Search found 354 matches

by Lexx
Tue Apr 13, 2021 8:02 pm
Forum: Personal Finance (Not Investing)
Topic: Proof of Funds when House Hunting
Replies: 17
Views: 1724

Re: Proof of Funds when House Hunting

Proof of funds has been pretty much SOP in our area (HCOL) for the longest time now. I've always made my purchase offers with proof of funds or shortly thereafter. It's no big deal. Just show them one of your accounts with enough cash to cover the down payment and closing costs.
by Lexx
Tue Apr 13, 2021 3:21 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a House in Today’s Market
Replies: 15
Views: 1512

Re: Buying a House in Today’s Market

Whatever fluctuation may occur in interest rates will be minimal compared to the massive amount you'd be overpaying in this market. Say you buy a house now and it drops 20% when a recession hits. Are you ok with that? Will the minimally higher interest rate you pay make enough of a difference to los...
by Lexx
Mon Apr 12, 2021 3:47 pm
Forum: Personal Finance (Not Investing)
Topic: Anxiety about the future
Replies: 57
Views: 6337

Re: Anxiety about the future

What about opening an urgent care clinic? I see a number of them don't take insurance. It's cash on the barrelhead. Get em in, get em out.
by Lexx
Mon Apr 12, 2021 3:40 pm
Forum: Personal Finance (Not Investing)
Topic: Turnkey rentals in another state
Replies: 8
Views: 507

Re: Turnkey rentals in another state

Sounds like a big win for the investment/management company. You foot the bill and they charge their fees on top of their fees.
by Lexx
Mon Apr 12, 2021 1:51 pm
Forum: Personal Finance (Not Investing)
Topic: House Building vs. Buying in this Market?
Replies: 21
Views: 2028

Re: House Building vs. Buying in this Market?

I would rent a condo for now and bide my time. These housing prices are at all time highs and definitely not sustainable. Building is going to be ridiculously expensive based on the massive spike in building materials (especially wood) and labor. Save your bucks so they are ready to deploy when we'r...
by Lexx
Sun Apr 11, 2021 10:52 pm
Forum: Personal Finance (Not Investing)
Topic: In-Laws' HOA demanding $8000 lumpsum payment
Replies: 91
Views: 10503

Re: In-Laws' HOA demanding $8000 lumpsum payment

Perhaps this is different from state to state. In California if the broker is to be a dual agent, there is a form on the standardized California Board of Realtors form that has to be checked, stating that the broker is acting as a dual agent. I've retained a buyers broker in the past and had a signe...
by Lexx
Sun Apr 11, 2021 5:31 pm
Forum: Personal Finance (Not Investing)
Topic: In-Laws' HOA demanding $8000 lumpsum payment
Replies: 91
Views: 10503

Re: In-Laws' HOA demanding $8000 lumpsum payment

A real estate broker who becomes an agent of a seller or buyer, either intentionally through the execution of a written agreement, or unintentionally by a course of conduct, will be deemed to be a fiduciary. https://www.nar.realtor/sites/default/files/handouts-and-brochures/2014/nar-fiduciary-duty-...
by Lexx
Sun Apr 11, 2021 4:45 pm
Forum: Personal Finance (Not Investing)
Topic: In-Laws' HOA demanding $8000 lumpsum payment
Replies: 91
Views: 10503

Re: In-Laws' HOA demanding $8000 lumpsum payment

Is this correct? I've always thought they buyer's broker has a fiduciary duty to the BUYER. Otherwise what's the point of using your own agent?
lhl12 wrote: Sun Apr 11, 2021 3:50 pm Both the seller's broker and the buyer's broker get paid by the seller and have a fiduciary duty to the seller. Neither agent owes a duty to the buyer.
by Lexx
Sun Apr 11, 2021 2:02 am
Forum: Personal Consumer Issues
Topic: buying laptop
Replies: 15
Views: 1473

Re: buying laptop

Just make sure it has a SSD and about 8 gb of RAM. You can always add an extra memory stick if it only comes with 4 gb. Then once you get it, I would wipe the bloody thing to get rid of all the bloatware and reinstall a fresh Windows OS. You might be able to use the neutered Win 10 that the laptop c...
by Lexx
Sun Apr 11, 2021 12:18 am
Forum: Personal Finance (Not Investing)
Topic: Using equity in primary home to invest in multiple investment properties
Replies: 30
Views: 2043

Re: Using equity in primary home to invest in multiple investment properties

Don't forget the eviction moratorium just got extended. It could get extended again. Heck, there's even a story about a guy who bought a house in SoCal and the seller squatted in the house using the eviction moratorium laws to stay. How are you going to handle a situation like that with such a big d...
by Lexx
Sat Apr 10, 2021 3:55 pm
Forum: Personal Finance (Not Investing)
Topic: Broker 3rd degree over every retirement withdrawal?
Replies: 61
Views: 7110

Re: Broker 3rd degree over every retirement withdrawal?

I see no reason to be polite when the rep is clearly trying to harangue you with a sales pitch. Whenever I'm faced with such a situation my reply is "Stop now. I do NOT want to hear your sales pitch. I don't have time for that. Get this done or transfer me to your supervisor." Schwab's per...
by Lexx
Sat Apr 10, 2021 3:49 pm
Forum: Personal Finance (Not Investing)
Topic: In-Laws' HOA demanding $8000 lumpsum payment
Replies: 91
Views: 10503

Re: In-Laws' HOA demanding $8000 lumpsum payment

It seems like looking into the HOA minutes would be a good place to start. If there's any mention of a potential HOA special assessment, then the seller has materially failed to disclose. And my understanding is at that point it's a "gotcha". The seller and especially the seller's agent is...
by Lexx
Sat Apr 10, 2021 3:41 pm
Forum: Personal Finance (Not Investing)
Topic: Using equity in primary home to invest in multiple investment properties
Replies: 30
Views: 2043

Re: Using equity in primary home to invest in multiple investment properties

So basically your new properties will be financed 100%. Are you somehow buying under market foreclosures? Do you have experience with this? Because most folks will tell you that they believe markets tend to be 100% efficient i.e. it's not likely that you're going to score some kind of amazing once i...
by Lexx
Fri Apr 09, 2021 4:57 pm
Forum: Personal Finance (Not Investing)
Topic: Using equity in primary home to invest in multiple investment properties
Replies: 30
Views: 2043

Re: Using equity in primary home to invest in multiple investment properties

Hmmmm.....So you may have up to $1 mil in equity (subtracting real estate commissions and closing costs). A HELOC is going to probably cost you a higher interest rate. I doubt you could pull out much more than $800k-900k in a 2nd loan. I'm not clear on how you go and buy multiple investment properti...
by Lexx
Thu Apr 08, 2021 6:00 pm
Forum: Personal Finance (Not Investing)
Topic: Tax benefits of taking over a solar lease?
Replies: 2
Views: 249

Re: Tax benefits of taking over a solar lease?

From what I recall, the leasing company receives all the tax write offs of a leased solar installation. That's why it's never a good idea to lease the panels. It looks like you've paid a premium for the solar panels and are stuck with the lease payments. We just purchased a home that has an existing...
by Lexx
Thu Apr 08, 2021 5:56 pm
Forum: Personal Finance (Not Investing)
Topic: Leak under house, damage to floors, and insurance questions
Replies: 13
Views: 886

Re: Leak under house, damage to floors, and insurance questions

I had this happen. My wife kept saying she was smelling a bad odor. I noticed it on occasion but didn't think anything of it. We finally got a plumber to come out. Like you we have a tight crawl space under our house. The plumber found a pool of water and what he thought was probably a broken sewer ...
by Lexx
Thu Apr 08, 2021 3:45 pm
Forum: Personal Finance (Not Investing)
Topic: For those retired or FI, how much do you spend annually?
Replies: 168
Views: 19765

Re: For those retired or FI, how much do you spend annually?

Lexx, would it make sense to pick a HSA eligible HDHP plan? Family out of pocket maximum + premiums - tax savings of HSA contribution would be far less than 42k/yr. Why a platinum plan? Good question. I'm not sure I have enough other medical expenses to make use of an HSA, since the HSA itself can ...
by Lexx
Wed Apr 07, 2021 12:38 am
Forum: Personal Consumer Issues
Topic: Advice for Parent struggling with recent retirement
Replies: 12
Views: 1794

Re: Advice for Parent struggling with recent retirement

Get him vaccinated and out of the house! Tell him to go buy a small RV and travel the country! Get a cheap Miata and have him participate in autocross. Take trips abroad when this crisis is over. Volunteer as a mentor using his career skills. Find some hobbies. Most of all just get him out of the ho...
by Lexx
Sat Apr 03, 2021 6:55 pm
Forum: Personal Finance (Not Investing)
Topic: Homeowners Insurance Recommendations
Replies: 17
Views: 1304

Re: Homeowners Insurance Recommendations

Raise your homeowners deductible to $5k or 10k. It's a policy that you really never really want to file a claim on unless there's a catastrophic event. Otherwise if you do file a claim, they'll either massively raise your rates in the following years or cancel your policy altogether. And it will mak...
by Lexx
Sat Apr 03, 2021 3:12 pm
Forum: Personal Finance (Not Investing)
Topic: Bad Rental Investment or Cheap Vacation Home [or a mix of both?]
Replies: 13
Views: 1681

Re: Bad Rental Investment or Cheap Vacation Home [or a mix of both?]

Total costs are $2k/month? That's ridiculously high. You're paying a super high premium for their "management". Based on the numbers provided, in a best case scenario, you're netting $1500/mo on a $500k investment. That's a horrible return. In your situation, I'd just rent the place I want...
by Lexx
Fri Apr 02, 2021 10:56 pm
Forum: Personal Finance (Not Investing)
Topic: Estate planning Advice - Inheriting Large Estate
Replies: 14
Views: 1795

Re: Estate planning Advice - Inheriting Large Estate

I would consult an estate planning attorney ASAP. Look for one certified in estates and trusts. You can probably put the real estate in a combination of dynasty trusts and IDGT. Form a family limited partnership and take a valuation discount. Lots of stuff you can do at that level. Do it now before ...
by Lexx
Thu Apr 01, 2021 6:46 pm
Forum: Personal Finance (Not Investing)
Topic: Home Sellers Dilemma re Agent
Replies: 24
Views: 2162

Re: Home Sellers Dilemma re Agent

Leave the real estate agent on your side out of it. You can simply use an attorney to close the escrow. Why pay 3% to someone for just a little bit of work?
by Lexx
Thu Apr 01, 2021 6:42 pm
Forum: Personal Finance (Not Investing)
Topic: 1031 exchange, selling to son for less than market value
Replies: 4
Views: 508

Re: 1031 exchange, selling to son for less than market value

I wonder if you could just sell him the condo for something like $300k. No one can argue 100% that the condo is exactly worth $350k because real estate varies by condition and time of sale. Then take the difference back on an installment sale so that it's a completed transaction. Set the installment...
by Lexx
Thu Apr 01, 2021 6:38 pm
Forum: Personal Finance (Not Investing)
Topic: Is auto purchase through Costco a good deal?
Replies: 12
Views: 1703

Re: Is auto purchase through Costco a good deal?

I used Costco as a baseline to see how much further I can negotiate. You should also go on the relevant Subie forum to get an idea of how much others are paying. If you're a current or recent Subie owner, know that Subaru has a $500 loyalty coupon. All you need to do is call Subaru customer service ...
by Lexx
Thu Apr 01, 2021 6:34 pm
Forum: Personal Finance (Not Investing)
Topic: Need some advice. 2021 Subaru Forester (Lease)
Replies: 2
Views: 350

Re: Need some advice. 2021 Subaru Forester (Lease)

Work off the capitalized cost, which is the actual selling price of the vehicle. Negotiate that down to 9% or more below MSRP. The Subie forums will tell you how low you can expect to go. Only then do you look at the lease numbers. Your lease payment will be determined by: 1) The amount financed, wh...
by Lexx
Fri Mar 19, 2021 3:49 pm
Forum: Personal Finance (Not Investing)
Topic: House buying negotiations
Replies: 122
Views: 9757

Re: House buying negotiations

Just tell them your final price period. DONE. Tell them if they are confident that they can close on a higher offer, they should accept that offer. Otherwise it's a waste of time for you. If you want to get the best price, you have to be willing to walk away - for real.
by Lexx
Thu Mar 18, 2021 7:57 pm
Forum: Personal Finance (Not Investing)
Topic: Not sure what to do with an auto accident where my vehicle was struck
Replies: 31
Views: 2562

Re: Not sure what to do with an auto accident where my vehicle was struck

Thank you. Yes, Geico has been fairly easy to deal with so far. My guess is the other party already admitted fault or has been determined to be at fault, because there's been no pushback at all from Geico. My insurer has not been involved at all AFAIK. I've found that Geico is a pretty good company ...
by Lexx
Thu Mar 18, 2021 7:47 pm
Forum: Personal Finance (Not Investing)
Topic: Not sure what to do with an auto accident where my vehicle was struck
Replies: 31
Views: 2562

Re: Not sure what to do with an auto accident where my vehicle was struck

Thanks for the testimony. Geico did tell me about the car seat replacement, free rental car, and that I could take it to any licensed body shop. I took it to a shop that I've done business with before that's not on their approved list of shops. However Geico is insisting that aftermarket non-oem par...
by Lexx
Thu Mar 18, 2021 5:27 pm
Forum: Personal Finance (Not Investing)
Topic: Not sure what to do with an auto accident where my vehicle was struck
Replies: 31
Views: 2562

Re: Not sure what to do with an auto accident where my vehicle was struck

For the heck of it, I entered my vehicle into KBB's "instant cash offer" on their website. I realize their instant offer is going to be lower than market. What I got was a difference of $4k in value if I enter the vehicle with a clean history vs one with an accident history. So yes, this i...
by Lexx
Thu Mar 18, 2021 5:23 pm
Forum: Personal Finance (Not Investing)
Topic: Not sure what to do with an auto accident where my vehicle was struck
Replies: 31
Views: 2562

Re: Not sure what to do with an auto accident where my vehicle was struck

My goal is to keep this out of the purview of my insurance. I don't want them to end up raising my rates later on. So far Geico has been very responsive in the process. It sounds like the other driver has already either admitted or determined to be at fault because Geico is handling it all, not my i...
by Lexx
Thu Mar 18, 2021 5:17 pm
Forum: Personal Finance (Not Investing)
Topic: Not sure what to do with an auto accident where my vehicle was struck
Replies: 31
Views: 2562

Re: Not sure what to do with an auto accident where my vehicle was struck

This happened in San Francisco. The police won't even show up for a robbery these days. They definitely do not show up for an auto accident unless there are injuries involved. Having been rear-ended 5 times in 3 cars (each less than 2 years old) including 3x in as many months, I learned that here in...
by Lexx
Wed Mar 17, 2021 10:29 pm
Forum: Personal Finance (Not Investing)
Topic: Not sure what to do with an auto accident where my vehicle was struck
Replies: 31
Views: 2562

Re: Not sure what to do with an auto accident where my vehicle was struck

Yeah, I don't expect to get a lot of our it. My vehicle is about 2 yrs old and worth only $28k or so. Nevertheless, a ding on CarFax will definitely affect the value of the vehicle when it comes time to sell it. I'm going to use KBB and CarMax and compare their estimates on a pristine vs one with an...
by Lexx
Wed Mar 17, 2021 6:52 pm
Forum: Personal Finance (Not Investing)
Topic: Not sure what to do with an auto accident where my vehicle was struck
Replies: 31
Views: 2562

Re: Not sure what to do with an auto accident where my vehicle was struck

Update: I contacted Geico about diminished value claims and of course at first their adjuster tried to feed me the line "we're going to bring your car back to the condition it was before the accident so you will be made whole". I then mentioned that a cursory search on the internet shows t...
by Lexx
Wed Mar 17, 2021 5:55 pm
Forum: Personal Finance (Not Investing)
Topic: Not sure what to do with an auto accident where my vehicle was struck
Replies: 31
Views: 2562

Not sure what to do with an auto accident where my vehicle was struck

The driver of the other vehicle was backing up trying to get out of a right turn only lane and backed into my vehicle. He didn't want me to go through insurance saying he would pay for it all. When I spoke with the body shop and my own insurance agent, they both recommended I contact the insurance c...
by Lexx
Tue Mar 16, 2021 4:10 pm
Forum: Personal Finance (Not Investing)
Topic: Realtor requiring prospective buyers to get pre-approved by spouse's mortgage company
Replies: 33
Views: 3001

Re: Realtor requiring prospective buyers to get pre-approved by spouse's mortgage company

It certainly does stink and most people would consider it unethical. Requiring a buyer to disclose his assets to a buyer who can then use that information to negotiate the price is not kosher IMO. I would report it and I would push the matter. I would even send out a general press release. It stinks...
by Lexx
Mon Mar 15, 2021 11:28 pm
Forum: Personal Finance (Not Investing)
Topic: Realtor requiring prospective buyers to get pre-approved by spouse's mortgage company
Replies: 33
Views: 3001

Re: Realtor requiring prospective buyers to get pre-approved by spouse's mortgage company

It stinks to high you know what, and IMO it's unethical. I would at least report it to the MLS service and to the Board of Realtors. I certainly would not do business with such an unethical realtor.
by Lexx
Thu Mar 11, 2021 7:16 pm
Forum: Personal Finance (Not Investing)
Topic: Listing Realtor asking me to have mortgage lenders call her directly.
Replies: 85
Views: 6506

Re: Listing Realtor asking me to have mortgage lenders call her directly.

For me, I put down fake information on the sign in sheet after being spammed by realtors who don't obtain my consent to contact me. By giving them your contact information, you are consenting to being contacted. It's in the fine print. I always use a fake name and phone number. Or if I'm mildly int...
by Lexx
Thu Mar 11, 2021 7:13 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a house now has turned into an auction. How to approach it?
Replies: 61
Views: 7064

Re: Buying a house now has turned into an auction. How to approach it?

No one can predict the future. That being stated, the frenzy we are now seeing reminds me of 2005, when there were bidding wars and lotteries for homes. People get emotionally involved and it's like sharks seeing blood. However for those that can remember, the crash of 2007-2010 soon followed. Peopl...
by Lexx
Thu Mar 11, 2021 5:15 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a house now has turned into an auction. How to approach it?
Replies: 61
Views: 7064

Re: Buying a house now has turned into an auction. How to approach it?

You approach it by not being a sucker and not playing the game. Realtors love this game because it all goes into their pockets. The RE market is at an all time high. I would wait on the sidelines until the buying frenzy is over or prices have come back down to earth. No reason to pay top market doll...
by Lexx
Thu Mar 11, 2021 1:38 am
Forum: Personal Finance (Not Investing)
Topic: Real Estate Related Retirement Questions
Replies: 11
Views: 1131

Re: Real Estate Related Retirement Questions

I retired at age 56 with three young kids. My kids are now 9. We own our SFH with a small remaining mortgage that I haven't bothered to pay off because of how low the interest is. It'll be fully paid off in 9 more years anyway. We used to have a vacation home in Scottsdale, but after the kids were b...
by Lexx
Thu Mar 11, 2021 12:31 am
Forum: Personal Finance (Not Investing)
Topic: Retirement Options for Single LLC member
Replies: 3
Views: 407

Re: Retirement Options for Single LLC member

Yep if the LLC has no profit to pay you a salary, you have no earned income. With no earned income, you do not qualify for an IRA.
by Lexx
Wed Mar 10, 2021 9:00 pm
Forum: Personal Finance (Not Investing)
Topic: Is it worth building your dream house?
Replies: 109
Views: 7044

Re: Is it worth building your dream house?

What's common here is for a neighborhood to be developed and the town/ city code requires at least 2 of the production home builders to build on the lots.... to eliminate the cookie cutter feel of everything done by one builder. Each of these 2-3 builders will have 6-10 floorplans they can build......
by Lexx
Wed Mar 10, 2021 5:33 pm
Forum: Personal Finance (Not Investing)
Topic: Is it worth building your dream house?
Replies: 109
Views: 7044

Re: Is it worth building your dream house?

Here's my experience. I was originally going to buy a custom home lot. This was back in 2005 when the market was super heated, the way it is now. I didn't think it through. I started calling custom home builders and quickly found out that it would cost me $400 sq/ft (a LOT back then), to build a rud...
by Lexx
Tue Mar 09, 2021 11:20 pm
Forum: Personal Finance (Not Investing)
Topic: Listing Realtor asking me to have mortgage lenders call her directly.
Replies: 85
Views: 6506

Re: Listing Realtor asking me to have mortgage lenders call her directly.

Realtors are legally obligated to present all offers. Get your own agent and submit the offer. Or file a complaint with the Board of Realtors. She should NOT be the first point of contact between you and YOUR lender. Sounds like she's looking to steer close of escrow to her kickback title company or...
by Lexx
Sun Mar 07, 2021 4:45 pm
Forum: Personal Finance (Not Investing)
Topic: Coast to retirement jobs late 40s medicine
Replies: 37
Views: 4113

Re: Coast to retirement jobs late 40s medicine

Get a gubment job! VA, prison system, etc.
by Lexx
Sat Mar 06, 2021 6:05 pm
Forum: Personal Finance (Not Investing)
Topic: Coast to retirement jobs for 50-something
Replies: 41
Views: 5682

Re: Coast to retirement jobs for 50-something

Get a government job. It’s what everyone in my industry does in their 40s and 50s when they’re ready to do nothing, uh I mean, downshift. ^^^^^^^THIS^^^^^^^ Guys I know who went from private industry to government jobs say it's so bloody easy lol. I had one friend who went from being an engineer on...
by Lexx
Sat Mar 06, 2021 4:59 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella Policy; Anyone actually made a claim?
Replies: 211
Views: 16042

Re: Umbrella Policy; Anyone actually made a claim?

DoubleComma wrote: Sat Mar 06, 2021 4:45 pm I guess maybe you can get more than $500k limits with some carriers. In California, with Nationwide and previously Allied, $500k is the maximum available
You can get up to $1 MM with CSAA in California. I had that on my auto policy before I switched carriers and now I have $500k plus an umbrella.
by Lexx
Sat Mar 06, 2021 4:06 pm
Forum: Personal Finance (Not Investing)
Topic: Analysis Paralysis Help: Renting vs Starter Home
Replies: 27
Views: 2155

Re: Analysis Paralysis Help: Renting vs Starter Home

I would buy or rent in the school district you want. Don't worry so much about finding a "forever home". IMO the "forever home" is a myth. Also most folks think they need more house than they really do. I moved out of a 2500 sq ft house into a 6000 sq ft house. The new house was ...
by Lexx
Fri Mar 05, 2021 6:12 pm
Forum: Personal Finance (Not Investing)
Topic: 1031 exchange for selling rental, building ADU at existing OO property?
Replies: 6
Views: 1728

Re: 1031 exchange for selling rental, building ADU at existing OO property?

This is super helpful. Does anyone know if we can use a 1031 to pay off/refinance portion of mortgage on our primary residence that also has an existing adu (1031 amount would be equal to/less than portion we claim as rental in taxes for adu. Ie: 1031 =$250K, 1/3 primary dwelling is claimed as adu ...
by Lexx
Fri Mar 05, 2021 6:05 pm
Forum: Personal Finance (Not Investing)
Topic: Sell or rent out condo when purchasing new home
Replies: 6
Views: 5394

Re: Sell or rent out condo when purchasing new home

Get out now at the top of the market. Take the money laughing all the way to the bank! Don't look back. Easy answer. Sell it and take advantage of the 250k/500k residence exemption for tax free money. Being a landlord in SF is a real PITA. Even if local rent control doesn't apply to you, statewide r...