Search found 329 matches

by riverguy
Wed May 16, 2018 4:28 am
Forum: Personal Finance (Not Investing)
Topic: Tax calculation with Rental and W2 income over 150k
Replies: 13
Views: 821

Re: Tax calculation with Rental and W2 income over 150k

- $3k/month rental income - $3k/month rental expenses (mortgage, insurance, taxes, rental manager fee) Income on this rental property is the rent that you receive Expense - only the interest part of the mortgage loan, property depreciation amount for that year, insurance, property taxes, any HOA fe...
by riverguy
Sat Apr 21, 2018 9:54 am
Forum: Personal Finance (Not Investing)
Topic: Tax / Debt Strategy on Rental Income from Investment Properties
Replies: 3
Views: 340

Re: Tax / Debt Strategy on Rental Income from Investment Properties

Yes they net. Seems crazy that someone with $2.5m of specially acquired debt would not know this?
by riverguy
Fri Apr 20, 2018 3:05 pm
Forum: Personal Finance (Not Investing)
Topic: Guaranty appraisal on real estate. Good idea? This must be a bubble?
Replies: 21
Views: 1409

Re: Guaranty appraisal on real estate. Good idea? This must be a bubble?

Appraisals are a joke anyways. What percentage of houses that never appraise? I would bet it is super low and only if the purchase price is wayyyyyy out of whack. Banks have a vested interest in having the property appraise. They could care less if it is right or not. As long as the loans conform, t...
by riverguy
Mon Apr 16, 2018 8:51 am
Forum: Personal Finance (Not Investing)
Topic: Dog walker - Last Minute Schedule C Panic
Replies: 9
Views: 956

Re: Dog walker - Last Minute Schedule C Panic

Your reasons for doing accrual accounting seem misguided. Cash is going to be way easier to keep track of. Who cares if you have that income show up as 2018 income and your expenses are in 2017? It's all going to average out.
by riverguy
Thu Apr 12, 2018 5:57 am
Forum: Personal Finance (Not Investing)
Topic: Mortgage payoff questions
Replies: 12
Views: 2383

Re: Mortgage payoff questions

When i requested a payoff amount - it was principal plus a sizeable interest and also valid till the end of the month. Instead of paying off that quoted amount, I paid off most of the principal and left only one dollar of principal. I requested the payoff amount again. All of a sudden all the inter...
by riverguy
Sun Apr 08, 2018 10:05 pm
Forum: Personal Finance (Not Investing)
Topic: Hold or sell rental property? Better for taxes to sell during retirement?
Replies: 10
Views: 805

Re: Hold or sell rental property? Better for taxes to sell during retirement?

How long has she owned it? Depreciation recapture should be factored in. What does this mean? She's owned it at least.. 35 or 40 years. She used to pay an accountant hundreds a year to do taxes. I have used TurboTax for the last 4 years. You have to pay back all of the tax deferred depreciation you...
by riverguy
Sun Apr 08, 2018 9:34 pm
Forum: Personal Finance (Not Investing)
Topic: Hold or sell rental property? Better for taxes to sell during retirement?
Replies: 10
Views: 805

Re: Hold or sell rental property? Better for taxes to sell during retirement?

How long has she owned it? Depreciation recapture should be factored in.
by riverguy
Sat Apr 07, 2018 1:17 pm
Forum: Personal Finance (Not Investing)
Topic: Any advice for 1st time landlord
Replies: 42
Views: 3422

Re: Any advice for 1st time landlord

I am so on the fence about renting a property we own that is now vacant. We will either need to sell or rent the property. We could do "long" term vacation rentals (3-6 months), but will then have the added cost of providing nice furnishings. A recent tick mark in the sell column is that our umbrel...
by riverguy
Tue Apr 03, 2018 7:02 pm
Forum: Personal Finance (Not Investing)
Topic: This-millennial-couple-is-saving-150000-a-year-and-plans-to-retire-by-2029-heres-how-they-
Replies: 136
Views: 10821

Re: This-millennial-couple-is-saving-150000-a-year-and-plans-to-retire-by-2029-heres-how-they-

Sounds great living with Dad and eating on $250 a mo for three adults along with having two strangers in the house probably most of the time. Oh and taking the bus everywhere.
by riverguy
Sun Apr 01, 2018 9:59 pm
Forum: Personal Finance (Not Investing)
Topic: Coughing up Signing (sign-on) bonus and W2
Replies: 9
Views: 1571

Re: Coughing up Signing (sign-on) bonus and W2

Why would you want it on 2018? Tax rates are lower in 2018.
by riverguy
Sun Apr 01, 2018 4:25 pm
Forum: Personal Finance (Not Investing)
Topic: Investing in syndicated real estate deals
Replies: 11
Views: 989

Re: Investing in syndicated real estate deals

if I were to bring in partners, it would be for one and only one reason -- to put more money in my own pocket. Sage advice. Regarding any "opportunity" I ask: If the investment is so great why do you need my money? You can say the same thing about any investment including publicly traded equities. ...
by riverguy
Thu Mar 29, 2018 7:14 am
Forum: Personal Finance (Not Investing)
Topic: Printing out a ten thousand page form 8949 for the IRS?
Replies: 48
Views: 5110

Re: Printing out a ten thousand page form 8949 for the IRS?

Everyone skeptical about you making profits because its not Vanguard ETFs LOL
by riverguy
Sat Mar 24, 2018 12:45 pm
Forum: Personal Finance (Not Investing)
Topic: How does it make sense to buy a condo/house in Texas?
Replies: 97
Views: 6803

Re: How does it make sense to buy a condo/house in Texas?

Do you really think renters don’t end up paying property tax?
by riverguy
Fri Mar 23, 2018 9:47 am
Forum: Personal Finance (Not Investing)
Topic: Can a friend sign a large check for me?
Replies: 23
Views: 1975

Re: Can a friend sign a large check for me?

Who cares what the amount of a mailed check is? Just mail it.
by riverguy
Tue Mar 20, 2018 10:16 pm
Forum: Personal Finance (Not Investing)
Topic: Cost of College vs Starting Income
Replies: 94
Views: 4396

Re: Cost of College vs Starting Income

https://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2016/08/18/College%20Inflation_0.png Speaks for itself. In-state high-quality public university is where the value is. So, basically all the major costs associated with having children have skyrocketed. Most of the stuff that...
by riverguy
Fri Mar 09, 2018 3:04 pm
Forum: Personal Finance (Not Investing)
Topic: Advice needed for Renter offer
Replies: 19
Views: 2081

Re: Advice needed for Renter offer

IMO the biggest catch is rent paid in advance isn't the same as a non-refundable deposit. If you need to remove the tenant or they want to move out in advance you may need to refund the rent paid in advance. It's not as secure and good of a deal as you may think. Personally I'd rather have a larger...
by riverguy
Thu Mar 08, 2018 9:32 pm
Forum: Personal Finance (Not Investing)
Topic: Advice needed for Renter offer
Replies: 19
Views: 2081

Re: Advice needed for Renter offer

Nothing just document it in writing
by riverguy
Thu Mar 08, 2018 10:50 am
Forum: Personal Finance (Not Investing)
Topic: To sell or not sell rental home?
Replies: 7
Views: 583

Re: To sell or not sell rental home?

I'd sell to capture that appreciation. You are going to have to pay taxes at some point. From a cashflow perspective, its a pretty bad rental.
by riverguy
Thu Mar 08, 2018 7:11 am
Forum: Personal Finance (Not Investing)
Topic: Any tax advantages to holding vested RSUs for a year?
Replies: 7
Views: 751

Re: Any tax advantages to holding vested RSUs for a year?

Any gains or losses between the vest price and your sales price become long term. That's it. Vest price is still taxed as regular income.
by riverguy
Mon Mar 05, 2018 10:11 am
Forum: Personal Finance (Not Investing)
Topic: Has the home we wanted just become 20% more expensive due to tax reforms?
Replies: 62
Views: 6837

Re: Has the home we wanted just become 20% more expensive due to tax reforms?

Simas, I agree changes to the tax law happens all the time. But when was the last time DOW index changed by 25% almost instantaneously with the tax law changed. I do not know that type of change already happened with the real estate prices. I was not sure whether that will even happen. So, posted q...
by riverguy
Mon Mar 05, 2018 4:57 am
Forum: Personal Consumer Issues
Topic: $500 gift card, what to do?
Replies: 42
Views: 3248

Re: $500 gift card, what to do?

gotester2000 wrote:
Mon Mar 05, 2018 4:09 am
Is it possible to transfer the gift card balance to your credit card account ? Then you can use it for anything anytime.
Or you know you could use it for anything anytime anyways.
by riverguy
Sun Mar 04, 2018 7:34 pm
Forum: Personal Consumer Issues
Topic: $500 gift card, what to do?
Replies: 42
Views: 3248

Re: $500 gift card, what to do?

So much digital ink spilt on what to do with a gift card...why overthink something as simple as this? Money is fungible just use it for your daily expenses.
by riverguy
Sun Mar 04, 2018 11:04 am
Forum: Personal Consumer Issues
Topic: Whole House Natural Gas Generator
Replies: 110
Views: 6737

Re: Whole House Natural Gas Generator

When self driving car fleets start showing up in the next 5-10 years the demand for exurb and country homes will take a nose dive (at least in mcol and lcol areas). Don't expect to get any money back on money invested today, you'll be targeting an extremely niche market and there will be a surplus ...
by riverguy
Sat Mar 03, 2018 12:57 pm
Forum: Personal Finance (Not Investing)
Topic: Has the home we wanted just become 20% more expensive due to tax reforms?
Replies: 62
Views: 6837

Re: Has the home we wanted just become 20% more expensive due to tax reforms?

If you are depending on tax deductions of interest and taxes to determine if you can afford a house you are buying too much house. I disagree with this...it seems reasonable to take into account the total cost of ownership and factor tax deductions into that number, keeping in mind that tax laws ca...
by riverguy
Sat Mar 03, 2018 9:52 am
Forum: Personal Consumer Issues
Topic: New construction woes
Replies: 30
Views: 3006

Re: New construction woes

Why would you approve a final draw without inspecting the house? Windows not opening and no hot water seem like some extremely basic things that any reasonable person should find inspecting their new 600k house.
by riverguy
Sat Mar 03, 2018 7:35 am
Forum: Personal Finance (Not Investing)
Topic: Has the home we wanted just become 20% more expensive due to tax reforms?
Replies: 62
Views: 6837

Re: Has the home we wanted just become 20% more expensive due to tax reforms?

If you are depending on tax deductions of interest and taxes to determine if you can afford a house you are buying too much house.
by riverguy
Tue Feb 27, 2018 3:05 pm
Forum: Personal Consumer Issues
Topic: Best way to find short term/vacation renters for NYC apartment
Replies: 9
Views: 659

Re: Best way to find short term/vacation renters for NYC apartment

None of the above as short-term rentals of apartments in NYC are illegal in most cases. It is now a crime even to advertise such rentals. Here's the link to report any such illegal rentals that you observe: http://www1.nyc.gov/nyc-resources/service/6744/space-used-as-hotel-vacation-rental-or-short-...
by riverguy
Mon Feb 26, 2018 10:58 pm
Forum: Personal Finance (Not Investing)
Topic: Just had our offer accepted on a $1.4 Million House
Replies: 90
Views: 9411

Re: Just had our offer accepted on a $1.4 Million House

WildCat48 wrote:
Mon Feb 26, 2018 9:54 pm
I totally agree with you dude, if these people actually lived in LA they would tell you to BUY BUY BUY. Renting in LA is ridiculous, that $1.4M house will never depreciate over any five-year horizon. :sharebeer
lol
by riverguy
Mon Feb 26, 2018 2:02 pm
Forum: Personal Finance (Not Investing)
Topic: Question regarding revised home appraisal
Replies: 7
Views: 279

Re: Question regarding revised home appraisal

What is this impacting? Your loan some how? PMI required or escrow account or such? Unless it is costing you some fee or other expense it seems a “who cares” kind of thing. Thanks for your feedback. I was just surprised. I don't guess it has any huge impact--we put 20% down and aren't escrowing any...
by riverguy
Mon Feb 26, 2018 1:30 pm
Forum: Personal Finance (Not Investing)
Topic: Put spouse on mortgage?
Replies: 12
Views: 1310

Re: Put spouse on mortgage?

The issue is that if you die as the sole mortgagee the lender could demand payment in full. How that timing would work out with the payout of any life insurance could then become an issue. http://homeguides.sfgate.com/happens-mortgage-mortgagee-dies-43271.html Dodd Frank rules likely make this a no...
by riverguy
Mon Feb 26, 2018 1:24 pm
Forum: Personal Finance (Not Investing)
Topic: Question regarding revised home appraisal
Replies: 7
Views: 279

Re: Question regarding revised home appraisal

Who cares? Appraisals are a joke anyways. It's still over your purchase price.

And it didn't really cost you any equity...you don't have that equity until you sell or refi.
by riverguy
Mon Feb 26, 2018 10:35 am
Forum: Personal Finance (Not Investing)
Topic: Put spouse on mortgage?
Replies: 12
Views: 1310

Re: Put spouse on mortgage?

You can apply in your name only and use your income, credit, etc to qualify, however, the bank will likely require her to sign the mortgage regardless. If they don't, depending on state law, it can cause issues foreclosing later down the road if that is necessary especially with homesteads.
by riverguy
Sat Feb 24, 2018 9:27 pm
Forum: Personal Finance (Not Investing)
Topic: Just had our offer accepted on a $1.4 Million House
Replies: 90
Views: 9411

Re: Just had our offer accepted on a $1.4 Million House

Sounds like you think you have it all figured out already. Why are you even asking on here?
by riverguy
Sat Feb 24, 2018 8:36 am
Forum: Personal Finance (Not Investing)
Topic: Just had our offer accepted on a $1.4 Million House
Replies: 90
Views: 9411

Re: Just had our offer accepted on a $1.4 Million House

$1.4MM for a 3 bed 2 bath starter house is insane. That being said with your situation I think you should rent.
by riverguy
Fri Feb 23, 2018 9:33 am
Forum: Personal Consumer Issues
Topic: Multiple Offer situation/should we pull our offer?
Replies: 72
Views: 5810

Re: Multiple Offer situation/should we pull our offer?

8foot7 wrote:
Thu Feb 22, 2018 8:50 pm
greg24 wrote:
Wed Feb 21, 2018 1:03 pm
I'd submit a new offer with a number $10k below the previous offer.
Can't imagine what the effective point of this would be.
Just an angry dude who thinks he would somehow be sticking it to the seller by dropping their offer. Even though they clearly have multiple offers....lol.
by riverguy
Thu Feb 22, 2018 10:15 am
Forum: Personal Finance (Not Investing)
Topic: is inheriting land out of an LLC a taxable event?
Replies: 3
Views: 446

Re: is inheriting land out of an LLC a taxable event?

Your mother owned the interest in the LLC not the land. The LLC owns that. Separate legal entities so it seems like that would be a taxable event. Why don't you and your brother take over ownership of the LLC and dissolve it. Distribute the assets. Should not have any issues then.
by riverguy
Wed Feb 21, 2018 6:03 pm
Forum: Personal Consumer Issues
Topic: Multiple Offer situation/should we pull our offer?
Replies: 72
Views: 5810

Re: Multiple Offer situation/should we pull our offer?

greg24 wrote:
Wed Feb 21, 2018 1:03 pm
I'd submit a new offer with a number $10k below the previous offer.
You really think in a multiple offer situation that doing this really means anything to the seller?
by riverguy
Wed Feb 21, 2018 11:35 am
Forum: Personal Consumer Issues
Topic: Multiple Offer situation/should we pull our offer?
Replies: 72
Views: 5810

Re: Multiple Offer situation/should we pull our offer?

There’s no bad faith by extending the time period. Seller is working in their best interest. Sellers can do what they want. It’s their house. Pretty simple. You either still get the house for the price you put in or you don’t. If you think you are going to get outbid raise your price. What are you c...
by riverguy
Tue Feb 20, 2018 10:55 am
Forum: Personal Finance (Not Investing)
Topic: How would you proceed at age 29?
Replies: 17
Views: 2456

Re: How would you proceed at age 29?

How are you planning on buying a 3-4 family unit with only 3.5% down?
by riverguy
Tue Feb 20, 2018 10:48 am
Forum: Personal Consumer Issues
Topic: Repairing Stucco: A Case of Contractor Gouging
Replies: 39
Views: 2959

Re: Repairing Stucco: A Case of Contractor Gouging

Price fixing is when competitors collude to set prices. It doesn't apply in your situation. You were quoted a wide range of prices. Your concern is completely different. Generally, it's called priced discrimination or differential pricing, or more informally and more particular to your situation, p...
by riverguy
Sun Feb 18, 2018 10:47 pm
Forum: Personal Finance (Not Investing)
Topic: First time Home Buyer in HCOL area - funds check
Replies: 21
Views: 2310

Re: First time Home Buyer in HCOL area - funds check

$1500 expenses without housing is low for a LCOL area let alone HCOL. What is your breakdown?
by riverguy
Sat Feb 17, 2018 8:05 pm
Forum: Personal Consumer Issues
Topic: Repairing Stucco: A Case of Contractor Gouging
Replies: 39
Views: 2959

Re: Repairing Stucco: A Case of Contractor Gouging

No one has even performed any work for you yet and you are thinking about lawsuits and talking to the AG? What is wrong with you?
by riverguy
Sat Feb 17, 2018 7:57 pm
Forum: Personal Finance (Not Investing)
Topic: Sanity Check on Primary/Rental Purchase: killing cash-flow
Replies: 24
Views: 1754

Re: Sanity Check on Primary/Rental Purchase: killing cash-flow

I've slept on it and run multiple simulations. I'm really not comfortable with our budget that being that tight without hefty reserves. I've decided to low-ball an offer of $1.1m. If accepted, our (near) cash-reserves will be mid-5 digits (realtor fee is 1%...might be able to recapture some of that...
by riverguy
Sat Feb 17, 2018 7:56 pm
Forum: Personal Finance (Not Investing)
Topic: Sanity Check on Primary/Rental Purchase: killing cash-flow
Replies: 24
Views: 1754

Re: Sanity Check on Primary/Rental Purchase: killing cash-flow

FBN2014 wrote:
Sat Feb 17, 2018 4:56 pm
Principal payments only, zero interest. Depends on seller's motivation.
Maybe they will just gift it to you.....you’re crazy.
by riverguy
Sat Feb 17, 2018 3:22 pm
Forum: Personal Finance (Not Investing)
Topic: Sanity Check on Primary/Rental Purchase: killing cash-flow
Replies: 24
Views: 1754

Re: Sanity Check on Primary/Rental Purchase: killing cash-flow

I also wonder if you would even qualify for the loan. You are bumping up pretty close to a 43% DTI ratio. Fbn214 asking for seller financing doesn’t make sense. Terms are going to be less favorable than from the bank. Depends how desperate owner is to sell. LOL! What terms do you think an owner is ...
by riverguy
Sat Feb 17, 2018 11:39 am
Forum: Personal Finance (Not Investing)
Topic: Sanity Check on Primary/Rental Purchase: killing cash-flow
Replies: 24
Views: 1754

Re: Sanity Check on Primary/Rental Purchase: killing cash-flow

I also wonder if you would even qualify for the loan. You are bumping up pretty close to a 43% DTI ratio.

Fbn214 asking for seller financing doesn’t make sense. Terms are going to be less favorable than from the bank.
by riverguy
Sat Feb 17, 2018 7:28 am
Forum: Personal Finance (Not Investing)
Topic: Sanity Check on Primary/Rental Purchase: killing cash-flow
Replies: 24
Views: 1754

Re: Sanity Check on Primary/Rental Purchase: killing cash-flow

Seems like an awful investment. Why would you even consider this? Rent for two units is $3.5k total. That means all three are $5.25k/mo. Horrendous for a $1.3m purchase price. Not to mention that your mortgage is $6500/mo. Minus the 3.5k in rent you will be getting. So your personal costs are $3k a ...
by riverguy
Wed Feb 14, 2018 7:11 am
Forum: Personal Consumer Issues
Topic: Help me help my niece (College costs, financial aid, etc)
Replies: 41
Views: 2782

Re: Help me help my niece (College costs, financial aid, etc)

You're doing her a tremendous disservice if you let her attend a $50k/yr school for an art degree even with $30k in scholarships.
by riverguy
Sun Feb 11, 2018 4:46 pm
Forum: Personal Consumer Issues
Topic: Best place to exchange dollars to euros?
Replies: 18
Views: 988

Re: Best place to exchange dollars to euros?

Also I would recommend taking a few brand new $100 bills in case you have card issues for some reason. They can get you out of a bind.
by riverguy
Sun Feb 11, 2018 4:43 pm
Forum: Personal Consumer Issues
Topic: Best place to exchange dollars to euros?
Replies: 18
Views: 988

Re: Best place to exchange dollars to euros?

ATM at the airport in Europe to get your initial money and then other ATMs in europe I have not been to Lisbon in years but in general I would be cautious about using ATMs at European airports in the arrivals areas. They are generally not run by banks (the companies have exclusive contracts with th...