Search found 2233 matches

by Carefreeap
Fri Feb 20, 2015 1:31 pm
Forum: Personal Consumer Issues
Topic: Grand Canyon
Replies: 34
Views: 3647

Re: Grand Canyon

Is rim to rim to rim even possible (for your average human)? When I last went, you were only allowed two nights in the canyon. I suppose you could wait at the North Rim until a walk-up permit became available. Yes. I did it Memorial Day Weekend 2009. I call it my cheater's Rim to Rim as I was able ...
by Carefreeap
Fri Feb 20, 2015 1:22 pm
Forum: Personal Consumer Issues
Topic: Grand Canyon
Replies: 34
Views: 3647

Re: Grand Canyon

It is very much worthwhile to visit the south rim. I'd venture a guess that the overwhelming number of visitors only see the south rim. March should be a pretty good month since the crowds should be low at that time of year. If you are fortunate enough to be there when there is some snow on the gro...
by Carefreeap
Fri Feb 20, 2015 1:15 pm
Forum: Personal Finance (Not Investing)
Topic: Buy a home or wait
Replies: 2
Views: 685

Re: Buy a home or wait

We live in the SF Bay Area so I understand your pain. :wink: We've owned a house here since 1990. You're using logic. The market is not logical. Let me 'splain how it works. When interest start to rise, prices jump higher. People get into the "I better get in before I get priced out (even more) thus...
by Carefreeap
Fri Feb 20, 2015 12:56 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage loan and tax arrangement for a "second home"
Replies: 1
Views: 202

Re: Mortgage loan and tax arrangement for a "second home"

You can get a "second loan" home. Slightly more than O-O and slightly less than an investor loan.

ETA: We got these kinds of loans in 2003 and 2005. Check with your lender to see if FNMA still offers that option. We used B of A.
by Carefreeap
Fri Feb 20, 2015 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: Doing Taxes on Real Estate in Multiple States
Replies: 6
Views: 442

Re: Doing Taxes on Real Estate in Multiple States

My CPA has done our taxes when we lived in CA, moved to AZ and then back in CA. We own property in both states. She also does my MIL's taxes and she live in OR. Charges for the multi-state are a little more. As I understand it there's really one additional form that actually needs to be filled out a...
by Carefreeap
Fri Feb 20, 2015 12:50 pm
Forum: Personal Finance (Not Investing)
Topic: A House Deal: To Move Or Not To Move
Replies: 14
Views: 1408

Re: A House Deal: To Move Or Not To Move

Are you and your spouse currently employed full-time? You mention you have experience with renovations. If so, than you know that Project Managers get paid either by the hour or a % of the work. If you have the time and experience you could get paid to do this work. I'm guessing the process would ta...
by Carefreeap
Thu Feb 19, 2015 10:59 pm
Forum: Personal Finance (Not Investing)
Topic: What was your dumbest financial decision?
Replies: 172
Views: 21378

Re: What was your dumbest financial decision?

Right now it's looking like taking a big pile of cash and paying off the mortgage in 2010 instead of investing in a S&P index fund. Could have just about doubled the mortgage amount. :wink:
by Carefreeap
Thu Feb 19, 2015 10:55 pm
Forum: Personal Finance (Not Investing)
Topic: 2 comma club (my way)!!
Replies: 60
Views: 12907

Re: 2 comma club (my way)!!

Congratulations on making it into the Millionaire Club! :beer
by Carefreeap
Thu Feb 19, 2015 10:51 pm
Forum: Personal Consumer Issues
Topic: Maintenance free landscaping a front yard
Replies: 37
Views: 3711

Re: Maintenance free landscaping a front yard

We did this many years back, after having experienced "mega-drought number one" back in the late 70's. All our "stuff" in the front is drought-tolerant. We don't even water it in the summer; it goes totally dormant, and looks like it's dead. But it's not. With the first rain, it springs to life. Ca...
by Carefreeap
Thu Feb 19, 2015 8:24 pm
Forum: Personal Consumer Issues
Topic: Time to stop driving for 85 yo MIL
Replies: 89
Views: 8907

Re: Time to stop driving for 85 yo MIL

Can you talk to her General Practioner about your concerns? That's what DH did. Doctor became the bad guy. MIL did eventually pass but it kept her off the road (for the most part) for about 6 months. MIL knows she's a bad driver but really doesn't care about anyone else. We'll just have to wait unti...
by Carefreeap
Thu Feb 19, 2015 7:53 pm
Forum: Personal Finance (Not Investing)
Topic: Another--should I rent it or sell it--post
Replies: 25
Views: 2125

Re: Another--should I rent it or sell it--post

Another point to keep in mind is that you can't equate your costs as owner to your cost as a landlord with regard to insurance. Insurance premiums for an owner/occupant are much lower than insurance costs for an owner/landlord, for the same property. It's actually the reverse. Since the LL doesn't ...
by Carefreeap
Thu Feb 19, 2015 7:36 pm
Forum: Personal Finance (Not Investing)
Topic: Bridge Loan vs mortage
Replies: 2
Views: 560

Re: Bridge Loan vs mortage

mortgage includes principle payment so your pay off would be a little less.

What's the cost to do each loan?

Have you researched whether you can do a HELOC on your existing home?
by Carefreeap
Thu Feb 19, 2015 7:31 pm
Forum: Personal Finance (Not Investing)
Topic: Best Condo Sell Strategy?
Replies: 17
Views: 1693

Re: Best Condo Sell Strategy?

Agents have a legal fiduciary duty to their clients. You may not like real estate agents but there are some really good ones. I'm working with one right now with my AZ house. Advising someone to offer a bonus commission to the selling agent is an unnecessary expense. For the same amount of money the...
by Carefreeap
Thu Feb 19, 2015 7:06 pm
Forum: Personal Finance (Not Investing)
Topic: Best Condo Sell Strategy?
Replies: 17
Views: 1693

Re: Best Condo Sell Strategy?

I agree that overpricing your condo is a terrible idea. You will wind up selling it for less than if your price it correctly. The absolute best thing you can do is price it correctly, paint and clean it, move out, stage it and leave it vacant on lockbox. If it's priced right you will have an accepta...
by Carefreeap
Thu Feb 19, 2015 1:12 pm
Forum: Personal Finance (Not Investing)
Topic: Another--should I rent it or sell it--post
Replies: 25
Views: 2125

Re: Another--should I rent it or sell it--post

I'm currently in the same situation, and it would be great if someone with some more math & real estate skills could weigh in on this. Based on my quick read of the post, you have about 450k in equity in the property. You have a lot of options if you don't need the $ for a down payment on a new hou...
by Carefreeap
Thu Feb 19, 2015 12:25 pm
Forum: Personal Finance (Not Investing)
Topic: Another--should I rent it or sell it--post
Replies: 25
Views: 2125

Re: Another--should I rent it or sell it--post

Watty, thanks for your thoughts. Gave me a few things to think about. Cost basis is $680,000. Yes, it would be put a large portion of net worth into real estate in the general same area. Didn't think about that for some reason. Appreciate your reply. Are you in CA? If so Prop 13 is a significant fa...
by Carefreeap
Thu Feb 19, 2015 11:29 am
Forum: Personal Consumer Issues
Topic: Home Buying the Boglehead Way (1st Time Buyer)
Replies: 46
Views: 8486

Re: Home Buying the Boglehead Way (1st Time Buyer)

Get an independent, good home inspector. Realtors often have a vested interest in working with inspectors who won't kill deals, and many issues fall into gray areas. I have seen one inspector take 2 hours, and another take 7 hours for the same home. I'm going to word this a little differently. PAY ...
by Carefreeap
Thu Feb 19, 2015 11:23 am
Forum: Personal Consumer Issues
Topic: Home Buying the Boglehead Way (1st Time Buyer)
Replies: 46
Views: 8486

Re: Home Buying the Boglehead Way (1st Time Buyer)

Lots of good advice above but here is one that I've learned that I didn't see anyone else mention. After you find the house you want to make an offer on, assuming it isn't in a hot market where it could sell in hours, drive to it after dark and sit in front with your windows down for awhile. A coup...
by Carefreeap
Wed Feb 18, 2015 11:11 pm
Forum: Personal Finance (Not Investing)
Topic: Another--should I rent it or sell it--post
Replies: 25
Views: 2125

Re: Another--should I rent it or sell it--post

Watty, thanks for your thoughts. Gave me a few things to think about. Cost basis is $680,000. Yes, it would be put a large portion of net worth into real estate in the general same area. Didn't think about that for some reason. Appreciate your reply. Are you in CA? If so Prop 13 is a significant fa...
by Carefreeap
Wed Feb 18, 2015 11:07 pm
Forum: Personal Finance (Not Investing)
Topic: What if a trustee violates the terms of trust?
Replies: 4
Views: 861

Re: What if a trustee violates the terms of trust?

Yes, the beneficiaries can sue the Trustee for breaching fiduciary duties.

What are you worried about specifically?
by Carefreeap
Wed Feb 18, 2015 5:44 pm
Forum: Personal Finance (Not Investing)
Topic: How often and how much should I raise the rent?
Replies: 25
Views: 2578

Re: How often and how much should I raise the rent?

Is raising the rent worth potentially losing good tenants and replacing them with unknown tenants? I'm no landlord - you tell me. I'm a LL and IMO the answer is a qualified No, at least not the type of increases you list. I've tried to be picky on the tenant. It has taken me months to find a qualif...
by Carefreeap
Wed Feb 18, 2015 5:33 pm
Forum: Personal Finance (Not Investing)
Topic: Early rental lease termination - what is reasonable?
Replies: 20
Views: 1904

Re: Early rental lease termination - what is reasonable?

Thank you for all your comments, many excellent points as always. I read the lease (for the first time now :( ), but could not really see any clause for early termination. There is something about indemnity payments, which could be the same thing perhaps, but I am unsure. This is our home, so I don...
by Carefreeap
Wed Feb 18, 2015 11:33 am
Forum: Personal Finance (Not Investing)
Topic: Early rental lease termination - what is reasonable?
Replies: 20
Views: 1904

Re: Early rental lease termination - what is reasonable?

Most tenants/landlords don't know this but at least in California this is true. If a tenant moves out, the landlord has to make a good faith effort to find new tenants otherwise the old tenants are on the hook for the entire amount (or at least until they can get it rented out). Most landlords tell...
by Carefreeap
Tue Feb 17, 2015 1:10 am
Forum: Personal Finance (Not Investing)
Topic: Opinion-hunting: NW to home ratio? NW is high...
Replies: 16
Views: 1716

Re: Opinion-hunting: NW to home ratio? NW is high...

travellight wrote:3-4 million.
Living in the SF Bay Area makes me agree with this number. Although that said we're about 20 minutes from SFO in a modest home with a wonderful ocean view. FMV is about $1M. We can get a much nicer home somewhere else but the combination of convenience, view and price is hard to beat!
by Carefreeap
Sun Feb 15, 2015 9:22 am
Forum: Personal Finance (Not Investing)
Topic: Dealing with problematic tenants.
Replies: 56
Views: 5135

Re: Dealing with problematic tenants.

You have every right to be concerned and I would proceed with terminating their lease. These aren't the kind of tenants you want and they WILL be costing you money because the proper walk through procedure wasn't followed. Landlording is a lot of work and takes a certain type of personality. And alt...
by Carefreeap
Sat Feb 14, 2015 3:28 pm
Forum: Personal Consumer Issues
Topic: Small claims court and rental Security Deposit
Replies: 42
Views: 2939

Re: Small claims court and rental Security Deposit

I obviously haven't read your lease but usually the clause prohibits the tenant (not usually the LL) from using the security deposit as last month's rent. In other words, you can't give notice on the first of the month ands say take the last's month's rent from my security deposit. In CA a LL can us...
by Carefreeap
Sat Feb 14, 2015 3:11 pm
Forum: Personal Finance (Not Investing)
Topic: Dealing with problematic tenants.
Replies: 56
Views: 5135

Re: Dealing with problematic tenants.

Ohhhh Man, I like REIT's. burt I don't know that much about REIT's. Right now, after all of the condo fees, taxes, and other ownership expenses, we net about $9000 a year in income from the condo. Say the condo is roughly valued at $120K. Can you do better than that with REIT's? Net = after taxes? ...
by Carefreeap
Sat Feb 14, 2015 10:28 am
Forum: Personal Consumer Issues
Topic: Small claims court and rental Security Deposit
Replies: 42
Views: 2939

Re: Small claims court and rental Security Deposit

You can try but I wouldn't spend a lot of effort on this. As I read the post there were a couple of problems. Leases are generally signed with roomates jointly and severaly. Meaning that if one tenant defaults the landlord can go after one party or both. So you left leaving your roommate to deal wit...
by Carefreeap
Sat Feb 14, 2015 10:14 am
Forum: Personal Finance (Not Investing)
Topic: Dealing with problematic tenants.
Replies: 56
Views: 5135

Re: Dealing with problematic tenants.

Do you have a detailed move-in/move-out sheet documenting the condition? If not, you're likely to be SOL if they say the cabinet was burnt when they moved in. The question is how do you prove it if there was no detailed walk-through that notes other damage. And even if they admit it you likely can't...
by Carefreeap
Fri Feb 13, 2015 6:49 pm
Forum: Personal Finance (Not Investing)
Topic: Dealing with problematic tenants.
Replies: 56
Views: 5135

Re: Dealing with problematic tenants.

LOL, welcome to the world of landlording! The first thing you should do is research your State's LL-tenant law so that you understand what kind of notice you must give for termination of a lease. While you're at it make sure you also research your duties to return a deposit. I own property in AZ & C...
by Carefreeap
Fri Feb 13, 2015 3:00 pm
Forum: Personal Finance (Not Investing)
Topic: ingress,egress,easement
Replies: 16
Views: 2369

Re: ingress,egress,easement

Hi, Just an FYI that it is the other person who has right of easement over the property we intend to buy .Basically he can park anywhere on the land around the building we intend to buy . So we will e paying all the taxes while he can park and drive anywhere on the property we may buy Thanks Proper...
by Carefreeap
Fri Feb 13, 2015 2:53 pm
Forum: Personal Finance (Not Investing)
Topic: House appraisal for a refi
Replies: 10
Views: 1270

Re: House appraisal for a refi

Green Nut wrote:my bank looked up my house on Zillow and took it from there.
If you have enough equity and are doing a no/low doc refi (like the HAMP or HARP loans) the banks will use an on-line estimator. That's not the o.p.'s situation.
by Carefreeap
Fri Feb 13, 2015 9:31 am
Forum: Personal Finance (Not Investing)
Topic: Dealing with Long Term Capital Loss Carryover
Replies: 9
Views: 1397

Re: Dealing with Long Term Capital Loss Carryover

I'd say just be mindful. For example taking info from your other threads, if your dad needed to go into assisted living and need to supplement the LTC, you could sell the condo and use the capital loss to help off-set the cap gain on the condo. That's just an example. If they have other greatly appr...
by Carefreeap
Fri Feb 13, 2015 9:01 am
Forum: Personal Finance (Not Investing)
Topic: Renting after retirement - how to meet income requirements?
Replies: 31
Views: 7541

Re: Renting after retirement - how to meet income requiremen

When we rented in Germany for three years I'm sure being a LL ourselves helped. In Germany there is no such thing as FICO scores and as homeowners we hadn't rented in 20 years so no LL references available. But the real driving factor was DH working for one of the largest employers in town. :wink: O...
by Carefreeap
Fri Feb 13, 2015 8:56 am
Forum: Personal Finance (Not Investing)
Topic: ingress,egress,easement
Replies: 16
Views: 2369

Re: ingress,egress,easement

Maybe. Or it worked until it didn't, r someone realized that the servient property owner was having monetary problems and decided to protect himself.

I'm guilty of tidying up some of my real estate stuff too; like filing 9 quitclaims in 5 different counties into our Living Trust. :oops:
by Carefreeap
Thu Feb 12, 2015 4:36 pm
Forum: Personal Finance (Not Investing)
Topic: House appraisal for a refi
Replies: 10
Views: 1270

Re: House appraisal for a refi

I should have stated that we'll go with the appraiser ordered by a lender that we end up choosing, so my mistake for not stating that up front. Unfortunately, no equity in our house - at least very limited. We expect a pretty substantial paydown from our end at closing to meet a 90% CLTV requiremen...
by Carefreeap
Thu Feb 12, 2015 9:30 am
Forum: Personal Finance (Not Investing)
Topic: Renting after retirement - how to meet income requirements?
Replies: 31
Views: 7541

Re: Renting after retirement - how to meet income requiremen

They were unwilling to supply any other info. . . . We turned them down because of the inability to supply sufficient documentation. This is your right, of course, but there are citizens with significant assets who simply refuse to provide detailed financial records -- and I don't blame them. Many ...
by Carefreeap
Wed Feb 11, 2015 7:43 pm
Forum: Personal Finance (Not Investing)
Topic: Fully Depreciated Rental Condo - Question
Replies: 31
Views: 2777

Re: Fully Depreciated Rental Condo - Question

Keep on collecting the rent, and in a perfect world, a long time away, take the stepped up basis at death and then start depreciating that. Interesting. I know that the property's basis is stepped upon inheritance. What happens to the depreciation recapture when the property is inherited? Does that...
by Carefreeap
Wed Feb 11, 2015 6:45 pm
Forum: Personal Finance (Not Investing)
Topic: Too much money in bank money market account?
Replies: 33
Views: 3487

Re: Too much money in bank money market account?

I don't think it's O-T. You're trying to figure out short-term/mid term needs. Since you've had a chance to look at their finances over a couple of years what's their current living costs? You should probably break them down in some broad categories as if your father were to go into assisted living...
by Carefreeap
Wed Feb 11, 2015 6:32 pm
Forum: Personal Finance (Not Investing)
Topic: Renting after retirement - how to meet income requirements?
Replies: 31
Views: 7541

Re: Renting after retirement - how to meet income requiremen

As a private LL with a house in AZ I did turn down the offer from my first tenant to pre-pay all the rent up front. She was taking the house December 1 and I did not want the extra income. We did accept her as a tenant as she and her agent supplied copies of her brokerage statement which showed a ba...
by Carefreeap
Wed Feb 11, 2015 11:51 am
Forum: Personal Finance (Not Investing)
Topic: Too much money in bank money market account?
Replies: 33
Views: 3487

Re: Too much money in bank money market account?

Wow, that sounds so unbelievably sleezy, especially coming from a family friend! :shock:
by Carefreeap
Wed Feb 11, 2015 11:43 am
Forum: Personal Finance (Not Investing)
Topic: Fully Depreciated Rental Condo - Question
Replies: 31
Views: 2777

Re: Fully Depreciated Rental Condo - Question

Is there a need to sell? Is it practical/possible to hold the property to death and let the heir's receive it with a stepped up basis? Will the total estate be over $5M? If cash is needed, is borrowing an option versus a sale? There is no need to sell. I was just trying to find out what the tax con...
by Carefreeap
Wed Feb 11, 2015 11:04 am
Forum: Personal Finance (Not Investing)
Topic: Fully Depreciated Rental Condo - Question
Replies: 31
Views: 2777

Re: Fully Depreciated Rental Condo - Question

Is there a need to sell? Is it practical/possible to hold the property to death and let the heir's receive it with a stepped up basis? Will the total estate be over $5M? If cash is needed, is borrowing an option versus a sale? This is my thinking as well. Why complicate things given what else you'r...
by Carefreeap
Wed Feb 11, 2015 10:58 am
Forum: Personal Finance (Not Investing)
Topic: Fully Depreciated Rental Condo - Question
Replies: 31
Views: 2777

Re: Fully Depreciated Rental Condo - Question

I don't think a condo has land does it? Any business RE except land is depreciated. It was an expense she was able to take to reduce her taxable income all those years.. The 27.5 year term is for residental RE. Yes. But as I was reading through articles about this I read that when you buy a condo, ...
by Carefreeap
Wed Feb 11, 2015 10:52 am
Forum: Personal Finance (Not Investing)
Topic: Too much money in bank money market account?
Replies: 33
Views: 3487

Re: Too much money in bank money market account?

I don't think it's O-T. You're trying to figure out short-term/mid term needs. Since you've had a chance to look at their finances over a couple of years what's their current living costs? You should probably break them down in some broad categories as if your father were to go into assisted living ...
by Carefreeap
Wed Feb 11, 2015 10:40 am
Forum: Personal Finance (Not Investing)
Topic: Trust Supervisor Role
Replies: 4
Views: 656

Re: Trust Supervisor Role

Perhaps the estate's personal representative? I'd get clarification. You need to know what your exact responsibilities are. Also while you don't need to actually see the Will/Trust now if you're to have a role, find out who the attorney is and where are the documents. Nothing like having to get a co...
by Carefreeap
Wed Feb 11, 2015 10:33 am
Forum: Personal Finance (Not Investing)
Topic: Rental deductions - insurance & tax year not calendar year
Replies: 7
Views: 764

Re: Rental deductions - insurance & tax year not calendar ye

Just like when we moved out (we've done this a few times) I pro-rate the expenses, such as property tax and insurance. In fact your insurance should change when you convert from rental to homeowner's. I also off-loaded some of the expenses like cleaning and such on the rental side using the logic th...
by Carefreeap
Wed Feb 11, 2015 10:26 am
Forum: Personal Consumer Issues
Topic: 2-3 Extra Days in San Diego next week
Replies: 20
Views: 2225

Re: 2-3 Extra Days in San Diego next week

I second the opinion to stay a little more central. The Hilton referenced in the earlier post has been around forever. It's a great location and you can do day trips anywhere. You also might check out some of the hotels in Mission/Fashion Valley. They are right around the corner from Old Town. Someb...
by Carefreeap
Wed Feb 11, 2015 10:12 am
Forum: Personal Consumer Issues
Topic: Scottsdale, AZ - what to do?
Replies: 42
Views: 6930

Re: Scottsdale, AZ - what to do?

No. The furthest north we could see is the Golf Ball near 7 Springs. I didn't realize you could see Mt. Humphreys from Scottsdale. Wow! My stomping grounds are in the Spur Cross and Tonto National Forest area around 7 Springs. I used to be a docent there. I have a um "reputation" for some memorable ...
by Carefreeap
Wed Feb 11, 2015 10:05 am
Forum: Personal Finance (Not Investing)
Topic: Mortgage dilemma
Replies: 17
Views: 2673

Re: Mortgage dilemma

As young as you are and given that you seem to be financially stable and saving, I wouldn't pay off that cheap mortgage unless you can refi (cheaply) to a 30 year at 3.5% with no points. Let your money work for you over the long run. Tying it up in an illiquid asset doesn't make a lot of financial ...