Search found 483 matches

by riverguy
Sat Sep 08, 2018 4:40 pm
Forum: Personal Finance (Not Investing)
Topic: Valuation of Texas Oil lease
Replies: 6
Views: 1005

Re: Valuation of Texas Oil lease

[Quoted post removed by admin LadyGeek] [/color] Such awful advice. Now is probably one of the worst times to sell a Permian property due to the oil differentials to WTI. You don't know anything about their property and you are telling them to sell. You don't know: Where it is, what's been drilled,...
by riverguy
Sat Sep 08, 2018 3:27 pm
Forum: Personal Finance (Not Investing)
Topic: Primary Res and Rental Prop MTG gymnastics
Replies: 3
Views: 398

Re: Primary Res and Rental Prop MTG gymnastics

Sell the rental then do what you want. $600 a month in cashflow on that is rather terrible especially if you have 300k in equity in it. If you refi'd to 80% LTV, you'd have 97k in equity in the house. $600 a month on that is a 7.5% levered cash on cash yield. Yuck.
by riverguy
Sat Sep 08, 2018 12:59 pm
Forum: Personal Finance (Not Investing)
Topic: mortgage accelerator?
Replies: 16
Views: 1151

Re: mortgage accelerator?

How do people honestly think these schemes work? Must have never taken a math class. Every month on each loan you are paying interest rate divided by 12 on the outstanding balance. The only way it works is if you are paying off higher interest rate debt with lower interest rate debt.
by riverguy
Fri Sep 07, 2018 5:59 pm
Forum: Personal Finance (Not Investing)
Topic: K1 delay and taxes
Replies: 16
Views: 1782

Re: K1 delay and taxes

Hello A couple years ago, I made an illiquid investment in a crowdfunded real estate partnership. I invested a very small amount ($4000) compared to my net worth ($1.5M, all in Vanguard). Being illiquid, I am not able to get out of it, I’ve been emailing them but it’s obviously not possible. This i...
by riverguy
Thu Sep 06, 2018 3:35 pm
Forum: Personal Consumer Issues
Topic: Short Sale Purchasing [property]
Replies: 18
Views: 1769

Re: Short Sale Purchasing [property]

Hi, I'm in process of purchasing a short sale. I put an offer - and that was accepted by the seller, and passed on to the seller's lender. The Seller's lender performed an appraisal, and it seems that their appraisal came back so high, that the lowest they may allow the sale is still higher than my...
by riverguy
Thu Sep 06, 2018 3:32 pm
Forum: Personal Consumer Issues
Topic: Short Sale Purchasing [property]
Replies: 18
Views: 1769

Re: Short Sale Purchasing

We bought a "short sale", but didn't know about the second mortgage until our offer was accepted. It was a nightmare that lasted 2 and half years...(another story for another day). I'm very interested in your story. Could you please share? Curious about your wording...you didn't know about the seco...
by riverguy
Tue Sep 04, 2018 7:04 pm
Forum: Personal Finance (Not Investing)
Topic: My Understanding of IRS Safe Harbor Rules ...
Replies: 28
Views: 2649

Re: My Understanding of IRS Safe Harbor Rules ...

UpperNwGuy wrote:
Tue Sep 04, 2018 6:28 pm
If you know now that you're going to owe $33,000, why not pay at least $30,000 before the end of the year and get that behind you?
Don't have it now, have better things to do with the money until April, have to make estimated payments if you can't withhold enough, etc, etc.
by riverguy
Mon Sep 03, 2018 8:05 pm
Forum: Personal Finance (Not Investing)
Topic: Recapturing depreciation on rental property upon sale
Replies: 4
Views: 804

Re: Recapturing depreciation on rental property upon sale

Of course you have to recapture it. Why do you think you wouldn’t have to? You don’t get a free ride in a 1031. It’s a deferral not elimination.
by riverguy
Sat Sep 01, 2018 3:25 pm
Forum: Personal Finance (Not Investing)
Topic: keep rental condo?
Replies: 18
Views: 1433

Re: keep rental condo?

Doesn't seem like a bad investment. Basically the house is yours and someone else is paying the mortgage for you. Once that paid off, you will start to see more rental income. And this is why most people don't do well as landlords. Not everything is a good rental. Sell it. Your numbers are extremel...
by riverguy
Mon Aug 27, 2018 10:19 am
Forum: Personal Finance (Not Investing)
Topic: business acct Xfers to Personal Acct
Replies: 9
Views: 547

Re: business acct Xfers to Personal Acct

That kind of activity probably makes it a little easier to pierce the corporate veil. A couple of things that may be worth considering: - Since you are set up to do payroll, you could pay out some bonuses. - If you think her business will continue to be more profitable, an invidual 401k can be VERY...
by riverguy
Sun Aug 26, 2018 6:05 pm
Forum: Personal Finance (Not Investing)
Topic: Buying into an S Corp with my IRA that i work for?
Replies: 4
Views: 462

Re: Buying into an S Corp with my IRA that i work for?

Sure seems like it is a prohibited transaction since it is dealing with your employer.
by riverguy
Sun Aug 26, 2018 8:34 am
Forum: Personal Finance (Not Investing)
Topic: LLC for one rental property?
Replies: 28
Views: 2601

Re: LLC for one rental property?

No it’s not worth it and does not need to be in an llc to receive the tax benefits.
by riverguy
Fri Aug 24, 2018 5:11 pm
Forum: Personal Finance (Not Investing)
Topic: business acct Xfers to Personal Acct
Replies: 9
Views: 547

Re: business acct Xfers to Personal Acct

Mjar wrote:
Fri Aug 24, 2018 2:24 pm
Or am I being too paranoid?
Yep
by riverguy
Fri Aug 24, 2018 8:04 am
Forum: Personal Finance (Not Investing)
Topic: Take auto loan 0.9% if I can afford cash?
Replies: 162
Views: 11388

Re: Take auto loan 0.9% if I can afford cash?

What I don’t understand is why the manufacturers or dealers want to subsidize something that (seems anyway) an inferior deal for them. If you were the manufacturer wouldn’t you rather not finance something at below market interest rates? It makes sense if you get a higher price but from what I unde...
by riverguy
Thu Aug 23, 2018 3:55 pm
Forum: Personal Consumer Issues
Topic: Circuit breaker stays tripped
Replies: 29
Views: 2870

Re: Circuit breaker stays tripped

Since you have replaced the breaker I ASSUME you are comfortable working inside the panel box. If so, remove the wire(s) on the breaker that trips. 1 wire, aka single pole is 120V circuit, 2 wires, aka double pole would be a 240V circuit. With the wires removed from the breaker, flip breaker on and...
by riverguy
Wed Aug 22, 2018 6:49 pm
Forum: Personal Finance (Not Investing)
Topic: Start Up Costs Write Off for Shell Entity - Dollar Limit? Time limit?
Replies: 2
Views: 361

Re: Start Up Costs Write Off for Shell Entity - Dollar Limit? Time limit?

What state are you in that it takes a month or two to get an entity name? Can’t inagine holding onto one for five years when here all you do is pay $100 online and they email it to you...
by riverguy
Tue Aug 21, 2018 5:56 am
Forum: Personal Finance (Not Investing)
Topic: Repairs, and the economic joys of homeownership
Replies: 17
Views: 2194

Re: Repairs, and the economic joys of homeownership

This is for anybody else facing the same water heater situation--hot water not lasting long enough. Most electric water heaters have two heating elements, top and bottom. If the bottom heater goes out, while the top heater is still working, then it will heat the top 1/3 of the tank, but the bottom ...
by riverguy
Mon Aug 20, 2018 1:44 pm
Forum: Personal Consumer Issues
Topic: Sellers beware on eBay.
Replies: 92
Views: 9169

Re: Sellers beware on eBay.

Why even go through the effort to list, package and ship a book for $1? Donate it or throw it away. Huge waste of time.
by riverguy
Thu Aug 16, 2018 4:51 pm
Forum: Personal Finance (Not Investing)
Topic: Inherited House Sale as Capital Loss
Replies: 27
Views: 1391

Re: Inherited House Sale as Capital Loss

How did you inherit a house through a will that didn’t go through probate? A will is not valid unless admitted to probate.
by riverguy
Wed Aug 15, 2018 10:59 am
Forum: Personal Consumer Issues
Topic: Travel over thanksgiving holiday, drive or fly?
Replies: 50
Views: 2743

Re: Travel over thanksgiving holiday, drive or fly?

It's threads like this that remind me why I bought my airplane. Yea those single engine small planes are just a beacon of safety. I feel safer flying in my single during the peak Thanksgiving travel days than being in interstate traffic. Also, If you do some research you might find that the data sh...
by riverguy
Wed Aug 15, 2018 8:18 am
Forum: Personal Consumer Issues
Topic: Travel over thanksgiving holiday, drive or fly?
Replies: 50
Views: 2743

Re: Travel over thanksgiving holiday, drive or fly?

neilpilot wrote:
Wed Aug 15, 2018 8:12 am
It's threads like this that remind me why I bought my airplane.
Yea those single engine small planes are just a beacon of safety.
by riverguy
Wed Aug 15, 2018 7:50 am
Forum: Personal Consumer Issues
Topic: Travel over thanksgiving holiday, drive or fly?
Replies: 50
Views: 2743

Re: Travel over thanksgiving holiday, drive or fly?

Find new relatives! :P who has a wedding on the Saturday after Thanksgiving???
by riverguy
Thu Aug 09, 2018 3:12 pm
Forum: Personal Finance (Not Investing)
Topic: QUESTION ANSWERED - House I paid 157k in 2007 sold for 55k in 2018
Replies: 25
Views: 2889

Re: House I paid 157k in 2007 sold for 55k in 2018 - CPA saying I will owe capital gains tax

niceguy7376 wrote:
Thu Aug 09, 2018 3:08 pm
I am still interested to know which part of US this home is located.
No kidding. How is this possible?
by riverguy
Thu Aug 09, 2018 3:08 pm
Forum: Personal Finance (Not Investing)
Topic: Rental Property - Keep, sell or refinance
Replies: 20
Views: 1421

Re: Rental Property - Keep, sell or refinance

Seems like a terrible rental. Sell.
by riverguy
Thu Aug 09, 2018 2:22 pm
Forum: Personal Finance (Not Investing)
Topic: Quit Claim on inherited house?
Replies: 16
Views: 1705

Re: Quit Claim on inherited house?

Just tell the court you disclaim the interest in the house. Court can put that in the final order and you won't need a QCD.
by riverguy
Thu Aug 09, 2018 8:39 am
Forum: Personal Consumer Issues
Topic: Do Airlines measure checked baggages?
Replies: 33
Views: 2413

Re: Do Airlines measure checked baggages?

Most likely will fly under the radar unless it is grossly out of size, which you said it is not. Weight is the main concern. Easier to measure quickly than size and more of a safety issue for workers.
by riverguy
Wed Aug 08, 2018 4:42 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage question
Replies: 20
Views: 1973

Re: Mortgage question

I wrote out an amortization schedule for our high rate mortgage, to see how much effect we'd have putting infrequent large or frequent small extra principal payments. This made it clear that early payments were more powerful than waiting. DH had received a small ($10k) inheritance, which we stuck i...
by riverguy
Wed Aug 08, 2018 8:14 am
Forum: Personal Finance (Not Investing)
Topic: Help to evaluate Job Offer
Replies: 27
Views: 2160

Re: Help to evaluate Job Offer

Seems like a big downgrade.
by riverguy
Wed Aug 08, 2018 7:38 am
Forum: Personal Finance (Not Investing)
Topic: Advice needed on final house negotiations
Replies: 37
Views: 2631

Re: Advice needed on final house negotiations

We are 30% down, so theoretically it doesn't effect us in financing, but psychologically it does. We don't live in an area in which house prices keep rising forever, it is entirely possible we could "lose" money on this house if we make this deal. I know the market here well enough that our price w...
by riverguy
Wed Aug 08, 2018 7:23 am
Forum: Personal Finance (Not Investing)
Topic: Advice needed on final house negotiations
Replies: 37
Views: 2631

Re: Advice needed on final house negotiations

I wouldn't be so sure that they would not get an appraisal for an extra $20k. Appraisals are a subjective joke anyways.

Why would you care if the agents lower their commission or if the seller takes the hit? That seemed to irk you.
by riverguy
Tue Aug 07, 2018 7:25 pm
Forum: Personal Finance (Not Investing)
Topic: When are the taxes due on rental property sale
Replies: 14
Views: 1068

Re: When are the taxes due on rental property sale

it seems like i should drop all my withholding allowances for the rest of the year from my current 6 withholdings.. it will get me closer, but I would still owe more than $1K, but it would be within my 90% tax liability. then 1 month into 2019 I could adjust them back accordingly. it sucks that i h...
by riverguy
Tue Aug 07, 2018 1:06 pm
Forum: Personal Finance (Not Investing)
Topic: Is solar power for your home a worthwhile investment?
Replies: 145
Views: 14149

Re: Is solar power for your home a worthwhile investment?

investingdad wrote:
Tue Aug 07, 2018 10:36 am
What about the benefit of having power in the event of a power failure? That requires a pricier system I believe?
Only if the sun is out or if you pay significantly more for batteries to store the power.
by riverguy
Sat Aug 04, 2018 8:21 am
Forum: Personal Finance (Not Investing)
Topic: Is solar power for your home a worthwhile investment?
Replies: 145
Views: 14149

Re: Is solar power for your home a worthwhile investment?

It only makes sense if you have ridiculous electricity rates or amazing state/local subsidies. It should tell you something that an above poster pays 39 cents for winter electricity (only about 6x what I pay!) and still has a 4 year payout after the 30% fed subsidy! Solar is entirely dependent on su...
by riverguy
Mon Jul 30, 2018 1:11 pm
Forum: Personal Finance (Not Investing)
Topic: Any reason a building should not consent to a condo buyer using a family mortgage?
Replies: 19
Views: 1988

Re: Any reason a building should not consent to a condo buyer using a family mortgage?

Could be used as a work-around for someone not in a financial position to buy the condo through a bank mortgage because of inadequate assets, income, or credit history. This sounds the most relevant to me. If someone can't qualify for a traditional bank mortgage, they also might not be able to pay ...
by riverguy
Wed Jul 25, 2018 5:54 am
Forum: Personal Finance (Not Investing)
Topic: Buying house with cash
Replies: 12
Views: 1478

Re: Buying house with cash

Got 5mm at age 30. It’s 10% of your net worth, why is it even a question? You have to live somewhere.
by riverguy
Tue Jul 24, 2018 10:25 am
Forum: Personal Consumer Issues
Topic: Daughter wants to travel on her own to Montreal
Replies: 105
Views: 7594

Re: Daughter wants to travel on her own to Montreal

Pretty much everything is in French so she better have a plan for that. What would one do for 4-5 days in Montreal? Can think of plenty of better places, but to each his own Is the Jazz Festival or the Comedy Festival still on? Then I can't think of a better place*. * New York. Of course. Practical...
by riverguy
Tue Jul 24, 2018 7:45 am
Forum: Personal Consumer Issues
Topic: Daughter wants to travel on her own to Montreal
Replies: 105
Views: 7594

Re: Daughter wants to travel on her own to Montreal

Pretty much everything is in French so she better have a plan for that.

What would one do for 4-5 days in Montreal? Can think of plenty of better places, but to each his own
by riverguy
Mon Jul 23, 2018 5:53 am
Forum: Personal Finance (Not Investing)
Topic: Real estate partnership
Replies: 14
Views: 1168

Re: Real estate partnership

Only you and him can decide what’s fair. How on earth would strangers on the internet be able to tell you this?
by riverguy
Sun Jul 22, 2018 11:34 am
Forum: Personal Finance (Not Investing)
Topic: What have been your experiences in purchasing a plot of land to build a someday home?
Replies: 17
Views: 2046

Re: What have been your experiences in purchasing a plot of land to build a someday home?

Half acre for $1,000? You sure the lake is not a mirage and you are in the middle of the desert?
by riverguy
Thu Jul 19, 2018 8:26 am
Forum: Personal Consumer Issues
Topic: Europe travel Qs [Questions]
Replies: 63
Views: 4353

Re: Europe travel Qs

When you charge something, do NOT allow them to convert to dollars "for your convenience". Charge in the local currency. Let the card company (e.g., VISA/bank) do that at official rates, rather than unknown rates and also unknown fees. RM It’s actually the other way around. If you allow DCC, the ra...
by riverguy
Sun Jul 15, 2018 12:11 pm
Forum: Personal Finance (Not Investing)
Topic: Should we sell our business?
Replies: 61
Views: 5870

Re: Should we sell our business?

Paying 7x cashflow for a small business would be pretty crazy.
by riverguy
Mon Jul 09, 2018 3:12 pm
Forum: Personal Finance (Not Investing)
Topic: Rental Property - Continue to Rent or Sell
Replies: 20
Views: 1930

Re: Rental Property - Continue to Rent or Sell

5% net returns on what amount? $120,000? Is that before or after depreciation? That's pretty dismal for a rental if it is before depreciation.
by riverguy
Tue Jun 19, 2018 12:52 pm
Forum: Personal Investments
Topic: Shorting Amazon
Replies: 44
Views: 5166

Re: Shorting Amazon

Even if you want to short amazon, you won't be able to borrow the shares from the typical brokerage firms like schwab, fidelity, etrade. [OT comment removed by moderator prudent] What are you talking about? One of the largest companies in the world that has been trading for decades is not going to ...
by riverguy
Tue Jun 19, 2018 5:55 am
Forum: Personal Investments
Topic: Shorting Amazon
Replies: 44
Views: 5166

Re: Shorting Amazon

Market can stay irrational longer than you can stay solvent especially when you are talking the golden boy of the market. It doesnt matter if you are right it matters when you are right.

[OT comment removed by moderator prudent]
by riverguy
Mon Jun 18, 2018 2:52 pm
Forum: Personal Finance (Not Investing)
Topic: [Flawed?] Paying off mortgage in 5 years
Replies: 39
Views: 4207

Re: Using HELOC to pay off mortgage in 7 years?

Makes no sense. You are actually probably paying more interest this way. Lack of understanding on how interest is calculated on a mortgage and why you pay a lot of interest in the early years.
by riverguy
Sat Jun 16, 2018 7:44 am
Forum: Personal Finance (Not Investing)
Topic: House that was in trust is actually in estate
Replies: 22
Views: 2626

Re: House that was in trust is actually in estate

Another update. Our lawyer has not contacted the title office. The title office in Florida offered to refer me to someone who can do the probate in Florida. I went back through emails to see where things went awry. The appraisal of the home from last March was written in the name of her estate. Whe...
by riverguy
Tue Jun 12, 2018 5:38 pm
Forum: Personal Consumer Issues
Topic: Anyone with a paid off house drop homeowners insurance
Replies: 79
Views: 6904

Re: Anyone with a paid off house drop homeowners insurance

Who would even consider this? $700/yr is incredibly cheap to insure that house.
by riverguy
Tue Jun 12, 2018 5:35 pm
Forum: Personal Finance (Not Investing)
Topic: House that was in trust is actually in estate
Replies: 22
Views: 2626

Re: House that was in trust is actually in estate

First of all why would you not check title on everything before going through probate? So easy to check on surface real property on county assessor sites. Don’t know FL laws but some states you would be able to just file will, order admitting to probate and the final order and that would be sufficie...