Q. I have a tenant who rents with a section 8 voucher. The mortgage doubled and the voucher was reduced. It looks impossible to keep this going, tho we are trying.
I didn't write up a new lease for the tenant when her old one expired March 31, because I was wary about how things are going. Thought I'd keep her on month to month.
Now, she wants a new lease so her kids can have pool passes. Makes sense. But, if I give her a full year's lease, and we just cannot keep this house, can I sell it to someone who wants to owner/occupy it, essentially kicking out the tenant?
My realtor says that even tho the real estate prices are falling like crazy, no investor could buy the unit at current prices.
Our tenant has been there 3+ years and would like to stay 5 more. I'd like her to stay, too, whether we own or not. But, I've not been able to find an investor.
My tenant has 5 kids and can't even keep a phone turned on. I'm sure there'll be no extra money available.
I think your advice to contact the housing office makes sense tho - surely there's a concern in the agency to keep these families stable. I had to laugh about the 'swim club community.'
We are thrilled to have her family live in a good neighborhood with good schools. The pool is 3 months of the year. The nine months of good schools and good role models and the 3 months of wholesome recreation those 5 kids get out of this deal is the most important value to the society so generously providing this solution to our tenant's self-made problems.
Her voucher was reduced by Bush, essentially. The reduction is system wide, not specific to this property. We were at the max allowed, and so we had to drop to the new, lower max.
I didn't write up a new lease for the tenant when her old one expired March 31, because I was wary about how things are going. Thought I'd keep her on month to month.
Now, she wants a new lease so her kids can have pool passes. Makes sense. But, if I give her a full year's lease, and we just cannot keep this house, can I sell it to someone who wants to owner/occupy it, essentially kicking out the tenant?
My realtor says that even tho the real estate prices are falling like crazy, no investor could buy the unit at current prices.
Our tenant has been there 3+ years and would like to stay 5 more. I'd like her to stay, too, whether we own or not. But, I've not been able to find an investor.
My tenant has 5 kids and can't even keep a phone turned on. I'm sure there'll be no extra money available.
I think your advice to contact the housing office makes sense tho - surely there's a concern in the agency to keep these families stable. I had to laugh about the 'swim club community.'
We are thrilled to have her family live in a good neighborhood with good schools. The pool is 3 months of the year. The nine months of good schools and good role models and the 3 months of wholesome recreation those 5 kids get out of this deal is the most important value to the society so generously providing this solution to our tenant's self-made problems.
Her voucher was reduced by Bush, essentially. The reduction is system wide, not specific to this property. We were at the max allowed, and so we had to drop to the new, lower max.
A. We have had somewhat of a similar situation with our section 8 tenant- I think the govt has lowered their payment over the last 4-5 years, drastically, of what they will pay for a 3-4 bed house!
Anyhow, if you can show to your housing officer your new mortgage payment, and show them that your rate is going up, they will advise your tenant that she will have to pay a portion beyond the utilities- whatever the difference is in the mortgage and their current voucher amount. If they want to continue the swim community lifestyle, somebody's gonna have to pay, and it shouldn't be you.
Anyhow, if you can show to your housing officer your new mortgage payment, and show them that your rate is going up, they will advise your tenant that she will have to pay a portion beyond the utilities- whatever the difference is in the mortgage and their current voucher amount. If they want to continue the swim community lifestyle, somebody's gonna have to pay, and it shouldn't be you.
What is reitired life like on St. Croix for a single, fit, active African American lady?
Q. After a lifetime allergy to the Midwestern and Northeastern cold, the extreme FL humidity and Southern CA smog, I am more than ready for an affordable, up-close, ground floor, step out-onto-the- beach-centered lifestyle, living in either in the Sugar Beach condos or Harbour Beach condos on St. Croix's North shore. Does anyone have experience living there year-round? Please let me know how you like it (or don't). What are the issues with management and with the units and the grounds? How pleasant and safe are those neighborhoods, given their proximity to what has been described as a Section 8 housing project (called Harborview)? How close is the project? I like to walk/hike 3 to 6 miles a day-will I be able to safely and enjoyably do that around there? How close is public transportation if I don't want to or can't drive? I'm 60 and am planning to visit St. Croix again next year and stay at Sugar Beach condos. This will be my first return visit to St. Croix (and my first visit to Sugar Beach condos) since my initial visit there in 1987 as a cruise ship passenger. I'm sure a LOT has changed! What are the realities of daily life, social relationships and medical care for American Baby Boomers? How expensive is water for drinking, washing and laundry on a monthly basis in general?
I will be bringing my Mom who is diabetic, has a heart condition and is in her late 70's to live with me, as she does now. How are retirees faring in their 80's and 90's? Is quality long term/home care assistance available if needed? What about emergency medical care (how well does MASA, the medical air service, work in reality?) How does Medicare and Medicare Advantage work there? Is there some other insurance, that is preferred by Americans that is better to have than another one? The websites, books and articles by ex-pats that I've been reading about on moving to St. Croix have been very helpful, but I haven't found much in-depth info about mainland American retirees who have stayed the course and lived out (or are continuing to live out) their lives in St. Croix to the end. If anyone has info about that, I'd appreciate it. I really do want to make this my last move after a life of having to move frequently.
Are organic, natural, vegetarian foods and yoga classes widely available and reasonably priced?
With regard to finances, I am considering opening an account at the BancoPopular branch here in L.A, now, in order to have a seamless financial transction when I move to STX. Anyone have experience with them? Any other thoughts about banking?
In this account I will be saving over the next 6 years to buy a 2b/2b condo in one of the places mentioned above. I'd like to buy one in the next 12-14 months if I could find an owner financed/rent-to-own arrangement and rent it out most of th e year until I retire at 66. Otherwise, I'll have to wait till dollar$ are saved up till retirement in 6 years in order to pay cash. that of course is a a gamble that prices won't rise too fast in the interim! If there are other "right-on-the-beach properties where the unit itself is as close to the water's edge as they arein these two properties, let me know. If I do end up having to get a small mortgage, perhaps the relationship I.m starting with Banco Popular will be helpful.
It has been suggested that I consider other "waterfront/beachfront" condo properties. However, the ones I've seen are much further back or have landscaping, pools, tennis courts or dining areas between them and the beach. I really do want to be right on the beach. Of course, not knowing the island, I could easily be overlooking something. From past experience, real estate agents frequently tend to only want to show or suggest certain properties, even when the buyer is explicit in what they want to see. Since I'm only going to get to do this once, I'm focusing on what's most meaningful and affordable for me. It doesn't have to be a large or fancy place, just safe, attractive, comfy, clean and right on the sand with an unobstructed view. The only thing closer is a boat or an RV, both of which are a little bit too claustrophobic! Even a structurally sound fixer-upper (I'm not afraid of a power drill or of hanging dry wall!) or a tax lien property could be of interest (fitting the above parameters of course).
In addition to a small pension and Social Security, I plan to earn income through my research and writing biz which should supply enough to cover my "guesstimated" total monthly living expenses of $1200-$1500, including condo fees and insurance costs. Hopefully that is realistic. Any information anyone can offer is welcome, including a recommendation for a good hair salon that does flat-ironing. Thank you!
I will be bringing my Mom who is diabetic, has a heart condition and is in her late 70's to live with me, as she does now. How are retirees faring in their 80's and 90's? Is quality long term/home care assistance available if needed? What about emergency medical care (how well does MASA, the medical air service, work in reality?) How does Medicare and Medicare Advantage work there? Is there some other insurance, that is preferred by Americans that is better to have than another one? The websites, books and articles by ex-pats that I've been reading about on moving to St. Croix have been very helpful, but I haven't found much in-depth info about mainland American retirees who have stayed the course and lived out (or are continuing to live out) their lives in St. Croix to the end. If anyone has info about that, I'd appreciate it. I really do want to make this my last move after a life of having to move frequently.
Are organic, natural, vegetarian foods and yoga classes widely available and reasonably priced?
With regard to finances, I am considering opening an account at the BancoPopular branch here in L.A, now, in order to have a seamless financial transction when I move to STX. Anyone have experience with them? Any other thoughts about banking?
In this account I will be saving over the next 6 years to buy a 2b/2b condo in one of the places mentioned above. I'd like to buy one in the next 12-14 months if I could find an owner financed/rent-to-own arrangement and rent it out most of th e year until I retire at 66. Otherwise, I'll have to wait till dollar$ are saved up till retirement in 6 years in order to pay cash. that of course is a a gamble that prices won't rise too fast in the interim! If there are other "right-on-the-beach properties where the unit itself is as close to the water's edge as they arein these two properties, let me know. If I do end up having to get a small mortgage, perhaps the relationship I.m starting with Banco Popular will be helpful.
It has been suggested that I consider other "waterfront/beachfront" condo properties. However, the ones I've seen are much further back or have landscaping, pools, tennis courts or dining areas between them and the beach. I really do want to be right on the beach. Of course, not knowing the island, I could easily be overlooking something. From past experience, real estate agents frequently tend to only want to show or suggest certain properties, even when the buyer is explicit in what they want to see. Since I'm only going to get to do this once, I'm focusing on what's most meaningful and affordable for me. It doesn't have to be a large or fancy place, just safe, attractive, comfy, clean and right on the sand with an unobstructed view. The only thing closer is a boat or an RV, both of which are a little bit too claustrophobic! Even a structurally sound fixer-upper (I'm not afraid of a power drill or of hanging dry wall!) or a tax lien property could be of interest (fitting the above parameters of course).
In addition to a small pension and Social Security, I plan to earn income through my research and writing biz which should supply enough to cover my "guesstimated" total monthly living expenses of $1200-$1500, including condo fees and insurance costs. Hopefully that is realistic. Any information anyone can offer is welcome, including a recommendation for a good hair salon that does flat-ironing. Thank you!
A. I hate to burst your bubble of enthusiasm but......1200-1500 $$$ isn't even close to enough. Unless you want to live in poverty. Are you familiar with LEAC? It's an adjustment clause in your electric bill that comes every month. It's very expensive. Your WAPA and LEAC combined will be as much as your mortgage. Your insurance will be unbelievable. Real estate prices on St Croix are falling at this time. The closure of Hovensa cost the island 3000 of the highest paying jobs. It's hard times for Crucian's right now. We have made 7 recent trips to St Croix in the process of retiring on island. It's a complicated move. You have picked the right area being the north shore......while it is clearly the best location it is also the most expensive. We're taking 300K in cash and retirement incomes of $2800 per month. We have abandoned plans to purchase real estate at this time......we simply don't have enough money.
What would happen to home prices, if Barrack Obama turned Fannie Mae/Freddie Mac into Section 8?
Q. I've heard real estate....chatter if you will. That Barrack Hussein Obama is going to turn Fannie Mae/Freddie Mac into a massive Section 8 project.
What would happen to home prices if he did?
What would happen to home prices if he did?
A. It would not be possible to alter that, whatever you heard came from someone completely ignorant about real estate, or even about life in general.
Coming in to a good amount of money. What's the best way to handle it?
Q. My girlfriend was in a life threating car accident a few years ago which put her in a halo for 6 months. She had the same injury as Christopher Reeves, but luckily is still alive and has full function of her body.
2 years later, the insurance companies finally settled and a large amount of money is coming to her. We've thought about real-estate, renting section 8, starting businesses, investing.... Her dad wants her to put it into an IRA, but another car accident could kill her and she doesn't want to not be able to use the money for something she can enjoy.
So, What's the best way to handle a large sum of money?
2 years later, the insurance companies finally settled and a large amount of money is coming to her. We've thought about real-estate, renting section 8, starting businesses, investing.... Her dad wants her to put it into an IRA, but another car accident could kill her and she doesn't want to not be able to use the money for something she can enjoy.
So, What's the best way to handle a large sum of money?
A. THE MOST IMPORTANT THING YOU CAN DO!
You must make an appointment with a CFP(certified financial planner). As I mention below, their job is NOT to sell you investments, but to talk to you about how and where to invest your money based on your income, age, disabillity etc.
now for my advise that you sould also do:
If you are 25 today and you retire at 67 with a million dollar investment portfolio, that will safely generate $60K/year. But when you are 67, that 60K will only have the buying power of a little over $16K/year. It gets worse though, because at 67, you will still probably have 30 more years to live and that 16K will shrink each year until it�s only worth $8K/year at age 90.
A million dollars isn�t what it used to be� and it will be even less in the future.
So�. We must all become educated investors much more so then our parents were and start sooner. These are some basic steps to get you started. You�ve got to jump in now.
Step 1.
First decide what kind of brokerage you want to work with. You can open a brokerage account in your bank, with a large full service brokerage or an internet brokerage. I find when I get help, most people want to sell me things that are better for them�. So I use http://www.scottrade.com because it�s cheap and easy with low frills. I like their streaming quotes and I do my own research and make my own investments. But any low cost internet brokerage service is fine.
Step 2. get a subscription to Barrons or Investors Business Daily� Do this for 6 months or a year. At first, It seems a bit mysterious, but pretty soon you start to understand the terms and things that investors are looking for and what they are afraid of
Step 3. If you have some money to invest, put it in 3 month CD�s right now. First the market is unstable and second you have some homework in Step 4 to do before you do any investing.
Step 4. Go out to the internet and search on the following subjects. Become very familiar with the concepts.
Asset allocation
Long term investing
inflation
Roth ira vs ira
Large med small cap
Value vs growth
Indexed mutual funds
No load mutual funds
ETF
Sector funds
Bonds CD preferred stock
dividends
International funds
Market cycles
volatility
Fundamental analysis
Technical analysis
In most cases, I think it is wise to use indexed mutual funds and ETF to build the base of your portfolio.
Step 5 go to http://clearstation.etrade.com/ and sign up for a free account. Play around there by looking at graphs and fundamentals. If you click on the graph names, you will get clear information about what the graph is based on and how to interpret it. I think it�s also a good idea to pretend you have $10,000 and start buying and selling on paper. Keep track of where you are each day for a month� It�s a lot easier to lose play money then real money�.
WARNING: don�t rely on technical analysis alone. These graphs are good at telling you WHEN to buy and sell, but now WHAT to buy.
Step 6. It�s always a good Idea to see a CFP (certified financial planner). Their job is to work for your benefit, not to sell you investments. They can cover subjects like employee benefits, insurance, budgeting, living trusts, 401k, taxes and real estate as well as investment types and investment types to keep away from.
Always strive to do your own research� you�ll find everyone sounds like an expert so take everything people tell you with a grain of salt. It�s not easy in the beginning but soon you will be the expert.
Don�t get involved with futures, currency, options (unless you get stock options at work), commodities, annuities or other derivative type investments at this time.
Good Luck
You must make an appointment with a CFP(certified financial planner). As I mention below, their job is NOT to sell you investments, but to talk to you about how and where to invest your money based on your income, age, disabillity etc.
now for my advise that you sould also do:
If you are 25 today and you retire at 67 with a million dollar investment portfolio, that will safely generate $60K/year. But when you are 67, that 60K will only have the buying power of a little over $16K/year. It gets worse though, because at 67, you will still probably have 30 more years to live and that 16K will shrink each year until it�s only worth $8K/year at age 90.
A million dollars isn�t what it used to be� and it will be even less in the future.
So�. We must all become educated investors much more so then our parents were and start sooner. These are some basic steps to get you started. You�ve got to jump in now.
Step 1.
First decide what kind of brokerage you want to work with. You can open a brokerage account in your bank, with a large full service brokerage or an internet brokerage. I find when I get help, most people want to sell me things that are better for them�. So I use http://www.scottrade.com because it�s cheap and easy with low frills. I like their streaming quotes and I do my own research and make my own investments. But any low cost internet brokerage service is fine.
Step 2. get a subscription to Barrons or Investors Business Daily� Do this for 6 months or a year. At first, It seems a bit mysterious, but pretty soon you start to understand the terms and things that investors are looking for and what they are afraid of
Step 3. If you have some money to invest, put it in 3 month CD�s right now. First the market is unstable and second you have some homework in Step 4 to do before you do any investing.
Step 4. Go out to the internet and search on the following subjects. Become very familiar with the concepts.
Asset allocation
Long term investing
inflation
Roth ira vs ira
Large med small cap
Value vs growth
Indexed mutual funds
No load mutual funds
ETF
Sector funds
Bonds CD preferred stock
dividends
International funds
Market cycles
volatility
Fundamental analysis
Technical analysis
In most cases, I think it is wise to use indexed mutual funds and ETF to build the base of your portfolio.
Step 5 go to http://clearstation.etrade.com/ and sign up for a free account. Play around there by looking at graphs and fundamentals. If you click on the graph names, you will get clear information about what the graph is based on and how to interpret it. I think it�s also a good idea to pretend you have $10,000 and start buying and selling on paper. Keep track of where you are each day for a month� It�s a lot easier to lose play money then real money�.
WARNING: don�t rely on technical analysis alone. These graphs are good at telling you WHEN to buy and sell, but now WHAT to buy.
Step 6. It�s always a good Idea to see a CFP (certified financial planner). Their job is to work for your benefit, not to sell you investments. They can cover subjects like employee benefits, insurance, budgeting, living trusts, 401k, taxes and real estate as well as investment types and investment types to keep away from.
Always strive to do your own research� you�ll find everyone sounds like an expert so take everything people tell you with a grain of salt. It�s not easy in the beginning but soon you will be the expert.
Don�t get involved with futures, currency, options (unless you get stock options at work), commodities, annuities or other derivative type investments at this time.
Good Luck
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