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Old 04-03-2015, 10:20 AM
 
238 posts, read 544,887 times
Reputation: 135

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Hi. I would like to buy a beach house. I am looking for an 'expert' or specialist (of what?, I don't know) to review our portfolio and let me know if we can afford it and how to leverage our assets to support this purchase.
We are in our early 60s, no debt, and by most accounts, it seems we are financially ok (as everyone tells me). We are adding ss to an existing pension for income. I just visited a financial planner in hopes of getting my dilemma answered. Now, I wonder if they are the right 'specialist' I should be seeking. Does anyone know ? Thanks
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Old 04-03-2015, 11:15 AM
 
527 posts, read 1,092,059 times
Reputation: 679
On a purely "can I afford this level"
A financial planner (fee only) should be able to tell you

But you have to give him information
How much will you lose in cash for a down payment
How much an increase in your monthly expenses due to mortgage, insurance (Flood, homeowners, etc), maintanance payments
Are you planning on renting? How much rent coming in.
Increase in property tax payments.

Then he can crunch the numbers and see how it changes your plan.
and see if that final number is acceptable to you.
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Old 04-03-2015, 12:01 PM
 
Location: On the "Left Coast", somewhere in "the Land of Fruits & Nuts"
8,367 posts, read 8,595,708 times
Reputation: 5919
Sounds like aside from the issue of "affordability", talk to someone familiar with real estate investing and the tax consequences. And yeah, you really need to provide more info….. will it be a "2nd home", primary residence, rental, "turn-n-burn", long term investment, etc…. each with very different tax implications? Also as Boater noted, property insurance can be a pretty significant factor these days, depending on where you choose.

Skyrocketing Flood Insurance Rates Bring Financial Chaos, Heartache to Coastal Homeowners Across U.S.
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Old 04-03-2015, 12:18 PM
 
238 posts, read 544,887 times
Reputation: 135
I completed an 8 page survey of info regarding our finances and we discussed the 2nd home, no rental aspect, possible price range, yada, yada.

They seem to be more interested in the 'sales job' part of it. Why would they think I would turn over a sizable portfolio to someone I just met who can't seem to answer my question.

Is it possible I just went to the wrong financial planner?
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Old 04-03-2015, 12:24 PM
 
Location: On the "Left Coast", somewhere in "the Land of Fruits & Nuts"
8,367 posts, read 8,595,708 times
Reputation: 5919
Seeking tax advise I can understand, but no offense, if someone can't figure out whether they can even afford such a purchase without a "financial planner", then perhaps it might not be such a good idea.
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Old 04-03-2015, 12:36 PM
 
238 posts, read 544,887 times
Reputation: 135
No offense taken, as I prolly didn't frame my post clearly. I can afford it, but I'm looking to leverage this purchase without putting a dent into the assets. Should I do a partial loan to take advantage of the 2nd home tax write offs? (Yes, I think so). How much of a loan should we take? Should we move some assets into another bucket? A lot of questions like that I'm looking to get answered.
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Old 04-03-2015, 12:48 PM
 
Location: On the "Left Coast", somewhere in "the Land of Fruits & Nuts"
8,367 posts, read 8,595,708 times
Reputation: 5919
^ ^ See, these are all really "tax" questions, which a good tax guy should be able to answer without having any other "incentives" to steer you otherwise.
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Old 04-03-2015, 12:57 PM
 
Location: State of Being
35,885 posts, read 67,199,962 times
Reputation: 22375
Quote:
Originally Posted by mateo45 View Post
^ ^ See, these are all really "tax" questions, which a good tax guy should be able to answer without having any other "incentives" to steer you otherwise.
I agree. I would not consult a financial planner for these answers.

I would consult a tax attorney or good CPA.
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Old 04-03-2015, 01:37 PM
 
238 posts, read 544,887 times
Reputation: 135
Thank you; that's who I'll seek, a tax or cpa
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