Search found 2136 matches

by Carefreeap
Wed Jan 28, 2015 8:52 pm
Forum: Personal Finance (Not Investing)
Topic: Should mom transfer house title before dying or in will?
Replies: 53
Views: 9193

Re: Should mom transfer house title before dying or in will?

Gill wrote:How about putting in joint name which would both insure your inheritance but also get the full stepped up basis.
Gill


She'd only get half of the basis.
by Carefreeap
Wed Jan 28, 2015 8:05 pm
Forum: Personal Finance (Not Investing)
Topic: Should mom transfer house title before dying or in will?
Replies: 53
Views: 9193

Re: Should mom transfer house title before dying or in will?

The main reason to wait is that you will inherit the house at it's "stepped up" value at your mom's time of death. If she deeds it to you now and say it's current value is $100k and she paid $10k for it and you want to sell; you would have to pay taxes on $90k of profit (I'm over simplifyi...
by Carefreeap
Wed Jan 28, 2015 6:18 pm
Forum: Personal Finance (Not Investing)
Topic: Payoff Mortgage with investments in taxable accounts
Replies: 22
Views: 2636

Re: Payoff Mortgage with investments in taxable accounts

With college being "right around the corner" I would stay pretty liquid rather than tying up my money in an illiquid asset. And I'd also move the college money into something less volatile than stocks or a stock index fund like a bond index fund if you're 3 years or less away unless you ca...
by Carefreeap
Tue Jan 27, 2015 11:36 am
Forum: Personal Finance (Not Investing)
Topic: Best Personal Finance/Budgeting Online tool for a Newbie?
Replies: 24
Views: 3296

Re: Best Personal Finance/Budgeting Online tool for a Newbie

We've been using Quicken for years to track our spending and to prepare reports. You don't need the super deluxe model. We have multiple properties and accounts and it's just not necessary. Even though there is a budgeting option we're still using an old Excel sheet DH devised several years ago. See...
by Carefreeap
Mon Jan 26, 2015 10:23 pm
Forum: Personal Consumer Issues
Topic: Determining House Needs
Replies: 12
Views: 1996

Re: Determining House Needs

We always looked at owning the house for at least 10 years because of transaction costs and market swings. We moved 5X for DH's job so despite buying two "forever" houses we wound up renting them out for an extended period of time. The biggest limiting factor for most folks is how much the...
by Carefreeap
Mon Jan 26, 2015 10:11 pm
Forum: Personal Finance (Not Investing)
Topic: Finding a good realtor
Replies: 12
Views: 1187

Re: Finding a good realtor

Does anyone have any tips on finding a good realtor? Does anyone have any good screening questions? It seems like all the ones I have worked with just open doors for me and then try to pressure me into making offers on properties I don't really like. Then, they give me the guilt trip for taking me ...
by Carefreeap
Mon Jan 26, 2015 10:08 pm
Forum: Personal Finance (Not Investing)
Topic: Finding a good realtor
Replies: 12
Views: 1187

Re: Finding a good realtor

"It seems like all the ones I have worked with just open doors for me and then try to pressure me into making offers on properties I don't really like. Then, they give me the guilt trip for taking me to see houses when I'm not making an offer." Am not understanding you. Did you sign a &qu...
by Carefreeap
Mon Jan 26, 2015 6:21 pm
Forum: Personal Finance (Not Investing)
Topic: Salary to Home Value/Mortgage Ratio?
Replies: 50
Views: 11098

Re: Salary to Home Value/Mortgage Ratio?

From what I observed our SF Bay Area house didn't drop % as much as our AZ area house and the price difference was nearly half. The big driver is employment. The SF Bay Area recovered a lot faster than many other parts of the country because of jobs. I am seeing some acquaintances leaving for Portla...
by Carefreeap
Mon Jan 26, 2015 6:09 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a loft as the location of my business
Replies: 6
Views: 1230

Re: Buying a loft as the location of my business

Are you thinking that you are also going to be able to take advantage of the cap gains exclusion if it's a personal residence? That won't be an option for the part you are going to claim for a business.

I think you need to work with a good CPA to prepare a few hypotheticals.
by Carefreeap
Mon Jan 26, 2015 5:50 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone regret paying off mortgage early?
Replies: 348
Views: 81567

Re: Anyone regret paying off mortgage early?

No regrets. Glad I paid it off. The return from paying it off was greater than any other totally safe, fixed income investment. I'm not sure I understand this either, but remember I am very cold hearted and usually never allow sentimentalism to gain way. If I pick a good looking apple and pass on a...
by Carefreeap
Mon Jan 26, 2015 5:14 pm
Forum: Personal Finance (Not Investing)
Topic: [Clements - 4 strategies for those close to retirement]
Replies: 25
Views: 3847

Re: Old Age Penny Pinchers

I think it's pretty clear that having SS income is an asset. So is (equity in) a house. Where I differ is with the notion that one should convert all assets into a lump dollar value and call that "wealth". I suppose something like that is necessary if you buy into the notion that there is...
by Carefreeap
Mon Jan 26, 2015 2:40 pm
Forum: Investing - Help with Personal Investments
Topic: Rental Property/LLC
Replies: 6
Views: 952

Re: Rental Property/LLC

For tax reasons it does not make a difference to have it in an LLC, so you should not be paying expenses and or showing income in the LLC until you have transferred title. You can file a quitclaim deed to transfer the property into an LLC. Yes it is true that you could trigger a due on sale clause,...
by Carefreeap
Sun Jan 25, 2015 11:58 pm
Forum: Personal Finance (Not Investing)
Topic: Success stories of NOT buying more/too much house
Replies: 65
Views: 9629

Re: Success stories of NOT buying more/too much house

I've driven by. It's a BIG house for the neighborhood.
by Carefreeap
Sun Jan 25, 2015 11:12 pm
Forum: Personal Finance (Not Investing)
Topic: Success stories of NOT buying more/too much house
Replies: 65
Views: 9629

Re: Success stories of NOT buying more/too much house

W When it comes to success stories, Warren Buffett has been asked why he doesn't have a house that many billionaires have and his standard answer is that he's happy there and he's cool in the summer and warm in the winter. good point.. Buffett is just about the best example you can cite for this th...
by Carefreeap
Sun Jan 25, 2015 8:36 pm
Forum: Personal Consumer Issues
Topic: Time to stop driving for 85 yo MIL
Replies: 89
Views: 8836

Re: Time to stop driving for 85 yo MIL

I'll relate our story because it shows what a truly stubborn person can do. About a year ago my now 80 year old MIL came to a construction zone was told to turn around and make a turn. She told the flagger to "F" off and drove through. DH was advised by the home health agency because the c...
by Carefreeap
Sun Jan 25, 2015 8:14 pm
Forum: Personal Consumer Issues
Topic: Rental Car Prices - is this the new normal ?
Replies: 89
Views: 12192

Re: Rental Car Prices - is this the new normal ?

Are you coming to AZ during Super Bowl week? No way! We were looking at the middle of February. All we wanted to do was come out for a week and look at retirement communities. I didn't anticipate the trip would cost over $2000. Sorry, my kilt is showing. You're probably running into a combo of Supe...
by Carefreeap
Sun Jan 25, 2015 6:23 pm
Forum: Personal Finance (Not Investing)
Topic: Salary to Home Value/Mortgage Ratio?
Replies: 50
Views: 11098

Re: Salary to Home Value/Mortgage Ratio?

Bought two years ago in Silicon Valley. My salary:approximate house value ratio is 1:5. Salary:mortgage is around 1:3. I excluded stock compensation from the salary numbers because it's variable. 5:1 was our ratio back in 1990 (We're in San Mateo County). That was on DH's salary alone as we relocat...
by Carefreeap
Sun Jan 25, 2015 5:43 pm
Forum: Personal Consumer Issues
Topic: Rental Car Prices - is this the new normal ?
Replies: 89
Views: 12192

Re: Rental Car Prices - is this the new normal ?

Are you coming to AZ during Super Bowl week? +1 That was my thought as well. I had to laugh at my own stupidity when I attempted to book a single night's stay for January 30th. I'm driving from the SF Bay Area to the greater Phoenix area to do the change over between tenants for our AZ house. I was...
by Carefreeap
Sun Jan 25, 2015 5:03 pm
Forum: Personal Finance (Not Investing)
Topic: Success stories of NOT buying more/too much house
Replies: 65
Views: 9629

Re: Success stories of NOT buying more/too much house

We were already over-housed in a 2500 sq.ft. home in the SF Bay Area when we chose to accept my husband's employer's offer to relocate to the Scottsdale AZ area in 2003. I didn't want to sell the SF Bay Area house so not having a huge amount of cash did limit how big of a house we bought. We still w...
by Carefreeap
Sun Jan 25, 2015 12:56 am
Forum: Personal Consumer Issues
Topic: Retirement in Arizona - Seeking Advice
Replies: 73
Views: 9003

Re: Retirement in Arizona - Seeking Advice

Well it just so happens that I will be headed to AZ next week to put our house up for sale/rent. Our house is in Carefree and is two streets over from the Boulders Resort. It's at 2500'. We're probably all of 10 miles from your friends in Troon. We moved from the SF Bay Area to Carefree in 2003. We ...
by Carefreeap
Sat Jan 24, 2015 9:28 pm
Forum: Personal Consumer Issues
Topic: Selling a home - 1st timer
Replies: 26
Views: 3380

Re: Selling a home - 1st timer

Since you can afford it I think moving out is a great idea.

You won't have issues with the cat and showing it will be easy peasy with a lockbox.

Price it right, paint and clean it up. You'll have an offer with 30 days.
by Carefreeap
Sat Jan 24, 2015 6:51 pm
Forum: Personal Finance (Not Investing)
Topic: Elderly Mother in MI - Assisted Living transition
Replies: 10
Views: 1497

Re: Elderly Mother in MI - Assisted Living transition

Your best source of information is going to be an eldercare specialist in your state. Income and asset limitation vary from State to State and within Counties in a state depending on the COLA. Here is a website for CA. m I would try googling the same for your state. But you should get an idea of wha...
by Carefreeap
Sat Jan 24, 2015 2:37 pm
Forum: Personal Finance (Not Investing)
Topic: QuitClaim Deed
Replies: 36
Views: 3618

Re: QuitClaim Deed

Good idea to consult counsel (disclosure, I am a lawyer). Various issues to consider .... Will ownership be joint tenants, tenants in common, or otherwise (depending on your state, perhaps there is tenancy by the entirety or community property rules)? Are there any outstanding judgments or tax lien...
by Carefreeap
Sat Jan 24, 2015 12:29 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone regret paying off mortgage early?
Replies: 348
Views: 81567

Re: Anyone regret paying off mortgage early?

For the people who paid it off early, how many years sooner could you have retired if you'd continued to invest? I know the future is no guarantee, but stock returns in the past have exceeded mortgage rates and then there are tax breaks too. It was part of an early retirement strategy. We really co...
by Carefreeap
Sat Jan 24, 2015 12:09 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone regret paying off mortgage early?
Replies: 348
Views: 81567

Re: Anyone regret paying off mortgage early?

I don't think anyone would regret paying their mortgage off early in the sense that it would always feel good to have that debt gone. The only time someone would regret paying it off early is if they went back and did a calculation and determined that they could have ended up with significantly mor...
by Carefreeap
Sat Jan 24, 2015 12:00 pm
Forum: Personal Finance (Not Investing)
Topic: Hedging home value risk
Replies: 23
Views: 1602

Re: Hedging home value risk

We always structured our home purchases so that we could rent out the house to close to break even. While our properties did lose value during the down turn; we actually saw a close to 50% plunge from 2007 to 2010 in one of our CA properties and our AZ property. The other part of our "moat"...
by Carefreeap
Sat Jan 24, 2015 11:24 am
Forum: Personal Finance (Not Investing)
Topic: Foreclosed-Law Firm pursuing amount of second lo
Replies: 31
Views: 3055

Re: Foreclosed-Law Firm pursuing amount of second lo

Yeah I wouldn't assume that the settlement was due to them illegally foreclosing on the property unless the settlement expressly said that. And if it did then you have your support to not pay the debt. I worked through the short sale process as Trustee for my mother's very upside down estate and eve...
by Carefreeap
Fri Jan 23, 2015 6:28 pm
Forum: Personal Finance (Not Investing)
Topic: SF Bay Area Living Trust Attorney Recommendation
Replies: 16
Views: 1448

Re: SF Bay Area Living Trust Attorney Recommendation

@bsteiner, Thank you for posting that article. I found it interesting. One comment I'll make is that the recession did have a marked effect on court administration due to the State of CA having fewer employees. Two years ago when I had to go through an unlawful detainer process which normally is a 3...
by Carefreeap
Fri Jan 23, 2015 5:37 pm
Forum: Personal Finance (Not Investing)
Topic: SF Bay Area Living Trust Attorney Recommendation
Replies: 16
Views: 1448

Re: SF Bay Area Living Trust Attorney Recommendation

If you have a fairly simple situation, just get the Nolo book. Always high quality and well explained. It's amazing how skilled lawyers can make something dead simple sound complex when their billable hours depend upon it. The Nolo book is helpful but had I DIYed the trip to Probate Court it would ...
by Carefreeap
Thu Jan 22, 2015 10:37 pm
Forum: Personal Finance (Not Investing)
Topic: Put out-of-state rental property in LLC's name?
Replies: 27
Views: 11382

Re: Put out-of-state rental property in LLC's name?

The mortgage would be a "cash-out" mortgage. It will be limited to the maximum LTV that the investor/lender allows. Talk to your mortgage gal about that. Lenders got really conservative about cash-out refis. You used to be able to get 80% LTV. I understand your reluctance on adding to your...
by Carefreeap
Thu Jan 22, 2015 9:23 pm
Forum: Personal Finance (Not Investing)
Topic: Estate planning for parents, trying to push forward
Replies: 5
Views: 1084

Re: Estate planning for parents, trying to push forward

You'll want to research "Special Needs Trust" if your parents want to leave something for your brother. If he becomes eligible for Medicaid there are some very strict rules. I would ask the person who is helping your folks if they know an attorney who prepares them on a regular basis. Your...
by Carefreeap
Thu Jan 22, 2015 8:35 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone regret paying off mortgage early?
Replies: 348
Views: 81567

Re: Anyone regret paying off mortgage early?

I pay an extra payment each year by making an additional 1/12th of the payment amount every month. This will help me to pay off the mortgage about 3 years 9 months early - just in time for my desired retirement. One of the things I have told my wife is, that if something were to happen to me, she s...
by Carefreeap
Thu Jan 22, 2015 8:26 pm
Forum: Personal Finance (Not Investing)
Topic: SF Bay Area Living Trust Attorney Recommendation
Replies: 16
Views: 1448

Re: SF Bay Area Living Trust Attorney Recommendation

I'm a Bay Area lawyer. I don't do this kind of work, but I know several who do. Disagree that anyone should set up their own living trust. Usually it is part of a more comprehensive probate plan which includes a will or other testamentary instrument. If you want to PM me or contact me at tigerman@h...
by Carefreeap
Thu Jan 22, 2015 8:14 pm
Forum: Personal Finance (Not Investing)
Topic: Moving within California, hcola to mcola
Replies: 12
Views: 968

Re: Moving within California, hcola to mcola

We kept our SF Bay Area house when we followed DH's job to AZ because I was a big chicken about summer temps going from 60 to 115 Survived and thrived but glad we kept the house. We moved back about 2.5 years ago after living in AZ for 6 years then Bonn, Germany for three. Happy to be living in the ...
by Carefreeap
Thu Jan 22, 2015 8:07 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone regret paying off mortgage early?
Replies: 348
Views: 81567

Re: Anyone regret paying off mortgage early?

I pay an extra payment each year by making an additional 1/12th of the payment amount every month. This will help me to pay off the mortgage about 3 years 9 months early - just in time for my desired retirement. One of the things I have told my wife is, that if something were to happen to me, she s...
by Carefreeap
Thu Jan 22, 2015 7:56 pm
Forum: Personal Finance (Not Investing)
Topic: SF Bay Area Living Trust Attorney Recommendation
Replies: 16
Views: 1448

Re: SF Bay Area Living Trust Attorney Recommendation

You know you can use anyone in CA. Unless your estate is complicated the whole "Estate Planning Kit" is pretty straightforward. They can do everything over the phone except you and/or your spouse will need your signatures notarized. I'm in San Mateo County but recently used the services of...
by Carefreeap
Thu Jan 22, 2015 7:43 pm
Forum: Personal Finance (Not Investing)
Topic: Moving within California, hcola to mcola
Replies: 12
Views: 968

Re: Moving within California, hcola to mcola

The kids are young. One is entering Kindergarten in the Fall and the other will be entering Kindergarten 3 years later. Then I wouldn't worry about H.S. at this point. Chances are that you'll need or want to move again. Idyllwild could be a possibility. Another idea would be an area in Oceanside (S...
by Carefreeap
Thu Jan 22, 2015 7:20 pm
Forum: Personal Finance (Not Investing)
Topic: Moving within California, hcola to mcola
Replies: 12
Views: 968

Re: Moving within California, hcola to mcola

zanian wrote:We don't need a huge house. Right now our house is around 3bd/2ba,1700 sqft and that suits us just fine. The big stickler is schools.


How old are your kids now?
by Carefreeap
Thu Jan 22, 2015 7:06 pm
Forum: Personal Finance (Not Investing)
Topic: Moving within California, hcola to mcola
Replies: 12
Views: 968

Re: Moving within California, hcola to mcola

I love Idyllwild! I have spent a lot of time up there mostly backpacking but also in town. Thanks for the tips! Happy to help. We live up the SF Bay Area but both DH and I grew up in San Diego. He spent quite a bit of time in San Marino in the late 60s/early 70s. DFIL bought the "cabin" i...
by Carefreeap
Thu Jan 22, 2015 6:47 pm
Forum: Personal Finance (Not Investing)
Topic: Receiving inheritance [incl. properties,] working on a plan
Replies: 22
Views: 3843

Re: Receiving inheritance [incl. properties,] working on a p

I agree that you should seriously evaluate whether it would be cheaper and easier to either rent or sell a larger house vs remodeling two smaller houses. Are you in CA and concerned about property taxes?
by Carefreeap
Thu Jan 22, 2015 6:38 pm
Forum: Personal Finance (Not Investing)
Topic: Moving within California, hcola to mcola
Replies: 12
Views: 968

Re: Moving within California, hcola to mcola

If you like Temecula/Murrieta area you might also check out Valley Center/Fallbrook/Escondido in NE San Diego County. My dad lives close the Valley Center H.S. and it's beautiful. Oddly enough there are some beautiful homes in the hills of Hemet. In general I think there are still some bargains in t...
by Carefreeap
Thu Jan 22, 2015 6:25 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone regret paying off mortgage early?
Replies: 348
Views: 81567

Re: Anyone regret paying off mortgage early?

I asked this q 2+ years ago and majority said they didn't regret paying off early. We had another 2 years of bullish market. If you paid off your mortgage early, how do you feel now? Don't you regret you should have invested in the market instead? Sort of. We had a lot of cash sitting in the MM acc...
by Carefreeap
Thu Jan 22, 2015 11:43 am
Forum: Personal Finance (Not Investing)
Topic: Thinking about selling my house...
Replies: 11
Views: 1362

Re: Thinking about selling my house...

I agree that you're going to spend a lot more per sq.ft. to go through the custom route than buying existing. And once you're done building it's not likely to be worth what you spent for a long, long time. That may be fine if you plan on staying/owning the house for a long time. But if it has everyt...
by Carefreeap
Thu Jan 22, 2015 11:33 am
Forum: Personal Finance (Not Investing)
Topic: Establishing short-term rental vacation home business?
Replies: 8
Views: 1453

Re: Establishing short-term rental vacation home business?

I agree that placing your unit into a good vacation rental management group is something you should research. While it's true that you will have to pay a fee the trade-off is that you will get more traffic being part of the group. Kind like trying to sell FSBO vs listing on the MLS. Also if somethin...
by Carefreeap
Thu Jan 22, 2015 1:18 am
Forum: Personal Finance (Not Investing)
Topic: Prioritizing our next financial moves
Replies: 13
Views: 1791

Re: Prioritizing our next financial moves

I'd beef up the EF and start contributing to a taxable account. Sounds like you have everything else in order.

I wouldn't be paying off the cheap car loan or mortgage!
by Carefreeap
Wed Jan 21, 2015 11:02 pm
Forum: Personal Finance (Not Investing)
Topic: Cosign or write loan
Replies: 40
Views: 2599

Re: Cosign or write loan

So back to the original question. If I ignore all the sound good advice and help them, which option would be better? I really like your honesty I wish you the best of luck. It's a hard position to be in. The best option if you must be involved is to simply give them the money. A gift, with no strin...
by Carefreeap
Wed Jan 21, 2015 10:45 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance motrgage
Replies: 12
Views: 1667

Re: Refinance motrgage

We have 135000 home mortgage 30 yr fixed @ 5.625 Should we refinance to 15 yr fixed @ 3.25 no closing costs? No other debt We max our company retirement match & contribute max to Ira Also if I add my spouse to the refinance mortgage will that help or hurt his credit? We both have excellent cred...
by Carefreeap
Wed Jan 21, 2015 10:28 pm
Forum: Personal Finance (Not Investing)
Topic: Silly to consider buying a home because of interest rates?
Replies: 29
Views: 3412

Re: Silly to consider buying a home because of interest rate

loans aren't portable Wowza, I wasn't aware of that... that alone pretty much tips the scales in favor of "not buying" for me. So if I understand... if I had a house with say, a 3.5% rate and then some years down the line I wanted to move but the new going rate was 7.5%, I'd pretty much b...
by Carefreeap
Wed Jan 21, 2015 10:18 pm
Forum: Personal Finance (Not Investing)
Topic: What age did you pay off your "forever" home
Replies: 52
Views: 5949

Re: What age did you pay off your "forever" home

LOL, at the concept of a "forever" home. We've bought at least two, maybe three. We paid off our current home in 2010 when DH was 51 and I was 48. We were in the process of retirement planning and given the low returns we were getting on a big chunk of cash we had in the bank it seemed to ...