Search found 483 matches

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: 2157

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: 3276

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: 49
Views: 5164

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: 49
Views: 5164

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...
by riverguy
Sun Feb 11, 2018 4:33 pm
Forum: Personal Consumer Issues
Topic: Best place to exchange dollars to euros?
Replies: 49
Views: 5164

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
by riverguy
Sun Feb 11, 2018 3:11 pm
Forum: Personal Finance (Not Investing)
Topic: Making an offer and buying a foreclosure?
Replies: 12
Views: 1536

Re: Making an offer and buying a foreclosure?

Highly unlikely an REO property will go under contract with a contingency to sell your current house. A lot of the banks don't even like to give inspection/financing contingencies. You can get them if you fight for them but they try to go without upfront. Most realtors are useless for most transacti...
by riverguy
Sun Feb 11, 2018 7:32 am
Forum: Personal Finance (Not Investing)
Topic: Auto loan teaser rates lower than mortgage rates - arbitrage opportunity?
Replies: 13
Views: 1349

Re: Auto loan teaser rates lower than mortgage rates - arbitrage opportunity?

thewizzer wrote:
Sun Feb 11, 2018 4:13 am
I’ve never heard of a bank allowing someone to cash out the equity on a car. Seems like a risky proposition for all involved parties, being that cars are generally a depreciating asset.
You can do this as long as the car is not too old. The real question is why? Such a hassle for $300/yr.
by riverguy
Sat Feb 10, 2018 11:08 am
Forum: Personal Investments
Topic: Accredited investor resources
Replies: 26
Views: 2485

Re: Accredited investor resources

People on here will crap on anything that aren’t index funds from vanguard so this is probably not the best place to ask.
by riverguy
Sat Feb 10, 2018 11:01 am
Forum: Personal Consumer Issues
Topic: Buying a rental house. Pay cash or mortgage?
Replies: 21
Views: 2410

Re: Buying a rental house. Pay cash or mortgage?

Why even buy the house if they are just going to be gifting money back? Seems like a TOD deed is way better suited for this. You can’t deduct anything anyways unless you charge them market rent.
by riverguy
Sat Feb 10, 2018 9:34 am
Forum: Personal Consumer Issues
Topic: Buying a rental house. Pay cash or mortgage?
Replies: 21
Views: 2410

Re: Buying a rental house. Pay cash or mortgage?

Without a doubt renting a 250k house for $1100 is going to be considered under market rate to your family. You aren’t going to be able to deduct your expenses and if you do I would expect an audit at some point on those constant losses you will be showing on the property.
by riverguy
Thu Feb 08, 2018 4:41 pm
Forum: Investing - Theory, News & General
Topic: How to deal with regret
Replies: 99
Views: 12115

Re: How to deal with regret

My best friend lump summed her entire life savings into the market 10 days ago. She is 60. I have forbidden her from looking at the figures or listening to the news until I tell her. Remember that you have not incurred any losses until you actually sell. Be grateful you have cash enough that you do...
by riverguy
Thu Feb 08, 2018 1:40 pm
Forum: Personal Finance (Not Investing)
Topic: Rental Sell or Keep Decision help
Replies: 9
Views: 844

Re: Rental Sell or Keep Decision help

5% return sucks for a rental. I would sell it.
by riverguy
Wed Feb 07, 2018 8:16 am
Forum: Personal Finance (Not Investing)
Topic: Silly credit card rewards arbitrage opportunity
Replies: 29
Views: 4307

Re: Silly credit card rewards arbitrage opportunity

What are you going to do with the $2 you made?
by riverguy
Sun Feb 04, 2018 3:51 pm
Forum: Personal Finance (Not Investing)
Topic: Best rule of thumb for determining home affordability?
Replies: 54
Views: 4101

Re: Best rule of thumb for determining home affordability?

Seems severely flawed. Why would you exclude principal? You have to pay it. It's a real cost. Your principal payment could be the same as your combined interest, taxes, insurance and maintenance. All of a sudden your 18% allowance for housing expense is now 36%. Because the principal payments incre...
by riverguy
Sun Feb 04, 2018 3:47 pm
Forum: Personal Finance (Not Investing)
Topic: Best rule of thumb for determining home affordability?
Replies: 54
Views: 4101

Re: Best rule of thumb for determining home affordability?

Seems severely flawed. Why would you exclude principal? You have to pay it. It's a real cost. Your principal payment could be the same as your combined interest, taxes, insurance and maintenance. All of a sudden your 18% allowance for housing expense is now 36%.
by riverguy
Sat Feb 03, 2018 7:51 am
Forum: Personal Consumer Issues
Topic: How to receive large payment for a boat, PayPal vs Wire
Replies: 31
Views: 3701

Re: How to receive large payment for a boat, PayPal vs Wire

smitcat wrote:
Sat Feb 03, 2018 7:31 am
Please note - wired funds are reversible within the same day so be careful.
You could only do this if you call off the bank before the wire is accepted on the other end. Once a wire is accepted on the other end, they are only reversible in case of error on behalf of the bank.
by riverguy
Sat Feb 03, 2018 7:04 am
Forum: Personal Consumer Issues
Topic: How to receive large payment for a boat, PayPal vs Wire
Replies: 31
Views: 3701

Re: How to receive large payment for a boat, PayPal vs Wire

Meet at purchasers bank with the boat. Go to cashier with them and watch them get a cashiers check. Take the check and give them the title. Unhook the boat and go. You will get hosed if you use PayPal. You won't necessarily get hosed if you use PayPal, but you will have an unnecessary transaction f...
by riverguy
Fri Feb 02, 2018 7:28 pm
Forum: Personal Consumer Issues
Topic: How to receive large payment for a boat, PayPal vs Wire
Replies: 31
Views: 3701

Re: How to receive large payment for a boat, PayPal vs Wire

Meet at purchasers bank with the boat. Go to cashier with them and watch them get a cashiers check. Take the check and give them the title. Unhook the boat and go.

You will get hosed if you use PayPal.
by riverguy
Thu Feb 01, 2018 1:25 pm
Forum: Personal Finance (Not Investing)
Topic: Opening an LLC for investing: tax advantages?
Replies: 12
Views: 2022

Re: Opening an LLC for investing: tax advantages?

S Corp you are going to have to pay yourself a salary. Single person LLC is invisible on a federal tax level. So what's the point? Seems like a great way to get audited.
by riverguy
Thu Feb 01, 2018 10:16 am
Forum: Personal Finance (Not Investing)
Topic: Cut out the middleman (real estate purchase)
Replies: 5
Views: 787

Re: Cut out the middleman (real estate purchase)

Write up a deed with the sellers notarized signature. Pay the guy. Record the deed in the county deed records. You are the new owner.
by riverguy
Wed Jan 31, 2018 8:54 pm
Forum: Personal Finance (Not Investing)
Topic: Help! Insurance company wants new roof after closing!
Replies: 20
Views: 9225

Re: Help! Insurance company wants new roof after closing!

denovo wrote:
Wed Jan 31, 2018 6:59 am
A roof shouldn't be having major problems after only 18 yrs.
Quite the broad statement there without knowing anything about OPs location
by riverguy
Wed Jan 31, 2018 3:43 pm
Forum: Personal Finance (Not Investing)
Topic: Doubling of Standard Deduction--Really??
Replies: 56
Views: 8372

Re: Doubling of Standard Deduction--Really??

With 60k in itemized deductions, I'm sure you'll be fine. You don't have to be over 60K in deductions to be hurt. For a single with over 12k in itemized deductions the loss of the personal exemption is a dead loss. Not that big of a deal. A person itemizing that much surely can absorb that. Persona...
by riverguy
Wed Jan 31, 2018 3:37 pm
Forum: Personal Finance (Not Investing)
Topic: How to purchase mother's home to avoid problems: gift tax and inherited basis?
Replies: 11
Views: 1217

Re: How to purchase mother's home to avoid problems: gift tax and inherited basis?

Why over complicate it and overpay for stuff you don't need? Look at recent sales of similar stuff in the area. Document those sales and buy it for something around there. If you are paying cash, find a warranty deed that has been filed, modify it to suit your needs, have mom sign it and record it. ...
by riverguy
Wed Jan 31, 2018 3:20 pm
Forum: Personal Finance (Not Investing)
Topic: Doubling of Standard Deduction--Really??
Replies: 56
Views: 8372

Re: Doubling of Standard Deduction--Really??

(unless you have a bunch of kids where the increased child tax credit doesn't make up for the eliminated extra exemptions) The only losers will be those with "dependents" who are not "children" (under 17) because they will lose the exemption, and there is no compensating credit. Or people like me w...
by riverguy
Tue Jan 30, 2018 3:50 pm
Forum: Personal Finance (Not Investing)
Topic: Rental Depreciation Recapture
Replies: 12
Views: 1445

Re: Rental Depreciation Recapture

You need to know what the land is worth since you only depreciate the house. You should have to pay depreciation recapture on the difference between the sales price and your depreciation adjusted basis. Say the land is worth $30k. Your basis in the house is actual basis when you convert to rental or...
by riverguy
Mon Jan 29, 2018 9:45 pm
Forum: Personal Finance (Not Investing)
Topic: How to fill out Quitclaim deed for property in California
Replies: 17
Views: 1840

Re: How to fill out Quitclaim deed for property in California

Arizonasun2008 wrote:
Mon Jan 29, 2018 9:36 pm
The recording fee has increased this year:

https://arcc.sdcounty.ca.gov/Documents/SB2%202017.pdf
At least the weather is nice.
by riverguy
Mon Jan 29, 2018 9:30 pm
Forum: Personal Finance (Not Investing)
Topic: How to fill out Quitclaim deed for property in California
Replies: 17
Views: 1840

Re: How to fill out Quitclaim deed for property in California

Just found out that filing fees are now about $100 per document so 3 Quitclaim deeds in addition to two Revocable transfer of death deed puts us at $500 already. 👎🏼 Recording fees should be way less. Something on the order of $15 for the first page and a couple bucks after that. You only need one d...
by riverguy
Sun Jan 28, 2018 11:02 pm
Forum: Personal Finance (Not Investing)
Topic: How to fill out Quitclaim deed for property in California
Replies: 17
Views: 1840

Re: How to fill out Quitclaim deed for property in California

Why pay a professional? Brother doesn’t even need to be involved unless you want to be joint tenants with him. If you want to be tenants in common, Mom and Dad sign a deed giving her interest to you. That breaks the joint tenancy and it becomes TIC with your brother. If you want to be joint tenants ...
by riverguy
Sat Jan 27, 2018 8:16 pm
Forum: Personal Investments
Topic: "Muni Bonds Time Bomb" Barron's
Replies: 48
Views: 7314

Re: "Muni Bonds Time Bomb" Barron's

They’re not wrong. Timing is the only thing to argue about.
by riverguy
Sat Jan 27, 2018 7:34 am
Forum: Personal Investments
Topic: Don't market time...i know, i know.
Replies: 34
Views: 5355

Re: Don't market time...i know, i know.

I have a retirement date about 2 yrs from now. The markets are beyond my wildest imagination; more in my nest egg than I need. Is there a way to 'set some aside'? Sure, flame me, but I've been an invest and hold guy for 30 yrs. Never touched my 95% equities holdings even during 2007 era. Now stocks...
by riverguy
Mon Jan 22, 2018 7:06 pm
Forum: Personal Consumer Issues
Topic: Passport renewal and usage- what's the scoop?
Replies: 33
Views: 3469

Re: Passport renewal and usage- what's the scoop?

Anyone who thinks the Federal government is going to allow REAL ID to come into full effect with half the states on extensions is plain nuts.
by riverguy
Mon Jan 22, 2018 3:50 am
Forum: Personal Investments
Topic: Should I buy a business or suck it up at a job(s) with a pension.
Replies: 82
Views: 7357

Re: Should I buy a business or suck it up at a job(s) with a pension.

I wouldn’t be depending on two Illinois pensions for my retirement especially only being less than 50 years old now. Almost ten years into a bull market with an already underfunded pension and people fleeing the state of IL as fast as they can. It’s just not sustainable. Lots of public employees are...
by riverguy
Mon Jan 22, 2018 3:39 am
Forum: Personal Consumer Issues
Topic: Passport renewal and usage- what's the scoop?
Replies: 33
Views: 3469

Re: Passport renewal and usage- what's the scoop?

ccieemeritus wrote:
Sun Jan 21, 2018 11:09 pm
I suggest getting the passport card at the same time. It’s proof of identity and citizenship. Useful when getting a job or flying domestic.
What’s the point? Drivers license works fine for flying and how often are you getting a job?
by riverguy
Mon Jan 15, 2018 5:55 am
Forum: Personal Finance (Not Investing)
Topic: Best way to pay off mortgage (considering investment returns)
Replies: 9
Views: 2069

Re: Best way to pay off mortgage (considering investment returns)

Why would you want to take stock market risk for a 2% spread? Seems silly.
by riverguy
Wed Jan 10, 2018 7:16 pm
Forum: Investing - Theory, News & General
Topic: Kodakcoin
Replies: 101
Views: 10713

Re: Kodakcoin

Think about this when people say the market is efficient...
by riverguy
Wed Jan 10, 2018 2:39 pm
Forum: Investing - Theory, News & General
Topic: Avoiding being priced out in Los Angeles by buying the stock market
Replies: 27
Views: 4808

Re: Avoiding being priced out in Los Angeles by buying the stock market

Pretty much all assets are correlated these days. Why do you think the stock market crashed when real estate did? I think you are overthinking this...
by riverguy
Tue Jan 09, 2018 9:46 pm
Forum: Personal Finance (Not Investing)
Topic: how to transfer mortgage from one trust to another
Replies: 14
Views: 1221

Re: how to transfer mortgage from one trust to another

Typically most conveyances require notarization or witnesses, with notarization being most common. Varies based on state law of course. I would recommend singing in front of a notary.
by riverguy
Mon Jan 08, 2018 6:29 pm
Forum: Personal Finance (Not Investing)
Topic: how to transfer mortgage from one trust to another
Replies: 14
Views: 1221

Re: how to transfer mortgage from one trust to another

Whose name is actually on the mortgage? Who owns the property? Generally speaking, under the Garn St. Germain Act, a person can transfer property in and out of a Living Trust without triggering the Due on Transfer Clause in the mortgage. In CA you would accomplish this by executing a Quitclaim Deed...
by riverguy
Mon Jan 08, 2018 2:32 pm
Forum: Personal Finance (Not Investing)
Topic: how to transfer mortgage from one trust to another
Replies: 14
Views: 1221

Re: how to transfer mortgage from one trust to another

My county has indicated no special form is required. They indicate just a letter/or note should accomplish the task. My plan is to ‘refinance’ by having Trust B write a loan, and having Trust B pay off Trust A, thus paying off the loan. Then filing notice of mortgage with Trust B with the county. D...
by riverguy
Mon Jan 08, 2018 1:54 pm
Forum: Personal Finance (Not Investing)
Topic: Cash-out refinance to REDUCE equity?
Replies: 18
Views: 2121

Re: Cash-out refinance to REDUCE equity?

This is possibly a very idiotic question, however I’m wondering if it’s possible to somehow re-purchase your own house after you pay it off, in order to pull the equity out of it, and start a mortgage over again. I’m thinking of a situation where you have a million dollars tied up in a home in CA f...
by riverguy
Mon Jan 08, 2018 6:08 am
Forum: Personal Investments
Topic: Anything I can do with my home equity?
Replies: 9
Views: 1764

Re: Anything I can do with my home equity?

Seems like you need to sell it because of your DTI ratio. Not sure if you will be able to get the primary mortgage while having a new loan on the condo.
by riverguy
Sun Jan 07, 2018 10:57 pm
Forum: Personal Finance (Not Investing)
Topic: Ownership in real estate
Replies: 11
Views: 1407

Re: Ownership in real estate

It goes back to the Statutes of Frauds. Real estate contracts must be in writing and signed. Also there's no contract if there is no valuable consideration from the other side. Simply saying you are going to give up your ownership is not a contract. They might have a point if they offered you someth...
by riverguy
Sun Jan 07, 2018 9:35 pm
Forum: Personal Finance (Not Investing)
Topic: Ownership in real estate
Replies: 11
Views: 1407

Re: Ownership in real estate

No, I still want to be owner. It is an asset, and because no operating agreement was ever agreed upon, everyone is fighting. I was so stressed over it all and the fighting that i wrote an email saying i was relinquishing my ownership But i never signed anything and it was a few yrs back. Doesn't ma...
by riverguy
Sun Jan 07, 2018 6:27 pm
Forum: Personal Finance (Not Investing)
Topic: protecting future inheritance
Replies: 31
Views: 3346

Re: protecting future inheritance

There’s probably not a whole lot you can do unless your father is on board as well. Your mom could will you her personal things but joint property is another story. House is probably owned as joint tenants and would pass entirely to your dad on her death.
by riverguy
Sun Jan 07, 2018 6:17 pm
Forum: Personal Consumer Issues
Topic: Recommendations for 72 hours in Dublin, Ireland
Replies: 27
Views: 1898

Re: Recommendations for 72 hours in Dublin, Ireland

If you’ve ever been on a full brewery tour at coors or Budweiser in the US, I think you will find Guinness rather disappointing. I thought it was awful. There’s not an actual tour of the brewery (unless we missed it somehow?) and it is rather expensive. The big US brewers give free extensive tours. ...
by riverguy
Sun Jan 07, 2018 5:36 pm
Forum: Personal Finance (Not Investing)
Topic: Ownership in real estate
Replies: 11
Views: 1407

Re: Ownership in real estate

Don’t need a title company. Just record a quit claim deed in favor of the other parties
by riverguy
Sun Jan 07, 2018 12:35 pm
Forum: Personal Finance (Not Investing)
Topic: how to transfer mortgage from one trust to another
Replies: 14
Views: 1221

Re: how to transfer mortgage from one trust to another

Need to file an assignment of mortgage in the county the property in question is located.
by riverguy
Fri Jan 05, 2018 12:06 am
Forum: Personal Investments
Topic: Cryptocurrency Exit Strategy
Replies: 52
Views: 5882

Re: Cryptocurrency Exit Strategy

cfs wrote:
Thu Jan 04, 2018 11:41 pm
I don't have an exit strategy (because I don't have an entry strategy). Good luck and thanks for reading ~cfs~
And that's why this dude is sitting on a 12x gain in a month and you aren't.
by riverguy
Thu Jan 04, 2018 11:36 pm
Forum: Personal Investments
Topic: Cryptocurrency Exit Strategy
Replies: 52
Views: 5882

Re: Cryptocurrency Exit Strategy

I don't think anyone is trading anything for dollars, these are purely made-up "prices". Huh??? OP, you need to look at the coins outstanding to really see what a reasonable price target is. The reason BTC is so high is due to the low amount of coins outstanding and a small float. BTC has 17M coins...
by riverguy
Thu Jan 04, 2018 7:06 pm
Forum: Personal Finance (Not Investing)
Topic: Need help with tax plan - 250k family in Texas
Replies: 15
Views: 1619

Re: Need help with tax plan - 250k family in Texas

Do a mock tax return based on status quo. Figure out what you owe. Divide by pay periods left in the year. Add that amount to the withholding on your W4. Problem solved.