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Old 09-08-2015, 12:15 AM   #141
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Here is a creative idea you asked for - Can you put a guest cottage or at least a modular office unit on the property mom lives in and move into that or at least spend your days in it to not be with your mom 24 X 7? Look at Google images for modular backyard office. There are some quite attractive options. Or maybe live in a tiny house in the backyard?
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Old 09-08-2015, 04:40 AM   #142
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I thought there were 2 retired nurses from Miami on this thread but then realized the OP changed their user name.
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Old 09-08-2015, 06:26 AM   #143
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I thought there were 2 retired nurses from Miami on this thread but then realized the OP changed their user name.
It was changed at the request of the moderators.
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Old 09-08-2015, 07:21 AM   #144
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This thread has done an excellent job of explaining why.

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Old 09-08-2015, 08:52 AM   #145
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I am not buying as much inventory anymore.
My sales are there and by cutting expenses the cash flow will improve.
Right now I am servicing the debt with the business and only taking a small salary.

If my disability claim gets approved then hopefully things will improve for me personally. That is still in the works and I know it's not a guarantee, but I know the insurance company wants their money back, so they have a vested interest in the lawyers they hired for me. And I am not naive enough to think they are doing this for my good, it's purely for their benefit 100%.

When you say you are losing money, are you subtracting the inventory you just bought from your income If so, then you are accounting improperly...

Inventory is an asset, not an expense.... so in your example you say you have 4,000 items... the cost of those items should not be an expense yet... a cost value should be allocated to each based on the materials used (and if you want to give yourself a salary for making it, that should also be added).... so say the value is $10... then you need to sell it for more than $10 to make a profit... if you sell for $20, you now have $20 income with $10 moved from your assets to expenses with a profit of $10...


You also made a comment about getting money out of your retirement plans.... and how a real estate forum was giving you creative ideas on doing that which you seem to be happy with... well, most people here could give you ways to take money out, but probably think it is a bad idea and are not saying anything.... I think it is a bad idea.... you already are in a deep hole and the other forum thinks it is a good idea to keep digging.... if you think that is a great idea, go for it.... it just might work... for me, I would not bet my future on that plan....
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Old 09-08-2015, 09:09 AM   #146
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Had to get everyone's attention somehow.
This, in her own words, is the reason for the thread. It's called trolling.
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Old 09-08-2015, 09:14 AM   #147
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Maybe it's the nature of creative real estate but I've gotten some much more creative ways of getting money out of retirement funds tax free than here in the retirement forum world. Maybe you guys just don't do that sort of thing since you are all about wall street. It seems to be a part of the creative real estate world but not something shared with all.
Really? Would you please elaborate?

Frankly, I don't see a lot of success with the rentals you own, based on what you have stated so far. There's a lot of hand waving, but as a long term real estate investor, I look at the numbers. I can't tell what you own, what you own with others, what the income and expenses are, what they are worth vs what you paid, and the leverage. How about some firm numbers? My guess is that one or more of these properties is costing you money every month, i.e. alligators, and not much money is finding its way to your checking account.
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Old 09-08-2015, 09:28 AM   #148
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Really? Would you please elaborate?

Frankly, I don't see a lot of success with the rentals you own, based on what you have stated so far. There's a lot of hand waving, but as a long term real estate investor, I look at the numbers. I can't tell what you own, what you own with others, what the income and expenses are, what they are worth vs what you paid, and the leverage. How about some firm numbers? My guess is that one or more of these properties is costing you money every month, i.e. alligators, and not much money is finding its way to your checking account.
This thread is a lot of entertainment value, but more likely than not a troll. Ever notice compulsive gamblers love to talk about their latest big win, but neglect to mention their larger losses? OP's description of her real estate ventures fits that mold. If true, I don't think I'd call her a successful real estate investor.
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Old 09-08-2015, 10:36 AM   #149
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This thread is a lot of entertainment value, but more likely than not a troll. Ever notice compulsive gamblers love to talk about their latest big win, but neglect to mention their larger losses? OP's description of her real estate ventures fits that mold. If true, I don't think I'd call her a successful real estate investor.

I would not say a troll... I actually believe what she is saying is true... I think she just has the wrong forum for what she needs... she has even said that at least once...
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Old 09-08-2015, 12:00 PM   #150
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I would not say a troll... I actually believe what she is saying is true... I think she just has the wrong forum for what she needs... she has even said that at least once...
Trolls don't need to lie to be trolls. The just need to be the focus of attention.
Once people stop feeding them, they go away.
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Old 09-08-2015, 12:11 PM   #151
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Just got into this thread and am many pages behind.... but, sounds like a complete disaster....

Looking at your RE issue, good intentions going bad... never should have put her name on it....

We just bought my MIL a new place... we had to get it in her name to begin with, but DW went to her this summer and had the property transferred to her name... we own it 100%.... yes, we can kick out mom at any time..... do not plan on doing it, but if my financial situation was as bad as yours I would.... but I would pay her back the % of funds she put into it.... it was not all our funds....
Yeah I know I shouldn't have but I did.
I'm just a big sucker what can I tell ya.
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Old 09-08-2015, 12:12 PM   #152
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Getting tired of reading the thread and reading the 'yeah, butt'.....


To the OP... get a grip... you seem to say you have thought of all the good advice giving here but have decided not to do it.... so be it... it IS your life... but we all know the outcome that will happen eventually.... it is plain as day....

If it were me, I would sell anything that I could and move it with mom and become 'queen bee' as you say... I would NOT let mom run the show if she is not putting up any money... what can she do, kick you out? NOT.... sure, life might suck for awhile, but at least you would not go broke (at least not as fast).... and it might force mom to want to move and sell the place... but you seem to want to take the abuse and do nothing...

I hope things change for you, but without you doing something it will not...
Thanks I hope so too.
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Old 09-08-2015, 12:14 PM   #153
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Here is a creative idea you asked for - Can you put a guest cottage or at least a modular office unit on the property mom lives in and move into that or at least spend your days in it to not be with your mom 24 X 7? Look at Google images for modular backyard office. There are some quite attractive options. Or maybe live in a tiny house in the backyard?
That's a great idea if the house wasn't in a restricted covenant community so the answer is no. I can't even put up a shed in the backyard or a screened in porch. And it's a zero lot line house so there really isn't room to do it anyway but it would make sense if we didn't live in the city.
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Old 09-08-2015, 12:16 PM   #154
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I thought there were 2 retired nurses from Miami on this thread but then realized the OP changed their user name.
It was changed because the moderators didn't want you knowing my business name which was the same one I use everywhere else online.
I appreciate them protecting my identity.
It was a dumb thing to do on my part.
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Old 09-08-2015, 12:21 PM   #155
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When you say you are losing money, are you subtracting the inventory you just bought from your income If so, then you are accounting improperly...

Inventory is an asset, not an expense.... so in your example you say you have 4,000 items... the cost of those items should not be an expense yet... a cost value should be allocated to each based on the materials used (and if you want to give yourself a salary for making it, that should also be added).... so say the value is $10... then you need to sell it for more than $10 to make a profit... if you sell for $20, you now have $20 income with $10 moved from your assets to expenses with a profit of $10...


You also made a comment about getting money out of your retirement plans.... and how a real estate forum was giving you creative ideas on doing that which you seem to be happy with... well, most people here could give you ways to take money out, but probably think it is a bad idea and are not saying anything.... I think it is a bad idea.... you already are in a deep hole and the other forum thinks it is a good idea to keep digging.... if you think that is a great idea, go for it.... it just might work... for me, I would not bet my future on that plan....
I am not an accountant so I just do what my accountant says to do.

And I realize that this is a retirement forum so protecting the golden nest eggs is the goal. It's a great goal but not always practical. Like I've said before I have no heirs and I am sort of living for today instead of just worrying 100% about tomorrow. Obviously you all don't agree and that's okay. We can just agree to disagree.
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Old 09-08-2015, 12:31 PM   #156
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And I realize that this is a retirement forum so protecting the golden nest eggs is the goal. It's a great goal but not always practical. Like I've said before I have no heirs and I am sort of living for today instead of just worrying 100% about tomorrow. Obviously you all don't agree and that's okay. We can just agree to disagree.
Actually, I think the concern of most folks for you is not really about protecting the "golden nest egg" at this point. It's about running out of money in just 5-10 years (maybe less) and possibly facing foreclosure and bankruptcy if you keep on spending like you're still making $100K/year. The thing is if you file for bankruptcy, the 403b, 457 and state retirement savings are likely protected from creditors so that's money you get to keep for ongoing living expenses even if the downtown condo gets foreclosed on.
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Old 09-08-2015, 12:34 PM   #157
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This, in her own words, is the reason for the thread. It's called trolling.
Think whatever you want.

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Trolls don't need to lie to be trolls. The just need to be the focus of attention.
Once people stop feeding them, they go away.
Mods can close this thread any time they like but apparently it's got enough of you engaged that it's good for forum business.

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I would not say a troll... I actually believe what she is saying is true... I think she just has the wrong forum for what she needs... she has even said that at least once...
I am not a troll and did not come here to disrupt your community but there are sure alot of paternal participants here whose mantra is our way or the highway.

And Probably correct on being on the wrong forum for my questions.
Although I have a few retirement assets I was hoping to find out how I could access them with a minimum of impact. I see that is not what happens here and that's fine. Different forums for different needs.

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This thread is a lot of entertainment value, but more likely than not a troll. Ever notice compulsive gamblers love to talk about their latest big win, but neglect to mention their larger losses? OP's description of her real estate ventures fits that mold. If true, I don't think I'd call her a successful real estate investor.
Glad you are entertained. Happy to provide you a laugh or two.

Call me lucky in the real estate investing.
I've always bought to hold and was never looking for a quick flip. I needed the tax deductions and they served me well. I can honestly say I never lost any money on a real estate deal because I have always been a slow and steady investor. I may not have made tons of cash flow when I ran into a nightmare tenant which did happen to me once or twice but even with that property I was lucky enough to sell just before our market crashed. The lady who bought from me wasn't so lucky and lost it a year later in foreclosure. I never set out to be Donald Trump Jr., I only wanted to shelter some of my income from the hospital. So by my definition I was successful, by yours maybe not but that's okay. I'm not here to impress anyone.

And I don't gamble.
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Old 09-08-2015, 12:37 PM   #158
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And I realize that this is a retirement forum so protecting the golden nest eggs is the goal.
That is neither a true nor fair characterization of this forum. Some of us do indeed seek to preserve, and even grow our investments, while thers are fine with spending them down as they age. The one goal that unites the overwhelming majority of us is that we are all seeking to live a lifestyle that is sustainable over the long term, whatever our source of income, be it from a pension, investments, Social Security, work, other sources, or any combination of these.
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Old 09-08-2015, 12:38 PM   #159
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Actual, it's not really about protecting the "golden nest egg" at this point. It's about running out of money in just 5-10 years and possibly facing foreclosure and bankruptcy if you keep on spending like you're still making $100K/year.
I could be dead in 5-10 years.
And why would I face foreclosure?
I could just sell my apartment and come out smelling like a rose.
But more than likely I will just take the 457 money and kick my can down the road a while to see if my business can sustain me. If not then I just sell and move to an apartment. I just don't see the black cloud everyone else sees.
Maybe I just have too much faith in myself.
Glad somebody does.
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Old 09-08-2015, 12:52 PM   #160
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I could be dead in 5-10 years.
And why would I face foreclosure?
I could just sell my apartment and come out smelling like a rose.
But more than likely I will just take the 457 money and kick my can down the road a while to see if my business can sustain me. If not then I just sell and move to an apartment. I just don't see the black cloud everyone else sees.
Maybe I just have too much faith in myself.
Glad somebody does.
I am not sure of your numbers but if your outgo is $70K more a year than your total income, and this continues into the future, then the living above your current means amount is depleting your net worth by $70K a year. If your total net worth is $500K all assets and liabilities added up (I can't tell from what you wrote what it is so I'm just guessing here), then you will deplete your assets, one way or another, in 7 years.

It does appear you are heading for eventual bankruptcy. Most retirement accounts will be exempt assets, while houses usually are not. So the retirement accounts are the last assets you would want to spend down. Per the earlier suggestions, it might be helpful to sit down with an elder attorney (or even bankruptcy attorney at this point) and CPA or fee only financial planner and have them help you review your options, put you and mom on a sustainable budget and determine how you can protect as much of your assets as possible going forward. Let the CPA, attorney or CFP be the bad guy and break the new budget and living arrangement news to mom.

If you made a flow chart of your options, the first question in regard to your mom would be what can I afford to do for her and then work within that. You wouldn't start with what does she want? If you mom doesn't have any financial skin in the game then of course she will want as nice a life as she can dream up for herself. That is just human nature. Our kids would choose to drive Porsches if they were not budget constrained.
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