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bearishgurl
Participant[quote=FlyerInHi][quote=bearishgurl] I thought most millienials intended to vote for Bernie (like my kids say they’ll do). Not so, according to this funny video. [/quote]
BG, sounds like you’re a Trump supporter and your kids support Bernie Sanders. I believe the situation is very common. If you don’t mind sharing, let us know who each member of your family votes for in November.
Here’s an interesting article on millennials.
http://wapo.st/1XXuWNV%5B/quote%5DI was actually leaning towards Cruz (who stated his top priority after entering office was to immediately set about dismantling the ACA) but I now feel he has no chance at the nomination. Trump is the next best thing. I DO like the idea of a wall and I DO believe that he can force MX to pay for most if not all of it and at the end of the day, they will. CA (and especially SD County) has been literally crushed under “unfunded mandates” to “illegal aliens” for decades. For example, you cannot even imagine how many tens of thousands of them are taking up space in our state prison system at $40K++ annually per head. It’s astronomical.
Haha, my youngest (age 19) registered to vote after the holidays on their campus but told me when they were home on spring break that they registered as an “Independent” but intended to vote for Bernie in the primary. I had to tell them that if they wanted to vote for Bernie, that they had to be registered as a Dem and offered to show them how to do it online. Apparently, there are people on their campus handing out voter registration apps nearly every day and collecting them at tables set up so it is very easy to register and re-register in between classes. I was told they’ll probably continue to do this after the primaries when we see who gets nominated to run for Prez!
Participant[quote=gpdrasnin] . . . There are many seniors in the same situation and this could lead to several opportunities for both the seniors and investors! Rents and home prices are so high that seniors cannot sell their current home and afford the cost of rent or a mortgage in addition to living expenses for any length of time. I love helping seniors and I truly believe that my client has come up with a wonderful solution that may work well for many others. Are there investors that would consider this type of Life Estate scenario? Is it a good deal for them? Please feel free to pick it apart….THANKS![/quote]gpdrasnin, I’m trying to understand why an octogenarian (or older) would want to sell their current home and move to a much more expensive home (in the absence of moving to a board and care facility or nursing home). Especially one who owns a home in CA and may be paying just a few hundred in property taxes in accordance with Prop 13. And one who will not be moving to the more expensive home to be near relatives. And who already owns a condo so doesn’t have the burden of taking care of a big lot.
Perhaps you can enlighten the Piggs a bit more on her situation for inquiring minds.
Participant[quote=livinincali][quote=FormerSanDiegan]
b) Take a loan for 75K and have immediate cash flow of maybe $600 – 700 per month.
[/quote]I forgot about that aspect of the deal as well. You aren’t even cash flowing. You have to wait until the end of the deal before you see any money.
Probably best to just advise your client to move to a lower cost of living state. Albuquerque, NM might be a good option. Property taxes are low you can get a condo for < $75K. Climate is pretty nice year round although it is at elevation. You aren't staying in San Diego for the kids or grand kids.[/quote]Agree, but I feel that OP's "client's" condo isn't even IN SD County, whether she currently resides there herself ... or not. It very well could be in ABQ. If it was located in a CA coastal county, she would be able to recover much more than $75K at this late date if she sold it.
It’s not very common for an 81-year old (esp one with limited means who would even want to “buy” a “life estate”) to have an outstanding mortgage on residential real property they own.
Persons with means would have already bought their “retirement” home long before reaching the age of 81.
Participant[quote=scaredyclassic]Are her medical records avail. For review?. For the right level of extreme decrepitude, it could work. Of course, then , she’s probably be in assisted living[/quote]LOL …..
Participant[quote=flu][quote=Myriad]Reminds me of a story I read once about these deals in France where the buyer gets the property after the death of the owner. In exchange, the buyer just pays the owner a certain amount each month.
Well this guy went into this deal with a lady who was 60. 40 years later, the buyer is already dead and his kids are still paying the lady living in the house.
Lol.
Yeah like I said, pass. For all we know the nice old lady cold be the OP’s relative[/quote]Ha, ha … if that is the case, then why doesn’t HE try to come up with the $275K to help her buy her “dream” condo?
Are there actually condos available in the UC area for $350K? That sounds kind of low for that area.
Participant[quote=flyer]Everyone will get old (if they’re lucky–some won’t make it that long) and some will need financial assistance in order to live out their lives–so a situation like this is not that unusual.
However, even though we’ve helped family members and friends with property/financial issues, I can’t imagine getting involved in a deal like this with someone I don’t know.[/quote]Of course, flyer. But what troubles me about this scenario is that OP states his “client” already OWNS a condo with $75K in equity. Presuming it is paid off, why does she want to change things now? The only reason I can see would be to live out her remaining years in a much more expensive locale.
That’s not a reasonable proposition for someone of limited means. There comes a time in life when one must face reality about how the rest of their life is going to look going forward, based upon the resources they have available. And that ship sailed long ago for the OP’s 81 year-old “client.”
ParticipantI have two “neighbors” (both women) who are 94 and 97 years old. They are living in their long-owned homes but require a lot of care for daily living, of which the burden falls on their 60/70-something children, who live in the same neighborhood. Women can live a long time, especially those from the “Greatest Generation” who never drank or smoked and never had the stresses of a FT job (except maybe for a very few years during WWII). See my relevant post of today:
http://piggington.com/ot_predictions_2016_presidential_election#comment-266986
This isn’t a good deal for any “investor.” Also, without the whole process of taking $75K in “rent” in “advance of need” being videotaped (to prove she had “sound mind”) with her attorney by her side, as an investor, I wouldn’t touch it with a ten foot pole. Her “heirs” could slap you with a lawsuit for fraud and elder abuse, especially if she died soon after moving into the property which was to be her “life estate.” And rightly so, they could very well win a judgment in this day and age.
Caveat emptor to both sides of this “shady deal.”
OP, if the only reason your client wants to sell her (inexpensive) condo in Fresno (or AZ/NV, etc) is to move to a more hospitable climate (SD) at this late date, she should have thought of this at least 20 years ago and planned accordingly.
A lot of people have a “dream” to “retire” in a CA coastal county but realize it can never be a reality because of the choices they made earlier in life. It is what it is.
Participant[quote=La Jolla Renter]livinincali’s thought process looks accurate to me.
I did a quick search on the internet and found that a 81 year old woman’s life expectancy is 9 years.
Way better play to put 40% down on 2 condos that you own outright.
A 350k condo should rent for $1,800 – $2,000 per mo.[/quote]If the OP’s “client” lives 9 years in the “new” condo with only a $75K “investment,” then that comes out to just $694.44 month “rent” for her (for 108 months) to live in the UC area! That’s wa-a-a-a-ay under the market there and actually “well under the market” for just about anywhere in SD County!
OP, you say your “client” owns a condo. Is it located in SD County? I’m guessing that she is a bit old to still have a mortgage and if that is the case, it likely located in a much cheaper market in the state or country. OP, why is she considering selling at this late date? And are you sure she can actually recover $75K from the sale of it? And why must it be UC area?
Have you ever heard of Lutheran Tower in dtn SD or Congregational Tower in Chula Vista (there may be others)? If there are openings (from deaths), she might be able to get in (or on a waiting list) to pledge whatever assets she has remaining to the church or nonprofit to live out the rest of her life in one of these “independent living” apts. However, they typically only have a “kitchenette,” a small LR, one small BR and a small bath with a tub and shower for a total of <300 sf per unit. Most of the residents do not drive anymore so there is limited underground parking. Just a suggestion for you and not sure if out-of-county applications are viewed with the same priority as longtime county residents' applications.
Participant[quote=FlyerInHi] . . . I read that, in order to win the White House, Trump needs about 20% of the black vote. Blacks have been hurt by free trade so he could win some of them by promising to rip up trade agreements. But his campaign is seen as too much driven by disaffected Whites.[/quote]
FIH, your (italicized) statement may have been true up to 2-3 months ago but I don’t think it is true today. Example: I thought most millienials intended to vote for Bernie (like my kids say they’ll do). Not so, according to this funny video. Kids come in at 1:30:
Edit: Here’s another one that the MSM hasn’t bothered to mention:
Edit #2: This one is great!
http://frankvaughan.ca/index.php/2016/03/07/video-trump-diversity-3/
ParticipantCopying this post from the “Reasons I cannot vote for Trump” thread to here, where it belongs:
Submitted by bearishgurl on April 27, 2016 – 6:05pm.
OK, I’m going to stick my neck out here and make predictions on the rest of the primaries which have not yet been conducted.
Republican Primaries:
Trump takes: CA, OR, MT, ND, SD, NM, WV and NJ
Tossup (very close): Trump and Kasich for IN
Cruz takes: KY
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Democratic Primaries:
Clinton takes: CA, IN, KY and WV
Sanders takes: OR, MT, ND and SD
Tossup: NM and NJ
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Comments are welcome!
Participant[quote=FlyerInHi] . . . But as the Trump phenomenon shows, there is a whole class of low-skill people who disdain education because they feel looked down upon by the educated “elite.” So their defense mechanism it to be against education. These people want an impossible return to a world where a C level high-school education allowed entry into the middle class. And the irony is that they call that “hard work.” . . . [/quote]Um FIH, I don’t know where you heard this but nobody really “disdains education.” Even middle-aged and older people who never received a complete college education (me included) are making sure our kids recieve(d) one. The world needs plumbers, electricians, drywallers, bricklayers, auto alignment, auto body and other auto specialists, etc, just as much as it needs “white collar” workers. And maybe more in many areas where the vast majority of parents are automatically “pushing” their kids into the “4-year college track.”
At the prices these “blue-collar” workers command (esp if a biz owner or part-business-owner), you’re damned straight that they live their own “elite” lives. Many (most?) of them probably make more than you or an “engineer” does, FIH!
The truth is that a college education wasn’t needed to live a decent middle-class life up through about the early 2000’s. Yes, even in SD! And student loans did not exist before the early-mid nineties which were large enough to cover “living expenses” on top of tuition, fees and books. The presence of those loans has been the only reason HS graduates from families of all income levels have been able to attend a four-year college away from home. Prior to that, if your family couldn’t “afford” for you to attend college away from home and you couldn’t get into your local university while living “at home,” then a HS senior’s counselor would simply counsel them into an ROP program or other private, low-cost occupational school in which they could obtain a certificate to work in a particular field in 4-12 months.
Now, nearly EVERY HS senior gets counseled to apply for university and assistance with their applications, if necessary. And many, also go into exorbitant debt after they are admitted.
For example, in most cases, a low-income HS graduate is better off financially after training for practically “free” as an HVAC technician for 12 months in a ROP program at their local CC than if they borrowed $20K or more per year to attend a four-year institution (which, in CA, could take 5-6 years to graduate from) only to graduate into a stagnant or “sewed-up” local job market in their field and with no money left with which to relocate with. In addition, the clock is ticking cuz their student loan payments will start in six months. If they borrowed $100K in Federally-backed “Sallie Mae” loans, their monthly payments could easily be $650 – $750!
That’s a lot of money when you don’t yet have a decent job, a decent vehicle, decent work clothing or money for a plane fare to go on a job interview out of area.
brian, I have to tell you that I’m tired of reading your “rhetoric” about Trump supporters being “angry white hicks who begrudge people that `made it.'” They’re not all “white,” they’re not all “hicks,” they’re not all male, and, believe it or not, most of them are doing just fine financially, even if the factories with all the “good jobs” left their area and moved to China or MX.
I know it might be a stretch for you to envision this but a lot of those folks who have lived in America’s heartland their entire lives have many, many resources available to them. The majority are living in the same general area which they grew up in and have family all around who will give them jobs in their businesses. They hunt and fish for food and freeze it and trade farm/homegrown food with neighbors and relatives. Most of them don’t have mortgages over $1000 mo (PITI) and that is high in many areas. By 40-45 years old, their mortgage is typically paid off so if they got “laid off” from their “lifetime union job” after that, their situation isn’t as dire as one might think. And the women (incl “wives”) work their a$$es off (many FT and also on farms) and also drive big trucks and heavy equipment if they have to to survive. In addition, they can together during the harvest season and put up everything in mason jars in their tornado shelters and trade with each other so everyone has a mix of fruits and vegetables. In short, they are very resourceful and hardy bunch of folks who don’t feel that they are any “less” of a person than a college graduate.
Unlike CA urban dwellers, most of these “flyover country dwellers” are much too proud to take “welfare” unless they are truly down and out and need “food stamps” to feed their kids and then consider it only “temporary.”
At the end of the day, the PhD (professor) and JD (lawyer) and their students, clerks/secretaries/paralegals (with assoc degrees or less) all use the same public restrooms. No one is “better” than another by virtue of having more education. Yes, aside from becoming qualified to work in a profession, four years at university away from home DID mature my kids (I can see a big difference in the maturity of my youngest already, who is currently a sophomore) but this is only because they were somewhat cloistered and “coddled” while attending K-12 public school (I didn’t have much control over this). But most kids who start out after HS graduation with little or nothing had to mature much faster as teens by necessity. That’s how it was 45 years ago, when I was a teen and that’s how it is today. That doesn’t mean these lower-income kids who might decide to enroll in an ROP program are “lesser people” than their brethren who are currently attending university.
Participant[quote=njtosd][quote=FlyerInHi]Other issues having to with be wealth gap are
Assortive mating
Delayed child bearing among the more educated and wealthier classes, so their kids start off with more advantages.
Better health and higher life expectancy at the top.
All that translate to higher inheritances over generations.[/quote]Higher life expectancy would tend to cause a diminution of resources, wouldn’t it? More years of car payments (or purchases), electricity and food – and generally during the non-earning years.
Assertive mating has always occurred.[/quote]I agree with the italicized part. A long, long life (past 90 years) frequently leads to long term care which families can’t easily provide themselves. In SD County, these “Memory Care Centers” and other decent long term care centers cost $7500 – $9500 month, which can easily deplete the elder’s cash resources of $1M or more in 7-10 years (with some annual price hikes) due to poor interest rates over the past decade for CDs and money-market accounts.
And those who “think” they’re going to quitclaim their RE to their children immediately before checking into long-term care in order to put it on Medi-Cal/Medicaid’s tab (or check in as self-pay to “get accepted” and a few months later, attempt to go on the public dole) better think again. Medicaid uses a 5-year “lookback period” for RE transfers and if any of them occurred less than 5 years before the elder’s Medicaid application, the transfer is considered “fraudulent” and the app will be denied.
In any case, the “better” facilities usually don’t accept Med-Cal/Medicaid.
Round the clock home companions don’t come cheap, either. I have two neighbors with elderly parents still living in their homes (same neighborhood) who are paying 2 separate caregivers to provide round-the-clock care and companionship for their elderly parent. Of course, just two caregivers have to cover 7 days per week so they get room and board as well on their shifts and trade off with one another.
In SD County, “poor” elders with zero assets who rent or own only their residence and no other real property can avail themselves of IHSS if they do not need nursing services, which will NOT lien their property for services provided to them.
http://www.sandiegocounty.gov/hhsa/programs/ais/inhome_supportive_services/
These workers can be the elder’s own relatives or someone else but the program does NOT pay enough to a non-relative for round-the-clock care. In this case, a nearby relative of a low-income elder needing round-the-clock care would have to be willing to serve as caregiver a couple of days per week and overnights and some errands for “free” as a supplement to the IHSS worker.
Living until 95 or older will most certainly deplete anyone’s resources (“rich,” middle class, or poor). A “prospective heir” just needs to be appreciative that their remaining parent lived a long life, especially if they were able to stay in their own home until the end and had the funds available to pay caregivers. That’s all many people can really hope for. No one is entitled to an inheritance.
ParticipantOK, I’m going to stick my neck out here and make predictions on the rest of the primaries which have not yet been conducted.
Republican Primaries:
Trump takes: CA, OR, MT, ND, SD, NM, WV and NJ
Tossup (very close): Trump and Kasich for IN
Cruz takes: KY
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Democratic Primaries:
Clinton takes: CA, IN, KY and WV
Sanders takes: OR, MT, ND and SD
Tossup: NM and NJ
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Comments are welcome!
Participant[quote=FlyerInHi]njtosd, ACA was negotiated over 2 years, and passed in 2010. Obama tried a not successful bi-partisan approach.[/quote]If the (nearly all) Dems in Congress had over 2 years and there was as much “haggling” over the bill as you claim, then why didn’t our 35 (out of 53) Reps in Congress who voted for it (led down that garden path by their “principal hack,” Nancy Pelosi) take into account the laws already on the books of their great state?? Did they have any idea that some of the “fine print” in the ACA would conflict with and/or expand the powers the gubment had due to laws already passed???
By not doing their homework by reading and studying the ACA’s fine print with a fine-toothed comb, even though they purportedly had TWO YEARS to do so, our elected officials who were supposed to be seeing to our best interests essentially sold their constituency (us) down the river …. especially their own “brethren” (the 55-64 year-old set) who were at the core of their most established, diehard supporters. They ALL had Legislative Analysts from their respective local offices who could assist with this while they fulfilled their duties elsewhere. Why didn’t they utilize them??
I don’t believe for one second that NONE of our reps were familiar with laws already on Cali’s books which could override, conflict with and/or muddy the waters of the language in the ACA, including:
http://www.dhcs.ca.gov/services/Pages/TPLRD_ER_cont.aspx
https://www.cms.gov/Regulations-and-Guidance/Guidance/Transmittals/downloads/r75sm3.pdf
http://www.dhcs.ca.gov/services/Pages/FederalandStateLawsGoverningEstateRecovery.aspx
And our Reps had to have known that, as a consequence of forming Covered CA (our state healthcare exchange, essentially being created as the “quasi-gubmental gatekeeper” of nearly ALL the healthplans sold on CA’s individual market), that the major carriers long doing biz in the state could vote with their feet after the inception of the ACA’s passage into law … in short order … which is actually what happened. DUH!
They ALSO had to have known that after the ACA was passed into law, the CA DHCS was going to run how Covered CA would operate and in doing so, they would use their County Medi-Cal Agencies (subdivisions of themselves) to essentially run the show! If our reps didn’t “think thru” the enormous ramifications of expanding our (already overloaded) Medi-Cal system before they voted on it (which historically had a dearth of member-providers to treat their existing indigent patients), they either had their heads up their a$$es or were grossly incompetent … or both.
Our own Reps here in the Golden State screwed us all and especially royally effed over their many millions of mostly asset-rich, lower income “brethren.” If overlooking these troublesome facts was not “intentional” during the “negotiation phase” of the ACA then they were hopelessly incompetent and should have never been elected to their post in the first place. That’s 35 votes that should have never gone that direction and Cali is only ONE state! In region 1 (roughly the northern third of the state), providers have been leaving these small towns in droves since 1/1/14, causing residents of rural counties to have to travel ~3 hours just to get a simple routine scan!
It would be very interesting to poll these (mostly former) state reps today one by one and ask them what was running through their heads when they voted the ACA (and expanded Medi-Cal) into law. Did they somehow believe that passing a “law” of which won’t really function well in the “real world” due to neglecting to get all the “moving parts” (i.e. providers and carriers) completely on board with it first would actually work for those it was intended to benefit . . . or even wise?
In some states, the “Obamacare system” is completely hopeless for all ages because few (and dwindling) providers are cooperating with it and the members of “marketplace” healthplans in those states are paying monthly premiums into thin air … for nothing. Thank G@d some of those states have numerous IHS hospitals and clinics to serve their HUGE eligible population. Were it not for the IHS (and tribal sovereignity …. legal and financial) the healthcare situation in those states would no doubt be extremely dire.
The sooner the ACA is scrapped, the better off we’ll all be. Even dumping the exchange bureaucracies and having a “transition period” back to the semblance of the way it was prior to 1/1/14 will be infinitely better than the month-to-month insecurity of marketplace healthplan members and consumers’ major headaches from intractable problems lasting months on end that we have now . . . all caused by the utter incompetence at the “gubment” level. At least carriers will be encouraged to come back into currently “locked” state markets and provide badly needed coverage options, (i.e. not necessarily “ACA complaint” plans) to the uninsured.
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