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BEHOLD: MY CAPE posted:offer what you're willing to pay and don't get emotionally involved with it if the sellers aren't willing to make it worth your while.
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Aug 27, 2015 11:49
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QuarkJets posted:The HOA says that payment is due on the 1st of the month, but if you try to setup autopay through their website then it says that payment will be posted on the 5th of the month. So by signing up for autopay am I automatically setting myself up to be paying my HOA 5 days late every month? Probably. As long as there isn't a penalty then who cares?
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Aug 27, 2015 13:27
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My wife and I are looking at some possible career choices and trying to figure in potential future home purchases in the decision. I'm currently considering switching from salaried to contract with my current company which would result in approximately the same pay (after self employment taxes) as I currently make but while working only 7-8 months per year. The problem would be that the jobs wouldn't be guaranteed and my income would be pretty inconsistent. We currently have approximately 40-50% for a down payment if necessary (plus a $10k emergency fund on the side), although I'd rather go with a 20% down mortgage so we could maintain plenty of buffer what with the potential for months of no available jobs. One big benefit to going contract would be that we could move to a city where we would prefer to live and where housing prices are much lower. Our 40-50% down payment would only get us 7-12% down in our current neighborhood. My question to you, housing thread, is how would being a contractor affect my ability to get a mortgage? Does having more assets in the bank make up for getting paid as a 1099? Would putting more down help? Also, does it make a difference that I'd be contracting with the same company as I currently work for? I'll of course go over all of this with potential lenders but we're not quite at that point yet. Just trying to get a general idea since we aren't even sure we'll make the switch at all.
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Aug 27, 2015 14:40
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Ugh, that's a bad spot to be in. They typically want 2 years of self employment history if you're not employed by a company. It might be okay since you're still at the same company, but you should probably ask a lender what the deal is.
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Aug 27, 2015 15:32
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Tricky Ed posted:Be very wary if there's an irascible little kid running around with his own theme music, though. Guaranteed he'll hit a baseball through it by season two. They have ceramic square plates on the wall for heating, like a radiator but plugged into the wall. I'm curious to see if that actually works well to heat a room.
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Aug 27, 2015 15:38
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moana posted:Yeah, we're planning on having a kid in the next year or two but they won't be up and crawling for a while, ha. I think we decided we'll put off replacing the windows until we've lived through a winter here to see what our heating bills look like and if it's worth it. You're right, we're in the Santa Cruz mountains so it's not like we'll ever freeze in the house, but if I have an infant in there I'm sure I'll be more concerned about efficient heating instead of just putting a couple of sweaters on. They crawl at like 8 months. Little fuckers sneak up on you!
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Aug 27, 2015 18:11
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No Butt Stuff posted:Probably. As long as there isn't a penalty then who cares? Because if the HOA is either incompetent or malicious then they could immediately send it to a collection agency, which is a hit on your credit even if you're paying just a few days later. And this could happen every month.
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Aug 27, 2015 19:20
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Look at when the HOA late-payment penalties kick in. My payment is due the first, but there's no penalty if the payment comes in by the 10th.
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Aug 27, 2015 19:30
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Can you set the autopay to start a few days before the 1st of the month so that it posts on time? We have our mortgage set up to autopay on the 25th of every month, so the bank can never say the payment wasn't posted by the due date.
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Aug 27, 2015 19:46
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You could also set up autopay on your bank's side, they'll just physically mail a check out when you tell them to.
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Aug 27, 2015 20:22
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moana posted:Ugh, that's a bad spot to be in. They typically want 2 years of self employment history if you're not employed by a company. It might be okay since you're still at the same company, but you should probably ask a lender what the deal is.
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Aug 27, 2015 20:28
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Setting up a brand new LLC and W2ing yourself is not the solution, most banks are pretty leery of employers who were founded last month and don't have many employees, you'll still be in the same boat of many of them wanting you to demonstrate 2+ years of income with that new company. Best bet is to try and close before you switch over to 1099. Nobody cares what work you're doing they care about who signs the paychecks, how big the paychecks are, and how many paychecks in a row have been signed.
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Aug 27, 2015 20:41
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Saint Fu posted:Yeah this is what I'm afraid of. If we decide to go that route, I might try to set up an LLC, taxed as an S Corp and pay myself as a W-2. Seems stupid that I could be doing the same work under several different pay structures and it have such a huge impact on ones ability to get a loan. You're still considered self employed under this scenario.
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Aug 27, 2015 20:44
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Thanks for the feedback everybody. Lots to consider. (I'll probably just do never buy)
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Aug 27, 2015 20:49
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minivanmegafun posted:You could also set up autopay on your bank's side, they'll just physically mail a check out when you tell them to. This sounds like a winner, I will look into this with my bank
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Aug 27, 2015 21:14
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"Due" and "past due" are sometimes distinct terms. My mortgage payment is "due" on the 1st, but I set up autopay with them and they actually take my money on the 3rd. And it's not "past due" until after the 15th.
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Aug 28, 2015 00:02
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moana posted:I think we decided we'll put off replacing the windows until we've lived through a winter here to see what our heating bills look like and if it's worth it. It's not, particularly in a mild climate like that. Convincing people that window replacements are a major efficiency upgrade is pretty much an amazingly successful scam. The real world (not deceptively presented inaccurate modeling that's the tool of choice) payoff time on new windows can be pretty awful, sometimes longer than the expected life of the window. IMO, efficiency improvements should be viewed as a nice side benefit that softens the cost of replacing windows that you wanted to replace anyway. You can get pretty much all of the efficiency benefit of good, modern dual pane window with a good storm window, at a quarter of the cost. But if your heating bills are rough, you'll get a much better ROI putting in a mini split heat pump or two.
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Aug 28, 2015 00:15
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Leperflesh posted:"Due" and "past due" are sometimes distinct terms. My mortgage payment is "due" on the 1st, but I set up autopay with them and they actually take my money on the 3rd. And it's not "past due" until after the 15th.
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Aug 28, 2015 00:18
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krysmopompas posted:I'm trying to fix our accounting and I want to murder every single person who sends in their payment before the 1st because they think it'll be late after. They're always negative on the aging reports and it makes everything even more unintelligible. Your anger is misplaced. Blame bill collectors (credit card companies in particular) who zealously charge outrageous late fees for being even a single day late with payments. If you tell me my money is due by the 1st, I'm going to get it to you before the 1st if I possibly can. If you wanted my money by the 15th instead, you should have said so.
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Aug 28, 2015 00:40
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Leperflesh posted:Your anger is misplaced. Blame bill collectors (credit card companies in particular) who zealously charge outrageous late fees for being even a single day late with payments. If you tell me my money is due by the 1st, I'm going to get it to you before the 1st if I possibly can. If you wanted my money by the 15th instead, you should have said so.
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Aug 28, 2015 00:45
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People don't read fine print and they especially don't trust fine print that seems to be giving them more leeway than they're used to. Also people are used to mailing all their bills that are due on the first, a few days early. Your accounting software should be able to deal with prepayments. I used quickbooks in 1997 that was capable of doing that, so there's no excuse.
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Aug 28, 2015 00:50
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Leperflesh posted:Your accounting software should be able to deal with prepayments. I used quickbooks in 1997 that was capable of doing that, so there's no excuse. We don't even have real bank records either, just the deposit date and amount with no indication of whose check it was. And that's really awesome since a previous owner never cancelled some automatic payment service and we think the management company was still cashing her checks for a year.
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Aug 28, 2015 01:12
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There's a place I drive by whenever I'm going to the vet that has a sign out front calling themselves "forensic accountants." Maybe you guys need some of them.
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Aug 28, 2015 01:16
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Leperflesh posted:There's a place I drive by whenever I'm going to the vet that has a sign out front calling themselves "forensic accountants." Maybe you guys need some of them. Doesn't mean it isn't a shitload of work.
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Aug 28, 2015 01:28
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krysmopompas posted:That's pretty much exactly what we're doing. The treasurer has been working at places like Deloitte and Arthur Andersen for like 30 years, so he's got a pretty good handle on it. Sorry that your job is work, I feel for you man
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Aug 28, 2015 02:05
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krysmopompas posted:It clearly says "after X date, pay Y" on the bill stubs. But the CC&Rs usually say "payment due by X date". If payment is due by the first, then you'll be getting paid by some people before the first. It doesn't matter what the bill stubs say
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Aug 28, 2015 02:36
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QuarkJets posted:But the CC&Rs usually say "payment due by X date". If payment is due by the first, then you'll be getting paid by some people before the first. It doesn't matter what the bill stubs say But it's not like it matters going forward. We're moving to direct debit and folks can pay a service fee if they want the privilege of sending their checks in by some other means (doesn't matter since all the units signed up.) On the other side of the problem, it's funny how being sent to collections and paying late fees never encouraged certain people to ever find a way to pay their dues on time, but you make it look like they're getting a discount and suddenly they're signed up. krysmopompas fucked around with this message at 03:02 on Aug 28, 2015 |
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Aug 28, 2015 02:56
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krysmopompas posted:It says the 15th there too. In my specific circumstance, it says payment is due on the 1st and late fees are applied on the 15th. I'm assuming that's what yours say, too. That kind of language makes me assume that payment really is due on the 1st, regardless of when late fees are applied. If you want payment to be due on the 15th, says that it's due on the 15th.
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Aug 28, 2015 03:32
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QuarkJets posted:In my specific circumstance, it says payment is due on the 1st and late fees are applied on the 15th. I'm assuming that's what yours say, too. That kind of language makes me assume that payment really is due on the 1st, regardless of when late fees are applied.
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Aug 28, 2015 04:32
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If my mortgage, or credit card, or student loan statements say that the payment is due on a certain date, then I will make drat sure that I send my payment before that date to ensure that I don't incur any late fees. gently caress you if that causes some minor accounting issues on your end.
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Aug 28, 2015 14:11
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krysmopompas posted:It's a really heavy burden for people to decide when a good time to pay is, so we're moving to direct debit for precisely this reason. I'm glad I don't live in a community where people who can't figure out how to handle a check arriving before the first of the month have direct access to my checking account.
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Aug 28, 2015 16:26
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Well, that house I was talking about went under contract, then apparently was relisted due to the buyer's inability to properly apply for an FHA 203(k) loan. The seller is apparently not a big fan of those loans or any loan that would require the $16k repair to be rolled into the loan, luckily I have a 20% down payment. I wonder if they'd accept a $244k ($260k-$16k) offer that's clean besides inspection contingencies. Guess I'm going to find out soon. Anyone here have any opinions about eLEND, Sebonic, or K2? Radbot fucked around with this message at 18:24 on Aug 28, 2015 |
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Aug 28, 2015 18:18
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PCjr sidecar posted:I'm glad I don't live in a community where people who can't figure out how to handle a check arriving before the first of the month have direct access to my checking account. idk how I can make it any clearer. We can handle any check in any amount at any time. You can send in your dues in $1 increments if you want, it's not a problem. If you want to be a complete pedant and have your check deposited at exactly 12am on the 1st, that works too. What is a problem is matching individual deposits to individual accounts with no information besides a date and amount. A check received a week early looks just like a check received a week late, the aging reports can't be trusted, and the fact that Mr. Unnecessarily Responsible has the same dues as Ms. Trustifarian is making reconstructing the accounting a lot more work than it would be if everything between the 1st and 15th was on time and everything else was late. krysmopompas fucked around with this message at 19:53 on Aug 28, 2015 |
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Aug 28, 2015 19:17
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Well I have been cleared to close by my lender (suckers!) for a week and I am waiting for the seller to figure out how to get a payoff amount to the title company from whatever sketchy lender that has probably been belly up for 5 years. I feel like I am in bizarro closing world where the seller can't get done in time instead of the buyers. Also what HOA services do you get where you have to pay monthly? Landscaping? Community liposuction clinic?
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Aug 28, 2015 19:22
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Holy crap, I'm buying a house again. Contingencies removed, and I will be forking over a great amount of cash next Thursday. If anyone wants to feel better about their area and cost of living, we'll be paying $425k for a 850sqft 2br fixer upper, expecting to put in close to $100k in repairs (or the equivalent in DIY effort). Shittiest house in the best neighborhood, here we come!
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Aug 29, 2015 01:24
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If it makes you feel better I feel pretty certain that worst house in the best neighborhood is the best house. Good luck with your repairs, I hope that you don't run into any nasty surprises
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Aug 29, 2015 01:32
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Hey, I'm looking at doing the same! $70k under market value (well, $70k under what it would be if level and a SFH), being sold as-is. It's an amazingly tiny grandfathered 2-flat, or a reasonably sized single family home. It's $190k for a 2-unit with 2 bedrooms each in Chicago. It's also a 130 year old post and frame. It's also in one of the old South Side neighborhoods where everything is built below street grade level and has vaulted sidewalks. I'm crazy. Insufficient electricity (but recently run!), insufficient plumbing (also recently run!) and a 40 gal hot water heater (for a 2-unit, what were you thinking!). Calling in favors with friends who are structural engineers who can give us an estimate if the slant in the upper kitchen is worth fixing, but otherwise we're buying this place expecting it to be a money pit. That's better than buying the perfect home and finding it a big hole into which one throws money, right? minivanmegafun fucked around with this message at 03:35 on Aug 29, 2015 |
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Aug 29, 2015 03:07
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Six hundred dollars per square foot. I hope you love California
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Aug 29, 2015 04:40
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Yeah, it's straight up location premium. Quiet mountain town in the redwoods, walking distance to the little downtown and two huge state parks, twenty minutes to the beach. We've already had five of the neighbors come over and introduce themselves when we were over there for inspections. This is the place I want to raise my family, and I'm definitely paying out the nose for it.
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Aug 29, 2015 05:12
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They wanted to make sure that you're not hispanic Or at least white enough to pass for not hispanic
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Aug 29, 2015 06:09
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