Search found 2412 matches

by Carefreeap
Fri Aug 24, 2018 9:53 am
Forum: Personal Finance (Not Investing)
Topic: Real estate in SF bay area
Replies: 26
Views: 2182

Re: Real estate in SF bay area

This topic was the front page story last Sunday in the L.A. Times. The main point of the article was that after prop 13 passed, prop 58 allowed a house to be passed down to the owner's children without a property tax increase. (Later on there was another proposition that passed that allowed generat...
by Carefreeap
Thu Aug 23, 2018 5:54 pm
Forum: Personal Finance (Not Investing)
Topic: Decent compensation to move to Bay Area CA?
Replies: 290
Views: 22125

Re: Decent compensation to move to Bay Area CA?

You probably need a household income of $250k+. Is your wife planning to work outside the home? It's unlikely that you can make the numbers work in the short term. You need another reason to move here such as moving closer to family or for professional reasons. I remember when my husband was delight...
by Carefreeap
Thu Aug 23, 2018 5:47 pm
Forum: Personal Finance (Not Investing)
Topic: To buy or hold for housing crash in Bay Area CA
Replies: 27
Views: 3174

Re: To buy or hold for housing crash in Bay Area CA

I guess I'll stop holding my breath for the big real estate crash that gets me into Atherton...:) The other things that happen to cause that crash could be pretty horrible. Major war, economic crash etc. In retrospect the time to buy in Chelsea or Greenwich Village in New York was in the 1970s when...
by Carefreeap
Thu Aug 23, 2018 1:26 pm
Forum: Personal Finance (Not Investing)
Topic: Real estate in SF bay area
Replies: 26
Views: 2182

Re: Real estate in SF bay area

I agree that Prop 13 potentially makes this a good rental. Be very careful though to transfer it properly to avoid losing the Prop 13 property tax, especially since this situation seems complicated with multiple owners of different generations. It's a pretty easy process. I did it when I transferre...
by Carefreeap
Thu Aug 23, 2018 1:19 pm
Forum: Personal Finance (Not Investing)
Topic: Real estate in SF bay area
Replies: 26
Views: 2182

Re: Real estate in SF bay area

Has she owned it long enough to have a low Prop 13 tax assessment? You can look up the tax info here. http://www.sanmateocountytaxcollector.org/SMCWPS/pages/secureSearch.jsp If so, and if it the transfer can be arranged to preserve it, there would be an advantage to this property vs another. IIRC i...
by Carefreeap
Mon Aug 20, 2018 5:58 pm
Forum: Personal Finance (Not Investing)
Topic: Rental propery - selling owner financed
Replies: 7
Views: 480

Re: Rental propery - selling owner financed

I recently did a seller carryback on a condo I owned primarily for tax reasons. I otherwise would have had a $300k cap gain. Buyers were well qualified and could have gone conventional. I also have known them for 10+ years and we are friends. My note is in second position after a new first TD. I wou...
by Carefreeap
Sun Aug 19, 2018 4:50 pm
Forum: Personal Finance (Not Investing)
Topic: Has anyone been bought out by a developer before?
Replies: 5
Views: 1604

Re: Has anyone been bought out by a developer before?

These development deals don't have to be a direct and immediate buyout process. I had an elderly aunt who lived in a house a block away from a large hospital. One days she had a visitor at her front door who offered her X amount of dollars for an option for Y amount of years to get the first right(...
by Carefreeap
Wed Aug 08, 2018 5:01 pm
Forum: Personal Finance (Not Investing)
Topic: "Skin in the game"
Replies: 105
Views: 7551

Re: "Skin in the game"

Interesting post. Thanks for sharing. Many similarities to my story. I never really forgave my father for being so “ignorant” about education in general and my education in particular. I think he probably got his attitude from his father. Quite surprising because his father was an immigrant and imm...
by Carefreeap
Tue Aug 07, 2018 5:57 pm
Forum: Personal Finance (Not Investing)
Topic: "Skin in the game"
Replies: 105
Views: 7551

Re: "Skin in the game"

There are many on this board who vehemently claim that it's important for your kid to have skin in the game - that if you don't make your kid pay for at least some of college they will somehow fail to succeed. I see this stated so often, but rarely do those people concede that college funding shoul...
by Carefreeap
Mon Aug 06, 2018 4:28 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Strategies for Selling a Rental Property - Not Section 1031 Eligible
Replies: 11
Views: 867

Re: Tax Strategies for Selling a Rental Property - Not Section 1031 Eligible

I don't think you're going to have that big of a capital gain to get involved with some higher risk schemes. If you do actually sell for $250k you still will reduce your gain by sales and fix up costs, say for planning purposes 10% of the sales cost or $25k. Your carry forwards of $50k are going to ...
by Carefreeap
Mon Aug 06, 2018 10:35 am
Forum: Personal Finance (Not Investing)
Topic: What prevents residential real estate buyers from colluding to bring down prices?
Replies: 32
Views: 2735

Re: What prevents residential real estate buyers from colluding to bring down prices?

Depends. In CA and many other states most buyers are represented by buyer's agents who are contractually working for the fiduciary interest of the buyer. In theory. In practice, buyer's agents get paid more if: 1) The sales price is higher 2) More transactions close quicker. They basically egg buye...
by Carefreeap
Sun Aug 05, 2018 6:28 pm
Forum: Personal Finance (Not Investing)
Topic: What prevents residential real estate buyers from colluding to bring down prices?
Replies: 32
Views: 2735

Re: What prevents residential real estate buyers from colluding to bring down prices?

Seems like it would be much easier for sellers to collude. There are a limited number, and they are easier to identify. Ensuring collective action between an unknown and uncapped number of unidentified potential buyers, with the game-theoretic incentive to defect, seems tricky. Indeed. And real est...
by Carefreeap
Sat Aug 04, 2018 4:22 pm
Forum: Personal Finance (Not Investing)
Topic: Co - signed a Mortage, Now wants out
Replies: 57
Views: 6325

Re: Co - signed a Mortage, Now wants out

I don't get the point of a co-signer then. The bank demands a co-signer for his better credit. If the worst credit score among the borrowers is the determining factor, there is no improvement in credit-worthiness from another signer. That can't be the case. As mentioned earlier, It is combined DTI....
by Carefreeap
Sat Aug 04, 2018 4:04 pm
Forum: Personal Finance (Not Investing)
Topic: Yogi said it. It must be true.
Replies: 21
Views: 2697

Re: Yogi said it. It must be true.

It's deja vu all over again!
by Carefreeap
Fri Aug 03, 2018 6:41 pm
Forum: Personal Finance (Not Investing)
Topic: First Home, quadplex???
Replies: 15
Views: 1567

Re: First Home, quadplex???

A four-unit property qualifies for really nice mortgage terms if you are willing to live there for a year. If it is your intent to become a landlord, you can buy up to ten of them, one per year and get 30-year fixed Fannie Mae financing on them all with a minimal down-payment. Also FHA. I'd be temp...
by Carefreeap
Fri Aug 03, 2018 6:25 pm
Forum: Personal Consumer Issues
Topic: Gated communities pros and cons? (Atlanta or anywhere.)
Replies: 67
Views: 4580

Re: Gated communities pros and cons? (Atlanta or anywhere.)

So, if you were a car thief, would you try and case a gated community or go for the house across from it with less deterrence? Of course targeted crime is one thing, but that isn't quite the subject of this thread. Crime of opportunity - gated community would decrease car theft. If I were a car thi...
by Carefreeap
Fri Aug 03, 2018 4:49 pm
Forum: Personal Consumer Issues
Topic: West Coast Tour Group Suggestions
Replies: 17
Views: 1206

Re: West Coast Tour Group Suggestions

West Coast - you may want to check the wildfires.....tourism is quite down this year, and the fires have some areas very foggy and many roads closed. I was just in CA and experienced this firsthand. Yosemite as an example is 'foggy' with smoke. Carr fire by Redding (stayed there a night) has many r...
by Carefreeap
Fri Aug 03, 2018 4:32 pm
Forum: Personal Consumer Issues
Topic: Realtor Compensation (Couldn't sell, so renting)
Replies: 21
Views: 2434

Re: Realtor Compensation (Couldn't sell, so renting)

So we have had our house on the market for 3 months and unfortunately have not been able to sell it. Thus, we are now planning to rent it. It looks like our realtor has brought in a pretty good renter without actually having listed it for rent... Is there a standard compensation for this? In the co...
by Carefreeap
Fri Aug 03, 2018 4:17 pm
Forum: Personal Finance (Not Investing)
Topic: Bag with bank information goes missing (from bank)
Replies: 20
Views: 1551

Re: Bag with bank information goes missing (from bank)

I think everybody already has my name, address, and account numbers. Personally, I wouldn't worry about it myself. +1 Any time you write a check someone has your name, address and account number. I guess your relative could keep checking his/her account in the event some nefarious person doesn't cr...
by Carefreeap
Tue Jul 31, 2018 5:54 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: 1937

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

A more common problem is too many non owner occupants. In a small complex it doesn't take much to tip the balance. Also if one owner owns more than 10% of the units which is clearly the case of a 4 unit building. Here, a couple of articles about small co-ops that I found interesting: https://www.ny...
by Carefreeap
Tue Jul 31, 2018 11:10 am
Forum: Personal Finance (Not Investing)
Topic: Any reason a building should not consent to a condo buyer using a family mortgage?
Replies: 19
Views: 1937

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

Is the condo association doing separate financial due diligence on the buyer? If not, I could imagine a situation where a non-arms length relationship between buyer and lender allows someone who is not qualified enough for a bank loan to buy into the building. This could increase chance of default ...
by Carefreeap
Sun Jul 29, 2018 6:03 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: 1937

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

I suppose there's a low risk that if the HOA didn't have a rule about approving a private mortgage that some unsavory Russian Oligarch could use the condo as a money laundering vehicle by foreclosing on a straw buyer... :twisted: :wink: :twisted: As Board President you'll have to convince the Board ...
by Carefreeap
Tue Jul 24, 2018 5:55 pm
Forum: Personal Finance (Not Investing)
Topic: Distributing principal of trust with no income
Replies: 9
Views: 555

Re: Distributing principal of trust with no income

Okay looks like I don't need to file a 1040 or 1041 in this case since I'm not close to hitting the income minimums. That will be one less headache I have to deal with (though a small one). For now I'll just keep good records for myself and the other beneficiaries and distribute the principal once ...
by Carefreeap
Tue Jul 24, 2018 2:51 pm
Forum: Personal Finance (Not Investing)
Topic: Distributing principal of trust with no income
Replies: 9
Views: 555

Re: Distributing principal of trust with no income

Sorry to hear about your father. Typically there are two types of tax returns you will need to do. One is the final return of the deceased tax payer and the other is the final return of the Trust. Did the cash generate interest during the time of the Trust? If so you will need to list it on the fina...
by Carefreeap
Tue Jul 24, 2018 2:46 pm
Forum: Personal Consumer Issues
Topic: I want to sell my home, but I don't want to fix it up
Replies: 72
Views: 8829

Re: I want to sell my home, but I don't want to fix it up

We are often see cracks emerge in the walls and ceiling. I do not know whether or how these issues can be fixed. Often? Yikes! Price it to sell and get out of there as quickly as you can. It could be as simple as drywall seams expanding and contracting after periods of drought in areas with clay so...
by Carefreeap
Tue Jul 24, 2018 10:06 am
Forum: Personal Consumer Issues
Topic: I want to sell my home, but I don't want to fix it up
Replies: 72
Views: 8829

Re: I want to sell my home, but I don't want to fix it up

We are often see cracks emerge in the walls and ceiling. I do not know whether or how these issues can be fixed. Often? Yikes! Price it to sell and get out of there as quickly as you can. It could be as simple as drywall seams expanding and contracting after periods of drought in areas with clay so...
by Carefreeap
Mon Jul 23, 2018 6:42 pm
Forum: Personal Consumer Issues
Topic: I want to sell my home, but I don't want to fix it up
Replies: 72
Views: 8829

Re: I want to sell my home, but I don't want to fix it up

See if you can find a real estate agent / company that uses a contractor to repair rental property and / or do fix up for homes needing to be sold. DW found a contractor that way through a friend that provided a lead. In our case, he worked fast, did good work, and was reasonably priced. +1 That wo...
by Carefreeap
Mon Jul 23, 2018 6:30 pm
Forum: Personal Finance (Not Investing)
Topic: Location Independent (Nomad) Will
Replies: 20
Views: 1612

Re: Location Independent (Nomad) Living Will

Carefreeap, how did BofA realize that you were in Germany? Did you change your account address to Germany or did they detected a connection into your accounts from overseas? No we didn't change our address. We were living in AZ in an area that was considered "rural", didn't have home delivery and k...
by Carefreeap
Mon Jul 23, 2018 10:10 am
Forum: Personal Finance (Not Investing)
Topic: Location Independent (Nomad) Will
Replies: 20
Views: 1612

Re: Location Independent (Nomad) Living Will

These are very good points. I can see how having an advance medical directive might be very difficult if not impossible considering the differences in laws in each of those countries. With that on mind I would like to recast the question into how to best do asset distribution. Even when I don't pla...
by Carefreeap
Sun Jul 22, 2018 5:44 pm
Forum: Personal Finance (Not Investing)
Topic: Location Independent (Nomad) Will
Replies: 20
Views: 1612

Re: Location Independent (Nomad) Living Will

I'm trying to find information on how to best create a living will when I plan to be location independent. Pretty much everything I've found is information specific to a state. I'm 55 years currently in TX and plan to retire overseas in about a year. Once retired, I only plan to return to the US on...
by Carefreeap
Sat Jul 21, 2018 1:57 pm
Forum: Personal Finance (Not Investing)
Topic: Unpermitted structure - options?
Replies: 27
Views: 2761

Re: Unpermitted structure - options?

Also, wouldn't the unpermitted status of this ADU (accessory dwelling unit) have required disclosure during the buying process? Only if the selling party knew it was not permitted. The owners before them could have added it. They probably knew. If the structure added square footage it would most li...
by Carefreeap
Sat Jul 21, 2018 12:45 pm
Forum: Personal Consumer Issues
Topic: House foundation repair with Helical Piers - urgent request
Replies: 22
Views: 1690

Re: House foundation repair with Helical Piers - urgent request

It sounds like repairs were done, but why is house up for sale so quickly after they were done? What does your sons attorney say? I cannot fathom why you would ask an attorney about an engineering issue. To OP: The house has had a serious foundation problem that has been repaired and there is a war...
by Carefreeap
Sat Jul 21, 2018 12:04 pm
Forum: Personal Finance (Not Investing)
Topic: Unpermitted structure - options?
Replies: 27
Views: 2761

Re: Unpermitted structure - options?

These are incredibly common in the California county in which I live. Because housing in some areas of the state is so constrained, especially in certain parts of the Bay Area, many counties are implementing "amnesty"-type pathways to legalizing units. Have you looked into this? It is not just LA a...
by Carefreeap
Sat Jul 21, 2018 11:52 am
Forum: Personal Finance (Not Investing)
Topic: Successor Trustee duties? Help!
Replies: 3
Views: 443

Re: Successor Trustee duties? Help!

Seek personal legal counsel for advice and direction. j +1 FWIW I was a beneficiary of an upside estate including a condo that was underwater by about $300k in 2008. There was another $100k of IRS and credit card debt. I did my homework and was able to turn things around. I sold that condo last yea...
by Carefreeap
Fri Jul 20, 2018 6:33 pm
Forum: Personal Finance (Not Investing)
Topic: Downsize or just move on
Replies: 11
Views: 1196

Re: Downsize or just move on

Thanks for the replies. I've added some more info. Like some of you pointed out, I think I do feel regret not investing in the market early on and missing out a huge bull run. Mind you, when I was in school all I heard in the news was the Stock Market crashing everyday, so I was not inclined to inv...
by Carefreeap
Fri Jul 20, 2018 9:39 am
Forum: Personal Finance (Not Investing)
Topic: Financial transparency
Replies: 19
Views: 1086

Re: Financial transparency

Pretty sure this thread is going to get locked! How old are you? The kindest thing I can come up with is if comments like that bother you then you need to find someone who is also fiscally conservative. That said, in a relationship there are times that you are going to disagree. Instead of packing u...
by Carefreeap
Thu Jul 19, 2018 1:14 pm
Forum: Personal Finance (Not Investing)
Topic: Liability with assets in irrevocable trust, bsteiner
Replies: 1
Views: 373

Re: Liability with assets in irrevocable trust, bsteiner

Doesn't the house have insurance, including liability insurance? If there are substantial assets then perhaps an umbrella policy is needed? If you're really worried about lawsuits against the property than holding it in an LLC might be warranted. But that leads to a whole 'nother set of hassles. The...
by Carefreeap
Thu Jul 19, 2018 10:29 am
Forum: Personal Finance (Not Investing)
Topic: New book based on Millionaire Next Door
Replies: 120
Views: 17346

Re: New book based on Millionaire Next Door

...Some 46% of the educators attribute their wealth to inheritance... I find it difficult to believe that a greater percentage of educators would inherit significant resources than either doctors or lawyers. I could easily be convinced by the right data, but a priori there is no reason to assume th...
by Carefreeap
Thu Jul 19, 2018 10:04 am
Forum: Personal Finance (Not Investing)
Topic: Can churning negatively affect getting a good mortgage rate?
Replies: 19
Views: 1397

Re: Can churning negatively affect getting a good mortgage rate?

By "churning" it sounds like you are opening and closing credit cards? If so you might want to edit your post. Churning can mean a lot of different things. Are you closing the cards as well as opening new ones and doing transfer balances? If so that kind of activity can affect your score because you...
by Carefreeap
Wed Jul 18, 2018 4:34 pm
Forum: Personal Finance (Not Investing)
Topic: Buy a vacation home while renting
Replies: 61
Views: 4190

Re: Buy a vacation home while renting

A friend of mine has exactly this kind of house. 2 and a half hours away from the main home. Great place in the woods with plenty of hiking trails, close to mountains, close to lakes. He goes every weekend. Every Monday, he'd come in and tell me what a great time he had: "I wired in the cable so we...
by Carefreeap
Wed Jul 18, 2018 2:31 pm
Forum: Personal Finance (Not Investing)
Topic: New book based on Millionaire Next Door
Replies: 120
Views: 17346

Re: New book based on Millionaire Next Door

My parents were convinced that if you were a doctor you wouldn't have any money problems and that's just not true. :thumbsup Absolutely. It comes from the mindset that income equals wealth, but that's just plain wrong on several levels. And that pretty much sums up my parents. They had a very good ...
by Carefreeap
Wed Jul 18, 2018 1:25 pm
Forum: Personal Finance (Not Investing)
Topic: New book based on Millionaire Next Door
Replies: 120
Views: 17346

Re: New book based on Millionaire Next Door

My parents were convinced that if you were a doctor you wouldn't have any money problems and that's just not true. :thumbsup Absolutely. It comes from the mindset that income equals wealth, but that's just plain wrong on several levels. And that pretty much sums up my parents. They had a very good ...
by Carefreeap
Wed Jul 18, 2018 10:16 am
Forum: Personal Finance (Not Investing)
Topic: Unusual asset protection strategies
Replies: 11
Views: 1542

Re: Unusual asset protection strategies

You'll also notice that most of the companies pushing these unusual steps are on the receiving end of a lot of money from the fear they create. Doesn't mean they are right or wrong, but I believe it calls for a dash of skepticism. +1 And right up there with various tax schemes to prevent the govern...
by Carefreeap
Wed Jul 18, 2018 10:09 am
Forum: Personal Finance (Not Investing)
Topic: New book based on Millionaire Next Door
Replies: 120
Views: 17346

Re: New book based on Millionaire Next Door

The assumption that doctors, lawyers et cetera are wealthy because of their professions and often aren't because of student debt, the delay into the workforce and the image they often feel they need to project was excellent. I knew this to be true at about age 19. I was putting myself through colle...
by Carefreeap
Tue Jul 17, 2018 9:45 am
Forum: Personal Finance (Not Investing)
Topic: New book based on Millionaire Next Door
Replies: 120
Views: 17346

Re: New book based on Millionaire Next Door

I read the first book and learned from it. However, it all comes down to this: If you spend all your money, you won't have any. Lol, you're right but what I thought it did a really good job at was pointing out that people who look like they are doing well very well not be. The assumption that docto...
by Carefreeap
Mon Jul 16, 2018 6:10 pm
Forum: Personal Consumer Issues
Topic: How much did your braces/invisalign braces cost?
Replies: 32
Views: 2982

Re: How much did your braces/invisalign braces cost?

5K (less 10% cash discount) to a dentist who teaches other dentists how to use Invisalign. Scottsdale AZ beginning of 2008.

While I was very happy with my ortho I do think that there's a zip code premium.
by Carefreeap
Sun Jul 15, 2018 3:33 pm
Forum: Personal Consumer Issues
Topic: Kitchen Remodel
Replies: 23
Views: 2127

Re: Kitchen Remodel

7. Cabinetry with rolling shelves and other features to save the "back" is worth a million ice packs. 8. The corners of a range hood or cooktop hood should never ever be below the tallest person in the house. :shock: 7. What is a rolling shelf? It's a flat drawer behind a door. Just get drawers in ...
by Carefreeap
Sun Jul 15, 2018 10:37 am
Forum: Personal Consumer Issues
Topic: Kitchen Remodel
Replies: 23
Views: 2127

Re: Kitchen Remodel

7. Cabinetry with rolling shelves and other features to save the "back" is worth a million ice packs. 8. The corners of a range hood or cooktop hood should never ever be below the tallest person in the house. :shock: 7. What is a rolling shelf? It's a flat drawer behind a door. Just get drawers in ...
by Carefreeap
Sun Jul 15, 2018 10:32 am
Forum: Personal Consumer Issues
Topic: Kitchen Remodel
Replies: 23
Views: 2127

Re: Kitchen Remodel

Thoughts. 1 Buy a range hood that is powerful, but "quiet". 2. Upsize the range hood duct to exterior wall. 3. Heat generating appliances with the digital control board near the heat need more repairs. 4. Buy appliances per a history of long term reliability and function vs "name" and cosmetics. 5....
by Carefreeap
Fri Jul 13, 2018 2:44 pm
Forum: Personal Finance (Not Investing)
Topic: Life Estate Deed/Life Tenancy deal at steep discount--too good to be true?
Replies: 23
Views: 1264

Re: Life Estate Deed/Life Tenancy deal at steep discount--too good to be true?

So many unrealistic expectations. A real lesson to those who think they are going inherit a fortune! Yes, but that story would make a great novel and television miniseries and might be worth more than the house would have been. Unrealistic Expectations might be an appropriate title for it. LOL, I'd...