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PageMaster posted:Man I didn't even think of the mortgage potential issue until you brought it up, so thanks for the heads up. Now I'm googling how big a pain in the rear end home insurance is also going to be. Fortunately, I think most of our headache is going to be centered around the house; I can't imagine it's worth the hassle to move our bank accounts and mutual funds when they have a simple Transfer on Death option. Life insurance is to be discussed with the attorney I guess since that also should just go to the beneficiaries named. It's literally only when mortgaging or re-mortgaging. Everything else is no change. And when I say it's two sheets of paper I mean in closing, in the giant stack of nonsense they have you sign, one document will say "TRUST transfers to HUMAN", the next will say "HUMAN transfers to TRUST" and the remortgaging happens "after" the first document and "before" the second one. That's it. But mortgage sales people will act like you have your head screwed on backwards. This is the form for la county: https://www.lavote.gov/docs/rrcc/documents//quitclaim-deed-form.pdf
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Dec 1, 2022 01:27
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PageMaster posted:Yeah we've got an appointment set up but everyone we've talked to so far came across as like a timeshare salesman (come in to talk to us about why you need us to set up a trust for you!) and I couldn't see why we even wanted to, but it sounds like it's worth digging deeper into, now. Also thanks for making me look up the definition of hackles! IANAL, but one of the things having everything in a trust protects against is that Medicaid can't go after your stuff if it's in a trust. And if you wind up having to go into long-term care--unless you are wealthy beyond measure--Medicaid is going to take all of your stuff if it's not in a trust.
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Dec 1, 2022 01:42
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Ham Equity posted:IANAL, but one of the things having everything in a trust protects against is that Medicaid can't go after your stuff if it's in a trust. And if you wind up having to go into long-term care--unless you are wealthy beyond measure--Medicaid is going to take all of your stuff if it's not in a trust. This depends on your state, too. In NY, they explicitly can go after all assets of a revocable trust and any assets or payments allocated to the medicaid recipient in an irrevocable trust. Spousal refusal + asset transfers can help sometimes, but Medicaid is empowered to sue the spouse if they think it's being abused. My grandparents had a great time with that poo poo when my grandfather ended up needing in-home nursing care.  No idea what the rules are for other states, but if one state is doing it, I'm sure there are others.
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Dec 2, 2022 04:25
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I haven't had to rent in 20 years, but my oldest niece is apartment hunting right now. She told me she just applied at a place that had an APPLICATION FEE of $750...that is ridiculous to me, and seems like it shouldn't be legal....but again, I haven't had to rent in recent times. That's definitely not normal right?
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Dec 5, 2022 15:11
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I've been renting for 20 years and have never seen an application fee. Most had a month's rent having to be paid up front and returned after you move out minus any costs to fix damage you may have done. But that was on lease signing, not application. (it's been mostly in Central IL, apartments and a house, and renting half of a house in Milwaukee the last year)
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Dec 5, 2022 15:32
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Medullah posted:I haven't had to rent in 20 years, but my oldest niece is apartment hunting right now. She told me she just applied at a place that had an APPLICATION FEE of $750...that is ridiculous to me, and seems like it shouldn't be legal....but again, I haven't had to rent in recent times. That's definitely not normal right? Where is she looking?
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Dec 5, 2022 15:33
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ultrafilter posted:Where is she looking? Michigan, Macomb County. Not too bad but not over the top nice area.
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Dec 5, 2022 15:34
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Medullah posted:I haven't had to rent in 20 years, but my oldest niece is apartment hunting right now. She told me she just applied at a place that had an APPLICATION FEE of $750...that is ridiculous to me, and seems like it shouldn't be legal....but again, I haven't had to rent in recent times. That's definitely not normal right? I think my girlfriend and I paid a $35 application fee for our current place. I seem to recall a similar scale fee at my last place as well. These are Class B/A places in Seattle, WA. $750 is insane and feels like the key money poo poo people do in like NYC.
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Dec 5, 2022 16:30
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There are scams where folks collect application fees for non-existent rentals in property they don't own, making excuses for why the mark can't get in and see the property/unit. $750 is ludicrous for an application fee and should be a nonstarter, though it wouldn't hurt to see if you can't validate the person making the request actually is who they say they are. If they are, she should laugh in their faces and slowly back away with two middle fingers in the air. If they aren't, you should make sure she's not provided any personal information and reach out to local law enforcement to see about tackling the fraud. One wouldn't imagine the scam would have much success, but all it takes is one inexperienced, credulous, or desperate mark to come along every so often. But you may want to doublecheck your niece understood correctly and this isn't just the deposit on signing.
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Dec 5, 2022 16:45
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Theres broker cartels in various places but they just take money when you actually sign, not up front. That fee seems so exorbitant as to be suspicious.
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Dec 5, 2022 17:30
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Under no circumstances should you ever pay $750 application fee.
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Dec 5, 2022 23:55
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Yeah, $750 for an application fee sounds like some kind of scam.
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Dec 6, 2022 01:14
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Is it a forfeited application fee or some kind of application deposit? If you can otherwise verify that the landlord is legitimate, I could see a someone charging a month's rent as an application deposit to ensure that the tenant is serious, and would be refundable if the landlord rejects the application. You would need to get the exact terms in writing.
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Dec 6, 2022 01:25
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esquilax posted:Is it a forfeited application fee or some kind of application deposit? If you can otherwise verify that the landlord is legitimate, I could see a someone charging a month's rent as an application deposit to ensure that the tenant is serious, and would be refundable if the landlord rejects the application. You would need to get the exact terms in writing. Supposedly $200 goes towards security deposit. Thanks guys, this screamed scam to me but I know the market is crazy and things have changed in 20 years. Now to deal with the inevitable "Sorry, you're not approved".
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Dec 6, 2022 01:31
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My car got stolen and I don't really have, for various reasons, hope of recovery. It was a 25 year old car with its age showing so I only had liability on it but I owned it outright. I've always paid cash for my cars because I've been terrified of debt of any kind my entire adult life and all my cars have been beaters because of it (with the maintenance and repair costs probably costing me almost as much as monthly payments on a loan. I put 1600 into the stolen car last year.) I'm leaning towards getting a reasonably new car that would presumably have lower repair costs and be less stressful and have around 10k liquid in an emergency fund that I think this qualifies as something I can dip into. I don't want to wipe it out. I have credit in the 700s from a credit card I use solely for credit building and pay in full each month. I usually have $500 more than I spend each paycheck and I have no "real" debt before this and I would definitely upgrade my insurance if I go this route. I've never had a car loan before so what do I need to do in car financing to get the best value for my money?
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Dec 9, 2022 00:41
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BIG FLUFFY DOG posted:My car got stolen and I don't really have, for various reasons, hope of recovery. It was a 25 year old car with its age showing so I only had liability on it but I owned it outright. I've always paid cash for my cars because I've been terrified of debt of any kind my entire adult life and all my cars have been beaters because of it (with the maintenance and repair costs probably costing me almost as much as monthly payments on a loan. I put 1600 into the stolen car last year.) Go to a local Credit Union, generally where I recommend. That said...it's still a lovely time to buy a car. Interest rates are ridiculous and car prices are high. If you got by with your old one you might want to look at just getting another cheaper one til things settle. Though that could be years so who knows.
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Dec 9, 2022 00:53
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Medullah posted:Go to a local Credit Union, generally where I recommend. Issue is even cheap used cars are really expensive right now.
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Dec 9, 2022 00:58
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Duckman2008 posted:Issue is even cheap used cars are really expensive right now. True dat. I remember when I bought my new house in 2018 people told me I was insane because home prices were super high. Well...now it's 2x what I paid for it thanks to the market. I guess the takeaway is you never really know so go to a CU and see what they can do for you.
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Dec 9, 2022 01:08
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Duckman2008 posted:Issue is even cheap used cars are really expensive right now. Yeah its like 5k for a 240k mile 2006 car vs 15k for a 75,000 mile car where I live. I don't really care that much about car features or what people think about what I drive but it would be very nice to upgrade to luxuries like an a/c heating system that works, or a car that doesn't require me to refill the coolant and oil every 3 weeks. The key thing is reliability and maintenance costs. I'm trying to career change into help desk IT work right now and almost all the jobs I'm looking for would require me to get on the interstate to commute. I don't live in a place with great public transportation. It usually hovers in the mid 30s during the winters here with dips into the 20s and snowfall happening a couple times a year with a city shutting down snowstorm almost once a year if that helps.
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Dec 9, 2022 01:09
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Maybe go for a (relatively) cheap but new car like the Chevy Spark.
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Dec 9, 2022 01:22
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nelson posted:Maybe go for a (relatively) cheap but new car like the Chevy Spark. This is a v good suggestion thank you. After playing around on a loan calculator and looking at local dealership websites I think my lower bound is 10k and my upper bound is 15k. The 22s for the spark are around 5k above what I can afford but a quick google has 2 year old models with 30k right at 15,000. I'm going to look up reviews on it.
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Dec 9, 2022 01:29
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BIG FLUFFY DOG posted:This is a v good suggestion thank you. Ask/tell has a car buying thread with AI regulars that is really good too. Ask there if you havent already. This one: https://forums.somethingawful.com/showthread.php?threadid=3213538&perpage=40&noseen=1
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Dec 9, 2022 01:31
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Hi goons, Looking for some short term financial advice. My wife: $85K/year, 810 credit score Me: $110K/year, 680 credit score. Zero debt for both of us except combined car loans of ~10K, with both notes under 4.2% A significant delinquent account that knocked 140pts off my score was paid in full 3 months ago, so I am hoping for a big jump 3-6 months from now. Is that reasonable? We bought a new house in the city we just moved to for $470K, monthly payment of $2450. It is a bit of a fixer upper, but I swear its a good idea. Its perfectly livable right now, just with a completely unfinished tall basement that will nearly double the square footage of the house. Comps in the neighborhood are at ~$625K. I am pretty handy, but my wife literally made her living as a handywoman for 5 years after she graduated in 2008. She is now a construction admin architect. I promise the house will be fine. I just sold my old house, and cleared $250K. Our plan is to put a budget of $60K on the new house renovations. We are going to put $70K aside in a separate checking account for house expenses in case we NEED to go over the initial $60K expectation. Our 3-5 year plan is to fix up the current house, buy a few acres of land outside of town, design and build our forever home. Land prices are increasing even faster than home prices in our area, so our thought was to buy that as fast as possible, with the remaining proceeds from the old house sale, and then get the builder loan when we are ready to start. Its winter here, and the land we are looking for is in the mountains, so the market is quite literally frozen right now, and I am expecting/hoping for a major credit score boost in 3-6 months. Is there something useful I should be doing with the remaining ~180K in that time frame? TLDR: What should I do with ~180K for 3-6 months?
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Dec 17, 2022 15:22
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there's nothing perfectly safe to do with money you need in 3-6 months that is not also associated with small and unexciting returns. depending on your level of sophistication, you can: (a) put it in a high-yield savings account with a bank such as Ally (better interest rates than some other big banks) (b) buy treasury bills of 13-week duration or less (c) buy a treasury bill fund such as SGOV since you're asking in the newbie thread the answer is probably (a)
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Dec 17, 2022 15:49
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Doom Rooster posted:A significant delinquent account that knocked 140pts off my score was paid in full 3 months ago, so I am hoping for a big jump 3-6 months from now. Is that reasonable? Now that you have solved the problem at its root (right?) it doesn't really matter. Are you expecting to need to take out a new line of credit in 3-6 months? You already have a mortgage. Stop fussing about your credit score and focus on not loving up with debts and everything will be fine. Check your free report annually to ensure everything is accurate. Doom Rooster posted:Zero debt for both of us except combined car loans of ~10K, with both notes under 4.2% With the above statement of "you've fixed the root of the problem right?" - I would rephrase this in your head as "Our total debt consists of two car loans totaling $10,000 at 4.1%." The only thing I think folks should say "Zero debt except" for is the mortgage, assuming it is not underwater, as it is a secured asset providing you value. Remember, you just came off a "severely delinquent account" issue. Any traps around minimizing having debt are risking a backslide. <12 months and needs to be liquid = FDIC insured savings account. The value is in the insurance.
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Dec 17, 2022 15:57
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pmchem posted:there's nothing perfectly safe to do with money you need in 3-6 months that is not also associated with small and unexciting returns. depending on your level of sophistication, you can: Thanks. Looks like 6 months in Ally would be ~3K, which is certainly better than nothing. H110Hawk posted:Now that you have solved the problem at its root (right?) it doesn't really matter. Are you expecting to need to take out a new line of credit in 3-6 months? You already have a mortgage. Stop fussing about your credit score and focus on not loving up with debts and everything will be fine. Check your free report annually to ensure everything is accurate. Fair point on the debt terminology. "Our total debt consists of two car loans totaling $10,000 at 4.1%." Is accurate. Yeah, root of the problem is 100% fixed. Absolutely 0 chance of backslide. Completely separate from the cash we are talking about here, we have 12+ months worth of expenses in the bank, and growing due to a responsible budget. I am expecting to take out a new line of credit in that 3-6 month timeframe. The comparable properties to what we are looking to buy are in the ~350K range, so throwing all $180K at that at once would leave a $170K loan. Would the difference in rate on that loan not be significant with an 800 score instead of 680? Also, is it reasonable to expect that paying off a delinquency that hit for 140 points would result in actually getting 100+ points back at once?
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Dec 17, 2022 16:18
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Doom Rooster posted:Yeah, root of the problem is 100% fixed. Absolutely 0 chance of backslide. Completely separate from the cash we are talking about here, we have 12+ months worth of expenses in the bank, and growing due to a responsible budget. All of this as a whole gets a bit of an eyebrow raise. What is this "new" house? Didn't you just buy one? Are you looking to purchase an investment property? Or is your current house actually an investment property you're hoping to flip? How did you wind up with 12+ months of savings (good, by the way) with a delinquent debt on your books? Why not pay it off 6 months ago? Sale of the prior house suddenly got you in this good position? As a whole I support your financial outlook into the future, I want to be very clear on that, but some of these statements sort of add up to trying to spend again, perhaps beyond your means. Did the sale of the prior house getting you into a good place suddenly make it seem like you should buy 2 houses? 2 mortgages? It's not a complete picture. If you're looking to sell your current place and buy a new place so quickly, which I don't really suggest given your high transaction costs (taxes on upside not exempt from cap gains, 6% realtors, several more % mortgage origination/purchase fees), you should just use your wifes credit which could easily afford a $170k loan. No you're not going to get all of your score back in 3-6 months for paying off something that was severely delinquent, unless you did a "pay for delete." I'm no FICO wizard but I would estimate at least a year of good behavior.
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Dec 17, 2022 16:43
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Doom Rooster posted:
So you're planning on selling the current house after you fix it up, where fixing it up includes finishing the basement. My understanding is that even the nicest finished basement possible doesn't increase the square footage of the house, because it's below-grade and below-grade isn't counted. People might be willing to pay more for it but it's not going to appraise as gross living area.
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Dec 17, 2022 16:58
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H110Hawk posted:All of this as a whole gets a bit of an eyebrow raise. What is this "new" house? Didn't you just buy one? Are you looking to purchase an investment property? Or is your current house actually an investment property you're hoping to flip? All good questions. To clarify the houses situation: 2007-2021, owned and lived in house in Austin. Early 2021 moved from Austin to Denver, rented house out for 18 months to cover expenses while we rented in Denver to make sure we liked it enough to stay long term. August 2022 decided we loved it in Denver, sold the Austin house, planning to stay. We want to buy and build the forever home in the mountains, but both of our current jobs do not allow for majority remote work, even though our industries do have significant opportunities for it. We decided that rather than rent continue to rent, we should buy a house that we liked, but could improve and flip after we have both found more remote-friendly jobs, and continued to save more towards building the final home. We are estimating 3-5 years. Empty lots in the areas we are looking for are increasing in price faster than the overall housing market, so we were planning to take the excess proceeds from the Austin house sale to buy a lot at todays prices with a monthly payment that we can still comfortably afford. Is that more clear and a little less sketchy? Is that also a wise plan? As for the delinquent account, its far more about my personal childishness and stupidity rather than any actual financial distress. At no point in the last 5 years have we had less than 9 months worth of expenses in the bank. E/N begins: Again, THIS IS ALL STUPID AND CHILDISH, and believe me, I learned my lesson hard. I left my tech job in January 2020 due to a toxic situation and burnout. I had a ton of savings since have always lived pretty modestly. I planned to take a few months off, working just in kitchens for a complete change of pace and was loving it. Well, Covid hit right as my car lease was up at the beginning of April. Restaurants were shutting down so I didnt know what if any money I was going to be making so I didnt want to start up a new lease or buy something. I called GM and asked if I could just extend my lease, they said sure just fill out this form. Well, I straight up didnt fill out that form. I just kept paying monthly. Obviously, they eventually repossessed the car even though payments were going through, as I 100% should have expected. I got the bill for the additional charges for $1400 and through a combination of petty gently caress you and well whats done is done I didnt pay it, it hit my credit for 140 points. After deciding to go back to tech, it took me 6 months to find a job. Literally zero interviews for 6 months. First series of interviews, offer for $110K the next day, more than I was making when I left tech in the first place. Been there going on 7 months. I love it, Im thriving and its a great fit for now. I realized what a moron I was, and paid my account off to GM in full, and got the paid in full letter at the beginning of September. I look back on that original decision with deep shame and regret, and avoiding that kind of childishness in the future informs my decisions these days. Your raised eyebrow was totally justified. Hopefully this explains.
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Dec 17, 2022 17:32
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Phanatic posted:So you're planning on selling the current house after you fix it up, where fixing it up includes finishing the basement. In Denver that has not seemed to be the case when we were looking. I am not a real estate expert but every house we looked at in this and surrounding neighborhoods had finished basements that were counted towards the total footage, and decelerated in price. Regardless of definitions, comps that we are looking at are similar basement setups and are pricing above $600K.
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Dec 17, 2022 17:34
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A paid in full letter is not a pay for delete. You're going to be dealing with the impacts of that for years. It will be most impactful earlier on, but that's going to be there for 7 years. I think you are FOMOing hard right now on the property and would suggest you back down the sense of urgency you've generated around it.
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Dec 17, 2022 17:36
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Motronic posted:A paid in full letter is not a pay for delete. You're going to be dealing with the impacts of that for years. It will be most impactful earlier on, but that's going to be there for 7 years. Good to know about the difference. I appreciate the realistic expectations. Were not completely set on the immediate property purchase, it just seemed like if we had the ability to buy sooner/cheaper, that would be wise. If the budgeting works out comfortably, what would be the downside(s)? Is there something safe that we could be doing during those few years that would be better?
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Dec 17, 2022 17:43
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Doom Rooster posted:Good to know about the difference. I appreciate the realistic expectations. I mean, the downside is that a lot of people think flipping is easy and I only know one person who's been successful at it, and it's his primary job. Are you going to do all the work to finish the basement yourself? If you're paying a contractor I would expect you'll break even when you sell the house at the very most, but likely it will cost more than it adds in value. Edit - I somehow missed you planned on staying there for 5 years Medullah fucked around with this message at 17:59 on Dec 17, 2022 |
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Dec 17, 2022 17:51
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For the property only loan you might be able to just use your partners credit/income to qualify. That would be what I would do in your shoes. Then you get 5 years to fix yours before you build. Also where are you looking in the mountains? Our friends moved up to conifer and they had a very very hard time getting insurance because of the fire risk. In 5 years... Might be even harder. You will need to make sure you have basically zero wood products on the outside of that house.
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Dec 17, 2022 17:51
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Btw, the answer to what you should with with $180k short term is high yield savings account. Ally is up to 3.3%. Obviously it can change, but for now its the safest , most liquid, and also decent rates. Like, 3% is getting close to where I Bonds are going down to (I think 6% ?) so at that point yeah, I wouldnt worry about min / maxing it.
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Dec 17, 2022 17:59
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Phanatic posted:So you're planning on selling the current house after you fix it up, where fixing it up includes finishing the basement. OP, the only fiscally responsible thing for you to do is move the finished basement above ground,
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Dec 17, 2022 18:03
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Medullah posted:I mean, the downside is that a lot of people think flipping is easy and I only know one person who's been successful at it, and it's his primary job. We'll be doing all of the work except for the plumbing and electrical. Framing is already done. My wife is an architect, switched from design over to construction administration a few years ago, and made a living as a handywoman for ~5 years before that. Barring a long term major downturn in the Denver housing market, we are confident that we will be able to better than break even. spwrozek posted:For the property only loan you might be able to just use your partners credit/income to qualify. That would be what I would do in your shoes. Then you get 5 years to fix yours before you build. Yeah, we pulled that already on the current house purchase because of my credit. My wife is on the mortgage alone, so she's got a $470K loan, monthly payment of $2450 on her $85K salary alone right now. We wouldn't be likely to get a decent rate off just her on top of that would we? We're looking kinda all over. Pretty much anything within an hour of the outskirts of Denver. Conifer, Evergreen, Coal Creek, Idaho Springs, Bailey, Pine, etc... 1.5+ acres, not unusably sloped, and within an hour-ish of Denver are pretty much our only requirements. If your friends like their realtor, I'd love a referral. We haven't gotten as far as actually getting an agent yet, so a tip on someone who knows the area would be great.
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Dec 17, 2022 18:08
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Duckman2008 posted:Btw, the answer to what you should with with $180k short term is high yield savings account. Yeah, this is definitely looking like the answer. An extremely safe $1K per month while it sits is better than I was hoping for. Thanks. BIG FLUFFY DOG posted:OP, the only fiscally responsible thing for you to do is move the finished basement above ground, I am intrigued. Should we be disassembling all of the framing and everything down there and assembling it in the back (or front?) yard? Or are you saying we should try to hydraulically lift the entire house until what was the basement is even with ground level?
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Dec 17, 2022 18:11
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Doom Rooster posted:I am intrigued. Should we be disassembling all of the framing and everything down there and assembling it in the back (or front?) yard? Or are you saying we should try to hydraulically lift the entire house until what was the basement is even with ground level? Yes. Doom Rooster posted:To clarify the houses situation: Less sketchy - Yes. Wise - Depends on you and your partners life goals. If the ultimate goal is to retire to a bepoke home in the mountains then the exact timing of when you get started on that is up for debate. There is a real chance the vacant lot becomes incredibly expensive to insure (think hundreds per month on non-standard markets) which could tank the value. Or it could become the next hot market for tech people fleeing the city. There is no way to know, so I would bet on it being a money pit. Especially since you want to build a house on it. I would hire a real estate attorney to give you an opinion on the ability to build on the lot - does it have current planning permission from the city to clear and build a X sqft house? Water? Power? Sewer/Septic? Not the attorney: Internet? Schools (kids in the future?) I would wait a year or more for it. You could consider putting it in the market for that time, which will hopefully rise with the price of land in the boonies. Doom Rooster posted:As for the delinquent account, its far more about my personal childishness and stupidity rather than any actual financial distress. At no point in the last 5 years have we had less than 9 months worth of expenses in the bank. Fair enough. As Motronic said - you're stuck with this for a bit. For a credit product as complex and deeply investigated as a mortgage you might be able to explain away some amount of the risk, but the truth of the matter is you chose not to pay a debt. For anything else you're going to be up in usurious rates for 1-7 years depending, but it should taper off assuming otherwise perfect history. It's not a bankruptcy, and I assume you have other "on time / as agreed" accounts on there with 0 lates. Overall, I would take it slower on the new purchases. You just now got your life "settled" after doing the prudent thing of renting for a bit to make sure you liked it.
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Dec 17, 2022 18:25
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H110Hawk posted:Yes. For the land considerations, absolutely. I oversimplified with my size/slope/distance requirements. Assume all due diligence on planning, permitting, utilities. I have had my issues that I am growing from, but my wife is literally the single most responsible person I have ever met, and she is deeply knowledgeable about all things house-related. It SEEMS that all of the areas we are describing are falling into the "hot market for tech people fleeing the city", but the waiting is probably still the safe bet. Between what a high yield account will bring off that chunk of money, as well as expenses that we are not paying for 2-5 years for property we are not using, it probably about evens out financially anyway. Thanks everyone for all of the advice, and especially about expectations for the credit score. I'll make peace with the fact my fuckup is going to be with me for a while. Before paying off the balance, my credit was consistently going up 1-3 points at a time. Since paying it off, I have gotten a 5 point and 11 point bump. So that is promising!
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Dec 17, 2022 18:36
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