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Everything posted by 8ball

  1. We get a lot of vigorous exercise in Minnesota. When the windchill is -20F you tend to walk fast. 😁
  2. Eddie is going to wait until Mpls gives him a nice fat payout to leave the lease early.
  3. There should be no problem rolling over, if your current plan allows for it, from an old 401K into a new employers 401K. If you were moving it to a roll over IRA there is a suggestion that keeping it separate is best. While the maintenance of separate accounts is not explicitly required under law, it helps to avoid potential issues during a bankruptcy proceeding. With separate accounts, the origin of assets is easy to document and the asset pools are easy to track for purposes of securing all available bankruptcy protections. https://www.investopedia.com/ask/answers/081915/my-ira-protected-bankruptcy.asp
  4. We split the difference. My wife took hers right away at 62. I'm still working, selling real estate, and I'll wait until at least full retirement age. If I croak then the wife can switch to 50% of mine. I look at SS as longevity insurance since we don't need it to pay the daily bills.
  5. I'm not sure what restoring the job market means? Smoke belching manufacturing plants are not coming back. It seems like the key to not be mired in debt is simple- Get an education or learn a skill. Don't get married until you have a stable job. Don't have kids until you have achieved the 2 above. None of that means there won't be problems in life- medical bills, divorce or a failed business can sneak up on you at any time. If you have job skills or a trade to fall back on it's a lot easier to rebuild. There is a lot of success stories on this site of people that have recovered from an adverse situation and are doing fine now.
  6. As an R/E Agent this is something we constantly warn our clients about. Always verify with the Title Company before wiring any funds.
  7. Did you wait a certain amount of time after discharge?
  8. I had a business bankruptcy, with assets, and ended up burning Chase, Wells Fargo, US Bank and American Express. BOA and Discover both turned me done (even though Discover said I was pre-qualified). I was going to wait for the 2 year mark for my credit union so I'm not sure who else I would apply to. I have enough credit with the wife's cards that I don't want to just throw apps out there.
  9. November 2019 will be 2 years since my BK was discharged. I got a CapitalOne Platinum card immediately after discharge with a $3,000 limit. (It's now at $3,500, never have asked for an increase). I apped BOA and Discover a couple of Months ago and was declined even though they weren't IIB and I had been a long time customer. I currently have the Platinum card and a Kohls card that survived the BK. I'm an authorized user on 2 of my wife's cards. CapitalOne asked for current income a couple of weeks ago, around $150,000, and today I got a pre-approved offer for the Quicksilver. No annual fee but it says you can get "Access to a higher credit line after your first 5 months on time payments." I'm assuming this means it's another bucketed card. I assume I need a third card but I don't really need the credit lines for anything so am I better off waiting and trying Discover again at the 2 year mark? Experian Fico 8- 684, Fico 9- 710 Fako scores all in the 740 range. 1 inquires showing on the bureaus. Thanks
  10. FHA is 2 years for Chapter 7. (I just helped a Buyer with one last year).
  11. The benefit to an in person Broker is you have someone to sit down and get recommendations from. I'm an RE Agent and I send my clients to one of 4 Brokers who specialize in different things depending on the clients needs. I've closed several deals where the client didn't initially qualify but by working with the Broker they got their files to where underwriting would approve them.
  12. I had a closing 2 weeks ago. The Buyer is a TSA supervisor and the bank let the loan go through. The client has savings and parental support but I imagine it's no fun going through this.
  13. I check the board every day and have been very appreciative of the help here.
  14. You have to live in the house for 2 of the last 5 years to take advantage of the $250,000 (single) sale exclusion. If your selling the house early you will deduct selling expenses and improvements you made to the house off of any gains. The idea of rolling the profits into a new house went away some years ago when the came up with the $250,000/$500,000 exclusion.
  15. Thanks, maybe I'm just an idiot or I've worded the question wrong, but how do I determine the Statement closing date? I can see the due date, 14th, and the Statement date, 16th, but how do I figure out the closing date?
  16. Thanks, I think where I'm confused here is when to let $2.00 report. I have autopay setup, in case I missed the payment, so how do I let the $2.00 report on the 16th if the bill is paid on the 14th?
  17. I'm trying to get a handle on AZEO and I have some questions. I'm one year out of BK7 and my Experian score has been bouncing between 650 and 670, the lower if I don't show a balance. My daily card is a Capital One, $3,500 limit, that has a Due date of the 14th and Statement date of the 16th. I'd like to pay the card twice per month but when? My other cards are Kohls $3000 limit, survived BK7 Wells Fargo, AU times two cards, $10,000 and $12,000, both my wifes. One card was joint but Wells threw me off and made me an AU. (Wife likes to pay these weekly). Do I need to get another card in my name? House paid off and we just bought a new car for cash so no loans and don't really want any. Thanks for any thoughts.
  18. I'm a Realtor so I may be a little biased. :-) Commissions are negotiated. The average in my market is 6%. This is split 3.3% to the listing agent and 2.7% to the Buyer's agent. If your good at negotiating why not give FSBO (For Sale By Owner) a shot. You can usually buy a package from one of the cut rate Brokerages for around $500 dollars to arrange photo's and MLS listing. When you accept an offer you will probably want a RE Attorney to look it over and handle the closing for you. The Buyer will usually want to do their own inspection and won't trust yours. Some communities require a presale City Inspection ( Here it is called a TISH report, Truth In Sale of Housing). Most States require some kind of Disclosure Document from you about the condition of the house. Good Luck!
  19. How about- Pay off the student loan.Immediate saving of 6% Bank the $40,000 but start accelerating the payoff on the rental property. This way you can maintain an emergency fund but set a goal to get the property paid off in 10 years?
  20. Kids and Grandkids over on Christmas Eve. Wife is making prime rib with all the fixings.
  21. I'm an RE Agent. Most lenders, around here, want around a 650 FICO but some will go down to 620 for a Conventional, it will be a higher interest rate. FHA is a minimum of 580 but some banks set a higher score- cough cough Wells Fargo.
  22. I can attest that WF will seize your personal accounts for business debt if you were a guarantor on the card or loan.

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