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    Personal Finance Tips for Renting an apartment from the person you will rent it from!

    May 28, 2020

    Personal Finance Tips for Renting an apartment from the person you will rent it from!

    Tips for Renting an apartment from the person you will rent it from!

    Posted: 28 May 2020 04:44 AM PDT

    Hey all! I am currently working as a property manager in a mid-sized city and have been for a couple of years. One thing I always thought was interesting is how many people approach rental housing with a lot of the same questions and not a lot of common sense. As such, I thought I would present a couple of tips that I want to pass along to fellow humans to hopefully make your next rental a smooth process. Obviously not all situations are the same so I will try to make this as genuinely broad as possible but take everything as you will.

    • Never Hurts To Ask! This is my personal philosophy for most expenses anywhere over a $500 payment at any point in time (regardless if it is monthly, one-time payment, or otherwise) but if you are hoping to either pay less for rent, wondering if something different then what is being offered can be negotiated, or maybe if you could get an appliance replacement after being at a property for a year it never hurts to ask. So many people miss out on opportunities because they just don't think or care to ask if something can be changed. Property managers are not paid to make your rental situation more difficult they are there to monitor the community and keep the building rented so if the difference between you renewing your lease or moving to a new building is $20/month on rent obviously the property manager will take that into consideration.
    • Understand what you are asking for! This goes hand in hand with the first item as I get people all the time that take that first bit of advice but don't consider there are limits to the request. For example, I manage a luxury apartment complex (everyone knows the type) which does have some relatively expensive units within the building but they range from 1300 all the way to nearly 3000 (yes we get it California that's super cheap where you are at but no one cares). With those prices though I constantly have people that want to negotiate $300 off of the rent for the cheapest apartment which is over 20% of the cost. That is a pretty remarkable discount but along with this I generally remind prospects thinking about this it isn't just 20% off of the initial rent payment it is 20% off of rent for the entire year which comes to a total of $3600. There really isn't a rule of thumb for this but I can guarantee you 9 times out of 10 those who come in understanding what they are asking the property manager for and ask for reasonable accommodation are the ones that will get listened to first.
    • Know who you are renting from! Housing is a uniquely personal situation and everyone's housing situation will be different. Along with that, people who own or manage housing are very different as well as management companies and landlords are not one size fits all. Maybe the property owner has lived in the community for a couple of decades so they take great pride in making sure the flat you are renting is well cared for and in good shape. This is a great upside but the potential downsides are that they will likely charge you for that extra care and will also likely have to deal with a nitpicky owner who will get mad if you don't bring your trash can in at the end of the night. Maybe instead you are renting from the place that has their rental signs all over town because they manage so much and they have the coolest high rise in town that is the center of a hip community. Generally, if they are managing that much they will have a big staff and sometimes it feels like pulling teeth to contact them, but if you start to form a relationship with the folks specific to your building it can come with the benefit of getting a discount on rent because the layout you rent didn't lease up well last year and you can negotiate your renewal. Getting a better understanding of how the management for the rental will function will give you a better understanding of what your living situation will be like.
    • Know what you need vs. what you want when it comes to housing! I have so many people that come to me and say "I want to be on this specific side of town, I want to pay no more then $700 a month, I want the landlord to pay for utilities, and I want to have 3 bedrooms" or some other sort of combination of ludicrous requests that are a combination of needs and wants. To which I generally say "what is your exact budget" as this is generally the best starting place for everyone because if you can't afford a place don't force yourself to do so. Budgets generally set the pace for everything else as well as I constantly find people are willing and able to foregoe their "reading nook 3rd bedroom" when they realize they can save upwards of $600 a month for doing so. With that being said it is important to understand how each unique amenity at an apartment can either be a need or a want depending on your situation and a good property manager will know the current market vaule of each of those items. Sometimes this means that budget is also not the cornerstone of the needs of housing which is ok and good because sometimes you can find the real deals when you don't let budget dictate you. Maybe you weren't looking for a place on the west side of town but now that you know you can get a house with a yard and 4 bedrooms for the same price you were looking at a 2 bedroom on the 3rd floor downtown the west side doesn't seem too bad.
    • Be open as comfortable with your property manager! No, I, unfortunately, am not a licensed therapist, but maybe I could save you a month or two on rent if I know that you are ending your masters program in May rather then when your lease ends in July. If you have any idea of your "housing schedule" before you sign a lease let the property manager know and see how they may be able to accommodate or if they think there is some way to meet your needs. Often with larger property management groups, there is a busy season and a slow season (I count this as especially true with large recently developed complexes as all the leases generally come to end around the time they were first signed). I as a property manager will do everything in my power to make sure my busy season goes smoothly (more time to browse Reddit) and will be extra accomodating when possible to try to move lease end dates away from the busy season. I constantly have to deal with people who don't think to ask about their specific situation though, and there is nothing I can do to help once the lease has been signed. If you present me with your housing situation I as the property manager will be the one best to say if we would be able to accommodate it or not.
    • GET IT IN WRITING! This one is relatively self-explanatory but one that I will tell people over and over again. It doesn't matter what they said while trying to rent you the apartment unless they included it on the paperwork you signed for the lease. This is true for discounts, incentives, responsibilities, anything you can think of and when people complain about their shitty landlord I would say 9 times out of 10 the landlord had the capacity to do what they did because they had it in writing.
    • Get an understanding of what you are signing! This one I will admit I often do not take the time to do myself but I encourage all to be better at this. Yeah, the terms and conditions for Spotify are long but you aren't paying a third of your income for Spotify a month so weigh your options I would say. The other part of this which I will bold because people often don't know this either Your property manager should be able to tell you what the item in your lease is for and how they enforce it! This is something we deal with all the time as we have a guest policy that is rather restrictive, but when it comes down to it how the hell is anyone supposed to monitor several hundred apartment guests and how long each individual is staying. It is not reasonable for us to do so and as such we only do so in extremely rare circumstances, but we include it in the lease so that if those circumstances arise we can properly address them. I as the property manager can personally look up how many times I have enforced whatever policy is listed on the lease and I can tell you now the noise complaint and non-smoking policy are the two most frequent.
    • Don't lie! This one is super simple but happens all the time. Our applications say that we do background checks and reach out to previous landlords...so why the hell would you think you can say that your previous landlord didn't evict you if you gave us his damn phone number. Its also just not nice to do as I am here to manage the property not spool through camera footage to really see who spilled coffee in the common area.
    • Ask for our input! This is one that is more specific to an on site manager like myself but who would know the place better then the person who is paid to be in the office to do so. Obviously this is also needed to be taken with a grain of salt (commision is reletively common but I don't personally get any if I have the complex rented). Either way we will be able to tell you the highlights of not only the building but the neighborhood in which the building is in. Sometimes too you can get input on things that are missing as well but that question is generally best directed at current tenants of the building if possible. Either way I know each property manager will be able to tell you where the best happy hour will be in your neighborhood!

    I know a lot of these things are positive items about property managers and landlords and I will absolutely ackowledge that there are times when both can suck and be horrible people. But, I would argue that a majority of the time that is not the case and the incidents can blow up compared to the 2-3 otherwise good or not bad years at a property. I know also that a lot of this isn't super hard numbers and there isn't an exact ROI on just being a good person but the stress savings of addressing issues in housing before they cost you money can be immense. I often find that people who are constantly worried about the $20/month budgets might honestly save money if they actually shop options around and keep the above thought process in mind when looking for a place. There is definitely more to talk about as well so if I get a positive response to this I would be happy to go into more detail on some of these items or maybe even do seperate posts.

    ​

    TL DR; use common sense and be nice to property managers and approach the rental of a place with a good attitude things should go well!

    Edit 1: instead of saying the obligatory thank you for the gold kind stranger I am taking my soapbox to say yall suck for not getting me gold...but seriously though glad I am able to provide some insight on how the industry works for some of yall and hope it helps you get the right place at the right price!

    Also one additional tip I got from a user below that I think needs to be added: Everytime you sign or go to renew a lease consider if you are getting your moneys worth out of the rent you are paying no one is going to be able to determine that aside from yourself.

    submitted by /u/pointrugby1
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    In a homeless shelter can I get a lian for an apartment lease?

    Posted: 28 May 2020 06:13 PM PDT

    I have been in a homeless shelter in NYC for almost 18 months now due to domestic violence involving my mother and sister. But I have always lived within my means and found that my mother was somehow using my credit. Credit, bank And tax fraud. But nothing has been done in spite of me raising awareness. A whole lot of drama with them. I am not getting anywhere fast in the shelter system. I work full time at the new NYC $15 minimum wage. Have the Self, Credit Karma and Credit Sesame apps. But this could take another three months to build my credit

    I'm not going to stop trying to build credit but was interested in trying to get a loan for an apartment lease. I tried some online sites where they are supposed to compete, but the all say they have no lenders in that range and peer to peer have much higher Fico scores just to be considered.

    I don't want a hard pull just when I am trying to build credit. Any suggestions on how I may be able to get a loan now? I have the income to afford a high interest monthly payment. Any suggestions or examples.

    submitted by /u/peapack
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    Buying a car from Hertz and selling my current vehicle?

    Posted: 28 May 2020 03:32 PM PDT

    With Hertz going bankrupt, and selling cars below market value, does it make sense for me to buy one of their used vehicles below market value, and sell my current vehicle?

    I can provide any other details that would be relevant.

    Edit because I should've included sources in original post

    Business Insider

    CNN

    submitted by /u/DotsxLines
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    I'm going to attempt to get my mom off of my bank account (Bank of America) would it be better to just make a brand new bank account with a different bank?

    Posted: 28 May 2020 03:12 AM PDT

    My parents have been taking out money from my account since I've been working at 16 (I'm 18 now) and claim it for rent or just straight up taking the money without telling me (even though we never agreed to any sort of deal about rent) my father claims I live here for free without doing anything (funny that he says that when they ask me to buy things for my sisters when both of my parents have jobs) I just want to move out soon.

    A bit more info on this for everyone. My parents have been abusive to me and my younger siblings. I don't mean just spankings when I was younger but my dad leaving me with a black eye on Christmas eve in 2012 (I was about 11 at the time) because I wasn't doing a good enough job getting things set up for a party (Christmas is his birthday and he gets all high and mighty if he doesn't have his way and he got extremely drunk and even yelled at me for not knowing who was calling out house phone because our music was too loud for me to hear who was on the phone) I watch both of my siblings while my parents are off at work. I clean and do chores around the house. Though they still claim I don't do anything and just sit in my room all day (I mean who wouldn't want to stay away from their mom who comments on their stretch marks when I was reaching for something and she was able to see them)

    Both of my parents have jobs and make more than my 400$ bi weekly. I again want to mention that no terms were made out to me by my parents that I would pay them any kind of rent

    I really don't want to sound like a little snowflake who just doesn't want my parents to touch my money and that I don't respect the ones who raised me. Sure they raised me, but a calm hand in parenting does a much better job than a heavy hand and degrading words.

    If anyone would want to see the extent of what they've done to me I can link my post to r/vent

    submitted by /u/ConoDioDah
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    College Instructor - Am I eligible for unemployment?

    Posted: 28 May 2020 04:33 PM PDT

    Hi PF!

    I'm a college instructor, and I work on a nine month basis. Over the past three summers, I've been paid to instruct over the summer, but this year because of a downturn in summer enrollment, there is no work available for me. My question is, am I eligible for unemployment or does the contractural nature of my job preclude me from it? I'm afraid to ask HR because I don't want to cause trouble/get fired/whatever else

    submitted by /u/throwaway917719
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    Should I move out after high school graduation or wait to move out later with more money?

    Posted: 28 May 2020 03:19 PM PDT

    I'm 17 and live in a toxic, dysfunctional household and have dreamed of moving out since I was 12. I worked full-time for few months last year and have $7.5k saved up, and intend to work full-time again after current world events are over. I've been reading personal finance and investing books and taking Udemy courses on business and marketing during quarantine.

    I'm getting a full-ride to my community college. I know it's a smarter idea to stay longer to "leech" off my parents for a few more years while I save more money, but living here is taking a toll on my mental health and would really like to move out. Should I just bare it for a few more years and move out then?

    submitted by /u/linda_ronstadt
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    Furloughed and no idea what my next step should be.

    Posted: 28 May 2020 08:26 AM PDT

    I worked in the logistics industry for a major company and just received the phone call from my manager that my position has been furloughed for the next four months. I applied for unemployment but I'm sort of lost as to what my next step should be.

    I currently live in NYC with my family and I was hoping to spend the next two years working at my position before applying for an out of state job to a more affordable city that I can live in. I was hoping to move to Philadelphia, Chicago, or Minneapolis. Unfortunately everything is on hold and I'm trying to figure out what I should be doing in the mean time.

    I have $23,000 in savings and I've already paid off my credit card/college debt. I usually pay my family around $1k in rent but I haven't received my unemployment benefits. I'm 29 years old and most of my experience is just in entry level office work (which is why I was on the chopping block so fast). I already live extremely frugally (before covid I never went out, never brought lunch, am a homebody)

    I have a Bachelor's degree and I'm sort of lost in my next plan of action because everything is sort of in flux.

    submitted by /u/EmpyBenefit
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    Tax Return Rejection - SSN already used

    Posted: 28 May 2020 07:06 PM PDT

    I had my taxes filed for the first time, and my CPA told me about a rejection stating that my SSN was already used. I've tried using the IRS toll free phone number and got confused on the menu, and I've tried different options with no success. Should I wait to see if a notice to come before continuing?

    I've tried following this https://turbotax.intuit.com/tax-tips/security/identity-theft-what-to-do-if-someone-has-already-filed-taxes-using-your-social-security-number/L4NBQHSM2 article and couldn't create an account to verify my identity. So far, I've placed a freeze on the Equifax, Experian, and Transunion.

    I've applied for the stimulus check as non-filer, told by my CPA it was fine, before I had my tax return done; would that be the issue?

    Any help would be appreciated!

    submitted by /u/LycheeJellyBubbleTea
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    If someone is considering buying a house, what do they need to know?

    Posted: 28 May 2020 03:38 PM PDT

    What is the process like for buying a house?

    Do people really pay $30,000-??????? out of pocket for their home down payment or do they usually get a loan for the down payment?

    What else do I need to consider before/during the process of buying a house?

    I have a great credit score (mid to upper 700s) but I am young without a lot of savings so I'm curious how this all really works. Soon, I want to stop wasting my money renting and put that money toward buying a home.

    submitted by /u/qwertybun
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    My Fiance and I are applying for a small loan to purchase a property. Do we split our (shared) rent in half, or both claim all of it?

    Posted: 28 May 2020 07:18 PM PDT

    I think the title explains it pretty well. We pay 1900 a month in rent total, want to apply for a loan, and I need to know whether we should each put half of the rent payment, or if we should both put the full amount.

    submitted by /u/BalticTango
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    Paying taxes on stocks

    Posted: 28 May 2020 08:36 PM PDT

    Say I make 100k a year from full time job at a company

    Saw on robinhood i day/swing trade for 6 month and put in 25k and sell everything and have 50k

    How would I calculate taxes for quarterly payments for federal NY state and local taxes And where do I send the payment

    submitted by /u/halo9909
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    Possibly needing a new used car

    Posted: 28 May 2020 03:42 PM PDT

    So I currently drive a 2007 Honda Civic (clown car) that has about 140K miles on it. The exhaust broke right before the muffler do to salt corrosion and I'm pretty sure the transmission is on its last leg.

    I bought a house last January that is a fixer upper. As you can guess, it's hard to transport materials in a Civic. So I was looking at getting a truck so I will be able to transport material needed for the home renovations. The truck I'm looking at is a 2005 Chevrolet Silverado 1500 Z71 that has 97K miles. The truck is in really good condition, the Carfax shows it as a clean vehicle and has a complete maintenance log. The truck has a price of just under $10k.

    With the truck being 15 years old, is it wise to get a vehicle that old, even if it's been taken care of and has low miles?

    With the truck being 15 years old, is it worth the $10K they are asking for? I bought my wife a 2015 Mitsubishi Outlander Sport with 49K miles for the same price but I know trucks cost more.

    Any advice would be greatly appreciated

    submitted by /u/Shadeslayers09
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    Advice please! How can I pay off my student loans?

    Posted: 28 May 2020 04:24 PM PDT

    I have been following this page and you guys give great advice so please id love the suggestions.

    What I need advice on: what should I do to pay off my debts (particularly my private loan) as quickly as I can.

    I have $33k saved up. Taking money out of my savings is always hard because I've worked hard to save up that much, but after looking at all my debt I decided I need to make a change.

    Here's my situation: $59k in private students at 4.1% ($680/month) $24k federal (currently 0% for covid) ($288/month) $10k car loan at 3.5% ($230/month)

    I make $26/hour + OT so I'd say around $3200 after tax a month (but normally more bc of OT) and I get a bonus every year. Yearly ~$60k. And I put 6% of my paycheck towards my 401k.

    I live at home, and have other smaller expenses like grocery shopping, subscriptions, etc. but the debts listed above are my main consistent monthly bills. I'm 24

    After following this page I realized having a lot of savings doesn't make much sense when I have a huge amount of debt, so I've begun throwing a lot of extra cash towards my private loans and with my federal loans on forbearance I've been taking that payment and putting it towards my private

    My main question: how much of my savings should I take out and put towards my private loans? I'm torn between taking out a large chunk and wanting to keep my savings.

    Any additional advice would be appreciated. Thank you :)

    submitted by /u/et437279
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    I'm trying to figure out a short and long term housing plan given my current finances and career.

    Posted: 28 May 2020 09:53 AM PDT

    I'll give the short and sweet then go into more detail.

    I'm a 25-year-old single guy who makes $55,000/year, travels a lot for work (normally), and I want to create a housing plan for myself.

    Some more detail.

    I currently live in an apartment with two roommates and neither are going to renew their lease in August. I don't have any other friends who I could rent with and I'm not very enthusiastic about renting with a stranger(s). My initial conclusion was that I would find a place to rent on my own. However, my parents threw in an offer for me to live with them rent-free on the condition that I save for a house. My parents want me to buy a house in the worst way possible, hence their offer. I would be lying if I said I hadn't given this some thought in the past. However, I figured I was at least a few years of savings away from making it a reality. Living rent-free with my parents would certainly reduce the amount of time needed to buy a house. The other factor to consider is that under normal operations (not in a pandemic) I'm traveling 3-5 days every week for work. Therefore, regardless of whether I live by myself or with my parents, I will not be spending a lot of time there.

    My current finances are listed below:

    Debts:

    • Student loans $13,500
    • Car loan $6,500

    Assets:

    • Total cash on hand $9,600

    Estimated monthly savings if renting by myself $300-$400/month.

    Estimated monthly savings if living with parents $1,300-$1,400/month.

    I talked to a mortgage loan officer with my credit union. She told me I could be approved for $1,500/month or $220,000. If I bought a house and lived in it by myself I would not buy anything near $220,000. However, another idea I am toying with is buying a multi-family home and renting units to generate income. If I did that I believe it would be easier to justify a home price closer to $220,000. That assumes I can find people to rent the units. I'm also not sure if that's a good idea considering I would normally not be home very often (for maintenance or other reasons).

    I think it's smart to move in with my parents regardless of whether or not I buy a home since I travel so much for work. However, I'm not sure, given my career and current finances, homeownership makes sense for me? I also don't want to be living with my parents for years. Ideally 12 months or less but I think anything over two years is way too much. Just doing some research online for what I should have saved up I've seen everything from a few hundred dollars on top of my down payment to 1.5x my down payment. If I should have that much on hand it would be pretty much a full year if not a few months more for me to save that much money.

    I want to set a short-term, medium-term, and long-term goal for housing. I would appreciate any feedback.

    Option A:

    • Short Term (6 months): Move in with parents and start saving money.
    • Medium Term (1-2 years): Buy a single-family home after saving enough money ($150,000-$175,000 range).
    • Long Term (3+ years): Build off of the medium-term goal. Consider current career, personal, and financial variables going forward.

    Option B:

    • Short Term (6 months): Move in with parents and start saving money.
    • Medium Term (1-2 years): Buy a multi-family home and rent out apartments ($200,000-$220,000 range).
    • Long Term (3+ years): Build off the medium-term goals. Continue to rent out units to generate income. Consider current career, personal, and financial variables going forward.

    Option C:

    • Continue to rent until I have enough saved up to buy a house
    • Reevaluate current career, personal, and financial variables once savings are high enough to determine if buying a house or continuing to rent makes more sense.

    Thank you!

    submitted by /u/mrthrowaway5639
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    Seeking Financial & Life Advice (crosspost from r/financialplanning)

    Posted: 28 May 2020 12:28 PM PDT

    I'd appreciate some perspective (on finances and maybe life, too) from the wise folks here.

    Context

    I'm a 41 y/o guy in a HCOL city with no kids.

    Last summer, I came home early to find my wife in a, let's say 'compromising' position, with another guy. Over the ensuing weeks voices were raised, tears were shed, booze was drunk, lawyers were retained, papers were filed, and movers were called. Not that there's ever good timing for something like this, but the timing really couldn't have been worse as I'd just quit my job the week before to focus on starting a consulting firm with a few colleagues. Because I was technically unemployed, I wasn't able to refinance the mortgage on our condo and buy her out…which is probably for the best given what went down within those walls. But I did love that condo! In the end, we split the equity evenly and each walked away with $200k+.

    I decided to rent ($3500/mo) for a year in a luxury building (concierge, pool, fitness center, etc.) to pamper myself a bit while I adjust to the new normal of being single again. And dating was a hoot until covid-19 came to town. The past few months of quarantine have been hard but maybe the good thing is that I've had loads of time in solitude to reflect on my life and think about my future.

    I also decided to pull out of the consulting venture as I wasn't in the right headspace to take it on given all that went down. I planned to take a year sabbatical to regroup and "find myself" but in January received a pretty decent job offer, which I accepted. Though who knows how long this will last given current business conditions.

    I want to buy a condo again (ideally by end of year) with the hope/assumption that prices will fall given economic conditions and a local housing market that has been red hot for the past several years.

    Here are my questions:

    • My company's 401k plan only allows people to enroll during the first weeks of January and July and I missed the January window. I plan to enroll in July but in the meantime I'm parking extra cash that would otherwise be going to 401k in my checking/savings account. Is there somewhere else I should be investing excess income?
    • The local housing market is slowing and prices are coming down a bit but not by much (so far). As I'm sitting here watching and waiting, is there somewhere else besides the HYSA where I should park my downpayment cash?
    • Any advice on my current financial allocations? Am I better off being cash-rich right now given talk of an impending economic doom scenario?
    • Any life advice for navigating single life as early 40-year old after the collapse of a 10-year marriage? :)

    Edit: I think what I'm really asking is, am I going to be okay?

    Allocations

    • $275,000 (HYSA -- for condo downpayment)
    • $215,000 (401k — 66% Index Fund, 20% Stable Value Fund, 14% Target Date Fund)
    • $60,000 (Roth IRA — 60% Index Fund, 40% Target Date Fund)
    • $15,000 (Rollover IRA — Total Bond Market Index Fund)
    • $15,000 (I-Savings Bonds)
    • $15,000 (Checking)
    • $5,000 (Investing/Trading Account)
    • Salary: $185,000
    • Debt: $0
    • Monthly obligations (rent, cable, etc.): ~$4,000
    submitted by /u/throw_away_sail_away
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    Is it fraud? Recurring pending charge

    Posted: 28 May 2020 02:44 PM PDT

    I have noticed a recurring pending charge from Target on my credit card. It is for the same amount, but it disappears after a day and never fully becomes a charged transaction. This has happened twice over the past four weeks .

    Neither the credit card company and Target have information since the charge appears as pending and disappears after a day or two. Any advice?

    submitted by /u/marthamagrum
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    What is the best option to finance a second home?

    Posted: 28 May 2020 07:15 PM PDT

    My husband and I own a house and have about $90,000 in equity. We recently refinanced just to get a better interest rate. Now I would like to start thinking about buying a second home and renting out our current home. For those who own a second home-how did you finance it? For those who did a conventional loan- what is the minimum down payment on a second home? Is a cash out refinance our best bet if we don't have a ton of money in the bank?

    submitted by /u/asmwilson
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    Should I take money out of 401K to pay debt?

    Posted: 28 May 2020 07:11 PM PDT

    Hey guys. I'm 28 yrs old. I make about 46K a year, have a 401K at 25K. My company has been matching me at 6%. I started the acct about 4 years ago. I have CC debt of about 7700 total due to some poor choices. I just finished paying off a 7K carecredit card (been paying this for about 3 years). I have about 5K in saving, 1300 in stock. I'm asking if it's a good idea to take 10K out of my 401k to just get rid of my CC debt. I also have about 20K left in school loans but thankfully my parents are helping me pay half of that monthly bill. My bills include my cellphone at $93, these credit cards and a car note of 312 + 222 car ins + 100 for the loan. I live at home now so I don't pay rent, just help out when my parents need help with anything money wise. I want to get a house before I turn 31 and take full ownership of my school loans. I feel like these card payments are stopping me from making the most savings I can. I'm also going to school for IT right now so hopefully in the next 2-4 years my income should hopefully go up. Under the CARES act I can access my 401K but it says later down the line the IRS might ask if I really needed it. I'm still working full time at the moment. Is it worth taking the money out and paying off the credit debt or should I just keep chopping at it like I have been? My credit score atm is about 705 if that matters.

    submitted by /u/PastCress
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    Cosign for FIL's Mortgage..frozen credit reports..will it get rejected?

    Posted: 28 May 2020 07:10 PM PDT

    My (29m) FIL wants to buy a new house in the countryside. It'll cost around 200k, and he only makes around $35k a year right now. He wants me to cosign on the mortgage so that he'll get approved.

    I really don't want to be cosigning anything, but I feel bad if I tell him no. He's the type that would then talk bad about me to all the extended family and say that I'm greedy and don't help them out.

    If I freeze all of my credit reports (Experian, Equifax, and TransUnion) and cosign the mortgage, will they not be able to access my credit?...Which would then result in an automatic rejection?

    submitted by /u/tkeo1997
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    Just found out my wife is pregnant, what do I need to do financially?

    Posted: 28 May 2020 05:21 PM PDT

    So my wife and I just found out we're expecting our first child and I wanted to see what everyone here with kids thinks I should start to do financially prior to the baby being born. Thanks in advance! A little backstory on our current financial status:

    -my wife is in grad school and not working (she'll also be in school up until the baby is about a year before she can work)

    -I work full time and luckily have a job where I can readily get overtime but that also keeps me away from home for up to 5 days in a row

    -besides our mortgage, we have no outstanding debt (both cars are paid off, no credit card debt, etc.)

    - have roughly $10k in savings

    -I have about $30k in a 457 in addition to a career where I'll get a pension upon retirement

    -closing on refinancing our house which drops our PMI, and lowers the payment around $400/month

    submitted by /u/whiskeyandwayfarers
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    How would I go about filing my 2018 tax return?

    Posted: 28 May 2020 05:12 PM PDT

    I wasn't able to fill out my taxes in 2018 due to an ex employer giving me the most trouble acquiring my W-2 I finally got it today and I'm trying to figure out how I can file.

    I'm expected to get a return so I'm not worried about a penalty, though I'm also incredibly broke right now since I've been out of work. Is there a way to do it free? I don't have to worry about state tax either.

    submitted by /u/Aedrikor
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    Child Support Income

    Posted: 28 May 2020 05:05 PM PDT

    I receive child support from my sons father each month. It's not much...about $350 or so a month plus whatever I ask him for towards other expenses. Thanks to Dave Ramsey, I'm in a position where this money is not "necessary" and I'd like to start putting it in an account for my son. I don't want to use just a regular old checking account...thinking of something with a better interest yield. I have 8 more years of support for him and I think it would be nice to surprise him later on in life with this extra money say if he wanted a car or down payment for house etc.

    submitted by /u/tigerlily7x17
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    Buying a house, max out the down payment or take some of that money to pay for move in repairs?

    Posted: 28 May 2020 06:38 PM PDT

    We are under contract on a house right now, it is contingent on the sale of the old one. If we get asking price for the old one, we can take all of that and make a down payment of about 31%... Or we can keep it at 20% and use some of the extra to pay for new windows and a roof... The windows are old single pane windows, which I feel have to be replaced given Florida summers, but the roof has another 5 years left on it... Maxing out the down payment would drop the monthly payment over $100 a month...

    I'm thinking that we shouldn't finance the $11k or so for the windows over 30 years if we can put them on another form of credit and pay them off in a year.

    With the roof, I'm thinking that we should just save up money over the next couple of years in order to get it replaced since it seems to be perfectly fine, inspection is tomorrow so we'll know for sure then...

    Thoughts?

    submitted by /u/mekender
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    Car Insurance Recommendations for Someone Who Rarely Drives in San Francisco?

    Posted: 28 May 2020 02:02 PM PDT

    I live in the central part of SF. Sometimes I go to Marin to visit my sister on the weekends but that's about it. Most of the time my car is parked on the street. I'm use CSAA now and pay around $150/mo, despite driving my car only 3-4 times a month (I bus to work, walk for groceries).

    What would you guys recommend for cheaper but good, reliable car insurance?

    Thanks,

    Z

    submitted by /u/estimated_eyes1
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    Getting emails from loan companies and insurance companies I've never spoken to. What should I do?

    Posted: 28 May 2020 06:36 PM PDT

    Hello

    I am getting these emails from random mortgage companies thanking me for inquiring about a loan but I have never talked to these people before. Also got an email from liberty mutual insurance asking me to take a survey from my recent inquiry with them about being insured through them. I have never talked to them either. All these emails are legit and not malware/phishing

    What should i do about all this? I already have a fraud alert on my credit report and nothing has come through fishy. Also if someone is trying to impersonate me why would they use my actual personal email?

    submitted by /u/BOOMROASTED2005
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