own vs Renting Seasonal

Do people even consider how many places they can travel for the price of purchasing a vacation home and the upkeep associated with it? We definitely consider the cost and tradeoffs of a vacation home and for now believe it is worth it. We live in a rural area and have a vacation cabin at a popular ...
by oldmotos
Sun May 31, 2020 11:26 pm
Forum: Personal Finance (Not Investing)
Topic: FL Snowbirds with Second Homes - Give Me Pros/Cons of Owning Our Own vs Renting Seasonal
Replies: 80
Views: 7860

Re: FL Snowbirds with Second Homes - Give Me Pros/Cons of Owning Our Own vs Renting Seasonal

We have roughly similar assets and income as the OP and we bought a Naples area condo within walking distance of the beach in 2010 when prices were down. It has appreciated to approx. 300k and has been a pretty good experience. It rents for approx. 13k for the 3 prime months plus taxes. We use it so...
by oldmotos
Thu May 28, 2020 10:43 pm
Forum: Personal Investments
Topic: Overpay for the home we love?
Replies: 62
Views: 4994

Re: Overpay for the home we love?

$2500 rent for a 475K house is a bargain - the only way buying the house makes any sense is if you plan to live there for much longer than 3-4 years.
by oldmotos
Wed May 27, 2020 9:29 pm
Forum: Personal Finance (Not Investing)
Topic: "Vacation" Home as First Home Purchase?
Replies: 14
Views: 1549

Re: "Vacation" Home as First Home Purchase?

Some vacation rental properties are now open to longer term rentals which might be a good option for you.
by oldmotos
Sun May 17, 2020 8:14 pm
Forum: Personal Consumer Issues
Topic: Beach Vacation Suggestions
Replies: 31
Views: 2537

Re: Beach Vacation Suggestions

I would suggest looking at the Naples/Marco Island, FL. area as summer is the off season with some good values and smaller crowds compared to more Northern beaches.
by oldmotos
Mon May 11, 2020 11:15 pm
Forum: Personal Consumer Issues
Topic: Has Your Spending Changed Since The Shutdown?
Replies: 180
Views: 7120

Re: Has Your Spending Changed Since The Shutdown?

I don't think our total spending has changed much but the cash in my wallet lasts way longer now that our neighborhood "cash only" bar is closed!
by oldmotos
Thu May 07, 2020 12:42 pm
Forum: Personal Consumer Issues
Topic: Craigslist - are these scams?
Replies: 49
Views: 3283

Re: Craigslist - are these scams?

I sell a fair amount on Craigslist without many problems. One thing I do is state in the listing I will not respond to generic questions so please ask specific questions so I know you are real. Pretty easy to just ignore the rest. Then require cash at pick-up and refuse any requests for delivery unl...
by oldmotos
Thu May 07, 2020 12:30 pm
Forum: Personal Finance (Not Investing)
Topic: How to negotiate severance if laid off?
Replies: 75
Views: 6269

Re: How to negotiate severance if laid off?

There is a company where I live that gives 1 week severance per year of service with insurance. Through the years almost everyone has accepted that and moved on. I know several people who spent $200 to have an attorney write a letter requesting 1 1/2 weeks per year and it was immediately accepted. F...
by oldmotos
Sun Apr 19, 2020 9:37 am
Forum: Personal Finance (Not Investing)
Topic: What factors influenced you to maintain a perpetual mortgage balance on your primary residence?
Replies: 28
Views: 2331

Re: What factors influenced you to maintain a perpetual mortgage balance on your primary residence?

We lived in a house for 32 years and paid off the mortgage twice only to get a new mortgage to use to buy investment property. We could deduct the interest on our taxes at that time and the interest rate was lower than for investment loans. Unfortunately now we have a home loan where we can not dedu...
by oldmotos
Tue Apr 14, 2020 10:50 pm
Forum: Investing - Theory, News & General
Topic: Airbnb getting hit?
Replies: 54
Views: 5612

Re: Airbnb getting hit?

We have had two vacation rental properties in SW Florida for 10 years. We have lost the last week of March and all of April so far which has hurt but not enough to change our business. The high season here is Christmas through April so if the the problems had started sooner it would have been much m...
by oldmotos
Mon Apr 13, 2020 10:33 pm
Forum: Personal Consumer Issues
Topic: Home Security Cameras
Replies: 13
Views: 1310

Re: Home Security Cameras

We have the Ring doorbells but for additional cameras at home and at other properties we went with WYZE. Both were easy to set up and use.
by oldmotos
Sun Apr 12, 2020 10:02 pm
Forum: Personal Investments
Topic: Ponzi Scheme?
Replies: 215
Views: 17888

Re: Ponzi Scheme?

We had a scam at our small town church approx. 20 years ago where a well known guy borrowed money from many of the members by offering 20% interest on a 6 month loan. He said it was to cover the expenses of a large real estate transaction he would make a bunch of money on. Several people got their m...
by oldmotos
Sun Mar 29, 2020 2:58 pm
Forum: Personal Consumer Issues
Topic: [Netflix:] Can We Talk About Tiger King: Murder, Mayhem and Madness?
Replies: 46
Views: 4300

Re: Can We Talk About Tiger King: Murder, Mayhem and Madness?

We finished watching the series last night - pretty wild bunch of characters! I was hoping for an answer to what happened to Carole's husband who disappeared.
by oldmotos
Mon Mar 16, 2020 5:44 pm
Forum: Investing - Theory, News & General
Topic: Why all these timing threads?
Replies: 67
Views: 3625

Re: Why all these timing threads?

I follow the Boglehead philosophy for the most part. Last year I retired so I went from 80/20 to 30/70 because I figured I had won the game. With the extreme drop in the market I am now gradually going to 60/40 as it looks like a great opportunity. Only time will tell but it is not going to make a h...
by oldmotos
Sun Mar 15, 2020 8:57 pm
Forum: Personal Consumer Issues
Topic: Get a 2nd Refrigerator for Home, and put in garage - Good idea?
Replies: 88
Views: 5072

Re: Get a 2nd Refrigerator for Home, and put in garage - Good idea?

We have always had a second refrigerator in the garage. Now that the kids are gone it has mainly beer and water in it. We are in a cold climate and the refrigerator part works fine in the winter but the freezer does not so I keep a sign on it not to use freezer in winter. We also have an upright fre...
by oldmotos
Sat Mar 14, 2020 1:11 pm
Forum: Personal Consumer Issues
Topic: Hotels still expensive but flights cheap?
Replies: 16
Views: 1497

Re: Hotels still expensive but flights cheap?

I looked at hotels on Hotwire in Nashville and Minneapolis for some dates in March and they were 1/2 price or less than they were a few weeks ago.
by oldmotos
Thu Mar 12, 2020 9:23 pm
Forum: Investing - Theory, News & General
Topic: Would you invest your HELOC in the market?
Replies: 57
Views: 1976

Re: Would you invest your HELOC in the market?

I almost did that in 2008 but ended up buying some investment real estate instead. As it turned out I would have done better in the stock market. I think it would work again assuming it would not strap you for cash. One advantage in 2008 was I could deduct the HELOC interest where now I can not.
by oldmotos
Mon Mar 09, 2020 4:35 pm
Forum: Personal Consumer Issues
Topic: Yet another travel question
Replies: 16
Views: 1084

Re: Yet another travel question

United might soon offer free changes as many other airlines have. I just received an email from Allegiant Airline yesterday saying I could make no cost changes to an upcoming low cost ticket I purchased 2 months ago.
by oldmotos
Wed Feb 19, 2020 1:02 pm
Forum: Personal Finance (Not Investing)
Topic: Risky Financial Decisions You’ve Made in the Past
Replies: 49
Views: 3598

Re: Risky Financial Decisions You’ve Made in the Past

In 2013 I lent 150K to a friend of a friend for a new business that had been turned down for loans everywhere else. It was secured by all the company's manufacturing equipment & other assets so I didn't feel it was extremely risky. They never paid me a nickel back so I had to take ownership of the b...
by oldmotos
Mon Feb 17, 2020 7:03 pm
Forum: Personal Finance (Not Investing)
Topic: Ever sell a house or land via auction?
Replies: 4
Views: 379

Re: Ever sell a house or land via auction?

I have not sold a house via auction but have bought a couple of rental properties that way. It might work out ok but if the house does not get bid up to the minimum it could put questions in buyer's minds when later listed for sale. The auctioneer might protect from this by having someone bid just u...
by oldmotos
Mon Feb 17, 2020 6:56 pm
Forum: Personal Finance (Not Investing)
Topic: Understanding Tax Implication of Rental Property sale
Replies: 7
Views: 685

Re: Understanding Tax Implication of Rental Property sale

You need to look up what you actually took for depreciation on your tax returns. You normally don't depreciate the land value part of the purchase price.
by oldmotos
Thu Feb 13, 2020 9:56 pm
Forum: Investing - Theory, News & General
Topic: Berkshire Annual Meeting in person
Replies: 41
Views: 3503

Re: Berkshire Annual Meeting in person

My wife and I went about 7 years ago and had a good time. We drove my truck over and bought some living room furniture using the "Berkshire Discount" at Nebraska Furniture Mart. We always planned on going back but it hasn't worked out. My wife who shows little interest in investing loved listening t...
by oldmotos
Mon Nov 11, 2019 12:13 pm
Forum: Personal Finance (Not Investing)
Topic: What is reasonable HOA reserve?
Replies: 13
Views: 1446

Re: What is reasonable HOA reserve?

We are members of (3) HOA's and I don't believe any have done a formal reserve study. Two have less than (15) units and just rely on small reserves with special assessments as needed. The other has (29) units and is new enough that they have not had many large costs but have realized they need to st...
by oldmotos
Fri Nov 08, 2019 10:44 am
Forum: Personal Consumer Issues
Topic: WSJ Digital Subscription - a bargain!
Replies: 152
Views: 56454

Re: WSJ Digital Subscription - a bargain!

I bought a 2 year WSJ Digital only subscription for $79.95 on eBay after reading the print version for many years. I love this newspaper and am getting used to the digital format. We travel a lot so it is nice to always be able to read it and not come home to a pile of newspapers.
by oldmotos
Wed Nov 06, 2019 9:33 am
Forum: Investing - Theory, News & General
Topic: Do you invest in Real Estate ? Why ?
Replies: 145
Views: 22178

Re: Do you invest in Real Estate ? Why ?

We have owned rental properties for over 40 years and have mostly enjoyed it. Currently we have approx. 45% of our investments in commercial real estate and 55% in stocks/bonds. I would guess that the stocks/bonds have out performed the real estate over time but not by much. We live in a rural LCOL ...
by oldmotos
Wed Oct 16, 2019 11:26 am
Forum: Personal Consumer Issues
Topic: Where to stay in Maui?
Replies: 24
Views: 2284

Re: Where to stay in Maui?

VRBO.com has been our go-to site for years and has never disappointed. That's Vacation Rentals by Owner. We loved VRBO until they were bought out by Expedia and added way more fees and made it impossible to talk on phone with the owner until after booking. We now try to book direct with owners or u...
by oldmotos
Thu Oct 03, 2019 8:44 am
Forum: Personal Consumer Issues
Topic: Classic car (~70s convertible)
Replies: 19
Views: 2178

Re: Classic car (~70s convertible)

I would not recommend an old car to someone that does not enjoy working on them as repairs can be very expensive and frustrating. I have had a bunch of vintage cars but prefer old motorcycles as they are much easier to store and repair. We have a near new convertible that we enjoy and feel comfortab...
by oldmotos
Fri Sep 27, 2019 11:33 am
Forum: Personal Finance (Not Investing)
Topic: Cashing out RE appreciation or keeping the rental cash flow?
Replies: 44
Views: 3622

Re: Cashing out RE appreciation or keeping the rental cash flow?

Sell - the rent is way too low for the value of the property.
by oldmotos
Thu Sep 26, 2019 4:31 pm
Forum: Personal Finance (Not Investing)
Topic: financially clueless senior MIL who thinks she’s rich
Replies: 162
Views: 21554

Re: financially clueless senior MIL who thinks she’s rich

In our area there is a nice senior living facility offering all levels of care that will not kick you out if you run out of money. They have a large endowment that allows them to do that. You do need to prove you have enough assets at move in to cover 2 years of expenses. This policy is not guarante...
by oldmotos
Mon Sep 02, 2019 10:25 pm
Forum: Personal Finance (Not Investing)
Topic: 2 year old A/C leak, $$
Replies: 21
Views: 2148

Re: 2 year old A/C leak, $$

We just spent $966 for labor to install a new evaporator coil in a 5 year old Carrier unit with a 10 year parts warranty but only one year labor. The service guy says the new units are lower quality than the old ones.
by oldmotos
Sat Aug 31, 2019 7:22 pm
Forum: Personal Finance (Not Investing)
Topic: Florida Home Insurance Offsets Tax Advantage?
Replies: 28
Views: 2401

Re: Florida Home Insurance Offsets Tax Advantage?

Older $650,000, 2000 Sq. Ft. house on canal close to beach in Naples area, $7700 for insurance and $6900 for property taxes. Approx. $3300 for water and $2700 for lawn care. No snow removal cost or medical bills from falling on ice!
by oldmotos
Thu Aug 22, 2019 8:30 am
Forum: Personal Consumer Issues
Topic: Anyone disenchanted with retirement?
Replies: 326
Views: 50598

Re: Anyone disenchanted with retirement?

I don't get how some people claim to be retired while still working. If you are running two businesses and managing real estate, you are not retired. For me the full time job I left was far more demanding than the part time businesses and the real estate I continue to spend time on. No boss, very f...
by oldmotos
Tue Aug 20, 2019 9:11 pm
Forum: Personal Finance (Not Investing)
Topic: Should my S Corp pay my health insurance
Replies: 16
Views: 1387

Re: Should my S Corp pay my health insurance

I am not a tax expert but wondering why your S Corp could not pay for your health insurance directly and not have it count as income to you?
by oldmotos
Tue Aug 20, 2019 9:04 pm
Forum: Personal Consumer Issues
Topic: Anyone disenchanted with retirement?
Replies: 326
Views: 50598

Re: Anyone disenchanted with retirement?

I retired 4 months ago at age 64. No regrets - wish now I would have done it at 62 as I originally planned but I enjoyed my job and worked mostly from home with a lot of freedom. Still very busy with two part time businesses, home improvements, grandkids and managing our real estate. Paying for heal...
by oldmotos
Tue Aug 20, 2019 12:38 pm
Forum: Personal Consumer Issues
Topic: Home Office - Main Floor or Basement
Replies: 18
Views: 1148

Re: Home Office - Main Floor or Basement

I like my main floor office for the nice view and so I can see visitors, UPS, contractors etc. arrive.
by oldmotos
Fri Jul 12, 2019 1:59 pm
Forum: Personal Finance (Not Investing)
Topic: Adding a Vehicle raises Umbrella premium?
Replies: 12
Views: 1484

Re: Adding a Vehicle raises Umbrella premium?

We have 2 drivers and 8 vehicles and the upcharge for the extra vehicles is more than the base umbrella cost. Most of the extra vehicles are vintage motorcycles that are carefully ridden less than 500 miles per year. Makes me think I should downsize!
by oldmotos
Thu Jul 11, 2019 10:41 pm
Forum: Personal Finance (Not Investing)
Topic: At What Age or Point in your Career did your investments start outweighing your regular paychecks?
Replies: 85
Views: 12888

Re: At What Age or Point in your Career did your investments start outweighing your regular paychecks?

According to my NW records I was 48 when it first happened but then not again until I was 53 after which it happened almost every year. I never took that as a sign I was ready to retire as the markets can also go down. It did make the decision to retire a few months ago at age 64 easier.
by oldmotos
Thu Jul 11, 2019 10:14 pm
Forum: Personal Finance (Not Investing)
Topic: Commercial Real Estate Investing
Replies: 7
Views: 1265

Re: Commercial Real Estate Investing

I sold my single family home rentals after 40 years when it became more difficult to find quality tenants and I had less energy. I then bought several commercial properties and it has worked well so far. I am in a LCOL area and most of the properties came to me by word of mouth. I believe there is m...
by oldmotos
Thu Jul 04, 2019 8:54 am
Forum: Personal Finance (Not Investing)
Topic: Would we regret buying a 2nd home?
Replies: 90
Views: 10207

Re: Would we regret buying a 2nd home?

We bought a second home condo at a lake resort town 1 1/2 hours from our house two years ago. The area has lots of live music, restaurants, bike trails and other activities we enjoy. Sometimes when busy with weddings etc. on summer weekends we feel we are not using it enough. It has been a good expe...
by oldmotos
Wed Jun 26, 2019 6:59 pm
Forum: Personal Consumer Issues
Topic: Buying a car out of state
Replies: 33
Views: 2127

Re: Buying a car out of state

We live in the Midwest and bought a new car in Florida two years ago and it worked well. We chose to buy in Florida because it was a new model car and the selection was better in Florida. Also we could fly in, spend some time on the beach and then drive home. We enjoy the one way drive home as we ta...
by oldmotos
Sun May 26, 2019 9:51 pm
Forum: Personal Consumer Issues
Topic: Should I replace my AC?
Replies: 27
Views: 2555

Re: Should I replace my AC?

We have a 1200 sq. ft. rental condo in Florida with the original 40 year old AC that has given us zero problems in the 9 years we have owned it. Because of it's age I got an estimate to replace it for $5000 (includes $800 for crane to set on top of 2-story building) but the salesman recommended not ...