Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 03-21-2011, 04:53 PM   #21
Thinks s/he gets paid by the post
 
Join Date: Jul 2010
Location: Chicago
Posts: 1,001
My last thing to do before closing was getting a heating company to do a "clean and inspect" on both furnaces. Everything checked out fine last Thursaday on both even though they're old. My son wanted a play date with his friends yesterday, so I turned up the temp and after 2 degrees increase, the heat shut down. I had to keep resetting a safety switch to get the heat to work. Talked the the emergency tech and he thought it might be a faulty safety switch. So I decided to get a new one, for $20, why risk my closing on Thursday. After installing it, it still kept triggering the safety switch, but since this one is an automatic reset, it'd start up when it gets cooled down below the temp setting. After more investigating, turns out the tech that worked on my unit didn't reinstall a heat deflector completely back on the screw and left a 1/8" gap that was causing the safety to trigger! Not sure why, but it seems almost all heat/AC people I know are a bit flkay. I'm hoping this is all, I hate having last minute issues like this right before trying to close on a house!
__________________

__________________
Dimsumkid is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-22-2011, 09:56 AM   #22
Thinks s/he gets paid by the post
tryan's Avatar
 
Join Date: Mar 2005
Posts: 2,449
I can think of one sale where a back-up offer would have been good ... the kid kept asking for 30 day extensions while he went on vacations ... then his aunt died ... then his rate was too high .... Meanwhile I am triing to do a 1031 exchange. And my seller is anxious.

Also games buyers play with the final walk thru. It's seen as an opportunity to haggle since the seller is more motivated at this point. "Oh, I never thought you taking the selves ... look at the marks in the walls ... it'll cost a grand to re-do this room!"

A back-up offer stops the BS.
__________________

__________________
FIRE'd since 2005
tryan is offline   Reply With Quote
Old 03-23-2011, 07:41 PM   #23
Thinks s/he gets paid by the post
 
Join Date: Jul 2010
Location: Chicago
Posts: 1,001
Almost home!!! Final walkthru was a success, need to move out a few more items and all we have to do is show up for closing tomorrow!
__________________
Dimsumkid is offline   Reply With Quote
Old 03-23-2011, 07:44 PM   #24
Thinks s/he gets paid by the post
Katsmeow's Avatar
 
Join Date: Jul 2009
Posts: 3,399
Good luck. We have our final walkthrough Sunday evening and close Monday morning
__________________
Katsmeow is offline   Reply With Quote
Old 03-24-2011, 03:58 PM   #25
Thinks s/he gets paid by the post
 
Join Date: Jul 2010
Location: Chicago
Posts: 1,001
Closing went fine, got a check and deposited in the bank....now what to do with it, pay down our existing mortgage or invest it?!? Sure is an odd feeling, was my very 1st house, owned it for 22+ years. Even my 11 yr old son was feeling nostalgic anf wanted to see it one last time before the close. But removing the stress of dealing with the maintenance of extra homes over the last 3 years sure helps a lot. We're down to just the one we live in now.
__________________
Dimsumkid is offline   Reply With Quote
Old 03-24-2011, 04:02 PM   #26
Moderator Emeritus
Bestwifeever's Avatar
 
Join Date: Sep 2007
Posts: 16,375
Wonderful news! Congratulations, DSK.
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
Bestwifeever is offline   Reply With Quote
Old 03-24-2011, 10:07 PM   #27
gone traveling
 
Join Date: May 2008
Posts: 3,864
DSK, Congratulations! Maybe you should start a poll on whether to pay down the mortgage or invest the proceeds....
__________________
Westernskies is offline   Reply With Quote
Old 03-24-2011, 10:36 PM   #28
Thinks s/he gets paid by the post
 
Join Date: Jul 2010
Location: Chicago
Posts: 1,001
Thanks...I don't think I want to start anymore polls, too many of those as of late. The proceeds I never counted as part of our net assets since it wasn't liquid. Now that is it, our current mortgage is 4.5%. Unless I find something close/equal to this rate, I'm almost better of paying down the mortgage.
__________________
Dimsumkid is offline   Reply With Quote
Old 03-24-2011, 11:30 PM   #29
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,617
Quote:
Originally Posted by Dimsumkid View Post
Closing went fine, got a check and deposited in the bank....now what to do with it, pay down our existing mortgage or invest it?!?
Well, the good news is that you got a check to take home from closing... instead of gong home to bring in a check to closing.

Have you run through a set of calculations to determine whether you owe any estimated 2011 taxes next month on the cap gains? Or are you still within the rollover/exclusion limits?

You'll have to let us know when you pay down the mortgage what type of equity bargain you find in the stock markets... at this point I'm not even sure I'd want to buy more Berkshire Hathaway.
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Old 03-25-2011, 08:42 AM   #30
Thinks s/he gets paid by the post
 
Join Date: Jul 2010
Location: Chicago
Posts: 1,001
Quote:
Originally Posted by Nords View Post
Well, the good news is that you got a check to take home from closing... instead of gong home to bring in a check to closing.

Have you run through a set of calculations to determine whether you owe any estimated 2011 taxes next month on the cap gains? Or are you still within the rollover/exclusion limits?

You'll have to let us know when you pay down the mortgage what type of equity bargain you find in the stock markets... at this point I'm not even sure I'd want to buy more Berkshire Hathaway.
I'm sure I'll be well within the home profit exclusion, it's still $250k for single and $500k for married couple as long as you have lived in it 2 of last 5 years, correct? Gross profit is only $195k and my expenses for remodelling isn't over $70k. Since I'm not even close to the single profit limit, I figure it's not even worth fishing for all the old receipts, other than curiosity. Most of the labor was mine, so that I can't expense. I know for the estate house I sold, the net profit was only $68k, and my account said I didn't need to even file to the IRS. I would imagine this won't change my capital gains. Let me know if I'm wrong on this point.

As far as investments, I don't hold any BRK stock, but have a few good stocks that pay out close or above 4.5% rate (MO,GSK,CTL,T,WIN,BMY) and a preferred ETF (PGF) that pays more than this too. On the flip side, there's nothing like paying down/off the mortgage, reduces the monthly obligations and stress.
__________________
Dimsumkid is offline   Reply With Quote
Old 03-25-2011, 10:36 AM   #31
Thinks s/he gets paid by the post
 
Join Date: Jul 2010
Location: Chicago
Posts: 1,001
Wow! They just reported on WBBM 780 radio here in Chicago, we have the 2nd worst # of foreclosures in the country. My agent also mentioned there's a new wave of bank held foreclosures waiting to be unloaded in the very near future too. I'm feeling awlfully lucky to have sold.
__________________

__________________
Dimsumkid is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Seek Advice re "2nd Home" to "Rental House" Transition Bonden FIRE and Money 3 05-18-2010 10:32 AM
tiny button fix: "Save" edited comment sometimes = "Vote Now" ladelfina Forum Admin 0 09-24-2008 02:22 AM
"Gut feel" versus "evidence-based" medicine Buckeye Health and Early Retirement 10 11-08-2007 11:21 AM
Book reports: "Blink" & "Tipping Point" Nords Other topics 2 12-04-2005 05:15 PM

 

 
All times are GMT -6. The time now is 07:07 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.