[Coronita]

Ok, I didn’t want to chime in until I had some facts. I asked my good insurance agent that is also a good friend of mine and he offered the following explanation.

There are two different terms on an insurance policy: “additional insured” versus “interested party”

When you list someone on your policy as “interested party”: that person(s) will be notified if there is any changes to your insurance policy, but your policy does not extend any coverage to him.

When you list someone on your policy as “additional insured”, you are extending whatever liability coverage to that person(s)…..

The landlord is probably doing this because he/she probably was in a situation in which a tenant did something, and both the tenant and himself ended up getting sued. So he’s probably trying to get on people’s renter insurance “additional insured” to mitigate this. For example, my agent was explaining to me that he had a client in which his tenant poured cat litter down a toilet from the upstairs. Both the tenant and the landlord were named in the lawsuit.

My agent actually says for individual renter’s insurance, most underwriters will NOT allow the policy holder to list anyone else as “additionally insured”, so it’s a moot point. And frankly, if the landlord asked me to do this, I’d give him the finger salute.

What the landlord might require you to do is to list him as “interested party” so that he knows, for example ,if you drop renter’s insurance coverage. I think that would probably be fair game.

Apparently, this sort of question gets asked a lot, so he’s not surprised it came up on this forum. But, again, according to him, most underwriters won’t allow you to add a landlord as “additional insured”.

BTW: if you’re in the market for renter’s insurance and want someone to talk to, I can give you my agent’s contact information. He’s a nice guy, and I’ve known him for about 15+years. Just PM me.

Also, FWIW, on all my leases, I specifically say that tenants are required to obtain renter’s insurance. But I don’t get into details of how much, nor do I require that I’m listed as an interested party.

[Coronita]

[quote=cvmom][quote=Myriad]Then there’s the new ruling from the IRS. If you max out your 401k, any excess after-tax contributions can be automatically rolled into a roth IRA at distribution.
Basically another backdoor way to a Roth IRA if your income is past the limits.[/quote]

Hey, this is really useful info. Thanks so much for posting![/quote]

I’m not familiar with this rule…..What is this rule about?

[Coronita]

#2 yes I believe.
#4. I use CamScanner on my android phone and get into a habbit of taking a picture of my receipt and uploading it to Google drive. I even have tsgs to designate which property the receipt is for.

[Coronita]

[quote=plm][quote=flu][quote=livinincali]In general a Roth has only 1 advantage over just saving the money outside of a retirement account. That one advantage is that capital gains are tax free. There are a plethora of drawbacks to that one advantage and they include. The money usually can’t be withdrawn without penalty. The investment options tend to be somewhat limited (For example it isn’t easy to invest Roth funds in a rental property). There’s no guarantee that your investment will grow with significant capital gains. There’s no guarantee that the government own’t change rules about tax rates in the future. So in effect they’ve sold you on this dream that you’re going to take $100K, grow it into $500K that’s all going to be tax free but the odds or you doing that and the money staying tax free might not be that great. Unfortunately nobody knows the answers to those questions.[/quote]

That’s not exactly true. Your contribution portion can be drawn without tax consequences because that portion you already paid taxes on. The same idea of how you convert from a traditional IRA to backdoor Roth IRA works on this idea. You can’t qualify for a normal Roth so you co tribute to a traditional IRA and then you immediately roll it over to a Roth with no penalties since you didn’t earn anything in the traditional ira.

There are certain rules that you have to work within[/quote]

I never did a traditional IRA since there was no tax benefit. But I didn’t know I could qualify to convert the traditional IRA into a Roth IRA even though I don’t qualify for the Roth IRA. Really strange loop hole. So I should fund an IRA before the end of year.

Thanks[/quote]

Be very careful about doing this. There are very tedious rules concerning this and you need to understand them.

For starters, it will only work if you do not have any other IRA accounts. When you take a distribution out of an IRA, they consider the distribution taken across ALL of your IRA accounts. You cannot say you are only taking a distribution out of one account. So for exsmpke, if you also have a rollover IRA, and you withdraw $3000 out of your traditional IRA account you just set up, the IRS will treat this as you taking a distribution out of BOTH your rollover IRA and traditional IRA, and you will owe taxes since your rollover IRA is pretax. This backdoor Roth conversion only works if you have no other iras.

Also, the IRS treats 401ks different from iras. So if you have a 401k and no rollover IRA, you can use a traditional IRA to backdoor contribute to a Roth IRA.
There are some workarounds if you have other iras. For example, if you have a rollover IRA, and your existing 401k allows it, you could rollover your rollover IRA into your existing 401k and then you can do a backdoor Roth…but then you have to consider the quality of the 401k plan you have. Some 401ks have funds that just suck.

Yeah, its pretty messed up.

For details, talk to a CPA or Google “backdoor Roth IRA” contributions.

[Coronita]

[quote=livinincali]In general a Roth has only 1 advantage over just saving the money outside of a retirement account. That one advantage is that capital gains are tax free. There are a plethora of drawbacks to that one advantage and they include. The money usually can’t be withdrawn without penalty. The investment options tend to be somewhat limited (For example it isn’t easy to invest Roth funds in a rental property). There’s no guarantee that your investment will grow with significant capital gains. There’s no guarantee that the government own’t change rules about tax rates in the future. So in effect they’ve sold you on this dream that you’re going to take $100K, grow it into $500K that’s all going to be tax free but the odds or you doing that and the money staying tax free might not be that great. Unfortunately nobody knows the answers to those questions.[/quote]

That’s not exactly true. Your contribution portion can be drawn without tax consequences because that portion you already paid taxes on. The same idea of how you convert from a traditional IRA to backdoor Roth IRA works on this idea. You can’t qualify for a normal Roth so you co tribute to a traditional IRA and then you immediately roll it over to a Roth with no penalties since you didn’t earn anything in the traditional ira.

There are certain rules that you have to work within

[Coronita]

[quote=bewildering]I do not see the attraction. How much is maintenance on a plane? Fuel? Landing fees? Also, when you need to go buy some groceries, where is the nearest store? IF you feel like a drink or dinner, where is the nearest nice restaurant or bar? Can you get a UberAir home? How do your friends pop round to visit? Do your kids get homeschooled?

If you fly to San Diego I guess you will land at Montgomery Field, which is miles from the beaches or anything. In fact, does it cost money to store a car at Montgomery Field?

It honestly sounds like some prepper fantasy. Most people want to stay closer to civilization. Humans are nothing by themselves.[/quote]

Different strokes for different folks….
You would understand if flying is your hobby, enjoyment.

Similar concept, different type of machine…

The Thermal Club

http://www.theagencyre.com/new-developments/thermal-club/

If I could, I would. Because you only live once.

[Coronita]

[quote=Hobie]Normal house with a giant garage at the back! Taxi out to adjacent runway.

https://www.contigorealty.com/info/display.php?mls=5318007
[/quote]

Yup, I definitely picked the wrong career, lol

The caption of the above house should be

“Honey, I’m leaving you the Lambo so you can go to Yoga and run your errands today. I’m taking the plane to work….”

Except, I wouldn’t mind being the one going to Yoga.

[quote]

This listing has good photos and there are cheaper options.

http://www.stellarairpark.org/%5B/quote%5D

That’s pretty awesome.

[Coronita]

I envy all you lucky people who have good vision that can fly….. 🙂 …..Dumb question. What exactly is a house with an airplane hanger look like ?

[Coronita]

[quote=moneymaker]Never made to to the site. Link had too many redirects. Very weird![/quote]

Great. I am hallucinating or god is testing me. Fun fun.

[Coronita]

[quote=poorgradstudent]Rubio wins the Republican Nomination
Clinton wins the Democratic Nomination

Clinton wins the White House in a close popular election but dominates the Electoral College thanks to current Democratic structural advantages.

The Democrats gain 3 seats in the Senate leaving the Republicans a slim 51-49 majority. Democrats make small gains in the house (10-12 seats), but no massive coattail effect, and Republicans keep a majority, losing their most moderate members from purplish districts.[/quote]

I could live with that….Democrat white house, repub senate and house.

[Coronita]

hillary is going to win…..better than barry though… I’m not a fan of her, but all the other candidates from both parties are just nuts.

So what can you do?

[Coronita]

with the markets behaving the way they are behaving,i am sure glad i took money out of the market and paid off most of my mortgage. Paying off 2.5% is still better than taking a -xx% which is most likely would have happened to me.

I can’t wait until I’m debt free again…Then I’ll just wait and collect my paycheck and rent checks until the next great opportunity, whenever that will be.

[Coronita]

The demo ended up being 2 minutes with Q&A. I think the CEO and the 3 the execs liked it.. It came in 2nd place for the given category. Too bad it wasn’t 1st place. Being #2 is the story of my life….Lol. Anyway, it was fun.

[Coronita]

[quote=ocrenter][quote=cvmom]This thread is so depressing. Hard to believe that this is 2015 and we have apparently not progressed beyond naked prejudice. What’s next–internment camps like the Japanese-Americans during WW2?

And with a major political party’s front runner saying similar things, it validates all those who have this kind of thoughts but before this have been too embarrassed to share them.

The worst thing is that this kind of attitude plays right into the hands of the terrorists and fuels extremism, making future tragedies more likely.[/quote]

This kind of intolerance is actually very much an American tradition if we look back and really examine our history. We just like to ignore our intolerant streak so we feel better about ourselves.[/quote]

If you think that’s bad, just go to layoff.com and read about all the hate against indians in the intel and qualcomm forums.

Reminds me of the time when american workers in auto companies were losing their jobs, blame the japanese.

When real estate is unaffordable, blame the asians for that one too. How many times have we read about how “we should cure foreign investment in buying real estate.

Sure, we’re about equal opportunity, so long as you’re not as good or better than us.

That said, I think Trump is a genius plant by the Democrat party to bring out every bit of hatred and intolerance imaginable out of the GOP. Well done, Hillary. I’d say you got White House seat pretty bagged in at this point.

Come on, we know Trump isn’t an idiot. His followers are kinda idiotic. So there’s something he’s got up his sleeve.

Isn’t this sort of how Hitler came into power, with the vast majority of idiots blaming jews for everything? Looks like same strategy by Trump, and it appears to be working. There’s certainly a lot of people pissed off enough in this country to point fingers at just about everyone else as to why they can’t get ahead.

[Coronita]

[quote=plm]So for me I should stick with my traditional 401K. I never got good financial advice when I was starting out. Did 401K but just the minimum to get the company match. And my money just went into a checking account instead of investing in stocks. Oh, well I should have time to catch up but its painful to make up for financial mistakes in the past.

Its probably better to get good financial advice than chasing a larger salary. Kind of like all those star athletes that make millions but wind up broke.[/quote]

Bingo. Salary goes only as far as how well o e manages it.

[Author]

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