Search found 2386 matches

by Carefreeap
Mon Mar 16, 2015 8:24 pm
Forum: Personal Finance (Not Investing)
Topic: Rental Property
Replies: 22
Views: 2459

Re: Rental Property

Gunshow, Thank you for posting that link. I think her assessment is spot on. It's why I have a PM. We are 500 miles away and you need an on-site manager. The folks who bought the cabin behind ours manage it themselves. No way in heck am I going to work that hard! You're welcome, and you're spot on ...
by Carefreeap
Mon Mar 16, 2015 8:13 pm
Forum: Personal Finance (Not Investing)
Topic: Does an AirBnB guesthouse make sense?
Replies: 19
Views: 3081

Re: Does an AirBnB guesthouse make sense?

I'm posting a link gun show posted on another thread.

http://affordanything.com/2014/03/20/ai ... -business/

I think the REAL question you should ask is if you want to be a hotel host? :wink:
by Carefreeap
Mon Mar 16, 2015 7:42 pm
Forum: Personal Finance (Not Investing)
Topic: Rental Property
Replies: 22
Views: 2459

Re: Rental Property

Gunshow,

Thank you for posting that link. I think her assessment is spot on. It's why I have a PM. We are 500 miles away and you need an on-site manager. The folks who bought the cabin behind ours manage it themselves. No way in heck am I going to work that hard!
by Carefreeap
Mon Mar 16, 2015 7:21 pm
Forum: Personal Finance (Not Investing)
Topic: Should I sell my rental property?
Replies: 6
Views: 1045

Re: Should I sell my rental property?

How old are the two properties?
I have two properties that the numbers look good until you get into capital repairs.

Could you see yourself moving back into your starter home during retirement?
by Carefreeap
Mon Mar 16, 2015 3:32 pm
Forum: Personal Finance (Not Investing)
Topic: Did you buy a house because of low interest rate?
Replies: 25
Views: 2928

Re: Did you buy a house because of low interest rate?

We've preferred to own. And our relatively recent experience renting for three years while we lived in Germany reinforces that preference. Landlord was difficult. I couldn't use my front door for nearly six months because the stairs leading up to the front door were under construction. Totally unnec...
by Carefreeap
Mon Mar 16, 2015 10:06 am
Forum: Personal Finance (Not Investing)
Topic: How to ask someone to be executor/trustee?
Replies: 21
Views: 3172

Re: How to ask someone to be executor/trustee?

Even though she had a Trust and listed both properties, for some reason she didn't deed her rental property into the Trust. We had an "express' trip to Probate (6 months and $2500) to have that cleaned up. At least in my state, wills can have a provision that says anything not in the revocable livi...
by Carefreeap
Mon Mar 16, 2015 9:45 am
Forum: Personal Finance (Not Investing)
Topic: How to ask someone to be executor/trustee?
Replies: 21
Views: 3172

Re: How to ask someone to be executor/trustee?

I said yes to this question a couple of years ago when asked by an out-of-state relative. What have I potentially gotten myself into? I'm sorry for the hi-jack. I administered my mother's Trust (in CA) from AZ. It was really no big deal. The only issue I ran into was that when I tried to open a Tru...
by Carefreeap
Mon Mar 16, 2015 9:19 am
Forum: Personal Finance (Not Investing)
Topic: How to ask someone to be executor/trustee?
Replies: 21
Views: 3172

Re: How to ask someone to be executor/trustee?

Why are you considering this person?

Who would be your back up if this person declines?
by Carefreeap
Sun Mar 15, 2015 11:11 pm
Forum: Personal Finance (Not Investing)
Topic: Not sure what to do with rental condo
Replies: 25
Views: 2438

Re: Not sure what to do with rental condo

If he never sells it you'd be correct. His heirs wouldn't have to deal with the conversion. But most of us do want/need to sell at some point and therefore have to deal with the consequences. Your post didn't say that he would have to keep it forever. Yeah, but my post never said he was going to se...
by Carefreeap
Sun Mar 15, 2015 10:42 pm
Forum: Personal Finance (Not Investing)
Topic: Not sure what to do with rental condo
Replies: 25
Views: 2438

Re: Not sure what to do with rental condo

If he never sells it you'd be correct. His heirs wouldn't have to deal with the conversion.

But most of us do want/need to sell at some point and therefore have to deal with the consequences. Your post didn't say that he would have to keep it forever.
by Carefreeap
Sun Mar 15, 2015 10:08 pm
Forum: Personal Finance (Not Investing)
Topic: Not sure what to do with rental condo
Replies: 25
Views: 2438

Re: Not sure what to do with rental condo

If you bought the condo at it's current price and got a mortgage at the current rates could you still rent it out at a profit. If not then I would sell it. What do you mean? I don't understand. I believe the reference is to look at how much the property has appreciated relative to rents which can b...
by Carefreeap
Sun Mar 15, 2015 4:35 pm
Forum: Personal Finance (Not Investing)
Topic: Not sure what to do with rental condo
Replies: 25
Views: 2438

Re: Not sure what to do with rental condo

If you bought the condo at it's current price and got a mortgage at the current rates could you still rent it out at a profit. If not then I would sell it. What do you mean? I don't understand. I believe the reference is to look at how much the property has appreciated relative to rents which can b...
by Carefreeap
Sun Mar 15, 2015 4:05 pm
Forum: Personal Finance (Not Investing)
Topic: excess cash flows - to mortgage?
Replies: 10
Views: 1320

Re: excess cash flows - to mortgage?

This was my situation and I analyzed it to death. It was an unsatisfying exercise with no obvious win for me financially. Fortunately I stopped trying to find the answer and just kept my investments and mortgage the same. For me, it seemed that without a compelling advantage to paying off the mortg...
by Carefreeap
Sun Mar 15, 2015 3:45 pm
Forum: Personal Finance (Not Investing)
Topic: Not sure what to do with rental condo
Replies: 25
Views: 2438

Re: Not sure what to do with rental condo

You can pretty much count on a business cycle every 10 years so it's not a question of if but when. I think that at this point if you don't sell that you should count on keeping the property through the next 10 year cycle. How painful a cycle it is will depend more on your local area. As an example ...
by Carefreeap
Sun Mar 15, 2015 11:12 am
Forum: Personal Finance (Not Investing)
Topic: Rental Property
Replies: 22
Views: 2459

Re: Rental Property

Thanks for the feedback. There are definately a lot of factors that go into the decision. We are probably on the edge of that PITA distance, roughly 4.5 hours away. I am trying to factor it in as part of a retirement strategy. Rather than purchase a larger or simply more expensive home where we are...
by Carefreeap
Sat Mar 14, 2015 2:59 pm
Forum: Personal Finance (Not Investing)
Topic: Understanding Your Net Worth
Replies: 25
Views: 4451

Re: Understanding Your Net Worth

I thought it was an interesting article. The only thing I disagreed with was "The doctor, of course, can leave an estate. He can also borrow more easily from his conventional net worth." Actually it's much easier to borrow when you have conventional streams of income i.e. W2, pension, and SS vs a n...
by Carefreeap
Sat Mar 14, 2015 1:49 pm
Forum: Personal Finance (Not Investing)
Topic: Understanding Your Net Worth
Replies: 25
Views: 4451

Re: Understanding Your Net Worth

I thought it was an interesting article. The only thing I disagreed with was "The doctor, of course, can leave an estate. He can also borrow more easily from his conventional net worth." Actually it's much easier to borrow when you have conventional streams of income i.e. W2, pension, and SS vs a no...
by Carefreeap
Sat Mar 14, 2015 1:34 pm
Forum: Personal Finance (Not Investing)
Topic: Not sure what to do with rental condo
Replies: 25
Views: 2438

Re: Not sure what to do with rental condo

Thanks for the feedback so far. We considered a 1031 exchange, but if we took that approach we would want to use the proceeds from the sell to buy a condo in the mountains we could rent and use during ski season. I'm not sure if we can do that or not with the 1031 rules? I'm not sure if it's smart ...
by Carefreeap
Sat Mar 14, 2015 10:49 am
Forum: Personal Finance (Not Investing)
Topic: Not sure what to do with rental condo
Replies: 25
Views: 2438

Re: Not sure what to do with rental condo

Well, it doesn't sound like you're motivated to sell it based on your experience so far. But if you were looking to sell, you have the opportune time to do so. Money invested in index funds is not a job. Being a landlord is. You have great tenants and that can make or break your landlord experience...
by Carefreeap
Sat Mar 14, 2015 10:42 am
Forum: Personal Finance (Not Investing)
Topic: Rental offer on house for sale
Replies: 8
Views: 1306

Re: Rental offer on house for sale

There is generally a correlation between rental price and sales price but it's not a direct correlation. People tend to buy when the monthly cost to purchase reaches an 80% LTV mortgage PITI payment equals the monthly rent. It's not strictly an investment decision as there's no value placed on the o...
by Carefreeap
Fri Mar 13, 2015 11:14 am
Forum: Personal Finance (Not Investing)
Topic: Buying Euro for Vacations?
Replies: 33
Views: 3778

Re: Buying Euro for Vacations?

How much are you thinking of converting 10k-15k?

Where are you going to store this money?
by Carefreeap
Fri Mar 13, 2015 9:48 am
Forum: Personal Finance (Not Investing)
Topic: After you sold your house...
Replies: 12
Views: 2464

Re: After you sold your house...

Bought "move up" house nine months before selling old. Considered keeping old as a rental but since that would have meant driving by the house twice a day nearly every day (4 doors away) decided to maintain the sanity we still had and sold it. Paid down principal on new house loan.
by Carefreeap
Fri Mar 13, 2015 9:42 am
Forum: Personal Finance (Not Investing)
Topic: Anyone sell property to a relative?
Replies: 1
Views: 417

Re: Anyone sell property to a relative?

Was the sale under market rate?

I've deliberately avoided selling to a relative in the last year. I'm puzzled why the IRS would care unless it was under market rate.
by Carefreeap
Fri Mar 13, 2015 9:39 am
Forum: Personal Finance (Not Investing)
Topic: Is PA a good state for retirees?
Replies: 23
Views: 3218

Re: Is PA a good state for retirees?

I found this article the other day (even though I'm decades from retiring, I still like to think about it). http://www.kiplinger.com/tool/retirement/T055-S001-state-by-state-guide-to-taxes-on-retirees/index.php?map=14#anchor But I don't know that picking a state solely on the taxation should be the...
by Carefreeap
Fri Mar 13, 2015 9:22 am
Forum: Personal Finance (Not Investing)
Topic: When to cash in your chips?
Replies: 32
Views: 4848

Re: When to cash in your chips?

I wrote that you shouldn't list your folks' home because it's really not an asset that you're likely to cash in to help make your finances work better for you. In other words, you wouldn't kick your parents out and sell the house just because the time is right and it would make more sense to invest ...
by Carefreeap
Thu Mar 12, 2015 8:21 pm
Forum: Personal Finance (Not Investing)
Topic: Renting out a private room in primary residence
Replies: 17
Views: 3067

Re: Renting out a private room in primary residence

thanks curmudgeon and others for the responses.. Anyone knows about the local zoning laws for san diego? i am not able to find much info on this online.. [/quote] Well there's this but I don't know that I would trust it. Zoning can change from block to block. If you're familiar with Pacific Beach y...
by Carefreeap
Thu Mar 12, 2015 7:54 pm
Forum: Personal Finance (Not Investing)
Topic: When to cash in your chips?
Replies: 32
Views: 4848

Re: When to cash in your chips?

Is possible for both of you to go part-time? It doesn't seem quite fair that one gets to "drop out' while the other gets stuck working for another 10 years. I wouldn't be counting your parents home among your assets yet. You really don't have control of it at this point and I note you didn't include...
by Carefreeap
Thu Mar 12, 2015 4:57 pm
Forum: Personal Finance (Not Investing)
Topic: [Poll] How long did you hold primary residence mortgage?
Replies: 34
Views: 3988

Re: [Poll] How long did you hold primary residence mortgage?

While it's free and clear now I think we refinanced this house 5x from the time we bought it in 1995. I used to joke that we refinanced every two years whether we needed to or not! :wink:
by Carefreeap
Thu Mar 12, 2015 10:52 am
Forum: Personal Consumer Issues
Topic: Projects when moving into a new (to us) home
Replies: 20
Views: 2213

Re: Projects when moving into a new (to us) home

I wish I had brought a toilet paper with me, the prior owners even packed that up when they left. Why would you expect the previous owners to leave you toilet paper behind. I dont think I would want someone else's left behind tp. Because it's a decent gesture. When I prep a rental I make sure there...
by Carefreeap
Thu Mar 12, 2015 10:46 am
Forum: Personal Finance (Not Investing)
Topic: Renting out a private room in primary residence
Replies: 17
Views: 3067

Re: Renting out a private room in primary residence

About 30 years ago, in one of their periodic bouts of legislating from the bench, California courts invalidated most local zoning laws limiting rentals in "roommate" scenarios. Much to the dismay of folks who had lived in previously quiet SFR neighborhoods anywhere near a university. Since then the...
by Carefreeap
Wed Mar 11, 2015 11:24 pm
Forum: Personal Finance (Not Investing)
Topic: Credit Check to Rent an Apartment?
Replies: 23
Views: 2578

Re: Credit Check to Rent an Apartment?

Is it now accepted practice to demand a credit check from an individual before renting them an apartment? My kid is trying to rent a room in a HCOL area. A number of possible apartments are requiring a credit check prior to renting the apartment. How do you protect your financial information if you...
by Carefreeap
Wed Mar 11, 2015 6:55 pm
Forum: Personal Finance (Not Investing)
Topic: Credit Check to Rent an Apartment?
Replies: 23
Views: 2578

Re: Credit Check to Rent an Apartment?

What financial information is there to protect in this case? Usual stuff - credit cards, checking account, savings account, credit union account, 401(k) account, tax refund and his credit rating which, if memory serves, gets dinged every time when individuals check his credit. Running your own "Ann...
by Carefreeap
Wed Mar 11, 2015 3:51 pm
Forum: Personal Finance (Not Investing)
Topic: Credit Check to Rent an Apartment?
Replies: 23
Views: 2578

Re: Credit Check to Rent an Apartment?

As well as criminal background checks. As a landlord I'd never rent to someone without a credit check. Has your son run a credit check on himself yet? You can get a free one at annualcreditreport.com. It's a good idea to check your credit anyway to make sure there aren't any errors. If your son want...
by Carefreeap
Wed Mar 11, 2015 11:11 am
Forum: Personal Finance (Not Investing)
Topic: Buying a Mountain Condo
Replies: 12
Views: 1630

Re: Buying a Mountain Condo

With no expectation of income from the condo I think you are approaching it with the right financial perspective. As long as you approach vacation homes as a toy (consumer item) vs an investment I think you'll be fine. We have a vacation cabin in the So. CA mountains. Not a ski area. We have it in v...
by Carefreeap
Tue Mar 10, 2015 7:01 pm
Forum: Personal Consumer Issues
Topic: parents buying rental condo- questions
Replies: 6
Views: 1130

Re: parents buying rental condo- questions

The condo's By-Laws will outline who has authority to raise the dues and make special assessments. Usually there is a Board of Directors who will be required to have an annual budget and that budget will determine the dues. Also there should be a capital budget which estimates the remaining life of ...
by Carefreeap
Tue Mar 10, 2015 10:49 am
Forum: Personal Finance (Not Investing)
Topic: Dad buys house for child, later complications
Replies: 14
Views: 2901

Re: Dad buys house for child, later complications

Would there be a profit if the townhouse was sold today? The easiest thing may be to just sell it and "repay" her parents for the 'loan". Since she's deducted the taxes on her return she's going to need to account for it one way or another. And maybe I'm naïve too but I tend to agree with you. I thi...
by Carefreeap
Tue Mar 10, 2015 10:24 am
Forum: Personal Finance (Not Investing)
Topic: combo plan - pay down mortgage and invest
Replies: 13
Views: 1504

Re: combo plan - pay down mortgage and invest

With a new business I would open a taxable account and really beef up your EF. I would not pay down the mortgage nor would I refi into a 15 year mortgage. If you can find a 30 year "no cost" fixed rate mortgage at 3.5% or lower I would consider refying. While you don't have the best rate it's pretty...
by Carefreeap
Tue Mar 10, 2015 9:44 am
Forum: Personal Finance (Not Investing)
Topic: Dad buys house for child, later complications
Replies: 14
Views: 2901

Re: Dad buys house for child, later complications

I'm all for unwinding the transaction as well. And I don't think it would be that hard. Your fiancee never contributed to the down payment and effectively paid "rent' to Dad. Was he also paying the property taxes and insurance? Did he declare the "income"? Even if he didn't declare the "income" sinc...
by Carefreeap
Mon Mar 09, 2015 1:52 pm
Forum: Personal Finance (Not Investing)
Topic: Poll: Are you happy after retirement?
Replies: 24
Views: 2981

Re: Poll: Are you happy after retirement?

fanmail wrote:Who is the lone miserable who was unhappy before and unhappy now?
LOL, there's always at least one curmudgeon!
by Carefreeap
Mon Mar 09, 2015 12:32 pm
Forum: Personal Finance (Not Investing)
Topic: How is Your Pension Counted when Calculating Net Worth.
Replies: 40
Views: 17956

Re: How is Your Pension Counted when Calculating Net Worth.

I count my pension as an income stream, just like SS. It isn't transferable, can't be inherited and is worth nothing to anyone but me. I do not count it (or SS) in net worth. Let me assure you that any divorce or other court would find your definition hilarious "net worth" is always computed for a ...
by Carefreeap
Mon Mar 09, 2015 10:19 am
Forum: Personal Finance (Not Investing)
Topic: Recs for estate planning and tax pros in SAN DIEGO please
Replies: 4
Views: 609

Re: Recs for estate planning and tax pros in SAN DIEGO pleas

Hi Island,

I sent you a PM. Hopefully you got it. I'm still pretty new here and figuring out how one does things.
by Carefreeap
Sun Mar 08, 2015 4:37 pm
Forum: Personal Finance (Not Investing)
Topic: How to get started on a Trust/Will?
Replies: 27
Views: 3393

Re: How to get started on a Trust/Will?

Hi Cosmo, Thanks a lot for the response. I actually did go ahead and buy the Nolo Willmaker Plus a few days ago (came with a free online trust). I went through it to get familiar with the documents, though I may still see an estate lawyer. I did think that Nolo took care of all of the options I wan...
by Carefreeap
Sun Mar 08, 2015 4:30 pm
Forum: Personal Finance (Not Investing)
Topic: WSJ article about boosting retirement income by approx. 30%
Replies: 8
Views: 2190

Re: WSJ article about boosting retirement income by approx.

Here's some questions borne of my ignorance - what happens if a person dies before their mortgage is paid off and there's not enough left in the estate to pay it off? Mortgage holder writes it off as a loss and maybe they have insurance for these situations? How do lenders generally view potential ...
by Carefreeap
Sun Mar 08, 2015 2:31 pm
Forum: Personal Finance (Not Investing)
Topic: Loaning money to an only child
Replies: 17
Views: 1948

Re: Loaning money to an only child

30k in student debt is not unusual if your DIL went on to get her master's. The 10k in CC debt sounds a little worrisome especially if it's high interest because if they are just making minimum payments it will continue to grow. I was a receipent of a MIL loan. I did not ask for it she offered it. S...
by Carefreeap
Sun Mar 08, 2015 10:29 am
Forum: Personal Finance (Not Investing)
Topic: Is there a wills/trust/estate planning forum you'd recommend
Replies: 4
Views: 1271

Re: Is there a wills/trust/estate planning forum you'd recom

Nolo Press is a good start as a reading source. I used their probate book when I was administering my mother's estate. It helped me understand the overall process and reasoning. But like real estate laws, estate taxation rules are state specific. That's why I won't recommend a DIY approach. Although...
by Carefreeap
Sun Mar 08, 2015 10:11 am
Forum: Personal Finance (Not Investing)
Topic: How is Your Pension Counted when Calculating Net Worth.
Replies: 40
Views: 17956

Re: How is Your Pension Counted when Calculating Net Worth.

I just do a quick and dirty calculation by calculating the value of a pension as a total of the stream of first payments through my estimated life span. So to make the math easy, if I'm supposed to get $1000/mth at age 55 and live to 85 I have 30 years of $1000 payments or $360,000. I've rounded it ...
by Carefreeap
Sat Mar 07, 2015 5:52 pm
Forum: Personal Consumer Issues
Topic: Is this ethical? [Selling company equipment to be disposed]
Replies: 41
Views: 3570

Re: Is this ethical?

It sounds like the "right" thing to do is for the company to hire you to do e-bay sales and return any net profits back to the company.
by Carefreeap
Sat Mar 07, 2015 3:13 pm
Forum: Personal Finance (Not Investing)
Topic: How long did you stay in your starter home?
Replies: 87
Views: 12278

Re: How long did you stay in your starter home?

6 years. We wanted a bigger home and looked for two years. Then a house 4 doors up the block came up on the market and found ourselves competing with our across the street neighbors for the same house. I didn't want to get in a bidding war with them and let them have it. Both of our offers were cont...
by Carefreeap
Sat Mar 07, 2015 10:30 am
Forum: Personal Finance (Not Investing)
Topic: Closing docs from old mortgages - shred?
Replies: 6
Views: 1037

Re: Closing docs from old mortgages - shred?

We paid off our home in November (as detailed in another thread) and I'm cleaning through paperwork: I have three folders, one for each mortgage we had, having refinanced twice. Is there any reason to keep them? I have the "Release of Mortgage" document from the last mortgage and I can see on the c...
by Carefreeap
Fri Mar 06, 2015 5:41 pm
Forum: Personal Finance (Not Investing)
Topic: Poverty Level Medicaid Question
Replies: 12
Views: 1636

Re: Poverty Level Medicaid Question

I have never seen decent dental insurance. Maybe do the implants one by one. That would be a lot less physically stressful also. Also, with some older people implants basically are not suitable; there is not enough bone and bone rebuilding, so doing one is kind of like sending in a stalking horse f...