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Old 10-19-2014, 04:21 PM
 
Location: Denver & Boulder regions
166 posts, read 409,594 times
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.... Does anyone here have their property in a trust??
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Old 10-19-2014, 04:38 PM
 
Location: WMHT
4,560 posts, read 5,613,154 times
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Quote:
Originally Posted by TarkaK9 View Post
.... Does anyone here have their property in a trust??
I've thought about it, and would do it for a second home or other property, but my state has a "homestead exemption" so using a trust wouldn't benefit me at this time.

Putting your home into a revocable living trust after purchase has downsides. There are added fees, and title insurance coverage may not extend to the trust.
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Old 10-19-2014, 04:39 PM
 
13,754 posts, read 13,201,954 times
Reputation: 26019
Quote:
Originally Posted by Miss Hepburn View Post
someone gave me $100,000 to pay it off ...
but said I could do anything I wanted, no strings....so I used some for some 'stuff'...a new
garden hose was first
You wild woman, you!
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Old 10-19-2014, 06:28 PM
 
Location: Denver & Boulder regions
166 posts, read 409,594 times
Reputation: 184
Quote:
Originally Posted by Nonesuch View Post
I've thought about it, and would do it for a second home or other property, but my state has a "homestead exemption" so using a trust wouldn't benefit me at this time.

Putting your home into a revocable living trust after purchase has downsides. There are added fees, and title insurance coverage may not extend to the trust.
Indeed, and it depends on the size of the estate in question. Trusts may not be for everyone, and everyone should explore if its in their best interests, but its certainly a viable way to exempt from probate and shelter from creditors and tax. Added upfront fees can save 10's & 100s thousand fees later on, imo title insurance would be the last of my worries when dealing with death and inheritance tax; creditors often can't touch a trust but can attach themselves to personal property/houses in your name. Plus the fact, if one is sued or liened upon in your life time, having a property free and clear can equally put oneself in significant consequence.
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Old 10-19-2014, 06:45 PM
 
Location: Oregon, formerly Texas
10,006 posts, read 7,148,236 times
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I don't know why it's that personal. What someone paid for a house is public knowledge and we can assume that most people, unless they got some kind of inheritance, had to finance 70-80% of it at least. You can see what rates are in an area and make a ballpark guess about what someone pays.

Mine: a little over 1000sf, .25 ac., in town. I recently bought it, have 91,000 left to pay. I overpay the mortgage with whatever excess money I have that month. I try to overpay at the rate it would rent for & put the extra toward principal. Market rental rate for that size and condition house is significantly more than what my mortgage is (rents have fast out-paced housing prices where I live).

At the rate I've been going it'll be paid off in 9-15 years, but odds are in 3-6 years I will re-finance it, move into a bigger place and rent it out, given how lucrative the rental market is.

The minimum I have to pay per month is about 25% of my net take-home pay. Not sure what percentage of my gross it is, probably 15% or so. I have a bad feeling I'm going to get hammered on the assessment for next year's taxes since I had it remodeled.
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Old 10-19-2014, 06:57 PM
 
760 posts, read 761,175 times
Reputation: 1452
2 bedroom, full basement, large kitchen, large front porch, cross-gable house on 1/2 acre of rural Iowa land with trees, city water, sewer, gas, garbage, 1,000 sq ft 1930 farmhouse $7,900 (1999)
Mortgage was $89/mo, taxes about $125/year
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Old 10-19-2014, 07:50 PM
 
10,181 posts, read 10,205,103 times
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Quote:
Originally Posted by Miss Hepburn View Post
They don't seem to update that info. I looked at mine a couple times.
They were dead wrong on so much.
I started with one percentage, changed to a lower one and so on...they show the old info for
the last 14 yrs.
If you are looking online that can definitely be an issue.

If you physically go to the clerk's office you can find all of your info recorded in big fat books.
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Old 10-19-2014, 08:43 PM
 
13,389 posts, read 6,378,124 times
Reputation: 10022
Our mortgage, taxes, insurance are about 12% of the lowest spouses income and about 15% of total income.

We are retired and could pay off our house if we wanted, but we are earning more on the money investing it so as of now we have chosen not to pay off the mortgage.

We have guaranteed income in the form of inflation protected pensions so the mortgage is not a concern.

Even so, we pay off a few hundred dollars of principal every month, just because.
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Old 10-19-2014, 10:33 PM
 
10,181 posts, read 10,205,103 times
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Quote:
Originally Posted by highlife2 View Post
to each their own, I don't have a use for superficial relationships. The people I talk to like to exchange ideas and life strategys which include detailed discussions about money. Espeically when your trying to procure materials, equipment and even real estate. Better to have a circle of mentors that all help each other than pay a financial advisor 500/hr.

If someone wants to be aloof then I just leave them alone.
You can't be "friends" with someone who doesn't tell you how much they make, where they spend/save their money, what their credit score is?

If someone doesn't that's a "superficial" relationship?

Do you also ask how many times a week they have sex with their wife/husband and how'd they rate it?

Where do you and your "friends" start and end boundaries?
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Old 10-20-2014, 02:34 AM
 
4,463 posts, read 6,205,689 times
Reputation: 2046
Quote:
Originally Posted by Sawdustmaker View Post
You can't be "friends" with someone who doesn't tell you how much they make, where they spend/save their money, what their credit score is?

If someone doesn't that's a "superficial" relationship?

Do you also ask how many times a week they have sex with their wife/husband and how'd they rate it?

Where do you and your "friends" start and end boundaries?
I don't share the same info with all friends but each friend I share at least one aspect with to no boundries. I have friends who are very interested in business and ideas for making money and how to accomplish it, how I do things and how im able to buy what I buy, etc. That's what mentor relationships are for. You get in a room (or text message with various people) and talk about how much this or that real estate is, what contractors they know, what the bill rates are, what the cost per sq ft is for contractor A or contractor B. How did Joe set him self up that he can buy real estate C and the rest of the group is scrambling etc etc.

Then I have one friend who I talk about VERY deep technical issues with, I mean really difficult technical issues, logo design etc.

Then other friends that you talk about other things like relationship issues, etc. Some friends you talk about both with. But I have no friends that I spend time talking about the weather with, except with pilots but only if we are planning to fly lol.

None of us have discussions just to be nosy, its usually because we are trying to improve out own lots in life and might need some help. Sometime sexual frequency is relavent, like when a friend was having problems in a marriage (that ended in divorce) but it was good for them to get some perspective on what I did with my ex-wife.

Its better than hiring a shrink for 500/hr or a financial planner for 500/hr and if we absolulty need a professional usually one of us can refer the other to someone. For the cost of a bottle of booze and some frank discussions that could go on pent house forums its way better than getting medicated and siting and listening to a shrink drone on for 500/hr. Most problems are not rocket science, it simply boils down to deal breakers.

This is what I have learned in my life.

When I ask people these questions about real estate I want to know what they are thinking and why they are doing it, to make sure im not missing something. Sometimes the majority are doing something for a good reason and I want to make sure im not being stupid, but sometimes they are all walking off a cliff like lemmings.
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