Search found 56 matches

by oldmotos
Mon Nov 11, 2019 12:13 pm
Forum: Personal Finance (Not Investing)
Topic: What is reasonable HOA reserve?
Replies: 13
Views: 1325

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: 54113

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: 20399

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: 2043

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: 1913

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: 3301

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: 20430

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: 2062

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: 2268

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: 306
Views: 45735

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: 1356

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: 306
Views: 45735

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: 1123

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: 1411

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: 12283

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: 1161

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: 9315

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: 2023

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: 2471

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 ...
by oldmotos
Sun May 26, 2019 9:31 pm
Forum: Personal Consumer Issues
Topic: No more print Money magazine
Replies: 109
Views: 15930

Re: No more print Money magazine

I just read the last issue today but did not notice the Editor's Note that this was the last print issue. Seems to me they should have made it more prominent and stated how they would refund their subscribers. I have subscribed for many decades mostly out of habit but felt I got enough out of it for...
by oldmotos
Thu May 09, 2019 11:40 am
Forum: Personal Investments
Topic: Hedge against the decline of the Realtor profession
Replies: 48
Views: 4575

Re: Hedge against the decline of the Realtor profession

The Realtor should invest in him/herself. Maybe train to be an appraiser, property manager or just a better Realtor as there will be business for a long time for the best.
by oldmotos
Thu May 09, 2019 10:15 am
Forum: Personal Investments
Topic: When will mortgage lender count my rental income?
Replies: 13
Views: 1188

Re: When will mortgage lender count my rental income?

They will probably go by your tax return which may very well show a loss due to depreciation and other deductions. It will help if you can show that you have a positive cash flow before the depreciation write off.
by oldmotos
Sun May 05, 2019 11:47 am
Forum: Personal Finance (Not Investing)
Topic: How to increase deductions on a rental property (HELOC?)
Replies: 15
Views: 909

Re: How to increase deductions on a rental property (HELOC?)

Don't forget to deduct any mileage for checking on the house, going to buy repair parts etc. At 58 cents a mile it adds up. Also consider deducting any tools you buy to work on the house.
by oldmotos
Wed Apr 24, 2019 9:19 pm
Forum: Personal Consumer Issues
Topic: For those who like travel, when did you retire and where are the most exciting places you travelled to?
Replies: 129
Views: 13055

Re: For those who like travel, when did you retire and where are the most exciting places you travelled to?

I retired April 3 and my wife and I left on a road trip the next day from the Midwest to Nashville, Savannah, Miami etc, Then a cruise to Cuba and the Bahamas. Now at our vacation rental condo in SW Florida enjoying the great weather and beach and doing some repairs and updates. We will drive home n...
by oldmotos
Sat Apr 20, 2019 12:07 pm
Forum: Personal Finance (Not Investing)
Topic: thoughts about mixed use fl rental/vacation home`
Replies: 5
Views: 387

Re: thoughts about mixed use fl rental/vacation home`

I don't know of the forums/tools you are looking for but one option would be to meet with Realtors in the area you are interested in. They can give usually you an estimate of the income potential of a property and expenses. In my experience the estimated income was lower than the actual income I rec...
by oldmotos
Sat Apr 20, 2019 10:21 am
Forum: Personal Consumer Issues
Topic: At what point would you hire someone vs. cut down a tree yourself?
Replies: 101
Views: 5920

Re: At what point would you hire someone vs. cut down a tree yourself?

We have 21 acres of trees around our house so I drop at least a dozen per year. When I have some that scare me I have a tree service come in and drop them but I do the clean-up which saves a lot. I recently had 8 large trees dropped at a cost of $2000. These were somewhat difficult but not near any ...
by oldmotos
Wed Apr 17, 2019 9:48 am
Forum: Personal Consumer Issues
Topic: Do you pick up after renting a vacation rental?
Replies: 51
Views: 3844

Re: Do you pick up after renting a vacation rental?

Perhaps the vacation rental owner previously worked for the accounting department at United Airlines. It strikes me as a way to advertise a lower nightly rate and hit a target profit through add-on fees. The reason we charge a cleaning fee is our guests may stay for 3 nights or 3 months so it does ...
by oldmotos
Tue Apr 16, 2019 9:23 pm
Forum: Personal Consumer Issues
Topic: Do you pick up after renting a vacation rental?
Replies: 51
Views: 3844

Re: Do you pick up after renting a vacation rental?

We own a couple of vacation rentals far from our home that we manage and hire the cleaning done. We charge $150 for cleaning a 2000 sq. ft. 3/2 house. Check out time is 10 AM and new guests arrive at 3 PM. The number one challenge for the cleaners is getting all the laundry done so we ask the guests...
by oldmotos
Thu Mar 28, 2019 8:03 pm
Forum: Personal Finance (Not Investing)
Topic: Is our household budget crazy?
Replies: 141
Views: 13248

Re: Is our household budget crazy?

I don't see anything for property taxes. What is that number?
by oldmotos
Tue Mar 19, 2019 8:50 pm
Forum: Personal Finance (Not Investing)
Topic: Thoughts on bypassing a Realtor to sell property
Replies: 13
Views: 1212

Re: Thoughts on bypassing a Realtor to sell property

I have asked him to cut his commission and I think he has a little but no deal yet. I just gave him our bottom net price and so far he can't get the deal done. He always wants to talk about the price offered and I say I am only interested in the net. This dance has gone on for over a year off and on...
by oldmotos
Tue Mar 19, 2019 3:31 pm
Forum: Personal Finance (Not Investing)
Topic: Thoughts on bypassing a Realtor to sell property
Replies: 13
Views: 1212

Re: Thoughts on bypassing a Realtor to sell property

Our Realtor's comps when we listed with him were 70K more than what the buyer wants to pay. I never had faith in his original list price but figured he was the expert. We quickly reduced the price as we saw no interest until we came down 60K. I had several other offers in the same range as the buyer...
by oldmotos
Tue Mar 19, 2019 1:09 pm
Forum: Personal Finance (Not Investing)
Topic: Thoughts on bypassing a Realtor to sell property
Replies: 13
Views: 1212

Re: Thoughts on bypassing a Realtor to sell property

Thanks for the input. I have told the Realtor what we need to net but with two involved it has not worked out so far. I am not real comfortable about bypassing the Realtor but after working with him for a year after the listing ended, I feel I have given him a good opportunity to make the sale. It a...
by oldmotos
Tue Mar 19, 2019 12:31 pm
Forum: Personal Finance (Not Investing)
Topic: Thoughts on bypassing a Realtor to sell property
Replies: 13
Views: 1212

Thoughts on bypassing a Realtor to sell property

We have a second home condo (out of state) that we would like to sell and buy another nearby which fits our needs better. We listed it for sale with a Realtor over a year ago and received some offers but after the commission we were not satisfied with the price so took it off the market. One of the ...
by oldmotos
Mon Mar 18, 2019 8:58 am
Forum: Personal Consumer Issues
Topic: How would you bargain for unique items?
Replies: 23
Views: 1786

Re: How would you bargain for unique items?

finite_difference wrote:
Mon Mar 11, 2019 10:00 pm

Watch a few episodes of American Pickers or Pawn Stars.
I bought a lot of old motorcycles from the American Pickers before they started the show so I learned first hand!
by oldmotos
Sat Mar 16, 2019 4:48 pm
Forum: Personal Consumer Issues
Topic: Fishing Kayak recommendation
Replies: 50
Views: 2820

Re: Fishing Kayak recommendation

I fish with my grandson on a Hydrobike Angler which is a water bicycle on 10' plastic pontoons, hydrobikes.com. Extremely stabile and easy to get on and off. I am also an investor in the company so a little biased.
by oldmotos
Sat Mar 16, 2019 9:52 am
Forum: Personal Finance (Not Investing)
Topic: purchasing a second home questions/advice
Replies: 13
Views: 1307

Re: purchasing a second home questions/advice

My wife and I bought a condo in SW Florida 9 years ago as an investment property with plans to use it personally after we retire. It is worth 320k and the cost to own is approx. 14k annually not counting any loan cost. We rent it to snowbirds Jan. through April for approx. 14k and maybe 1/2 of the y...
by oldmotos
Sat Mar 09, 2019 10:33 pm
Forum: Personal Finance (Not Investing)
Topic: Home/Condo Insurance in Florida Recommendation
Replies: 15
Views: 1321

Re: Home/Condo Insurance in Florida Recommendation

I have heard good things about Safe Harbor and have their insurance on my condo in Florida but don't know a lot about the competition. I had a small claim after Hurricane Irma and they handled it well.
by oldmotos
Fri Mar 08, 2019 3:54 pm
Forum: Personal Finance (Not Investing)
Topic: Worth Refinancing?
Replies: 16
Views: 830

Re: Worth Refinancing?

With no costs involved I would go for it.
by oldmotos
Sun Feb 17, 2019 10:17 pm
Forum: Personal Consumer Issues
Topic: Composite Cedar Siding and Real Cedar Siding Maintenance
Replies: 24
Views: 2028

Re: Composite Cedar Siding and Real Cedar Siding Maintenance

We have a large 40 year old house with all cedar siding that we just pressure washed and stained with a CWF clear stain. I don't think the previous owner of 35 years ever did anything with the siding so it had turned very dark but looks like new now. We did have to replace some siding on the south s...
by oldmotos
Mon Feb 04, 2019 2:11 pm
Forum: Personal Finance (Not Investing)
Topic: Best Retirement / Investment properties right now?
Replies: 9
Views: 865

Re: Best Retirement / Investment properties right now?

I did something similar and bought a condo in SW Florida 9 years ago for under 300K and have been renting it to snowbirds. It has worked pretty well and covers the expenses but not much of the mortgage payment. It has increased in value so I locked in a lower cost than if I would have waited for re...
by oldmotos
Mon Feb 04, 2019 1:12 pm
Forum: Personal Finance (Not Investing)
Topic: Best Retirement / Investment properties right now?
Replies: 9
Views: 865

Re: Best Retirement / Investment properties right now?

I did something similar and bought a condo in SW Florida 9 years ago for under 300K and have been renting it to snowbirds. It has worked pretty well and covers the expenses but not much of the mortgage payment. It has increased in value so I locked in a lower cost than if I would have waited for ret...
by oldmotos
Sun Feb 03, 2019 10:06 am
Forum: Personal Consumer Issues
Topic: Mazda Miata as Daily Commute Fun Car?
Replies: 94
Views: 5799

Re: Mazda Miata as Daily Commute Fun Car?

We had a Miata for many years and wouldn't recommend it for a daily commute. We changed to a Buick Cascada convertible which has more room but is still small enough to feel sporty.
by oldmotos
Sat Feb 02, 2019 8:06 pm
Forum: US Chapters
Topic: Roll Call for the Retirement Class of 2019!
Replies: 390
Views: 57472

Re: Roll Call for the Retirement Class of 2019!

My plan is to retire in April, 2019 at age 64. Over 45 years with the same company. Started as a welder with plans to just stay one year but was moved into sales and management and never left. The company paid for my college but that took over 20 years to complete! The one employee who has been ther...
by oldmotos
Tue Jan 29, 2019 8:20 pm
Forum: Personal Consumer Issues
Topic: 12 Person Family Getaway: Keys, Bahamas, Hawaii?
Replies: 11
Views: 846

Re: 12 Person Family Getaway: Keys, Bahamas, Hawaii?

I would recommend SW Florida from Fort Myers to Marco Island. As winter is their high season summer offers great rates on houses and condos. Much better beaches than the Keys and lower cost. Not as much night life but still plenty to do.
by oldmotos
Thu Dec 20, 2018 2:50 pm
Forum: Personal Consumer Issues
Topic: Favorite Purchase of 2018?
Replies: 255
Views: 21940

Re: Favorite Purchase of 2018?

earlywynnfan wrote:
Thu Dec 20, 2018 1:46 pm
oldmotos wrote:
Thu Dec 20, 2018 1:15 pm
1941 Indian Chief Motorcycle. Bucket list item I decided to not delay any longer or I might not be able to kick start it!
I know I'm new here, but I demand you post a picture!! :D :D
I have never posted a photo here and not sure how to do so.
by oldmotos
Thu Dec 20, 2018 1:15 pm
Forum: Personal Consumer Issues
Topic: Favorite Purchase of 2018?
Replies: 255
Views: 21940

Re: Favorite Purchase of 2018?

1941 Indian Chief Motorcycle. Bucket list item I decided to not delay any longer or I might not be able to kick start it!
by oldmotos
Thu Oct 11, 2018 2:54 pm
Forum: Personal Consumer Issues
Topic: What would you do with some bulk silver?
Replies: 41
Views: 2881

Re: What would you do with some bulk silver?

That is a nice gift for your kids! My Dad worked for the March of Dimes Foundation in the late 1960's and I used to sort through the dimes and quarters and buy the 1964 and older 90% silver ones. In the 80's a local guy was paying 20 times face value for silver coins so I brought him a box full but ...
by oldmotos
Wed Apr 04, 2018 4:31 pm
Forum: Investing - Theory, News & General
Topic: Hypothetical situation investing on property vs market
Replies: 21
Views: 1860

Re: Hypothetical situation investing on property vs market

In my LCOL area a 230K apartment building would bring in approx. $2500/mo. but that would mean managing 5-6 tenants and not much chance of a major increase in property value.
by oldmotos
Thu Mar 29, 2018 8:29 pm
Forum: Personal Investments
Topic: HELOC funds for improvements to an investment property: tax rule question
Replies: 10
Views: 1260

Re: HELOC funds for improvements to an investment property: tax rule question

I have used my HELOC for rental property improvements and deducted the interest on the rental property many times over the years. My accountant thought it was ok but I was never audited so can not say for sure it meets IRS rules. I always figured my receipts would prove where the funds were used. Th...
by oldmotos
Mon Mar 26, 2018 9:35 pm
Forum: Personal Consumer Issues
Topic: London Hotels
Replies: 59
Views: 5268

Re: London Hotels

Be sure to check if the hotel is air conditioned. We stayed in London last July and the room was not comfortable - we assumed it would have AC.