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Zo posted:What are you even taking about Being 75k in high-interest debt probably isn't the best time to be in the exciting world of second house ownership regardless of how much principal you can extract from it in 30 years
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Sep 28, 2016 21:38
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Parallel Paraplegic posted:Being 75k in high-interest debt probably isn't the best time to be in the exciting world of second house ownership regardless of how much principal you can extract from it in 30 years When you make over 200k a year and have loooots of other ways to cut down on spending, it probably is. Selling would be a very short sighted move that gives you an easy way out now but hurts you in the long run. ...so i guess they'll be selling the townhouse and not changing their lifestyle in any way.
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Sep 28, 2016 21:49
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They're probably underwater on the rental property
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Sep 28, 2016 21:50
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  Catching up in this thread, found this new greatest post.
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Sep 28, 2016 21:52
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BraveUlysses posted:They're probably underwater on the rental property Maybe, maybe not. The people I know who own rentals boast about how rent covers the mortgage, so maybe they are just underpricing the rental.
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Sep 28, 2016 21:54
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The vast majority of houses have positive equity so that was just a throwaway poo poo post really.
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Sep 28, 2016 21:56
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Don't rent out the house you own, rent out someone else's house. https://www.reddit.com/r/legaladvice/comments/54wt27/a_friend_put_my_apartment_on_air_bnb_while_i_was/ quote:A "friend" put my apartment on Air BnB while I was traveling (self.legaladvice)
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Sep 28, 2016 22:38
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I think you're looking for the GWM thread
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Sep 28, 2016 22:40
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Teeter posted:Does he have more bird toes on his right bird leg than his left? I don't know the proper terms for them or amount that (s)he should even have, I'm not a bird doctor. He (Green Aracari's are dimorphic, the she's have brown heads) has equal bird toes on each of his drumsticks. canyoneer posted:Haha. This means they're basically paying just principle on their loan, making it effectively 0% barring annual maintenance, assuming that is PITI. This is the least of their worries. I would rent a house out at a $200/month "loss" if they were good tenants. They're paying 30% interest on a credit card, yet $200 in a low risk non-liquid savings account is the gotcha?
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Sep 28, 2016 22:53
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Sep 28, 2016 23:02
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H110Hawk posted:He (Green Aracari's are dimorphic, the she's have brown heads) has equal bird toes on each of his drumsticks. But they're losing much more than just $200. My husband and I rent out the house I bought before we were married. In addition to the mortgage I pay on it, we also have to budget for small repairs (AC tune-up, new stove, etc) and long term up keep (new roof, etc.). Also, rental income all has to be claimed as income, not just the profit made after mortgage. Renting out property is not really as profitable as people like to make it out to be....
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Sep 28, 2016 23:09
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SquirrelFace posted:But they're losing much more than just $200. I agree they are net negative more than $200 in cash, however even in their 28% bracket they should be deducting a good portion of their income right back out. It's not simple, but if you're accruing the costs (vs. cash) you can deduct out the roof as an item with a fixed usable life. Also if your rental isn't in an LLC you are BWM. It's a risk, but generally property values appreciate even with the deferred and immediate maintenance. https://www.irs.gov/businesses/small-businesses-self-employed/tips-on-rental-real-estate-income-deductions-and-recordkeeping IRS posted:If you receive rental income from the rental of a dwelling unit, there are certain rental expenses you may deduct on your tax return. These expenses may include mortgage interest, property tax, operating expenses, depreciation, and repairs.
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Sep 28, 2016 23:26
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Teeter posted:Does he have more bird toes on his right bird leg than his left? I don't know the proper terms for them or amount that (s)he should even have, I'm not a bird doctor. No, he has four on each foot. A couple of them are hidden by the perspective, but all four are definitely there.
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Sep 28, 2016 23:33
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They invented a dating website for you all : http://creditscoredating.com/
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Sep 29, 2016 00:26
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SquirrelFace posted:But they're losing much more than just $200. No lol the taxable portion of rental income is exactly the profit after the mortgage interest and expenses, but "profit" is not the same thing as "cash flow"
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Sep 29, 2016 00:32
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revmoo posted:?? I don't know anyone who has had to deal with strings of poo poo cars with multiple thousand-dollar repairs, no. Stupid Entitled rear end in a top hat Goon has never met any poor people, still pretty sure he knows how they should live their lives though.
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Sep 29, 2016 00:59
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canyoneer posted:Don't rent out the house you own, rent out someone else's house. This mornings site meeting it turns out the people who are renting the car parks outside of the building we are working on are getting annoyed as they don't have access due to the vans that are parked there. Of course to make my design work some of the car parks are being removed and bollards are being put in place to prevent parking. The people renting the car parks are going to be flipping out with rage. Of course we have no idea who they're paying the money to as it's not the building or land owner. They are renting car parks from someone who doesn't own them. I'm waiting to see if their cars end up getting towed prior to the bollard installation commencing. BEHOLD: MY CAPE posted:No lol the taxable portion of rental income is exactly the profit after the mortgage interest and expenses, but "profit" is not the same thing as "cash flow" Cashflow is king when it comes to property. Negative cashflow will always gently caress you around. I have plenty of clients who are "losing" money on their buildings while building up a pile of cash. Although in New Zealand we have little or no capital gains tax so it's about converting income into tax free capital gains. Devian666 fucked around with this message at 01:26 on Sep 29, 2016 |
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Sep 29, 2016 01:22
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Devian666 posted:This mornings site meeting it turns out the people who are renting the car parks outside of the building we are working on are getting annoyed as they don't have access due to the vans that are parked there. Of course to make my design work some of the car parks are being removed and bollards are being put in place to prevent parking. The people renting the car parks are going to be flipping out with rage. Of course we have no idea who they're paying the money to as it's not the building or land owner. They are renting car parks from someone who doesn't own them. I'm waiting to see if their cars end up getting towed prior to the bollard installation commencing. Please keep us posted.
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Sep 29, 2016 01:39
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Lol at the overspending guy:quote:Lots of suggestions on cutting Food down. We don't eat out a ton but we can certainly get it to 0. Most of the money goes to Groceries and Gas. quote:Definitely plan to stop eating out. I just started YNAB this month and we've been pretty good with tracking our expenses...it looks like we spent ~$700 eating out this month. edit: lol just noticed my name change courtesy of the gibbis thread. GWM!
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Sep 29, 2016 02:16
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TLG James posted:It's a very odd place to go if you're not into scuba diving. It's pretty much their only attraction outside of getting drunk... and grey-area offshore online gambling!
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Sep 29, 2016 05:04
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Guys, I just learned that someone I know fell for the meat van scam... as the meat supplier! My sister's father-in-law is a real piece of work, and owned a huge and beautiful cattle farm until he decided he hated his nursing job and quit to become a long-haul trucker of all things. Also cheated on his wife, managed to reconcile, then lied about long-haul trucking to live with his (different) mistress. He apparently falls for all sorts of get-rich-quick schemes. Anyway, some guys told him they were with some restaurant that supplied to steakhouses including Ruth's Chris and wanted to work out a deal. So he loaded up a trailer full of his steaks and dropped it off, no collateral, no cash, nothing. They found it a few days later, melting in the sun in some parking lot somewhere.
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Sep 29, 2016 13:18
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BEHOLD: MY CAPE posted:No lol the taxable portion of rental income is exactly the profit after the mortgage interest and expenses, but "profit" is not the same thing as "cash flow" Tax wise, you are also forced to depreciate the rental property at a fairly substantial rate so the tax impact of a rental property looks very different than simply adding up "profit after the mortgage interest and expenses".
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Sep 29, 2016 13:39
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quote:Are there any tax implications or could I get into trouble for taking a 401k loan and using it to buy bitcoin?
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Sep 29, 2016 13:55
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Leon Trotsky 2012 posted:The profit from bitcoin will most likely cover the loan very quickly.
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Sep 29, 2016 14:03
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What a coincidence- we got a reminder of the Golden Wonderhanger Awards this week.
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Sep 29, 2016 14:04
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quote:Mom wants me to cosign a $170k loan. Good idea?
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Sep 29, 2016 14:24
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Wait how is "most" of the money from the employer? Are there employers that contribute more than a match? Where are these employers, how do I line up to get this guy's job when he gets fired for installing bitcoin miners on everyone's computer?
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Sep 29, 2016 14:26
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Tiny Brontosaurus posted:Stupid Entitled rear end in a top hat Goon has never met any poor people, still pretty sure he knows how they should live their lives though. This is really hilarious if you know me and where I started at.
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Sep 29, 2016 14:26
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revmoo posted:This is really hilarious if you know me and where I started at. Here comes the bootstrapping spiel!!
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Sep 29, 2016 14:37
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Can we have a gun or wedding derail instead?
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Sep 29, 2016 14:39
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Save us, derail toucan! (I know he's a green aracari. I love you, Mindo)
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Sep 29, 2016 14:42
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Wedding: if you spend more than $250 on a backyard bbq then lol good job wasting money on an ultimately meaningless single event. Also, if you spend less than $15,000 then you're a sad miser who wouldn't even spend a little money to create an unforgettable memory on your special day. I think that covers it?
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Sep 29, 2016 14:44
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Leon Trotsky 2012 posted:
The stock market "looks like a bubble" and only made a few percent this year, but Bitcoin, which has "exploded again" is much more likely to weather a crash.  Yes, this is the future of stable investing.
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Sep 29, 2016 14:52
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I think my favorite part is that he did "research" in the bitcoin subreddit, which is like researching cars at a used car dealership
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Sep 29, 2016 15:09
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Leon Trotsky 2012 posted:I want something more real than stocks quote:bitcoin
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Sep 29, 2016 15:13
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That was my favorite part. Maybe he should buy gold coins.
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Sep 29, 2016 15:27
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Zo posted:Someone post the pelican, quick. DarkHorse posted:Save us, derail toucan! I believe we've covered what he is.  
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Sep 29, 2016 15:37
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quote:I live in NYC with a roommate (my portion of the rent is $925/month) and I make $60k a year (that's without my annual bonus - which, this year, was $11k). I currently have no savings and my credit card is maxed out at $2,300. Each paycheck (after taxes, 401k, benefits) is $1600 (bi-weekly) and I currently i have -$790 (yeah, that's negative) in my checking account. Each month I pay $250 in student loans and another $250 ish in utilities (electric, cell phone, cable). quote:Lost 10k in borrowed money and it is coming due. Best way to get it back?
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Sep 29, 2016 15:38
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Leon Trotsky 2012 posted:I spend about $1,400 a month on eating out and bars, but most of that is mandatory for work, so not much I can cut down there.  While I can believe that he might have to meet clients for lunch or after hours or something like that, surely he could just order less and/or cheaper things?
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Sep 29, 2016 15:41
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Bad with Work: a job that requires mandatory eating out and bar tabs but doesn't let you claim any of it as employee expenses. Though more likely he is not very good at distinguishing "need" from "want".
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Sep 29, 2016 15:46
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