No

And both of these cases, the price never changes and they don’t always sell out (likely because the price is a bit high for what you’re getting).

I am so sorry, but you need to sell this house and move into the cheapest apartment you can find in your kids school district. You weren’t able to afford this house with two incomes, both of you went into significant debt that you have previous consolidation. It would’ve been tight on just your income if you were debt-free. You can’t afford to pay him out his equity now, and you are not going to be able to refinance in two years based off of your existing debt load and your poor credit.    

 The sad reality is that your kids aren’t going to get to stay in their home. But you’re gonna make do and be just fine. Let the house go, use your equity to pay off your debt and find a rental within your means.  

  Your kids don’t need a house. They need a happy stress-free mama. You have everything you need to make that happen.

Heating and cooling a smaller space is typically cheaper. If your roommates are on board, it can be more efficient for your cold sensitive roommate to use a heated blanket or throw, or a radiant oil filled space heater in their room. Same with your heat, sensitive roommate, getting a small window AC and cooling one room in the house to 72° while keep keeping the rest of the house closer to 78 or 80 may save all of you a bit of money.

If you have not, I would also see if you qualify for income based energy assistance programs through your local provider. But honestly, your current energy bill does not sound excessive given that it is a three bedroom apartment with three adults with different needs.

I can’t answer to the financial risk assessment of continuing to invest in this venture versus pulling back and selling it off now. But I do think it’s important to give some weight to your personal shift in desire from an aggressive investing mode to shifting towards a more a more moderate mode in your later years.

In general, now would be the time when you would start looking at less risky investments. If this was purely stocks, people would be telling you to start shifting more of your investments into bonds, and on one would realistically recommend holding all of your portfolio in a single stock (which is what this hotel is). Reinvesting in this hotel is an incredibly risky move, and one that would not be recommended if you were trying to shift to a more conservative portfolio in retirement, regardless of the surrounding economic environment. 

Did you check out their posted disclosures?    

Their SIPC is under Alpaca Securities per their disclosures, which is a listed AIPC member.  

Firm profile and responsible individuals are listed here at brokercheck (link removed by mods)

 This took 2 minutes to find.   I spent another 30 seconds and this is also listed on their form CRS on their website:   

“ Additional Information We encourage you to seek out additional information about our investment advisory services and to request a copy of this relationship summary by contacting: Arthur Petragalia, Chief Compliance Officer and Chief Executive Officer 332 S. Michigan Avenue, Suite #121-2234, Chicago, IL 60604. (312) 248-4797”   

Most customers simply don’t care about that level of contact and their website is intended as a quick FAQ for the average consumer that is happy to make a couple bucks on their security deposit. If you really don’t want to participate, just tell your landlord no. They are bound by the terms of your existing lease.

 7 states recognize common law marriage, and two more in very limited situations. Most have very specific requirements to be considered common law.  It’s just not that common.

She probably has enough assets that she can afford to keep this house if she is willing to return to work for the next 10 years, depending on what her payment actually is on that loan. She is not, however, in financial independence/ retire early territory if she feels strongly about keeping this 750k property until she dies. 

It would be really helpful to know what her minimum payments are on the house and other expenses, and what her LTD payment is. 

It is probably not a good idea for you and your sib to bear the cost of supporting her for the next 40 years, particularly if she does not have long-term care insurance and has medical issues she may end up on Medicare, which would threaten her ability to keep that house to pass on to you regardless of what she wants. 

I would really look at the details of this HOA before making your decision. The problem with high HOA is that they can make it difficult to sell your property. If the HOA is under funding necessary improvements and you are approaching special assessment, again it could make the property impossible to sell. I would not underestimate the risk of buying a condo that may be unsellable in the future.

The short answer is the property owner reconditions the property following a long-term tenant at the property owners expense. Everything you have listed would be considered normal wear and tear after 10 years. 

Have you been maintaining this property in the meantime? If you have not been doing regular inspections and maintaining the property, I would also expect that there will be some more major repairs that will have to be done. 

For instance, dry rot along eaves and soffits if you are not cleaning rain gutters, Replacement of bathroom floors if you have not inspected the toilets and replaced the wax seals (normal give in an older floor can mean that these need to be replaced more frequently). I would also expect to have to replace some corroded or damaged plugs and switch-plates, make safety upgrades as necessary, and replace every single smoke detector and carbon monoxide detector in the unit. As a matter fact, you should do a health and safety inspection immediately and take care of those if you have not as they expire after 10 years! 

My city requires a yearly rental inspection and I love it. It is a great way to inspect the unit and ensure it is safe, and because it is mandated by the city, the tenant doesn’t feel like I’m just snooping on them.

It’s actually the opposite. Streamlined screening and reduced security deposits are not the norm for a rental property. These are perks of being traveling healthcare with a license and verified employment in a career where you are much less likely to become a squatter that requires a lengthy and expensive eviction. 

If you qualify for the program, and you are eating the meals, then I wouldn’t feel guilty. If you do not technically qualify for the program (I.e. if they have income, lifestyle, or age requirements that you do not meet) but they do not do a very good job of screening, then I would abstain.

If you believe in the program, and you have the funds or time to support it, then I think that is a great idea!

I would help the kid sell the van. To keep it might be messy for you, particularly of the kid is looking at disability or BK. Additionally, it’s still your kids vehicle and that further complicates your ability to use it if they become temporarily uncooperative. 

Use your money to get your own little reliable car that works for you. Continue to help your kid as your finances allow, but keep your finances separate. This will help the kid with their government assistance and ensure that you protect your assets so you have the means to keep being their safety net as necessary.

I bet a UK based forum will have better ideas, but often there are government bodies that regulate banking and mortgages. Your parents likely agreed to this increases rate in writing, and with a signature, under the terms of their original loan agreement. But if you have any doubt about the legality of it, I would try reaching out to the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). Government regulatory agencies are often the first step in consumer protections. 

Have you paid the additional money to Autoship, and do you have your car? If so, I would file a small claims case against Autoship. I would also continue to pursue Profexo as the company that you had a contract with in the meantime, and ask them for reimbursement since they were brokering the deal.

I was in a situation where renting was cheaper over a 27 year timeline. It’s hard to look past 27 years, but I do have every intention of living past that and retiring in my area. So that was one reasons.

 But also my calculation depended on me staying in a rent controlled unit that needed major upgrades. I didn’t think it would actually be possible to stay there despite tenant protections (I also intend to outlive my older landlord leading to greater uncertainty). I have a dog and the rental market has become worse for dogs as prices have increased. 

But the big one is just being able to plan for retirement and have a goal. I now have a mortgage with easy to predict expenses. I know the age of major systems in my house and the interval they will need to be replaced. I pay throw more money at the house during my working years but will be able to refi or pay off my house prior to retirement to bring it down below rental costs. 

That is not enough necessarily to get a reliable car, but it might be enough to bring the loan to value ratio down low enough that she can qualify if you take her into a local credit union. It is also probably enough to get her car running if she chooses to go that direction.

Are you in the position where you can just gift her some money towards a car? That just feels cleaner than a subprime loan contract over 4 years on a quickly depreciating asset that can be totaled in the blink of an eye. And she might qualify if she can get her loan to value down low enough. Alternatively, maybe you can help her shop for a local credit union that will qualify her for a loan that she’s gonna afford.

If the reason she cannot qualify is because she has already wrecked her credit, then I don’t think it’s a good idea to loan her more money (or cosign).

Sweet, So it would be tight, but you could cover the PITI on just your base salary if it stopped generating income and figure out how to deal with other expenses later (bonus’s etc).

You didn’t list the rental expenses, just profit. Is the PITI greater than your 2k remaining every month?

 I would just make sure you have a plan in case you need to cover an extended period of not receiving rent and legal fees (ie an eviction followed by complete restoration of a trashed unit.)

This is really the answer. 

In addition the repo company is not that motivated to get top dollar for your vehicle. It will be sold at auction with minimal vehicle history to resellers that are looking for a deal and assuming the worst regarding hidden defects. You will get pennies on the dollar credited to you, wrecked credit, and still have a payment plan to pay.

If most things go right you will be fine, but I would consider selling the rental property. 

$3600 a year in rental income is not bad, but it’s not life changing. Having the flexibility to work less postpartum and not worry about a non-paying tenant and two mortgages can be. Equity in the rental rolled into the new house is icing on the cake. Plus it sounds like this is a long term relocation and managing out of area rentals is a pain. 

Great job! Could you share a bit more about your retirement funds? You obviously didn’t just start saving in your 401k and Roth two years ago, has this always been a priority for you?

I am a landlord and have had up to a six month lease. Because the all inclusive price includes predicted vacancies, as well as replacement of bedding/ towels/ etc on a more frequent bases, overtime you will pay more to be in a fully furnished rental. 

Even if the initial lease term is 1 to 3 months, if you are a good tenant, most landlords will be happy to extend you as long as you want to stay because frankly, you’re paying a premium. But it will certainly be less expensive than staying in a hotel and hopefully give you time to transition to a better situation. A shorter term lease also works in your favor because if it doesn’t work out, you can easily move somewhere else.