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Freetime76

If OP had $460k mortgage and $200k cash and said he wanted to buy a rental property using some of the cash as a down payment - would people say "No. Never risk your home to invest! Pay down your mortgage to $260k." I doubt it. I don't see it as a huge risk to be 40% LTV on primary residen...

Freetime76

Am I correct in guessing that you didn't own property in 2008? Yes you are correct! But I’ve heard about it and read about it. That’s one of the reasons why I’m reaching out here to get everyone’s opinion. To gain more knowledge and not to make the same mistakes😊 You have phenomenal equity in your ...

Freetime76

To answer a few questions -- I don't think the current employer would have any hard feelings. I mean a few people are trying to get me to stay. It's a smaller company, about 300 people. I think primarily they don't want to be left in a lurch and think I bring value to the table. Although the compan...

Freetime76

My family member got in contact with a real estate agent that buys as is homes. They are offering her $400k if she makes a commitment not to sell the house to anyone else. They would give her $50k as downpayment and pay the rest of the house in summer 2022. It is an old house that needs to be torn ...

Freetime76

Agree that it doesn’t matter where the debt is - whether your current house or a new place. You’re going to be in a lot more of it for a while, either way. Make sure you’re satisfied with your retirement and other savings targets, If this is a dream for your whole family, here’s what we would do: 1....

Freetime76

Wondering: is this a philosophical query or are you trying to find out a home’s value? Or use it as a negotiation tool? I’ve had good results from looking at recently sold comps myself - no realtor needed. Most sites let you do this - search for sold listings (status in the filters is set to Sold) w...

Freetime76

Lol..sorry watty for not making that clearer. Its not bad as in Northeast/ EC/ WC areas but i think its still high.. Asking price for a new build 3b/3b 1600 sqft / basement not completed is 400k :shock: One possible advantage of buying in a new subdivision is that the "first owners" may t...

Freetime76

Here’s the thing: you are doing a refi. At any time, you can just say, oops, changed my mind, too bad to you mortgage agent. It will not be good for that person. (Unlike buying, where you are up against a deadline.) Enjoy the position of (relative) power :wink: Read what you sign. You should receive...

Freetime76

A few comments, based on my own experiences and watching my mom navigate single mom status into retirement: 1. Getting into the market is going to be better, imho. Build equity, sell when you go, if you go. My mom's house was a major boon to her when she retired (sold out of a higher cost of living ...

Freetime76

Is there really any question about the biases of the authors? The conclusion directs one to delay taking social security and purchase two different types of annuity. On that "advisor perspectives" website they have 6 articles total and 5 of them are pushing annuities to overcome the horri...

Freetime76

It's easy to say prices are insane and everyone is in an irrational frenzy. It might even be true. But I wonder if something else is going on. Here is one theory that seems consistent with the 30-something professionals I know. The past few decades have seen an enormous growth in income inequality....

Freetime76

It sort of feels like that. The big difference I see is that there was an enormous home building boom in our area in 2007, and right now, nothing is getting built. Something is being built. Have you looked at the price of building materials? $3 2x4x8 studs selling for $7 $7 sheets of 7/16 OSB selli...

Freetime76

If your son can remember to pay his bills on time, he’s already ahead of a lot of people. :D It sounds like he’s doing community college already decided, and that he’s moving back home: a) to what end? what’s the target? b) be careful about the back home part so he doesn’t regress (thanks mom, I can...

Freetime76

Two three comments :happy : 1. So glad you and your relative are discussing and planning. No matter the situation, this is better than not talking about it. 2. His generation was the first to encounter the shift from ‘guaranteed’ pension to self-driven 401K/retirement accounts. He’s not the only on...

Freetime76

Retired at 44 - single no kids. Honestly I’m not sure where I would find the time to go work nowadays. You’ll love it!! I know, right? Life is more productive and busy it seems not working a job (if you wish). In the words of Old Lady Grantham on Downton Abbey, “What is a week-end?” :wink: Regardin...

Freetime76

Another data point. The way I view our emergency fund is that it is there to cover unplanned expenses or circumstances. Some examples: - I lose my job so we need money to cover bills until I can find a new job - I have a pipe burst unexpectedly so I need to call a plumber to fix it - A family membe...

Freetime76

I'm going to research this, but I was thinking more along the ideas of a the Person giving beneficiaries a % share in a LLC or Partnership which had pre-written rules on how to buy each other out, etc. Instead of saying, I bequeath my farmland to my two heirs, 50/50, what if it was, I bequeath a co...

Freetime76

My family has actually seen an attempted murder from an inheritance gone wrong. A relative arrived at the funeral with a weapon, lured some young men away from my other relative and then used said weapon on the victimized relative. Police were involved, people there had to be interviewed and the at...

Freetime76

One downside of giving them all the requested information is that they will be able to see that you can likely easily pay more for the house so they may try to get a higher selling price. It has been a while since I have bought a house but as I recall when I did once I was preapproved for a certain...

Freetime76

IMHO, they are very young and don't have enough to share. There is no more important practical thing a parent can do for their adult kids than to make sure they've secured enough financial resources to ensure they will never be a financial burden and their kids will have the freedom to provide the ...

Freetime76

We determined to use a loacal reference. Care.com is active in the area (senior care from licensed RN part time), and the second choice was to get a referral from the hospital. The site includes caregiver tax instructions: https://www.care.com/homepay/7-steps-for-filing-taxes-as-a-nanny-or-caregiver...

Freetime76

In case it helps your mom, I’ll just tell you my mom’s retirement decisions (and lessons learned): “Everybody wants to keep the house...and nobody wants to move...” ...my mom figured out about 2 years before retirement (in her early 60s) that she’s could not afford to retire where she lived. Great h...

Freetime76

Does having a will, notifying heirs its location, possibly distributing a copy, updating it every time your situation changes, and reviewing it annually mitigate 99% of the horror stories listed? Seems like just being moderately diligent solves a lot of potential headaches. The problem often arises...

Freetime76

1. I hate to say this, except you are talking a long-distance move to a completely foreign area for a senior parent: what if the sibling predeceases her, and she is alone again? It would be nice to find some place/people She actually likes. 2. I’d look at more local resources, first. She still drive...

Freetime76

1. 2000 miles is a long way to manage a house hunt from afar. People do it, not ideal, stressful and sometimes we would e made a different choice with more local info and time to look. It just depends. 2. When we can’t find an obvious winning solution, we go for the less permanent, less commitment a...

Freetime76

Depending on the seriousness of physical threat: Suggest hiring a person skilled in de-escalation, in addition to having a bouncer aspect. This might be a retired or off duty law enforcement officer or trained security officer. Ideally, any physical harm is averted before getting to that point. I’m ...

Freetime76

Do the best plan you can for what you will leave your heirs. Do not plan on receiving an inheritance yourself. Why: 1) People can and do change their wills. For many reasons. 2) With the best of legacy intentions (i.e. to leave wealth to heirs), money can be spent and/or mishandled. 3) Often - by th...

Freetime76

Yep, time for a new car, where she doesn’t have to jiggle a wire to get the heater to work :happy (sounds like something my dad would do - proudly tell me how to get his car to cooperate by listing 5 “quirks” and what to do about it). The Buick sounds nice. We would avoid the touch screen, but that’...

Freetime76

Tile and grout has nothing to do with the water proofing of the shower. A properly built shower is waterproofed behind the tile. Cracked grout and tiles have no impact on the integrity of the shower. Although they may make keeping the shower free of mildew more of a challenge. If you're talking abo...

Freetime76

You can diy the tile if your expectations fit your skill level. That’s your call. 1. I’ve tiled several showers myself (I’m the DW). I love the results and the price :D . And also being able to change my mind mid course (literally). The grout in a friends’ pro-installed marble shower and floor looke...

Freetime76

This is a helpful discussion for us. My mom is a similar age and petite. FW drive only for her. Her sister has an Outback, and it is too big. Mom is a sedan person, but more like an Accord. - Being able to see out was a key factor, and we could never tell until she sat in the actual car and fiddled ...

Freetime76

I’ve not heard of a storage unit concept like that, and it does sound like a lot of packing/moving for a business to take on. Getting rid of (aka liquidating) the leftover stuff is a huge task. Estate sales are up and running in our area. Another vote to check estatesales.net near your zip code to f...

Freetime76

You two are in the stratosphere compared to us in terms of both income and cost of living, but it’s all relative. It sounds like fun times...I still suspect there might be a pandemic-related baby boom coming :sharebeer . Here is my 2 cents and a few questions to think about, particularly in response...

Freetime76

My wife and all her weird nerd friends are these life science PhD types. Generally, they are not interested in jewelry or Rolex stuff as other people. In graduate school, you are constantly poor and surrounded by poor people. So, they don't observe and build up a desire for expensive luxury things....

Freetime76

Being calculating and methodical is nice. I’m still saying no to partnering. Is there a chance you have a specialized skil or network he wants? Didnt sound like it, but not assuming. Bringing in a partner is not the only way to launch a new business. It is, however, a way to raise capital. Yet - If ...

Freetime76

For you and your mom: the first step is to finish getting organized. You need to know where she is financially, today, and where she needs to be to quit work. I’m sorry if it’s stating the obvious. To that end: 1. What are her living expenses, in detail? Does she own her home? Any debt payments? Do ...

Freetime76

How exciting! What do you want to do? 1. How much will your health insurance cost? 2. I’d want more cash on hand, but we are conservative (and not retired yet, so take my opinion with a grain of salt :wink: oh wait, that’s true of everything on the internet!). Expenses are lumpy, even as a renter - ...

Freetime76

1. As a paid gig: Another vote for the sister being paid retail rate minus room and board. Keeping it all at regular wages avoids hard feelings. Sister reports income, can do her own Roth IRA/gets Social Security/can buy her own health insurance ...annoying because the government takes a cut. Howeve...

Freetime76

We LOVE not having a mortgage...and zero debt payments. If we make $1 (after taxes, lol), we have it to do with as we choose. Peace of mind? Sure! BUT, the biggest difference has been we’ve made completely different life choices after reaching the Not owing anyone anything point. COMPLETELY differen...

Freetime76

What does she like to do in her free time?? Not that she has free time if she’s finishing a thesis, but anyone doing something that intense for that long has an outlet of some sort - what is it? (During my grad school, I rode bikes to decompress, my husband bought me a bike (bicycle). It was perfect...

Freetime76

Have moved long distance a number of times. The best lessons I learned: 1. See if the existing furnishings are suitable for your new home. If not, give to friends or donate. There is a pennies on the dollar market for used furniture. 100% on this. We moved 200 miles with the furniture using PODS. B...

Freetime76

there's also the question of from what to what... it seems that many assume from some city or suburb to another....that ain't the case for everyone. There's places that PODS, and equivalent, DON'T deliver... and that's rural areas (and sometimes parts of cities that they might not want to serve, so...

Freetime76

I’d say: :idea: To read a lot, starting very young. I started with Suze Orman, because she was the only woman I saw in that space at the time...and she spelled out in plain language financial concepts. She also would say “no” to people, in a time when everyone supposedly could afford everything. I m...

Freetime76

If you use IRS Free Fillable Forms*: 1. Web form will do the math for you (click the button Do The Math). 2. Duh - but if a cell (line entry) on the form or schedule stubbornly does not allow you to enter a value, try do the math, as it may want to calculate it for you. 3. If a line Still does not a...

Freetime76

Hmm. After reading the OPs answers, above, I am going to say that the idea is starting to grow on me. Normally I’d say no way on the income side, because the property tax and insurance is your current mortgage. I can’t believe I am saying this. BUT If you’re diligent, though, (I.e. don’t sacrifice y...

Freetime76

We looked at electric heaters last fall and ended up getting 3 infrared heaters with a fan (Magnavox, one is oscillating, one is a faux wood box that works a lot better). It heats fine, but you will be hearing the fan. I appreciate the remote control. I wanted a flat panel wall heater, except we don...

Freetime76

In no way would I rely exclusively on an electric vehicle to move my family away from a regional disaster. ^^ this In all reality, owning a horse may be the best bet. Good, we have 2. If anyone we know ever starts in about off-roading :D 1 HP is the way to go! I wonder if FEMA updated it’s disaster...

Freetime76

Perhaps 600k in the outskirts might be do-able? Just trying to get some clarity as the emotion is muddying my thoughts at the moment. :moneybag ......... Thanks for the calculator. Ran some numbers with deep breathing. You're right, 10k RIRA withdrawal would be the most I'd be able to stomach. I ra...

Freetime76

I see this house getting listed and selling after realtors are involved, and the buyer will be someone else. The buyer will not receive a “discount”, and the realtors will earn their commission on the negotiation. - items always come up on the inspection, but it does not mean the seller will credit ...

Freetime76

6. Will your in-laws pay you FMV rent? Will they sign a lease? (Or is it all a gift?) 7. Do you have adequate life and disability insurances on yourself? You are the linchpin on this whole idea. 8. Why not FMV minus realtor’s commission of 5-6%? 9. Do the parents need the equity from this house (I.e...

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