 What do you do if a tenant moves out and doesn't return their keys? |
How long does a landlord typically wait before changing the lock and charging it to their deposit?
Additional Details
gafpromise, Is it really 30 days from the time they actually walk ... |
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 Daughters apt. burglarized can she terminate lease agreement? |
| My daughter walked into her apt. and found two young burglars there. She confronted them and they took her friends stuff not my daughters. She was threatened by one of the burglars that they would ... |
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 How do I buy an abandoned building? |
| There are a few properties around here that are extreamly old. There are buildings on it that obviously havn't seen human care in years. There is no for sale sign or anything like that. But I am ... |
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 Is it my or my landlords' responsibility to take care of a major weed problem? |
I'M RENTING A HOUSE THAT'S ON THE MARKET FOR SALE. THERE IS A MAINTENANCE AND REPAIR CLAUSE WHICH STATES:
"LESSEE WILL, AT LESSEE'S SOLE EXPENSE, KEEP AND MAINTAIN THE LEASED... |
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 How to deal with tenant who does not pay the rent? |
| I recently leased a house (I do not live in the same city) to a family on 6-month lease term. They just moved in. But they are not paying even the 1st month rent and I found they are telling many ... |
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 If you have 7 mileon what do you want to buy ? |
| if you have 7 mil $ what do you want to buy for it and is it a good question or not ?... |
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 A couple take out a joint mortgage. Can a second charge be taken out on the property without joint consent? |
| The husband built up a huge debt, which the wife knew nothing about. The first she knows about it is when she opens a letter from the company who has taken out a second charge on her jointly owned ... |
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 I would like to buy a house any tips? |
| I live in illinois ,right outside of chicago and I want to buy a house. I dont have the best credit but i also dont have the worst. I just want to buy a house near where i live now for my children. ... |
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 Is it descrimination to say no to a renter becouse of someone in their family is a tuck driver.? |
| i know the rentee has the right to rent to anyone they wish, but if they say this is the only reason why they will not rent to the person, is that legally wrong? its like saying no i wont rent to u ... |
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 Is it too soon to start looking for houses if I'm moving in 2009? |
| My husband and I are planning on moving out of state in 2009, is it too soon to get information from an agent? Will they just laugh? I know there's a lot of paperwork and stuff, how long does it ... |
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 I live in nj, can my landlord decide he wants only cash or money order instead of a check? |
he says he ONLY wants CASH or MONEY ORDER, NO CHECKS
Additional Details
i havent bounced a check and im the only tenant, but i do like the answers about pennies. i think he just got a ... |
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 If i give my notice to day is it a full 30 days? |
if i give my landlord the letter that i will be moving on the 1st of septmeber is it a full thirty days or will i have to pay next months rent?
Additional Details
i thought you had to ... |
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 Evection question? |
| My uncle got arrested last February and my aunt (a drunk, drugged up, gambling you know what) stopped paying there house payment. Now they had only lived in this house for three months before all ... |
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 Is it illegal to destroy my previous house owners mail? |
It's been a year and a half since our home's previous owners moved out and we are still receiving a lot of their mail. Can I just throw it in the bin? What are my legal obligations?
<... |
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 Eviction of tenant? |
| I bought a house in Belfast last year, which I rented out to a recently divorced woman. I have been very patient with her non-payment of rent, and listened to all her excuses and promises of money ... |
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The Great Poomba | In what situation is it worthwhile taking out a loan from my 401k for a new home? |
I'm trying to buy my first home, and found out awhile ago that I qualify for taking out money from my 401k to pay for my downpayment without being penalized for it. I believe I have to pay it back within a year. When would it be worthwhile to do this? |
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markmyword
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Your 401k is for your retirement, don't touch it. Others have given you good reasons to not take it out.
Down payment assistance programs with FHA are an excellent way for people to get into homes with little or no down payment. The seller CANNOT increase the price to compensate for the down payment assistance. First, no lender accepts an increase of the sale price in this market to cover down payment assistance. Second, the house can only be financed up to the appraised value and sellers won't be selling their properties for above the appraised value, especially in this market.
If you need additional information on how to find homes in your area that already accept down payment assistance or how to pitch this, feel free to email me. Also, most experienced realtors are versed in down payment assistance programs and how to locate properties that have agreed to this.
Happy hunting! |
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bud68
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Run the numbers. You are, in effect, taking out two loans - one primary mortgage and one to repay your 401(k). Can you handle that? |
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kweavermtg
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With a 401k loan you are technically just borrowing from yourself and for an FHA loan, for example this is definitely worthwhile. When I look at the alternative of using downpayment assistance program where the seller builds that into the price, the reduced principal amount of your mortgage using your own money is one thing I consider a strong benefit. I tend to always recommend 401k loan over downpayment assistance for those that have the option as long as you have sufficient years to work to repay and further build your retirement fund. |
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RED
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Sounds worthwhile. I think rather than waiting and missing this buyers' market, you are probably wise to use some of the funds from the 401K. If you are young and it will be a while before you are able to use the money in it, why not. Especially if you are paying it back. I also think that if you use it to buy a 1st time home, there is no penalty. Check the tax laws, but I am pretty sure that is correct. |
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digdowndeepnseattle
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you have up to 20 years to pay back a 401k loan taken for purposes of purchasing a home. You can repay sooner if you'd like.
You are taking a loan so there is no tax consequence. You are not paying the money back with after-tax money. You are paying the INTEREST back with after-tax money but the principal is repaid with pre-tax money. If I take a loan for $1,000 at 10% interest and payment terms are monthly for 10 months. My payment is $105.58. Now...if I don't spend any of that money and instead use it to pay back the loan you took....did I repay it with after-tax money or pre-tax money? Simple math tells you that 55.80 of that repayment is interest and $1000 is principal and Simple logic tells you that I didn't pay tax on the $1000 that sat in my pocket so it's going in pre-tax. Thus the only piece going in after-tax is the interest.
another factor to consider is possibility for default. 99% of companies only allow for repayment via payroll deduction. trying to track checks and cash payments is a nightmare. So, if you left you'd need to pay it back lumpsum, take it as a distribution, or roll it over into your new employers 401k. No guarantees that the last option is available...it's rare. So it's pay it back or take it as a distribution.
final factor is opportunity lost. The longer the principal is out of the account the longer that it is not earning income and compounding. Shorter period loans or smaller loans do not have the same impact on overall earnings.
Answer these questions and you'll know what to do...Is the amount that you will be taking small enough that you can immediately repay out of your own pocket should you need to? Can you repay it in a period shorter than 8 years? Can you afford the extra loan payment? Do you need the $$ to buy the home or can you do it without it? If the answer is yes to ALL of them then go ahead and do it. No to any of them and you really shouldn't. |
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Dont_taze_me_bro
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DO NOT Take money out of your 401K. This is a recipe for absolute financial disaster. |
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efflandt
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While you would be paying interest to yourself, your payments are after tax money. Principal and interest would be taxed again when you eventually withdraw it (double taxed).
Home loan interest is usually deductable. Interest on a 401(k) loan is NOT tax deductable, regardless what it is used for.
And you better make sure that you have a secure job, because if you leave or are terminated from your current employer, any 401(k) loan is immediately due and payable, or would be taxed plus 10% penalty if you cannot pay it back right away.
So money borrowed from your 401(k) is either double taxed, and/or if you lose your job or change employment, you would owe tax and penalty on any outstanding balance not paid back immediately. |
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Alterfemego
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I can tell you that Suze Ozman would bet to differ with you. That money is for your retirement. And yes I believe you would have to declare that as income. Not unlike alot of us who continued to borrow equity from our homes, now find ourselves soon to be without a home. So No don't use that money. If you are a first time buyer, use other peoples money, if you qualify for FHA, they have some assistance each year, otherwise ask about downpayment and/or closing cost assistance from non profit organizations. |
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zaofreak_83
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I just want to clarify a few answers people gave...
*Loans are not automatically owed if you leave your job. At least not in all cases. It depends on the plan's rules. They may allow you to pay it back using coupons. (You REALLY need to ask about that)
*More than likely, the home loan available to you can be paid back with a 10-20 year term. Employers offer these loans in addition to general purpose loans so the longer term will be available.
*Loans are taken out without tax consequences or penalty. BUT you will be paying back with after tax payroll deductions and interest. That's still better than paying interest to someone else. (my opinion)
I suggest taking a loan only if you can handle the tax consequences if it defaults and only if you can afford the payments. It's VERY hard to stop them from coming out. |
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Ryan
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Make sure there arent any tax ramifications of you doing this using 401k funds, do you have to claim this as capital gains or income? Having no penalties does make that sounds like a good idea, but make sure you have this looked at fully. |
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