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gzz
ParticipantI’ve never had issues as the sole owner of an S corp with W-2 salary + k-1 profit and a physical office and employees. As you get less official, it gets a little harder.
A few online deep discount places don’t take self employment income, but they are the exception. My last mortgage was with Sebonic and they had the lowest rate on the Internet and no penalty for self employment.
It seems like they will base your income on your last two tax returns and your YTD current monthly income.
A local mortgage broker can get you a prequalification letter to use when you make offers on properties. Might be the best route, and certainly the easiest.
ParticipantThe other option Flu is JMBullion will buy via mail. They won’t give you that great a price, but they send you a postage paid mailer and make it very easy. And the price isn’t too bad.
ParticipantFlu, what are you looking to sell?
I am not into 1oz gold of any sort, nor anything that is grams not oz with limited exceptions.
But old and new smaller gold coins, 1oz silver, 10oz silver, and “fractional” gold I’d buy almost anything at kitco’s spot price.
Here’s what I purchased today. The oldest one there is the 1828 Charles X 5 Francs.
ParticipantI assume you mean 95XX?
That isn’t 45 degrees, and the grass will easily absorb 2 inches of water. You just can’t expand the paved patio and will have to keep the grass in good shape so the soil doesn’t dry out and compact.
I have a less dramatically sloped yard, though away from the house, and the bottom doesn’t get any more soggy than the top. The ability of soil to absorb water is huge.
Looks like it has its initial owners from 1993, which also suggests the house isn’t a lemon.
I think if you like it, you should buy it before someone else does. Inventory in the area is close to zero.
July 25, 2020 at 4:59 PM in reply to: Any clever workarounds to get new mortgage pricing on a cashout refi #818963ParticipantAn has a great solution, why didn’t I think of that.
Just using zillow mortgage, a 160 refi on 800k primary shows 3.25%, a 300k refi shows 3.0%.
I used zillow to find sebonic mortgage on my last purhase in 2017, and sebonic did a great job and had the lowest rate. Not saying go with them, but worth getting a quote.
You might just wait a little while too. Lenders are getting swamped now as rates hit all time lows. The last three days are the first in US history the 10-year closed below 0.6% three days in a row. That should give lenders confidence to lower rates further, but since they are at capacity they will want to focus on larger loans first.
ParticipantThe efficient market hypothesis suggests you should take the certain tax savings, not speculate you’ll get a better risk adjusted return selling the property and investing the cash elsewhere.
If the overall risk is too much, you can hedge it by shorting a REIT until you sell the property. If the property goes down, your short very likely profits.
Alternatively, you can pare back any long risk investments.
Sorry I don’t have any insight on 1031s.
ParticipantHappened to me too, got some SanDisk for about 7 during the great recession, sold for about double that, went up to 100+, then was aquired for 76 in 2016.
I plan to keep my investment properties when they are overvalued, and to wait for the next true bubble.
I also am hanging on to my iRobot, which is the only stock I currently own that has doubled. Screw fundimentals, they are a pure play that makes ROBOTS at a PROFIT. No other public company can say that. Google cut its robot division back after losing a lot of money.
On top of vacuums, they have some great DoD contracts, and robots are part of the future of war, just watch any scifi future movie.
July 25, 2020 at 12:47 PM in reply to: Any clever workarounds to get new mortgage pricing on a cashout refi #818957ParticipantI doubt a 160k loan is really penalized compared to a 300k one. Even if it is an 1/8 higher, that’s $200 a year, so what.
Just grab the best normal refi rate you can now and don’t overthink it.
July 25, 2020 at 12:11 PM in reply to: Any clever workarounds to get new mortgage pricing on a cashout refi #818955ParticipantWhy can’t you refi no cashout for the good rate, then get a HELOC?
This issue is why I have mostly resisted the urge to make extra mortgage payments. No easy way to get the money back at low 30-year mortgage rates.
Cash-outs have a higher default rate. Defaults are expensive for lenders even when they are low LTV loans.
ParticipantIf it is in poor shape, a light reno might not add much value since the next owner will do a full reno on top of anything you do.
It might also be worth more without a tenant if it needs a full reno. Sounds like this could be the case if it still has popcorn ceilings.
On this basis, another option is no reno and hire a company to AirBNB it for you, then sell after the capital gains become long term.
Personally I’d never pay STCG on real estate.
ParticipantIf you had held the 20 francs as, paper or small change, it would have exchanged for .02 New Francs in the 60s, and about .003 Euros in the 00s.
ParticipantThe 1803 20 Franc was circulating legal tender in France until the Great Depression. The nominal return was thus 0.0% for about 100 years. Because there was also deflation, there was a small positive real return.
The main big return to gold was in the post 1960 period. Gold in the USA was officially $42/oz until the 70s, but practically speaking we were off the standard before then. Still, you could get gold for about $40-50oz in the 50s and early 60s, now worth $1800oz.
ParticipantJust purchased a French 20 Francs gold coin from the 1830s, July Monarchy. I am now only 1 coin away from having a complete set.
Here’s the first of them:
“An 12” means 1803, year 12 of the Revolutionary Calendar, one aspect of the metric system that was abandoned.
The $350 price listed there is old price, an An 12 is worth more like $430+ depending on condition.
ParticipantNot sure if you’re smoking too much or too little.
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