Search found 434 matches

by riverguy
Tue Dec 11, 2018 2:21 pm
Forum: Personal Finance (Not Investing)
Topic: Hiding Identity of Trust Owner: Registered Agent Services Needed?
Replies: 20
Views: 1839

Re: Hiding Identity of Trust Owner: Registered Agent Services Needed?

You are likely going to have to name the trustee of the trust in any conveyance documents. Typically property is conveyed to the Trustee on behalf of the Trust. If you convey directly to the trust, you typically would have to record a memorandum of trust that states who the trustees are. Sounds like...
by riverguy
Sat Dec 08, 2018 9:43 am
Forum: Personal Finance (Not Investing)
Topic: Any way to trade land without paying taxes or exchanging funds?
Replies: 19
Views: 1427

Re: Any way to trade land without paying taxes or exchanging funds?

Just consider it a gift and report it to the IRS. Likely well within your lifetime maximum gift allowance. How can you consider it a gift when it is in exchange for valuable consideration? Gill Correct. A GIFT by definition by IRS standards means you are giving something of monetary value and NOT r...
by riverguy
Sat Dec 08, 2018 8:19 am
Forum: Investing - Help with Personal Investments
Topic: 20M Inheritance - What is best option for small/no risk on principal?
Replies: 93
Views: 11841

Re: 20M Inheritance - What is best option for small/no risk on principal?

Short term treasury bills. Enjoy your risk free $500k per year with 0 principal risk. Short term so if things change you can change with it.
by riverguy
Fri Dec 07, 2018 11:19 pm
Forum: Personal Finance (Not Investing)
Topic: Any way to trade land without paying taxes or exchanging funds?
Replies: 19
Views: 1427

Re: Any way to trade land without paying taxes or exchanging funds?

Just consider it a gift and report it to the IRS. Likely well within your lifetime maximum gift allowance.
by riverguy
Wed Dec 05, 2018 3:32 pm
Forum: Investing - Help with Personal Investments
Topic: Considering residential real estate investment
Replies: 74
Views: 5134

Re: Considering residential real estate investment

You could also consider ownership in a crowdfunding sort of REIT, which I do in Fundrise. They participate in building apartments and other housing in various parts of the country, as well as some house flipping, particularly in high-demand areas like LA and DC, and you can invest according to your...
by riverguy
Wed Dec 05, 2018 3:29 pm
Forum: Personal Finance (Not Investing)
Topic: How far back can HSA Expenses go?
Replies: 14
Views: 1530

Re: How far back can HSA Expenses go?

Unless the law changes in those 40 years. Better scan in receipts or something too so you don't have fading issues.
by riverguy
Mon Dec 03, 2018 2:32 pm
Forum: Personal Finance (Not Investing)
Topic: Forming an LLC
Replies: 8
Views: 990

Re: Forming an LLC

Husband + wife = multiple members This is usually what I recommend to clients (LLC) when renting property. All of the liability protection without the tax hassles. What do you mean without the tax hassles? A multi member LLC taxed as a partnership is going to have to do a partnership return and iss...
by riverguy
Fri Nov 16, 2018 6:18 pm
Forum: Personal Finance (Not Investing)
Topic: Incompetent home inspector - what to do?
Replies: 52
Views: 5187

Re: Incompetent home inspector - what to do?

If I ever sell another house, I will be walking around with the inspector. I also don't have a mortgage so I will be more in control the next round. Most buyers won't let a seller be present during an inspection. It’s your house...if you can’t even stand up to them that you are going to be there fo...
by riverguy
Tue Nov 13, 2018 10:11 am
Forum: Investing - Help with Personal Investments
Topic: Help with 1031 property sale
Replies: 5
Views: 699

Re: Help with 1031 property sale

56% (110/195) of your basis would be attributable to the $110k property. And the remainder of the basis goes to the other one. There’s really no splitting up the depreciation as you should have paid that in 2006 when you exchanged developed for undeveloped real property. So it seems like your basis ...
by riverguy
Mon Nov 12, 2018 9:36 am
Forum: Investing - Help with Personal Investments
Topic: Help with 1031 property sale
Replies: 5
Views: 699

Re: Help with 1031 property sale

If you exchange a developed property for undeveloped, you cannot defer the depreciation. You should have paid the depreciation recapture when the developed property was exchanged for undeveloped.
by riverguy
Mon Nov 05, 2018 9:52 pm
Forum: Personal Finance (Not Investing)
Topic: Are we in trouble?
Replies: 106
Views: 12905

Re: Are we in trouble?

my property taxes are 20K. Like i said my monthly payment mtg and tax is 7K. Not sure where or why people are coming up with random numbers. More info: we have 100k in our child 529 plans. How do you know your final taxes when your house is not even completed yet? Is your assessment for this year o...
by riverguy
Mon Nov 05, 2018 5:00 pm
Forum: Personal Finance (Not Investing)
Topic: Deal fell through and didn't get escrow money.....
Replies: 56
Views: 5947

Re: Deal fell through and didn't get escrow money.....

I've never seen that "48 hours" (or similar) on a standard P&S form. It would have to be some sort of addendum, or a different P&S form than is generally used. That's the risk the seller takes. So if there are any "known" pseudo-unknowns (so to speak), the seller is taking that risk. And there can ...
by riverguy
Mon Nov 05, 2018 4:56 pm
Forum: Personal Finance (Not Investing)
Topic: Are we in trouble?
Replies: 106
Views: 12905

Re: Are we in trouble?

One thing to do is to slow down and maybe think things out a little more before you do them? I can't imagine taking a new job, at a startup nonetheless, in a new state and out of the gate building a $1.2m house, all while still having a mortgage/house in the other state while the Fed has been raisin...
by riverguy
Mon Nov 05, 2018 10:59 am
Forum: Personal Finance (Not Investing)
Topic: Deal fell through and didn't get escrow money.....
Replies: 56
Views: 5947

Re: Deal fell through and didn't get escrow money.....

Never heard of "due diligence" money. We've just had earnest money, which was/was not refundable depending upon whether any failure to close was due to a stated contingency not being met. What is the difference between due diligence money and earnest money where you are? RM It takes the listing off...
by riverguy
Mon Nov 05, 2018 8:50 am
Forum: Personal Finance (Not Investing)
Topic: Deal fell through and didn't get escrow money.....
Replies: 56
Views: 5947

Re: Deal fell through and didn't get escrow money.....

Legally I don't think the amount is important. The only issue is that "consideration" be present in order to make it an enforceable contract, so a check for $1.00 would be sufficient to satisfy that element. But people get hung up on what constitutes a "reasonable" deposit in order to show good fai...
by riverguy
Fri Nov 02, 2018 1:18 pm
Forum: Investing - Help with Personal Investments
Topic: Employer Monthly Contributions and Rounding Issues ($.666667)
Replies: 5
Views: 572

Re: Employer Monthly Contributions and Rounding Issues ($.666667)

why is this even a question? Are you really concerned about getting the extra 8 cents in there? Check to see if the employer stops at the IRS max. I know mine does.
by riverguy
Sun Oct 28, 2018 7:18 am
Forum: Personal Consumer Issues
Topic: PSA: Don't buy a big house
Replies: 248
Views: 25904

Re: PSA: Don't buy a big house

What a ridiculous reason not to buy a house. Because it takes a little more work to change a light bulb. A task which happens rarely...
by riverguy
Fri Sep 28, 2018 9:43 pm
Forum: Personal Consumer Issues
Topic: How to sell a 60-percent ownership share in an inherited 4-plex rental unit
Replies: 9
Views: 1224

Re: How to sell a 60-percent ownership share in an inherited 4-plex rental unit

Depending on the state and title details it may be that the majority owner could unilaterally decide to sell assuming steps were taken not to abuse the minority owner rights, for example making sire to seek highest market price. I would suggest aunt consult a local attorney if neice doesn't instant...
by riverguy
Thu Sep 27, 2018 3:22 pm
Forum: Personal Finance (Not Investing)
Topic: HELOC to Pay off Mortgage
Replies: 36
Views: 3446

Re: HELOC to Pay off Mortgage

HELOC interest for the first year is 3.4% APR after the 12 month promo offer it is prime + 0.9% So you save 0.375% in the first year on whatever you put on the HELOC. Prime rate is 5 going to 5.25% and higher as the Fed keeps raising. So you'll be paying over 6% on the HELOC after the first year. G...
by riverguy
Thu Sep 27, 2018 9:40 am
Forum: Personal Finance (Not Investing)
Topic: HELOC to Pay off Mortgage
Replies: 36
Views: 3446

Re: HELOC to Pay off Mortgage

All that matters is the difference in loan rates. Nothing else. Highly likely the HELOC is a higher rate so this makes zero sense...
by riverguy
Wed Sep 26, 2018 10:27 am
Forum: Personal Finance (Not Investing)
Topic: Do I really need a CPA to do taxes for LLC?
Replies: 13
Views: 1359

Re: Do I really need a CPA to do taxes for LLC?

4. If you file a partnership return with $50k in deductions and zero revenue, you absolutely will get audited. There is a 100% chance of it happening eventually. True, an entity does not have to generate revenue, but deducting expenses with no revenue is a yuuuge red flag. (Again--trusts are differ...
by riverguy
Wed Sep 26, 2018 5:26 am
Forum: Investing - Help with Personal Investments
Topic: Should I sell or rent my house?
Replies: 22
Views: 1927

Re: Should I sell or rent my house?

This is in California. Purchased home for 525k and now worth about 850k. 13 years left on mortgage at 2.675% rate. Property taxes about 540 a month (prop 13). Total current expenses around 3200 a month. Would probably rent out for 3500-3750 a month. Should I sell or rent it out? Never been a landlo...
by riverguy
Wed Sep 26, 2018 5:14 am
Forum: Personal Consumer Issues
Topic: First time home buyer and Rookie investor looking for advice on home buying process [Updated]
Replies: 20
Views: 1275

Re: First time home buyer and Rookie investor looking for advice on home buying process

If less than 2% is stopping you from buying the house because of one random appraisers opinion, then you don’t really want the house. Paying 2% over is not “overpaying”.
by riverguy
Wed Sep 26, 2018 4:58 am
Forum: Personal Finance (Not Investing)
Topic: Do I really need a CPA to do taxes for LLC?
Replies: 13
Views: 1359

Re: Do I really need a CPA to do taxes for LLC?

Seems like you will eventually be audited for having no revenue. Also consider that you will then be personally responsible for the tax returns that affect others.

I would be curious to know your desired estate planning setup that requires an llc to accomplish.
by riverguy
Tue Sep 25, 2018 9:16 am
Forum: Investing - Help with Personal Investments
Topic: To rent out our house or not
Replies: 25
Views: 1445

Re: To rent out our house or not

I wound up an accidental landlord as a result of the recession. Rented my place for 5 years while market recovered. Just sold a few weeks ago. I would never, ever rent a detached single family home voluntarily unless I intended to move back in and was prepared to do all of the repairs, renovations ...
by riverguy
Tue Sep 25, 2018 9:13 am
Forum: Personal Consumer Issues
Topic: Out of warranty repair for a Braun toothbrush?
Replies: 17
Views: 669

Re: Out of warranty repair for a Braun toothbrush?

My 5+ year old Braun's toothbrush battery has died. It is not user-replaceable. There are youtube videos that say you can replace it, but the process is time consuming and complicated. What are the odds that Braun will send me a new one if I mail them my broken one? I visited their website and they...
by riverguy
Tue Sep 25, 2018 9:07 am
Forum: Personal Finance (Not Investing)
Topic: Offer 3.5% to entice buyers agent
Replies: 12
Views: 1508

Re: Offer 3.5% to entice buyers agent

No one's skipping over 3% and there's really no extra work.
by riverguy
Tue Sep 25, 2018 7:39 am
Forum: Personal Finance (Not Investing)
Topic: FIL bought land with 6 other people, and one passed away
Replies: 8
Views: 1672

Re: FIL bought land with 6 other people, and one passed away

One important fact omitted is how title to the property is held. Did they form a corporation, LLC, or partnership or is it held as tenants-in-common? This determines what happens to the deceased owner’s share. I don’t understand the bank not being willing to accept payment unless the loan document ...
by riverguy
Mon Sep 24, 2018 10:21 am
Forum: Investing - Theory, News & General
Topic: Corporate debt bubble?
Replies: 20
Views: 2579

Re: Corporate debt bubble?

> Since at least 1971, debt is money. As the economy grows, it is necessary that debt grows to support it But some debt will never be repaid, so it's misleading to call it debt? eg, if I lend the gov 30k, they'll eventually have to give it back. If the Fed loans the gov 30k , they can loan it/roll ...
by riverguy
Mon Sep 24, 2018 10:14 am
Forum: Personal Finance (Not Investing)
Topic: How to evaluate a pay package of a startup
Replies: 14
Views: 1458

Re: How to evaluate a pay package of a startup

I've been offered a large percentage of my pay package in equity rather than salary even with established companies. I have always negotiated to increase my salary as much as possible for reduced equity. I value equity at barely more than zero. In about 80% of the jobs I've taken, my valuation of e...
by riverguy
Fri Sep 21, 2018 6:59 pm
Forum: Personal Finance (Not Investing)
Topic: What is the process for Trustee to sell house?
Replies: 11
Views: 736

Re: What is the process for Trustee to sell house?

Was the house in the trust before the grantor's death, or did the grantor's estate plan have the house going to the trust after his death? Recently in my family, there was a beneficiary deed that put the house into the trust after the grantor's death. So step 1 was notifying the county of the death...
by riverguy
Thu Sep 20, 2018 3:14 pm
Forum: Personal Finance (Not Investing)
Topic: Hubby soon to be laid off
Replies: 74
Views: 7909

Re: Hubby soon to be laid off

If you want to stay, refinance your mortgage to a 30 year. That will cut your mortgage payment by 1/3 even with a higher interest rate. Let your heirs pay off the mortgage when they sell the house. If your husband gets another job you can aggressively pay it off. If you go that route the extra inte...
by riverguy
Thu Sep 20, 2018 2:24 pm
Forum: Personal Finance (Not Investing)
Topic: Hubby soon to be laid off
Replies: 74
Views: 7909

Re: Hubby soon to be laid off

If you want to stay, refinance your mortgage to a 30 year. That will cut your mortgage payment by 1/3 even with a higher interest rate. Let your heirs pay off the mortgage when they sell the house. If your husband gets another job you can aggressively pay it off. If you go that route the extra inte...
by riverguy
Wed Sep 19, 2018 4:40 am
Forum: Personal Finance (Not Investing)
Topic: Which mortgage would you prepay?
Replies: 12
Views: 1124

Re: Which mortgage would you prepay?

Easily 1. Not deductible, higher interest rate. No brainer.
by riverguy
Sun Sep 16, 2018 7:31 pm
Forum: Personal Finance (Not Investing)
Topic: Finding an investment for soon-to-be-received large sum
Replies: 10
Views: 1203

Re: Finding an investment for soon-to-be-received large sum

astrohip wrote:
Sun Sep 16, 2018 5:38 pm
So what I'm asking here is... what are some ideas? Your thoughts, on investing options, or any of this?
Sent you a PM
by riverguy
Sat Sep 15, 2018 8:28 am
Forum: Personal Consumer Issues
Topic: Selling car to out of state buyer- funds
Replies: 19
Views: 1211

Re: Selling car to out of state buyer- funds

Hes coming here. Have him cash the check and you deposit the cash. Or, if you get good vibes once you meet him, just have him go with you to the bank to deposit the check. What bank is going to cash a check for 23k for a stranger unless it is the buyers bank and then why wouldn’t he just get the ch...
by riverguy
Fri Sep 14, 2018 10:22 pm
Forum: Personal Consumer Issues
Topic: [Wearing] Shorts in Egypt
Replies: 71
Views: 5622

Re: Shorts in Egypt

Maybe I am part Egyptian. One of my pet peeves, I think that men look like clowns wearing shorts in public, especially egregious are airports and airlines and restaurants other than fast food. Yes, I live in South Florida, I wear shorts on golf course, they are needed playing tennis and at the beac...
by riverguy
Fri Sep 14, 2018 8:08 pm
Forum: Investing - Help with Personal Investments
Topic: Investing more into my LLC vs Loaning
Replies: 4
Views: 386

Re: Investing more into my LLC vs Loaning

Im here to ask if this is the right train of thought for putting some more cash into my company. Its a partnership LLC and I don't want to own more of the company then my partner. The goal is to temporarily boost the company's cash pile without owning more of the company then the partner and to be ...
by riverguy
Fri Sep 14, 2018 4:24 pm
Forum: Investing - Help with Personal Investments
Topic: Investing more into my LLC vs Loaning
Replies: 4
Views: 386

Re: Investing more into my LLC vs Loaning

Im here to ask if this is the right train of thought for putting some more cash into my company. Its a partnership LLC and I don't want to own more of the company then my partner. The goal is to temporarily boost the company's cash pile without owning more of the company then the partner and to be ...
by riverguy
Thu Sep 13, 2018 5:05 pm
Forum: Personal Consumer Issues
Topic: Buying a house 1 mile away from a municipal landfill
Replies: 43
Views: 3582

Re: Buying a house 1 mile away from a municipal landfill

I'm living in the real world. The point of a lawsuit threat is not to win, but to get real estate agent to reduce their fee in order to have the deal go through if one is stuck in the deal or if one wants to back out and not lose their entire deposit. Or.......you just back out under your inspectio...
by riverguy
Wed Sep 12, 2018 9:14 am
Forum: Personal Finance (Not Investing)
Topic: The Atlantic: 'Why is College In America So Expensive?'
Replies: 27
Views: 2726

Re: The Atlantic: 'Why is College In America So Expensive?'

As long as there's enough people in America with enough money who are willing to pay for it, it'll keep getting more expensive. Or you mean as long as we keep handing out virtually non-dischargable debt to kids. This is the entire reason college is so expensive. College prices would drop like a roc...
by riverguy
Tue Sep 11, 2018 2:28 pm
Forum: Personal Finance (Not Investing)
Topic: paying mortgage
Replies: 12
Views: 1768

Re: paying mortgage

Doing some potentially flawed math here.. the more intelligent can weigh in whether this works or not. Let's say your overall tax rate is 25% and you don't itemize. So 5.5% x .75 = effectively 4.125% interest after tax on the rental? If my math works, your rates are the same, so primary residence i...
by riverguy
Tue Sep 11, 2018 11:11 am
Forum: Personal Finance (Not Investing)
Topic: paying mortgage
Replies: 12
Views: 1768

Re: paying mortgage

Depends on your circumstances but likely a wash due to being able to deduct the rental interest and practically not (unless you are over std deduction, which even then it is a small value) being able to on the home mortgage.
by riverguy
Mon Sep 10, 2018 6:28 pm
Forum: Personal Finance (Not Investing)
Topic: Buying Partner's Billboard Rights
Replies: 16
Views: 1896

Re: Buying Partner's Billboard Rights

Personally around 6 years on something like that would be my max. Ideally getting it for 4-5.
by riverguy
Mon Sep 10, 2018 6:16 pm
Forum: Personal Finance (Not Investing)
Topic: Buying Partner's Billboard Rights
Replies: 16
Views: 1896

Re: Buying Partner's Billboard Rights

Ditto the above. You offered wayyyyyy too much. 140 months cashflow is rich.
by riverguy
Mon Sep 10, 2018 2:29 pm
Forum: Personal Finance (Not Investing)
Topic: Father Wants a Home Mortgage (Bad Credit Score)
Replies: 43
Views: 3256

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 riverguy
Mon Sep 10, 2018 2:22 pm
Forum: Personal Finance (Not Investing)
Topic: How to choose a real estate agent?
Replies: 24
Views: 2171

Re: How to choose a real estate agent?

Save the money, list it with a realtor on the MLS for a flat fee. Can do it for $200 here.
by riverguy
Mon Sep 10, 2018 9:46 am
Forum: Personal Finance (Not Investing)
Topic: Real Estate IRA....
Replies: 4
Views: 260

Re: Real Estate IRA....

Too late to do that. You would have to transfer it from yourself to the IRA which is a prohibited self dealing transaction. To have been able to do this you should have originally bought it with an IRA. IRA would have had to have enough cash to fund the transaction or received a non-recourse loan fr...
by riverguy
Sun Sep 09, 2018 8:13 pm
Forum: Personal Finance (Not Investing)
Topic: Maxing out a HELOC
Replies: 3
Views: 386

Re: Maxing out a HELOC

Should be no issue. Bank shouldn’t care at all.
by riverguy
Sun Sep 09, 2018 3:53 pm
Forum: Personal Finance (Not Investing)
Topic: $250,000 family loan to parents?
Replies: 50
Views: 4689

Re: $250,000 family loan to parents?

Best option is just to have the parents open a HELOC.