Search found 29 matches

by millewk
Fri Oct 06, 2017 11:57 pm
Forum: Personal Consumer Issues
Topic: Costco kitchen Cabinets and design service....
Replies: 4
Views: 986

Re: Costco kitchen Cabinets and design service....

As a serious woodworker who has done many custom cabinet jobs I always tell people that 50% of a cabinet's quality is in the hinges and drawer slides. If the hardware is Grasse, Blum, or Havle and the cabinet boxes are 3/4" you are off to a good start. I noticed you made a "particle board" comment a...
by millewk
Sun Jan 29, 2017 7:17 pm
Forum: Personal Finance (Not Investing)
Topic: Need help with 3 rental properties I'm looking to purchase
Replies: 35
Views: 3439

Re: Need help with 3 rental properties I'm looking to purchase

Take a look at your assessors web site and determine what similar properties have sold for. This will enable you to determine what the capitalization rate (Cap rate) is for like properties in the area. Determine what your net operating expenses are(gross rent less fixed expenses) divided by your pur...
by millewk
Mon Nov 28, 2016 9:13 pm
Forum: Personal Finance (Not Investing)
Topic: Previously Foreclosed Properties
Replies: 8
Views: 1497

Re: Previously Foreclosed Properties

Always be very careful when dealing with foreclosures. Make sure you know what the law states. For example. I purchased a foreclosure in Illinois for $200k. In Illinois once you are the successful bidder at Sheriffs sale the law states that the buyer has to appear in court 15 days after sale and the...
by millewk
Fri Sep 16, 2016 9:09 am
Forum: Personal Finance (Not Investing)
Topic: Tenant wants to leave on short notice. Can they?
Replies: 45
Views: 4583

Re: Tenant wants to leave on short notice. Can they?

As the owner of several mixed use rentals I know most state laws (and some municipalities) are very clear on this matter. In Illinois landlord/tenant law clearly states that the "notice' requirement is 60 days for an annual lease and 30 days for a month to month rental agreement. If the tenant ...
by millewk
Sun Sep 04, 2016 10:33 am
Forum: Investing - Help with Personal Investments
Topic: Buy, sell or hold Caterpillar?
Replies: 29
Views: 3408

Buy, sell or hold Caterpillar?

Caterpillar buy or hold? I worked for the company for 33 years and I still have 6000 shares, 5500 in my trust brokerage acct and 500 in my 401k. It still pays a good dividend which I reinvest. Maybe I'm just getting nervous in my old(er) age but this commodities dip feels different somehow! Your tho...
by millewk
Sun Aug 21, 2016 6:09 am
Forum: Personal Finance (Not Investing)
Topic: Buying a house without a realtor, what's involved?
Replies: 26
Views: 2949

Re: Buying a house without a realtor, what's involved?

I have purchased and sold several homes and own four mixed use investment properties and I avoid realtors like the plague simply because they don't add any value to the deal. I always use a real estate Attorney to represent me at closing. An attorney will cost you about $600 - $800 for a closing. I ...
by millewk
Sat Aug 20, 2016 8:49 am
Forum: Personal Finance (Not Investing)
Topic: Self-made Millionaires: how did hitting 7 figures change you?
Replies: 304
Views: 49122

Re: Self-made Millionaires: how did hitting 7 figures change you?

This is an interesting thread which truthfully I never gave much thought to. 30 years ago one million dollars was a goal we set to ensure our financial future but, as others have said, 1 million isn't what it used to be. Initially we decided that the path to 7 figures was more easily obtained throug...
by millewk
Wed May 18, 2016 8:17 am
Forum: Personal Finance (Not Investing)
Topic: Renting vs owning
Replies: 141
Views: 17841

Re: Renting vs owning

These discussions regarding whether or not landlords actually make money or not is ludicrous. Yes, I will admit that some people who are forced into an unintentional landlord situation....i.e. receiving property as part of an estate may be renting a property at a loss or they naively purchased a res...
by millewk
Sun May 15, 2016 9:24 am
Forum: Personal Finance (Not Investing)
Topic: Renting vs owning
Replies: 141
Views: 17841

Re: Renting vs owning

I own several mixed use investment properties and am sick and tired of these rent vs, buy analyses. It's really pretty simple. If you are renting, you and your fellow tenants are covering all the landlords costs plus 20-40%. The question you must answer is are you satisfied living in an apartment a...
by millewk
Sat May 14, 2016 8:01 am
Forum: Personal Finance (Not Investing)
Topic: Renting vs owning
Replies: 141
Views: 17841

Re: Renting vs owning

I own several mixed use investment properties and am sick and tired of these rent vs, buy analyses. It's really pretty simple. If you are renting, you and your fellow tenants are covering all the landlords costs plus 20-40%. The question you must answer is are you satisfied living in an apartment an...
by millewk
Thu May 12, 2016 8:55 pm
Forum: Personal Finance (Not Investing)
Topic: Evicting a tenant-Hire lawyer?
Replies: 200
Views: 25646

Re: Evicting a tenant-Hire lawyer?

You may or may not have to hire an attorney to evict your problem tenant, however you can save some money by doing some of the legwork your self. I own several mixed use investment properties and have had to evict tenants 3 times over the par 30 years. Two moved out and one became a problem. I don't...
by millewk
Mon Oct 19, 2015 7:05 pm
Forum: Personal Finance (Not Investing)
Topic: Potential estate dispute - relevant experiences?
Replies: 23
Views: 3766

Re: Potential estate dispute - relevant experiences?

Just remember that rental properties get a step-up in basis upon death. So the executor of the estate is obligated to get appraisals for each property to be filed with the court. That means by selling as soon as the estate closes you avoid 23.5% capital gains and lets say if you are in the 25% margi...
by millewk
Sun Jan 12, 2014 1:19 pm
Forum: Personal Finance (Not Investing)
Topic: How low to go on selling a rental property?
Replies: 33
Views: 3157

Re: How low to go on selling a rental property?

When you sell a rental property there are two things one needs to be aware of......long term or short term capital gains and depreciation recapturing costs. They are treated separately. Yes, You will have a 80K loss and depending on you tax bracket then some of those dollars will be recouped; howeve...
by millewk
Sun Jan 12, 2014 12:48 pm
Forum: Personal Consumer Issues
Topic: Home Builder Experience
Replies: 36
Views: 4652

Re: Home Builder Experience

I worked a carpenter in a previous life and, trust me when I say this, I would never buy a home built by developers. There are some good ones out there but I would prefer to use a highly rated local builder if given a choice. Local builders give you more flexibility to make changes; provide better m...
by millewk
Sun Jan 12, 2014 12:00 pm
Forum: Personal Finance (Not Investing)
Topic: How low to go on selling a rental property?
Replies: 33
Views: 3157

Re: How low to go on selling a rental property?

Just remember two things....if you sell it below your purchase price no capital gains will be due; however, regardless of the sale price you will have to pay ordinary income tax on all depreciation taken over the life of the property! "nothing in life is free"
by millewk
Sun Apr 29, 2012 11:19 am
Forum: Investing - Help with Personal Investments
Topic: Vanguard Asset Allocation help
Replies: 7
Views: 1032

Re: Vanguard Asset Allocation help

Right now, you are at about 50% stocks and 50% bonds. That's reasonable. You could also be more aggressive (since you don't need the money) or more conservative (if you prefer). You are definitely low in international funds. If that is intentional, it's probably ok (since Jack Bogle says that inter...
by millewk
Sat Apr 28, 2012 7:53 pm
Forum: Investing - Help with Personal Investments
Topic: Vanguard Asset Allocation help
Replies: 7
Views: 1032

Re: Vanguard Asset Allocation help

If you want to keep it really simple convert the money market to Total Stock Market in the IRA and Total International in the taxable. That would mean a fairly low bond ratio for your age. There are lot of factors in deciding one's ideal stock bond ratio that don't get discussed much. If you own yo...
by millewk
Wed Apr 25, 2012 8:47 am
Forum: Investing - Help with Personal Investments
Topic: Vanguard Asset Allocation help
Replies: 7
Views: 1032

Vanguard Asset Allocation help

I have been a Vanguard investor for the past 10 years and it seems the older I get the harder It becomes. Maybe it's because it's really simpler than I try to make it. I would like some opinions on my Portfolio/asset allocation before I review it with Vanguard's Financial planning group. This is my ...
by millewk
Sat Apr 07, 2012 11:08 pm
Forum: Personal Consumer Issues
Topic: Heating choices for home renovation
Replies: 38
Views: 2782

Re: Heating choices for home renovation

You didn't say whether your current system is steam or hotwater. In any case you can convert your steam rads to water. If it was me I would look at zoning the first floor separate from the second floor. If you have a basement the first floor would be a snap usuing Plastic PEX piping with an oxygen B...
by millewk
Sat Apr 07, 2012 10:55 pm
Forum: Personal Consumer Issues
Topic: Junk removal companies - any recommendations?
Replies: 14
Views: 1799

Re: Junk removal companies - any recommendations?

I just put it on the curb and put up a free sign. You will be shocked how quickly it disappears
by millewk
Sat Apr 07, 2012 10:50 pm
Forum: Personal Consumer Issues
Topic: woodworking plans
Replies: 22
Views: 3957

Re: woodworking plans

Both Fine woodworking and wood magazine are great resources, however, I would use them more for construction techniques than plans. My most recent project was a full bedroom suite for my daughter and son-in-law. They saw it at crate and Barrel. I simply went to the store and asked for the specs and ...
by millewk
Sat Apr 07, 2012 10:31 pm
Forum: Personal Consumer Issues
Topic: does anyone own/maintain a pond on their property?
Replies: 19
Views: 2923

Re: does anyone own/maintain a pond on their property?

BTW Some weed and alge around the edges are good things!
by millewk
Sat Apr 07, 2012 10:25 pm
Forum: Personal Consumer Issues
Topic: does anyone own/maintain a pond on their property?
Replies: 19
Views: 2923

Re: does anyone own/maintain a pond on their property?

I have a pond which also is about a 1/4 to 1/3 acre. You say there is runoff and I guess I don't know what you exactly mean by that. If it means that it overflows when you get heavy rains then I wouldn't invest much in fish. Other than those concerns there isn't really much to taking care of a pond ...
by millewk
Sat Apr 07, 2012 10:05 pm
Forum: Personal Finance (Not Investing)
Topic: Quit Claim transfer of rental Property
Replies: 2
Views: 508

Quit Claim transfer of rental Property

Here's a question I need answered without paying my attorney. ( although I know I will ask him also) While I'm not anticipating dying anytime soon, I am in the process of drafting Instructions to my daughter and wife regarding the locations of our assets, account numbers , trust Docs, ect. ect ect. ...
by millewk
Sun Feb 26, 2012 10:53 pm
Forum: Investing - Theory, News & General
Topic: OK, I gotta ask... [why market up so much]
Replies: 49
Views: 5160

Re: OK, I gotta ask... [why market up so much]

It's an election year and the tenor of the media has decidedly changed over the past six months. No question the economy is recovering, however, the media are much more positive in spinning the corporate results and political ramifications. I won’t say they have an agenda….that’s for you to decide.
by millewk
Mon Feb 20, 2012 8:53 pm
Forum: Personal Finance (Not Investing)
Topic: How do you value a pension?
Replies: 24
Views: 2842

Re: How do you value a pension?

Desert Bandit has it right. Sometimes we attempt to overthink these things!
by millewk
Mon Feb 20, 2012 8:49 pm
Forum: Personal Finance (Not Investing)
Topic: Rental Property
Replies: 10
Views: 1256

Re: Rental Property

Rental income is considered "passive" income by the IRS and can only be offset by "passive losses. May be your problem
by millewk
Mon Dec 19, 2011 8:48 pm
Forum: Investing - Help with Personal Investments
Topic: Investments for Newborn
Replies: 8
Views: 1092

Investments for Newborn

I'm sure this has been discussed to death; however, I haven't found any pertinent links. I/ we, are soon to be new grandparents and I would like to get the little rug rat off to a good start with a gifting of money for their retirement. I'm not interested in College plans because mom and dad will be...
by millewk
Thu Mar 11, 2010 9:01 pm
Forum: Investing - Help with Personal Investments
Topic: Renting out my starter house
Replies: 23
Views: 3600

sell and buy another rental

I agree with with both sides of the argument. I would not place a 300K home into the rental market when you can take a tax free 90K gain on the sale. I would sell it and try to find a decent duplex/fourplex in a good area that lends itself to the lower middle class demographic. I would take 40K of t...