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Old 06-27-2016, 11:23 AM  
DaFace DaFace is offline
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Personal finance and investing megathread extravaganza

I know lewdog (and maybe others) have mentioned the desire to have a place to chat about personal finance stuff. We'll see if there's enough interest to keep this going in the long-term, but at least for now, here's a place to chat about whatever personal finance topics come up.



If you're just getting started thinking about saving and don't know where to begin, this flow chart can help. Ask for advice in the thread for more help!

Last edited by DaFace; 01-24-2018 at 03:49 PM..
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Old 04-19-2017, 04:07 PM   #886
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Ditto. Hog Farmer probably has good advice for you.
I know what I'm getting into...and it's why I said I'd never want to do it. We managed several houses for another guy when I was a kid. I've cleaned out more gross houses than I'd care to say. I always said I couldn't be a landlord because if I scooped 50lbs of dogshit off of a 3 month old carpet I paid for I'd go to jail.

Looking ahead, it's more realistic to make a small, steady profit 10 years from now....college money, car payment level money. I haven't closed on 1 and I'm already looking at 2.

Time is my biggest problem. Too many hustles to go along with a good job and busy family life.
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Old 04-19-2017, 04:46 PM   #887
Hog's Gone Fishin Hog's Gone Fishin is offline
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I bought most of my properties with 100% financing. 20% from the owner and 80% from the bank.
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Old 04-19-2017, 05:38 PM   #888
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Do you pay PMI on all your properties?
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Old 04-19-2017, 05:41 PM   #889
Hog's Gone Fishin Hog's Gone Fishin is offline
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Do you pay PMI on all your properties?


No
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Old 04-19-2017, 05:50 PM   #890
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I bought most of my properties with 100% financing. 20% from the owner and 80% from the bank.
How long do you typically finance them for?
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Old 04-19-2017, 05:53 PM   #891
Kiimosabi Kiimosabi is offline
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Do you avoid PMI because the owner is financing your 20% downpayment? Or is it because you are financing with a non-conforming loan with a higher interest rate?
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Old 04-19-2017, 05:55 PM   #892
Hog's Gone Fishin Hog's Gone Fishin is offline
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How long do you typically finance them for?
15 years with the bank

with the owners for the 20% I offer them a 5 year balloon ammoritized for a 15 year payout but normally give them a higher interest rate like 8% to help motivate.

I never ever ever ever do a 30 year loan.
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Old 04-19-2017, 05:56 PM   #893
Hog's Gone Fishin Hog's Gone Fishin is offline
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Originally Posted by Kiimosabi View Post
Do you avoid PMI because the owner is financing your 20% downpayment? Or is it because you are financing with a non-conforming loan with a higher interest rate?
I avoid PMI because it costs money.
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Old 04-19-2017, 05:58 PM   #894
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I'm clear on why you want to avoid PMI I'm just unclear on the how. It's like people buying condos out here and saying they don't pay association dues because they're a ripoff. Okay...go on...
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Old 04-19-2017, 06:07 PM   #895
Hog's Gone Fishin Hog's Gone Fishin is offline
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Rentals can be tough if you only have 1 or 2 and the reason is they normally don't generate enough cash flow. A hot water heater replacement can cost you $1000 and if you're clearing $50 /month on a rental after Principal/Interest/Taxes and Insurance well then two rentals will pay for that one water heater in a year. My break seemed to have come at 10 rentals to cover itself without having to pull money out of my pocket. but keep in mind I was at 100% financing too.
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Old 04-19-2017, 06:10 PM   #896
lewdog lewdog is offline
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I'm a novice investor. I admit. However, what have I said (or done) that makes you think I know little about investing? I have a 401K and Roth IRA both stocked with multiple high performing index, ETF and mutual funds for long term growth. I also have a play account I use for "gambling" money with the stock market.

Anyhow... Maybe I used a wrong buzz word or something. A regular brokerage account in her name cannot play the options market. So in that case... she will learn about investing and I"ll see what she can do and she will either fail or succeed but it'll be her choice.

Thanks for your input.
Absolutely, and I wasn't trying to offend you. Just looking at things a different way. Wasn't sure of your investing background. Sounds like you know more than I originally thought you did.

That being said there are plenty of index and ETF funds that can be bought in brokerage account. I'd lean that way if you're planning to have her invest. TD Ameritrade has 100+ index and ETF funds that trade for free. Might start there.
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Old 04-19-2017, 06:16 PM   #897
lewdog lewdog is offline
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How long do you typically finance them for?
Hogfarmer can answer this more but here's my thoughts.

Financing a house will obviously give you the tax advantage of the interest paid on the mortgage for the year. However, seeing as you'll rent this and have a new line of income, you'll have to pay taxes on this income. I'd have no idea of the tax advantage of the mortgage interest over how much income you'd generate though. Maybe Hogfarmer can answer that?

It is a different type of investment though and is fairly liquid, especially when comparing to a 401k. I would never do it because of what Hog Farmer mentioned, maintenance cost. Being unhandy like myself, I'd have to contract out all the work. If you're handy, like you are, and can do most of the maintenance, you can make way more money.

If your sole goal is to lower your taxes, having your wife max out her 401k for the year ($18,000), decreases your taxable income by that exact amount.
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Old 04-19-2017, 06:17 PM   #898
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I have a friend that I golf with alot that has over 90 rental properties. Seems to do pretty well?
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Old 04-19-2017, 06:20 PM   #899
Bugeater Bugeater is offline
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Quote:
Originally Posted by Hog Farmer View Post
15 years with the bank

with the owners for the 20% I offer them a 5 year balloon ammoritized for a 15 year payout but normally give them a higher interest rate like 8% to help motivate.

I never ever ever ever do a 30 year loan.
Yeah, it would have to be a 15 for it to work for me. I'd be lucky to live another 30 years. Just a matter of the monthly rent covering the payment. I haven't really crunched any real numbers yet to see if that's realistic.

Quote:
Originally Posted by Hog Farmer View Post
Rentals can be tough if you only have 1 or 2 and the reason is they normally don't generate enough cash flow. A hot water heater replacement can cost you $1000 and if you're clearing $50 /month on a rental after Principal/Interest/Taxes and Insurance well then two rentals will pay for that one water heater in a year. My break seemed to have come at 10 rentals to cover itself without having to pull money out of my pocket. but keep in mind I was at 100% financing too.
I wouldn't be at 100% financing. I'd probably be looking at 25% or so down for a lower payment so there's some extra money to help cover costs. As I mentioned, I'm not concerned so much with month to month income, I'm more interested in a place to put some money besides the 401k.
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Old 04-19-2017, 06:25 PM   #900
Bugeater Bugeater is offline
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Originally Posted by lewdog View Post
Hogfarmer can answer this more but here's my thoughts.

Financing a house will obviously give you the tax advantage of the interest paid on the mortgage for the year. However, seeing as you'll rent this and have a new line of income, you'll have to pay taxes on this income. I'd have no idea of the tax advantage of the mortgage interest over how much income you'd generate though. Maybe Hogfarmer can answer that?

It is a different type of investment though and is fairly liquid, especially when comparing to a 401k. I would never do it because of what Hog Farmer mentioned, maintenance cost. Being unhandy like myself, I'd have to contract out all the work. If you're handy, like you are, and can do most of the maintenance, you can make way more money.

If you sole goal is to lower your taxes, having your wife max out her 401k for the year ($18,000), decreases your taxable income by that exact amount.
That does seem like the easiest, most practical thing to do. I just hate having all our eggs in one basket. You can hardly lose on real estate in the midwest. But there certainly will be headaches I'm sure. There's a reason most renters are renters, and I deal with the worst of the worst every day.
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