Search found 1035 matches

by JGoneRiding
Wed Aug 09, 2017 5:04 pm
Forum: Personal Finance (Not Investing)
Topic: Save to buy home on cash
Replies: 17
Views: 1747

Re: Save to buy home on cash

I agree with the general thought that I wouldn't do this. If I could have the cash in 10 yrs I would buy now and pay down. Over 10 years. Why? Anything "safe" over 10 years is going to loose out to inflation and increased cost. So you loose 2x. Your money can't keep up with general inflation and at ...
by JGoneRiding
Tue Aug 08, 2017 11:44 am
Forum: Personal Finance (Not Investing)
Topic: Buying a house with a current tenant?
Replies: 14
Views: 1671

Re: Buying a house with a current tenant?

in many (but not all) states you can evict a renter on purchase IF you are purchasing to occupy the place yourself. You cant do it to be able to raise rent etc, but if you purchase a place to be primary it can be terminated the lease
by JGoneRiding
Tue Aug 08, 2017 9:23 am
Forum: Personal Finance (Not Investing)
Topic: When does renting make sense
Replies: 112
Views: 11179

Re: When does renting make sense

Is it your assumption that when a home is rented, the landlord does not have to pay for upkeep or taxes or maintenance? Does the landlord not consider those factors when he decides on a rent price? How could you be better off renting? Is it your assumption that all the landlords are running a chari...
by JGoneRiding
Mon Aug 07, 2017 11:57 am
Forum: Personal Finance (Not Investing)
Topic: Buying parents home and estate planing
Replies: 17
Views: 1651

Re: Buying parents home and estate planing

It only got mentioned once, but I want to repeat it. "Buying" the mortgage would be a really clean option. You could "loan" the money at the going irs rate as a 30 yr term (I would write up a mortgage lein document and everything ) you would need to pay taxes on the implied interest bUT you could in...
by JGoneRiding
Mon Aug 07, 2017 11:25 am
Forum: Personal Finance (Not Investing)
Topic: How much do kids cost in a high COLA?
Replies: 57
Views: 4701

Re: How much do kids cost in a high COLA?

You have to wonder where all that money goes to... I know it's not the workers... The problem is the very low student to teacher ratios required for young children. Our daycare has 1 worker per 4 babies. If you pay the worker $25k/yr (they work 12 hour days- it's more than 40 hours a week), just th...
by JGoneRiding
Mon Aug 07, 2017 11:13 am
Forum: Personal Finance (Not Investing)
Topic: How much do kids cost in a high COLA?
Replies: 57
Views: 4701

Re: How much do kids cost in a high COLA?

I just had my first. i am 36 ad primary breadwinner. This year he is costing about 40k! mostly in chosen loss of income. For insurance, daycare, and diapers alone he runs about 1k/mos. I spent next to nothing on "stuff" thanks to gifts He is worth every penny! my back up plan if I didn't find a "rel...
by JGoneRiding
Sun Aug 06, 2017 3:26 pm
Forum: Personal Finance (Not Investing)
Topic: What to do if someone is using your home address?
Replies: 35
Views: 84580

Re: What to do if someone is using your home address?

Bought my home 16 years ago ,still get the IRA account info. of the previous owner.Every year,even after sending it back ,and marking envelope's ,and speaking with postal service .??? How much work am I supposed to do? Well I don't get anything thay impt looking but some stuff for actually 2 owners...
by JGoneRiding
Sun Aug 06, 2017 2:38 pm
Forum: Personal Finance (Not Investing)
Topic: Ira vs roth
Replies: 14
Views: 1211

Re: Ira vs roth

If you think you'll be in phase-out, I would put it all in Roth now. Then next year, work your taxes and figure out how much could be deductible, then recharacterize that amount before tax day. How hard is it to recharacterizate? It just sounds like a lot of work vs jusy wait. But then I am out of ...
by JGoneRiding
Sun Aug 06, 2017 11:19 am
Forum: Personal Finance (Not Investing)
Topic: Townhome or condo?
Replies: 29
Views: 2665

Re: Townhome or condo?

We cannot afford a good school area and we are currently paying a rent of $2400 for a 2B 1B apt. All good school condo's are 850K plus. I have been pre-approved for a max of 800K house. Principal + interest / month for condo : $2,207 Housing Debt/Income Ratio: 29% Principal + interest / month for T...
by JGoneRiding
Sun Aug 06, 2017 11:11 am
Forum: Personal Finance (Not Investing)
Topic: What criteria warrants a need for Living Revocable Trust?
Replies: 67
Views: 6511

Re: What criteria warrants a need for Living Revocable Trust?

Can I add a question? If you have young children and in the event of death of both spouses life insurance would go to them, do you need a living trust to title the insurance to? Or can your will establish trust for the child and the life insurance be titled there? The reason I ask is our agent was o...
by JGoneRiding
Sat Aug 05, 2017 8:58 pm
Forum: Personal Finance (Not Investing)
Topic: First Home - How Much *Should* I spend?
Replies: 8
Views: 1184

Re: First Home - How Much *Should* I spend?

Well you could afford more but there is no rule that says you must buy as much house as you can afford or that you must buy as big a house as possible. If you would be happy for at least 7 yrs but hopefully 10 in the house you describe I say it is likely to be the best financial decision ever to buy...
by JGoneRiding
Sat Aug 05, 2017 8:02 pm
Forum: Personal Finance (Not Investing)
Topic: Ira vs roth
Replies: 14
Views: 1211

Re: Ira vs roth

2nd question: If we end up in phaseout area (magi between 99k and 119k) can I contribute to both? The amount that is deductible to a tIRA and the remainder to the roth? I have already put some for the year into the roth and was just getting ready to put the rest in (about 4400) when I realized I had...
by JGoneRiding
Sat Aug 05, 2017 7:46 pm
Forum: Personal Finance (Not Investing)
Topic: Ira vs roth
Replies: 14
Views: 1211

Re: Ira vs roth

I misread your original post. When you said you'll be in 25% tax bracket no matter what, I was thinking you're in 100k+ and thus not eligible for tIRA deduction. I agree that you should wait until 12/31 to know if you can take deduction for tIRA. If not, Roth IRA is always there. Assuming you're pu...
by JGoneRiding
Sat Aug 05, 2017 7:35 pm
Forum: Personal Finance (Not Investing)
Topic: Want to finish mortgage in five years, how much to pay?
Replies: 15
Views: 2164

Re: Want to finish mortgage in five years, how much to pay?

Do you have up to date excel? There is an Amort table in there that allows for random extra payment and requires no math functions very nice
by JGoneRiding
Sat Aug 05, 2017 6:12 pm
Forum: Personal Finance (Not Investing)
Topic: Capital One -- Again!
Replies: 59
Views: 12935

Re: Capital One -- Again!

I only use my 360 acct as savings. In process of switching to Ally for higher rate. I hadn't noticed a website change. It seemed fine this morning when I logged on to make a transfer. I was originally with ing
by JGoneRiding
Sat Aug 05, 2017 6:06 pm
Forum: Personal Finance (Not Investing)
Topic: Ira vs roth
Replies: 14
Views: 1211

Re: Ira vs roth

I don't know if you can contribute to tIRA while you have simple IRA. From what I know, you can't take IRA deduction if you have a qualified employer 401k plan. This is incorrect. You can take the full deduction if your MAGI is <99k for married filers with full phaseout at $119k. At your marginal r...
by JGoneRiding
Sat Aug 05, 2017 5:55 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Questions
Replies: 8
Views: 943

Re: Refinance Questions

Op. I am surprised too. Using an online mortgage provider last mos (rec through costco) I was quoted 650. And then they waived the whole thing because their internal determination was good enough (this cost me nothing ) so I think the issue is with the credit union you chose. But what do you really ...
by JGoneRiding
Sat Aug 05, 2017 3:20 pm
Forum: Personal Finance (Not Investing)
Topic: Ira vs roth
Replies: 14
Views: 1211

Re: Ira vs roth

Your income allows you to contribute to Roth IRA. Considering your situation that there's a good chance you need to withdraw from your savings to cover the expenses. Roth IRA can allow you to withdraw the contribution at any time without tax and penalties. Yes I am very aware of this. There is 50k ...
by JGoneRiding
Sat Aug 05, 2017 3:06 pm
Forum: Personal Finance (Not Investing)
Topic: Ira vs roth
Replies: 14
Views: 1211

Ira vs roth

I KNOW, I know we beat this subject to death. Humor me and give me an opinion for my personal situation. As any one who pays attention to who posts what knows, I just had my first child. I am the primary breadwinner and I am cutting back some at work. Between that and maternity leave I believe my gr...
by JGoneRiding
Sat Aug 05, 2017 2:51 pm
Forum: Personal Finance (Not Investing)
Topic: Are we house poor? [Property Tax Madness]
Replies: 79
Views: 9376

Re: Are we house poor?

Our property taxes are outrageous, about $6K per year, That doesn't seem outrageous to me but without knowing the property valuation it is hard to tell. 15 years ago we were paying $1,000 per month on property tax on a $400K assessed value in Wisconsin. That included garbage pickup. Both sound outr...
by JGoneRiding
Sat Aug 05, 2017 11:05 am
Forum: Personal Finance (Not Investing)
Topic: only have 401k & emergency funds. what's next?
Replies: 24
Views: 2082

Re: only have 401k & emergency funds. what's next?

I am going to be slightly contrary here. I agree with the basics above, EXCEPT I think op should max the 401k AND max a backdoor Roth for the wife. For 2 reasons, 1) it locks money up and i think that is probably good for them both 2) and this is the more importante!! Op is 37 and WAY WAY behind. If...
by JGoneRiding
Fri Aug 04, 2017 12:39 pm
Forum: Personal Finance (Not Investing)
Topic: How much money do you want to retire?
Replies: 276
Views: 29643

Re: A poll: How much money do you want to retire?

36. 2.5 mil at age 55 or higher. (Would need more before that ) and a Paid for house , bonus if paid for rentals.
by JGoneRiding
Thu Aug 03, 2017 6:32 pm
Forum: Personal Finance (Not Investing)
Topic: Should you buy or rent a 140k apartment/house?
Replies: 12
Views: 1263

Re: Should you buy or rent a 140k apartment/house?

Well it was vet school instead, but we bought. Granted this was in the run up. I grad in 2007, we sold just in time. had roommates that covered all the cost of mortgage. bought the worse house in the best neighborhood. and did a bunch of improvements. sold for 70k profit. Honestly though it was most...
by JGoneRiding
Wed Aug 02, 2017 10:56 am
Forum: Personal Finance (Not Investing)
Topic: How far off are Zillow's estimates?
Replies: 82
Views: 9114

Re: How far off are Zillow's estimates?

I would suspect their 'median list price' is accurate since that is pulling from known data. There home value estimates are certainly off, my hunch is the factor is so volatile as to not be helpful. As for your own appraisal - it should include both comps and detailed workup of the home itself so y...
by JGoneRiding
Wed Aug 02, 2017 10:52 am
Forum: Personal Finance (Not Investing)
Topic: Aging in place and landlord exit strategies
Replies: 13
Views: 2380

Re: Aging in place and landlord exit strategies

In addition to the above, what is the inflow/outflow on the rental? Do you like the amount it is cashflowing or is it to low for the hassle? Would it make sense to sale your current home and capture the capital gains and live in the rental indefinitely?
by JGoneRiding
Tue Aug 01, 2017 11:20 am
Forum: Personal Finance (Not Investing)
Topic: what should my parents do with $100k they just received.
Replies: 12
Views: 1990

Re: what should my parents do with $100k they just received.

My parents are likely to be in the same spot and don't even have 50k in savings or a pension (they are actually retired and for all intents and purposes surviving off the value of their house and room rentals) I have advised a CD ladder. It is "ultra safe" which most people in that situation need or...
by JGoneRiding
Mon Jul 31, 2017 9:10 pm
Forum: Personal Finance (Not Investing)
Topic: Structuring payoff offer for house in foreclosure, above water
Replies: 27
Views: 3304

Re: Structuring payoff offer for house in foreclosure, above water

The family elected to pay the back amount to pull the 1st out of foreclosure, and stop the fee accumulation. That just happened. There was no indication the 1st holder was willing to negotiate. Let me be clear: the family wants to keep the individual in the house even if it is expensively stupid to...
by JGoneRiding
Mon Jul 31, 2017 8:56 pm
Forum: Personal Finance (Not Investing)
Topic: Retirement savings sufficient to justify home renovations?
Replies: 17
Views: 2087

Re: Retirement savings sufficient to justify home renovations?

Are those tIRA s deductible ? I would think not at that income and with you both having retirement at work. You should most likely do Roth instead .
by JGoneRiding
Mon Jul 31, 2017 1:35 pm
Forum: Personal Finance (Not Investing)
Topic: Cheap "starter" home or stretch "forever" home?
Replies: 18
Views: 1803

Re: Cheap "starter" home or stretch "forever" home?

Anything in between? All I cam say is no way would I go for 1 bath with 4 people. It won't be long at all before you want an upgrade for thay 1 thing alone. Even if just a half bath, but with 2 kids I personally wouldn't even look at anything that didn't have at least a 3/4 bath in master.
by JGoneRiding
Mon Jul 31, 2017 1:26 pm
Forum: Personal Finance (Not Investing)
Topic: Should we increase our retirement savings rate?
Replies: 35
Views: 3213

Re: Should we increase our retirement savings rate?

How much do you think you need for retirement? If you go with your 75k number and a 4% "swr" that makes a need for ~1.9 million I think you are not counting two pensions and two social security, correct? That money will be there so it should be included. I think the pensions will be 40k to 50k per ...
by JGoneRiding
Mon Jul 31, 2017 1:15 pm
Forum: Personal Finance (Not Investing)
Topic: Finance Plan Check In
Replies: 3
Views: 623

Re: Finance Plan Check In

Why do you feel you need a more expensive house? I thought that was the best part of your status. I don't live there but in 5 years you might literally just be spending more money for an equivalent house since it seems prices go up faster than any normal person could ahead. And the transaction Costs...
by JGoneRiding
Mon Jul 31, 2017 12:58 pm
Forum: Personal Finance (Not Investing)
Topic: Disability Insurance for 30 year old single income
Replies: 16
Views: 953

Re: Disability Insurance for 30 year old single income

When you talked to the broker did you tell him you had the policy at work? There is a max amount (usually 60% of income) that you can purchase TOTAL in disability insurance. So what does 15k/mos equal in income (incl bonus exclude stocks they might give)? If that puts you at close to 60% I would not...
by JGoneRiding
Mon Jul 31, 2017 10:00 am
Forum: Personal Finance (Not Investing)
Topic: Should we increase our retirement savings rate?
Replies: 35
Views: 3213

Re: Should we increase our retirement savings rate?

How much do you think you need for retirement? If you go with your 75k number and a 4% "swr" that makes a need for ~1.9 mil Make yourself a table--does your current pot plus what you want to add plus the "expected return" plus the time you want to take get you there? What about increasing amounts la...
by JGoneRiding
Sun Jul 30, 2017 11:42 am
Forum: Personal Finance (Not Investing)
Topic: How to calculate your retirement number
Replies: 95
Views: 10876

Re: How to calculate your retirement number

There are a ton of very nice calculators to help walk you through it. Pick 2 and see what you get. How far from retirement are you? Cause I barely know what my current expenses are let alone calculating for 20 years from now.

Fidelity's calculator is nice, as is BOA/Meryl Lynch.
by JGoneRiding
Sun Jul 30, 2017 11:39 am
Forum: Personal Finance (Not Investing)
Topic: 1031 Exchange
Replies: 20
Views: 1498

Re: 1031 Exchange

Thank you for all the great replies. My follow up question is: If we were to go through with the 1031 Exchange and buy a property that conceivably could be our primary residence down the road, rent it out for the first two years and live in it for five years, then sell it. Now would the capital gai...
by JGoneRiding
Sun Jul 30, 2017 11:30 am
Forum: Personal Finance (Not Investing)
Topic: 1031 Exchange
Replies: 20
Views: 1498

Re: 1031 Exchange

Buy house for 100k, Own for 10 years, live in for last 8 years (since you said 2 rental) sale for 200k. Capital gains is 100k of which 1/5 was in rental service so you owe taxes on 20k, plus depreciation which would be fairly low since of course the land is separate value. Are you sure you have to ...
by JGoneRiding
Sat Jul 29, 2017 11:31 am
Forum: Personal Finance (Not Investing)
Topic: How much income and down payment to afford 300k house?
Replies: 50
Views: 6332

Re: Can this person afford a 300k house?

That's just not been my experience, I have gone all the way to 43% on housing debt with no other debt. Not something I was comfortable doing long term, though. My current PITI minimum payment is at 22% of gross only. How high was your income though? I think they are cut offs they don't post where u...
by JGoneRiding
Sat Jul 29, 2017 10:59 am
Forum: Personal Finance (Not Investing)
Topic: 1031 Exchange
Replies: 20
Views: 1498

Re: 1031 Exchange

I am not a CPA or anything just a landlord. If you read the IRS Pub (523 I believe) on selling housing and scroll WAY down (as several on here have not and gotten confused) it has a work sheet at the bottom on how to truncate gains of rental vs owned periods. In short. Yes of course you have to pay ...
by JGoneRiding
Fri Jul 28, 2017 12:31 pm
Forum: Personal Finance (Not Investing)
Topic: Is it too late to write off basement finish from 4 yrs ago?
Replies: 8
Views: 1676

Re: Is it too late to write off basement finish from 4 yrs ago?

Gill wrote:Aside from the fact it was not rental property at the time of the expense, you are probably a cash basis taxpayer and can't deduct something you spent in a prior year.
Gill
He could specifically depreciate it though couldn't he???

Esp if it was done for the intent of renting.
by JGoneRiding
Fri Jul 28, 2017 12:19 pm
Forum: Personal Finance (Not Investing)
Topic: My life so far, my student loan refinancing, and my next steps
Replies: 8
Views: 1127

Re: My life so far, my student loan refinancing, and my next steps

I would put 11, 12, n , 13 above. 7, 8, n 9. Probably even 6.

For increasing 401k. The simplest is to up it 1% with every raise.
by JGoneRiding
Fri Jul 28, 2017 10:48 am
Forum: Personal Finance (Not Investing)
Topic: Savings rate: gross or net?
Replies: 56
Views: 5058

Re: Savings rate: gross or net?

Gross, too many variables and definitions that can mean net. Wait. Isn't somebody going to ask about AGI? Or MAGI? 8-) We go with gross income for savings rate. I like your idea! but of course I never know those numbers till I finish the taxes and by the time I do that going back and calculating wh...
by JGoneRiding
Fri Jul 28, 2017 10:42 am
Forum: Personal Finance (Not Investing)
Topic: Savings rate: gross or net?
Replies: 56
Views: 5058

Re: Savings rate: gross or net?

I can't save what I never had, so basing it on gross seems counter-intuitive. Excellent point. It's a reminder, OP, that you have to account for some taxes, as well. You can't spend what you never have in retirement. JT That may be but 401k numbers etc are based on gross. (and you never have the mo...
by JGoneRiding
Thu Jul 27, 2017 9:32 pm
Forum: Personal Finance (Not Investing)
Topic: Do people really buy foreclosures unseen?
Replies: 21
Views: 2833

Re: Do people really buy foreclosures unseen?

I work with a number of investors and we avoid these properties like the plague. Often the bank wants to hand off their problems to an investor and let them try to evict the occupants. Sure, they can be good deals when everything goes smoothly but, I have also read about evictions that took 5 years...
by JGoneRiding
Thu Jul 27, 2017 3:11 pm
Forum: Personal Finance (Not Investing)
Topic: Should I Quit my 6-figure job?
Replies: 84
Views: 10248

Re: Should I Quit my 6-figure job?

So to me "quit" means you walk in one day and say I am done. THAT you can't do. You have a SAHM and kids.!. What you can do is begin to set aside money specifically for transition and start to peruse job opportunities and update Linked in. You may find a great opportunity and/or you may find that yo...
by JGoneRiding
Thu Jul 27, 2017 10:54 am
Forum: Personal Finance (Not Investing)
Topic: Rental Property - Best Legal Structure?
Replies: 23
Views: 2312

Re: Rental Property - Best Legal Structure?

I will just comment on umbrella coverage. Mine is with same company that insures my rental properties (though it doesn't nec have to be) It specifically says "incl Landlord for x and y" so I do not think you need to be concerned about a business policy you just have to make sure that they list your ...
by JGoneRiding
Wed Jul 26, 2017 6:34 pm
Forum: Personal Finance (Not Investing)
Topic: Short term lease to home buyer
Replies: 32
Views: 1433

Re: Short term lease to home buyer

Virtually all mortgages aren't late until 15th. Check your statement it should say "payment after x is"
by JGoneRiding
Wed Jul 26, 2017 6:08 pm
Forum: Personal Finance (Not Investing)
Topic: Short term lease to home buyer
Replies: 32
Views: 1433

Re: Short term lease to home buyer

it is generally a daily rate BUT at the buyers p&i rate not the sellers! I have done this. Worked well for both. As long as less than 45 days don't bother your insurance agent. You should already have an umbrella so liability should be min
by JGoneRiding
Wed Jul 26, 2017 12:29 pm
Forum: Investing - Theory, News & General
Topic: Are bitcoins nonsense?
Replies: 73
Views: 6349

Re: Are bitcoins nonsense?

acanthurus wrote:I use mine to buy tulips.
Lol. At least tulips are pretty. Now I am curious how many get the refrence. Probably none of those that think they understand bit coin ;)
by JGoneRiding
Wed Jul 26, 2017 12:14 pm
Forum: Personal Finance (Not Investing)
Topic: Best way to handle selling investment condo to my son?
Replies: 7
Views: 832

Re: Best way to handle selling investment condo to my son?

Go through a proper title company and have them set it up. There are special mortgage like companies that handle the paperwork for these situations to make sure you are in compliance with irs
by JGoneRiding
Mon Jul 24, 2017 9:59 pm
Forum: Personal Finance (Not Investing)
Topic: Order of Operations (Retirement, Loans, Emergency Fund)
Replies: 25
Views: 1988

Re: Order of Operations (Retirement, Loans, Emergency Fund)

The above list depends a little on the cost of carrying the debt. I liked Meg's list on saving for college over retirement or vice versa. But in general the above is good advice for most.