Search found 1677 matches

by reggiesimpson
Tue Feb 12, 2019 12:37 pm
Forum: Personal Finance (Not Investing)
Topic: "Living comfortably in retirement"
Replies: 71
Views: 9221

Re: "Living comfortably in retirement"

For me the definition is: Be able to do what you want and have your portfolio grow at the same time. +1 I going to have to disagree with this. It is an irrelevant metric. You can have a more than comfortable retirement, having a declining portfolio and still have a considerable safety margin. I bel...
by reggiesimpson
Mon Feb 11, 2019 11:51 am
Forum: Personal Finance (Not Investing)
Topic: "Living comfortably in retirement"
Replies: 71
Views: 9221

Re: "Living comfortably in retirement"

For me the definition is: Be able to do what you want and have your portfolio grow at the same time. +1 I going to have to disagree with this. It is an irrelevant metric. You can have a more than comfortable retirement, having a declining portfolio and still have a considerable safety margin. I bel...
by reggiesimpson
Sun Feb 10, 2019 3:09 pm
Forum: Personal Finance (Not Investing)
Topic: "Living comfortably in retirement"
Replies: 71
Views: 9221

Re: "Living comfortably in retirement"

midareff wrote:
Fri Feb 08, 2019 11:49 am
It's meaning to us .... all base living expenses covered with annuities (pension and SS) and investments produce sufficient income for liberal international travel and luxuries. SWAN every night. We could move to bigger and/or better but are comfortable right where we are.
+1
by reggiesimpson
Sat Feb 09, 2019 7:46 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

Why do you need to protect the asset, and from whom? Protect it from anyone. Its our sons inheritance and while we want to see him use it while we are alive we dont want litigation, divorce etc to jeopardize it. reggie Your son is an adult. I'm sure that he can take the proper legal precautions to ...
by reggiesimpson
Sat Feb 09, 2019 7:39 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

Cossack1 wrote:
Sat Feb 09, 2019 7:32 pm
Can a moderator close this topic. We are all wasting our time.
People keep asking questions so i answer them. Some are actually new and informative so i will answer. But i will only answer one more tonight as i was up till 2am last night deep in this discussion. See you all tmrw.
reggie
by reggiesimpson
Sat Feb 09, 2019 7:30 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

"girlfriend" needs more definition these days as it's not the 1950's (or 1980's) anymore. How financially bound are they? He and she are willing to take a mortgage out together for the purpose of buying a house and starting a family. They will be married in the near future. Sounds like a pretty clo...
by reggiesimpson
Sat Feb 09, 2019 7:29 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

I'm also confused at the reference to mortgage insurance. I'm not aware of any type of mortgage insurance that protects your investment in the property or your son or girlfriend's equity. It protects the lender if they have to foreclose and they are still losing money after they take your entire in...
by reggiesimpson
Sat Feb 09, 2019 7:25 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

Girlfriends parents need a place to live due to their financial situation, or one of her parents dies and the other one needs a place to live. What is son gonna say when wife says "my mom needs to move into the MIL unit, it's our house"? One of the dozens or hundreds of scenarios you can't plan for...
by reggiesimpson
Sat Feb 09, 2019 7:15 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

letsgobobby wrote:
Sat Feb 09, 2019 6:54 pm
Why do you need to protect the asset, and from whom?
Protect it from anyone. Its our sons inheritance and while we want to see him use it while we are alive we dont want litigation, divorce etc to jeopardize it.
reggie
by reggiesimpson
Sat Feb 09, 2019 7:12 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

Attorney said because real estate law addresses real estate, while contract law is general, the language covered by real estate law is is more generally agreed upon. Attorney was promoting condo ownership as being better, because it is covered by real estate law. As I understood it, tenant in commo...
by reggiesimpson
Sat Feb 09, 2019 6:54 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

JustinR wrote:
Sat Feb 09, 2019 6:50 pm
This is hilarious.

I'll need an update here every 5 years.

Also, will be waiting for the inevitable reddit post by OP, son, girlfriend, or random new owner the ex-girlfriend sold her share to, on /r/bestoflegaladvice
[/quote
If im still around.....lol.
by reggiesimpson
Sat Feb 09, 2019 6:27 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

I have been a tenant in common in a residential property for decades. We finally got around to having a real estate attorney draw up a tenants in common agreement. It addresses many "what ifs". The attorney said the tenants in common agreement is based on general contract law. If disputes arise, le...
by reggiesimpson
Sat Feb 09, 2019 6:22 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

Mortgage insurance may be another option. But as we are getting older and they are eager the time is now to get this show on the road. Thank you. reggie Again, what is this mortgage insurance you are referring to? I genuinely want to know. I’d also caution that the more complex the arrangement, the...
by reggiesimpson
Sat Feb 09, 2019 6:14 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

Reggie, I still do not understand why a simple gift is not the best option (Occam's razor). You can afford it and it avoids all encumbrances. Why not? [/quote A contribution and partial ownership on title passed the attys smell test to protect our asset. Gifting would not. This was his recommendati...
by reggiesimpson
Sat Feb 09, 2019 6:07 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

No one has said it's a criminal act. What people are reacting to is that you have A LOT of expectations around this "help"/"gift". You've said it's: -early inheritance and money you don't need BUT you want to retain upside/control via ownership -payment for future lodging and eldercare -equity (and...
by reggiesimpson
Sat Feb 09, 2019 5:52 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

Reggie, I still do not understand why a simple gift is not the best option (Occam's razor). You can afford it and it avoids all encumbrances. Why not? [/quote A contribution and partial ownership on title passed the attys smell test to protect our asset. Gifting would not. This was his recommendati...
by reggiesimpson
Sat Feb 09, 2019 5:50 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son

....The legal agreement she signs stipulates that the house is sold immediately if they break up in advance. This in itself would be a deal-breaker for me. Giving a 25% owner of a somewhat illiquid asset the right to force an immediate sale on demand would not be a reasonable condition of any arms-...
by reggiesimpson
Sat Feb 09, 2019 5:48 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

Reggie, I wish you and your family all the best in this decision. On paper it all looks like a pretty good idea, but statistically the odds of this plan going well is very poor. It is just a fact as there are so many things that can go wrong with a high chance of failure when adding them all up. I ...
by reggiesimpson
Sat Feb 09, 2019 4:50 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

OP seems to have blinders on with respect to being able to unequivocally "recover" his full investment in the property (which likely forms the bulk of the down payment) if son and gf split up and sell the house. Let's assume $1mil property, half of which is owned by OP, and the other half owned by ...
by reggiesimpson
Sat Feb 09, 2019 4:40 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

I agree, not much can be said here. Lets wish OP well with this decision, may be it will all work out for him! This is why i come to this forum. People here will give best advice no matter how much it is painful to hear. Thank you i appreciate the comment. I agree that BH is such a top notch site t...
by reggiesimpson
Sat Feb 09, 2019 3:36 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

OP, best of luck to you. You’re about to make the mistake of a lifetime, as detailed by so many folks above. There are so many ways this is a bad idea. I won’t attempt to repeat anything from above, but the comments are very solid and are based on much personal experience. I wish you well. Thank yo...
by reggiesimpson
Sat Feb 09, 2019 2:54 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

To me, this sounds like in-laws wanting to buy a time-share in their unmarried son's future home. No. No. No. There is a world of separation between lending or gifting money for a down payment, and the expectation that one will have a place when visiting or for longer term when older. Too many vari...
by reggiesimpson
Sat Feb 09, 2019 2:27 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

Flyer24 wrote:
Sat Feb 09, 2019 2:23 pm
Where did someone accuse you of extortion?
Yes i just went looking for it myself. Interestingly a large portion of one response was edited out so i suspect thats where it was.
by reggiesimpson
Sat Feb 09, 2019 2:13 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

50% want to live NEAR their adult children. That is not even remotely the same as under the same roof. I agree with the idea of gifting him the money, he has 75% and she has 25%, and you stay with them when you visit. If the time comes that you want to move there, I would think that a great guest c...
by reggiesimpson
Sat Feb 09, 2019 2:08 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

There's only so much coverage the law can give you when someone is dishonest, greedy, or out to get someone. Sure you can hire lawyers and that will cost everyone a lot of money. That's true in any type of relationship whether business, marriage, or family. My point is that you are taking a lot of ...
by reggiesimpson
Sat Feb 09, 2019 2:03 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son

3 My wife and i have made it very clear that it is their home not ours. Its their "time" now. We are on the "way out". We are visiting. Yes the time may extend as we get much older but as we pointed out to my son, and as his gf already knows, you two are fortunate to have 4 intact grandparents ( he...
by reggiesimpson
Sat Feb 09, 2019 1:58 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

Rus In Urbe wrote:
Sat Feb 09, 2019 1:46 pm
Came upon OP's comment that he plans to do the same with the other child, a daughter.

Reading suggestion:

KING LEAR by William Shakespeare

.
I would make her the same offer. The decisions , as was my sons, is up to her. Thank you.
reggie
by reggiesimpson
Sat Feb 09, 2019 1:56 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

What would you do if the girlfriend sold her 1/4 ownership to an old boyfriend or her mother? That's what tenants in common means. What would happen if there are grandkids and S & GF split or grandkids and S & W divorce? Would grandkids get evicted? Son definitely could. What happens when wife rema...
by reggiesimpson
Sat Feb 09, 2019 1:55 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

I have not read this thread in detail so I apologize if anything that I say his redundant. I was once conservator and then executor for a relative who had property in another state. Even though the property was not worth much, it created a nightmare administration wise. As conservator, I had to dea...
by reggiesimpson
Sat Feb 09, 2019 1:50 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

I would not do it My reason is very simple: when things go smooth, it is fine, when thing goes sour you will potentially lose your son. I would do it if I think it is a gift that I can lose it without blinking my eyes. And even if I can lose the money, I rather give it to my son than to end of with...
by reggiesimpson
Sat Feb 09, 2019 1:34 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

If you want to go 50/50 on the deed with your son...have at it. However your son should consult his own attorney and obtain the mortgage in his name only if unmarried. I will tell him. Actually i will ask both of them to read this thread so they can make up their own mind. I have already asked my w...
by reggiesimpson
Sat Feb 09, 2019 1:14 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

Make sure you understand the legalities. I never heard of "joint tenants in common." There is joint tenancy with right of survivorship, and there is tenancy in common in which each fractional share is separately owned. I doubt a typical mortgage loan would be supported by tenancy in common. The onl...
by reggiesimpson
Sat Feb 09, 2019 1:08 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

I have not read this thread in detail so I apologize if anything that I say his redundant. I was once conservator and then executor for a relative who had property in another state. Even though the property was not worth much, it created a nightmare administration wise. As conservator, I had to dea...
by reggiesimpson
Sat Feb 09, 2019 1:03 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

HueyLD wrote:
Sat Feb 09, 2019 12:39 pm
What would you do if the girlfriend sold her 1/4 ownership to an old boyfriend or her mother? That's what tenants in common means.
Well they do plan on getting married but i will ask that question with our atty. Thank you.
reggie.
by reggiesimpson
Sat Feb 09, 2019 1:01 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

My wife and i plan on buying a home with our son and his girlfriend in the near future. We will contribute 50% of the sale price to the purchase and my son and GF will come up with the other half via their assets and mortgage combo. We plan on contributing the 50% and not making it a gift or a loan...
by reggiesimpson
Sat Feb 09, 2019 1:00 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

Reggie, I wish you and your family all the best in this decision. On paper it all looks like a pretty good idea, but statistically the odds of this plan going well is very poor. It is just a fact as there are so many things that can go wrong with a high chance of failure when adding them all up. I ...
by reggiesimpson
Sat Feb 09, 2019 12:58 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

For me, the big problem is, they're not married! They haven't permanently committed to each other; why would you fund a situation that only works if they eventually get engaged, marry, and don't divorce? Working within the resources that you have is important for building the marriage partnership; ...
by reggiesimpson
Sat Feb 09, 2019 12:52 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

There are just two much better options. 1) gift them the money 2) buy the house, let them “rent to own” You don’t want to do 1) because you want control. You don’t want to do 2) because they aren’t beholden to you (no “skin in the game”) So you’ve developed an incredibly subprime way of accomplishi...
by reggiesimpson
Sat Feb 09, 2019 12:51 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son

As i stated repeatedly. I am looking for BH advice. I didnt come here completely ignorant with a Tabula Raza mentality. Just because i have countered almost every argument that finds fault with this concept doesnt mean i dont want to listen or that i havent sought other advice and thought through t...
by reggiesimpson
Sat Feb 09, 2019 12:30 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

I would observe that these threads about financially assisting children buy a home seem to always elicit the same range of responses: 1) let them figure it out on their own, have them stand on their own two feet! 2) So much can go wrong, entering into arrangments that mix assets, are in the boundar...
by reggiesimpson
Sat Feb 09, 2019 12:18 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

50% want to live NEAR their adult children. That is not even remotely the same as under the same roof. I agree with the idea of gifting him the money, he has 75% and she has 25%, and you stay with them when you visit. If the time comes that you want to move there, I would think that a great guest c...
by reggiesimpson
Sat Feb 09, 2019 12:09 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

There are just two much better options. 1) gift them the money 2) buy the house, let them “rent to own” You don’t want to do 1) because you want control. You don’t want to do 2) because they aren’t beholden to you (no “skin in the game”) So you’ve developed an incredibly subprime way of accomplishi...
by reggiesimpson
Sat Feb 09, 2019 11:58 am
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

50% want to live NEAR their adult children. That is not even remotely the same as under the same roof. I agree with the idea of gifting him the money, he has 75% and she has 25%, and you stay with them when you visit. If the time comes that you want to move there, I would think that a great guest c...
by reggiesimpson
Sat Feb 09, 2019 11:50 am
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

Hey Reggie - this has been a very interesting post. Your children sound successful, responsible and close to their families emotionally. The fact that you want to entertain this endeavor together speaks volumes about your relationship among the 4 of you. Therefore, I recommend go for it. Regardless...
by reggiesimpson
Sat Feb 09, 2019 11:47 am
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son

Yes his GF is involved but must sign an agreement that stipulates the house must be sold immediately if they split up before marriage. Mortgage insurance will handle death. If they lose their jobs the house will be sold and they would rent. Thank you. reggie Some people just split up for a couple w...
by reggiesimpson
Sat Feb 09, 2019 11:43 am
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

My wife and i plan on buying a home with our son and his girlfriend in the near future. We will contribute 50% of the sale price to the purchase and my son and GF will come up with the other half via their assets and mortgage combo. We plan on contributing the 50% and not making it a gift or a loan...
by reggiesimpson
Sat Feb 09, 2019 11:40 am
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son

Well i certainly understand those concerns but. The areas that have the better school systems (think grandchildren) are beyond their reach but not ours. So we help. If he could afford to do this comfortably on their own they may have gone for it but they cant and maybe they never will be able as th...
by reggiesimpson
Sat Feb 09, 2019 11:34 am
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

crz1 wrote:
Sat Feb 09, 2019 10:55 am
I suggest parents buy the house then rent to son. Parents are landlord, take depreciation, then pass to son as inheritance, step up basis, no need to pay tax.
Without their having skin in the game (they are also putting down cash) renting has its own set of issues. Thank you.
reggie
by reggiesimpson
Sat Feb 09, 2019 11:31 am
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

OP - After reading this thread, I can't find a single person who thinks this is a good idea. Are you really seeking advice or validation of a decision you've already made? My advice is that you buy a house a rent it to your son until such time he can pay you back for it. But I don't expect that to ...
by reggiesimpson
Sat Feb 09, 2019 11:26 am
Forum: Personal Finance (Not Investing)
Topic: Buying house with son [and his girlfriend]
Replies: 169
Views: 6639

Re: Buying house with son [and his girlfriend]

novillero wrote:
Sat Feb 09, 2019 9:54 am
If you thought it was a good idea, you wouldn’t have asked strangers for their opinion.
I respect BH opinions. Thats why i am here. Thank you.
'reggie.