So, my application at work is going away

[GrandSportC3]

Originally Posted by MY03C5Z

Buys a $130k Plaid.

Plans to use his 401k fund to pay for kids college.

You can’t make this stuff up……

I don't see what the problem is? My net worth is tied up in income producing assets and I got a low interest rate on the Plaid. I can easily afford the payment. What's life if you don't treat yourself to things that make you happy?
It's the same reason I dine out a lot at good Restaurants. It's about enjoying life. I worked my butt off to produce the income needed to have all the nice things that improve my quality of life.

[Big bob]

Originally Posted by GrandSportC3

I own 6 houses. 3 houses are in the LLC and the LLC has reserves in the account. However, the other 3 houses are maintained with my money. If I need a roof, AC or any other major expense, it is a good thing to have cash available.

Single home owners seem to believe their way is the only way. I just can't see giving my money to someone else. I have even heard some that don't want their home paid off. to each their own.

[GrandSportC3]

Originally Posted by Big bob

Single home owners seem to believe their way is the only way. I just can't see giving my money to someone else. I have even heard some that don't want their home paid off. to each their own.

My rentals are all free and clear. The difference in profit is huge as I don't require home owners insurance which insanely high in Florida. My profit is rental income minus repairs (most years less than $2k per year) minus property tax. That leaves a pretty nice profit as I have no other expenses on the houses. Nice thing for me is that I'm able to do most maintenance myself except for things like roof or AC, reducing my cost significantly to landlords who have to pay someone to fix things.

[Big bob]

Originally Posted by GrandSportC3

I don't see what the problem is? My net worth is tied up in income producing assets and I got a low interest rate on the Plaid. I can easily afford the payment. What's life if you don't treat yourself to things that make you happy?
It's the same reason I dine out a lot at good Restaurants. It's about enjoying life. I worked my butt off to produce the income needed to have all the nice things that improve my quality of life.

Plus you can sell one of your homes every two years capital gains free up to a half a million each time as of now. I am sure that will continue to increase. Others prefer to let others play with their money and hope for the best.

[GrandSportC3]

Originally Posted by Big bob

Plus you can sell one of your homes every two years capital gains free up to a half a million each time as of now. I am sure that will continue to increase. Others prefer to let others play with their money and hope for the best.

That only applies to your primary residence. I have no intention to ever sell any of my properties.

[Big bob]

Originally Posted by GrandSportC3

That only applies to your primary residence. I have no intention to ever sell any of my properties.

Yes but you can move into the next home and so on. So with 6 homes that is a potential 3 million as of now. I imagine a few have their socks off now doing the math.

[dvarapala]

Originally Posted by Big bob

Yes but you can move into the next home and so on. So with 6 homes that is a potential 3 million as of now. I imagine a few have their socks off now doing the math.

[GrandSportC3]

Originally Posted by Big bob

Yes but you can move into the next home and so on. So with 6 homes that is a potential 3 million as of now. I imagine a few have their socks off now doing the math.

Doesn't quite work like that if you take depreciation on a property.

[Steve_R]

AF2 financial advice is almost as valuable as AF2 driving lessons.

[dvarapala]

Originally Posted by Steve_R

AF2 financial advice is almost as valuable as AF2 driving lessons.

Or his construction advice.

[dvarapala]

Originally Posted by GrandSportC3

Doesn't quite work like that if you take depreciation on a property.

So when you move into one of your rental homes and claim it as your primary residence when is the depreciation recaptured? When you move in or when you sell?

[Big bob]

Originally Posted by GrandSportC3

Doesn't quite work like that if you take depreciation on a property.

I did not know that. But I applaud you for being able to be your own man.

I never rented out any of my homes or took any depreciation. I just enjoy them and like to be in control of what I worked for as well.

[MY03C5Z]

Originally Posted by Steve_R

AF2 financial advice is almost as valuable as AF2 driving lessons.

Is that who Bob is??? I don’t spend that much time on here, didn’t even realize that…..

[GTOguy]

Originally Posted by MY03C5Z

Is that who Bob is??? I don’t spend that much time on here, didn’t even realize that…..

Jesus. Talk about being late to the party. The news that AF2 and Big Bob are the same person is almost a year old here. I guess you either don't check in much, or are in a semi-comatose condition.

Do you know who Yadkin is? Ever heard of him?

[Big bob]

Originally Posted by GTOguy

Jesus. Talk about being late to the party. The news that AF2 and Big Bob are the same person is almost a year old here. I guess you either don't check in much, or are in a semi-comatose condition.

Do you know who Yadkin is? Ever heard of him?

Drink deeply my little minions.




I remember when Doug would Barton up all the threads now he has his minions.

[MY03C5Z]

Originally Posted by GTOguy

Jesus. Talk about being late to the party. The news that AF2 and Big Bob are the same person is almost a year old here. I guess you either don't check in much, or are in a semi-comatose condition.

Do you know who Yadkin is? Ever heard of him?

As I clearly said, no, I don’t spend that much time here genius.

No, I have no idea who your bestie butt buddy is either……

[ToolMaker]

Originally Posted by Tikiman

I think we're about the same age. My first CAD workstation didn't happen until the late 80's and the computer was a 386e. I believe the AutoCAD release was 9.0. I never went back to the board after that. I was in a research and development lab supporting scientists. Everything was one-of-a kind and my machine shop rarely made two of anything. If whatever the scientists needed was already built, they bought it because the people paying us had deep pockets. If the widget didn't exist because nobody had ever thought of it before, I designed it and had it built. Did this for 14 years and never once designed the same thing twice. Some of the things I designed had to be hauled in on an 18 wheeler flatbed and required a crane to set in place. Others would fit in the palm of your hand and had 18 moving parts. Never knew what was going to be next.

Interesting job. Got to play with a lot of toys like Selcom lasers, LVDTs, load cells, Thompson shaft, etc... Material was steel, stainless steel, aluminums (T0 and T6), Monel, k-Monel. One time I had an application that required Invar. Due to the extreme temperature swings it would be exposed to, the only way it would work was to use Invar (FeNi36). My division chief had the vapors when he saw the bill for that.

Prototype work was one of my specialties, during my 27 yrs. with my own shop one of my customers was General Dynamics who we made over 330 one-time projects. They called us "The Inventors"!

[GrandSportC3]

Originally Posted by dvarapala

So when you move into one of your rental homes and claim it as your primary residence when is the depreciation recaptured? When you move in or when you sell?

Not that simple.
https://smartasset.com/taxes/convert...mary-residence

[Mick]

Originally Posted by GrandSportC3

Your situation is different. My money is in Income producing Real Estate. As I still have debt, I don't have savings as that would be counter-productive. Getting 4% interest on savings, yet, paying 8.5% on the HELOC is not a good idea, so I pay whatever I can to pay this off. So, when I retire, my only savings are in my 401k as well as my Severance package if I get laid off.

You keep saying that "my situation is different", and you are mistaken. My situation is different than yours ONLY in that I am several years older, so I am further down the road. 7 years ago, I had 5 income producing apartments that I had held long enough they were all paid off. At that time, I had relatively little savings in taxable accounts. The savings I have now came from the proceeds of the sales of my investment properties.

The rest of your post is more gibberish in an attempt to rationalize doing something financially stupid while telling everyone how smart you are.

[Big bob]

Originally Posted by GrandSportC3

Not that simple.
https://smartasset.com/taxes/convert...mary-residence

DAMN