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Damnit all, we still have 10 days left in 2016. Do we really need to be thinking about 2017 already? gently caress yes we do! Goooooooaaaaaalllllls for 2017 1. Pay off credit card 2. Max out flexible spending account contribution 3. Maintain 401k contribution 4. Purchase rental property number 3 5. Don't take on any additional consumer debt. Personal Goal for 2017 Go get my balls cut because babies are expensive and one is enough.
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Dec 22, 2016 00:45
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| # ¿ May 2, 2024 15:04 |
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All this food chat is making me hungry but also curious. Looks like the wife, baby and I spend just shy of $8,000 last year. I mostly blame the baby. So for my first humble brag of the year (and a little advice seeking), I didn't realize my employer did their entire Health Savings Account contribution on the 1st of the year so I'm starting off with an unexpected $500. This is our first year using the HSA so that's all that's in the account so far. We have automatic contributions setup to max out the account by the end of the year. We have $500 saved for medical expenses that I had initially intended to deposit into the HSA to help front load our own contributions. However, I'm now thinking that maybe that would be better used to pay down debt. In this case it would go towards the $3k balance on the credit card. We could also throw it at our measly emergency fund that's sitting at an $800 balance. So what say you goon hive mind? $500 in unallocated savings: Front load HSA, pay down CC, emergency fund contribution or hookers and blow?
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Jan 5, 2017 12:42
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Rocks posted:i don't know if this is the thread for it, but my wife and i are buying a house this year. saved up $150k and it's going in on a down payment for a $750k fixer upper. hope to turn it around for $1M in 2-3 years. god bless. As a word of note to anyone looking to do this type of purchase, make sure you look into doing a 203k loan. It's an FHA program designed for people purchasing or refinancing a home with the intention of remodelling it. You get the same low down payment as a regular FHA loan but it is designed around repairing a home in poor condition. Bank owned properties are particularly good targets for these types of loans and can be a good choice for people looking to get into real estate investing.
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Feb 12, 2017 13:56
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PMI works the same way with FHA loans as it does with non-FHA loans. Once you break 80(ish)% and 5 years it gets removed. https://www.fha.com/fha_requirements_mortgage_insurance If you want to go the real estate investor route, you can use the 203k to purchase a run down duplex, fix it up, and rent out half. Live in one side for a year, refinance into a regular mortgage, and go do it again. Or you can take the single family home route and buy some burned out shithole, fix it up, refinance it, rent it out and go find another property to do it again. When you go to refinance the 203k, the value of the property should be higher than what you borrowed to buy and fix it so the PMI goes away. TouchyMcFeely fucked around with this message at 15:42 on Feb 14, 2017 |
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Feb 14, 2017 15:31
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baquerd posted:That's very much not what that link says at all. It says you will pay MIP for the entire loan term unless you put down at least 10%, in which case you will pay MIP for 11 years. Of course, refinancing gets you out of that. You know what, you are absolutely correct. I was looking at the Previous column and not the New column. Looks like the FHA route isn't as sexy as it once was. Thanks for the correction. Thanks
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Feb 14, 2017 22:29
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Proposition Castle posted:Also I hate my job and am really close to walking out. Noooooo don't! Don't do it don't do it don't do it! Find new job then walk out. The last thing you want to do (unless you have an alternative plan) is to quit before you have something else arranged. I'm in the same boat and it's really friggin' hard to not throw up the double middle fingers and holler, "later bitches!"
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Mar 12, 2017 00:10
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| # ¿ May 2, 2024 15:04 |
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Well 2017 was a good news/bad news year. Got fed up with the new bosses and transferred to the other side of the country which sort of blew everything out of the water. Thankfully it's a must lower COL area so major bonus there. So here are the results: 1. Pay off credit card - Went the wrong direction on this one. Had to put a decent chunk of the moving expenses on the CC but it was well less than half so that's a plus. 2. Max out flexible spending account contribution - Managed this and will do so again in 2018 3. Maintain 401k contribution - Managed this without much trouble. Set it and forget makes for easy goals. 4. Purchase rental property number 3 - No chance to do this although we're starting to get into the swing of things in our new location so 2018 is looking good. 5. Don't take on any additional consumer debt. - This one is a bit of a wash. We walked away from the sale of our old house with $51k that we used to pay off our car (yay!), and one of the loans on our rentals (yay!) but increased our CC debt to a level that I'm not happy with. Go get my balls cut because babies are expensive and one is enough. - Nailed it! Getting neutered is one of the best health decisions I've made. So a mixed bag financially but I think we're in a much stronger (and healthier) position than we were before. 2018 is looking good!
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Dec 23, 2017 14:34
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