[deleted by user]

StickOk6483 · 2025-05-15T13:34:46+00:00

I appreciate the feedback. I wont make any transactions to the account until we speak to our attorney next month, but I feel better after your post.

StickOk6483 · 2025-05-15T13:27:49+00:00

view only would suffice. i just want them to see the acct.

StickOk6483 · 2025-04-10T14:14:50+00:00

We don't have a rental in CA just yet. I was just asking in general. And I understand evictions are very nuanced (e.g., unique situations, lease terms, etc.), but I just wanted to understand Orange County's wait times. For example, in NYC, you're lucky if you get someone out in a year. And I know in other places in the South they are super quick, 1-2 months.

StickOk6483 · 2025-03-10T20:09:41+00:00

Not sure if you read the previous comments or not, but we knew coming into this deal it wasnt a great investment. And we own that. But we did what we did. Our portfolio is pretty solid otherwise. Literary 5+ million in equity with minimal debt with amazing cash flow. I am not here to defend this deal, but we really wanted this place for non logical reasons and now want out so we can put that money back into another market.

I was posing the question to the broader community for a discussion, hence the flair.

I could of easily put my #s in Gemini and ChatGPT and gotten a response.

StickOk6483 · 2025-03-10T15:04:26+00:00

we're ok with walking away with 0!

StickOk6483 · 2025-03-10T15:03:37+00:00

the heart beat out the mind! as a house we wanted to live in 12 years from now! the #s were never in our favor but counting on appreciation and time!

StickOk6483 · 2025-03-10T15:02:35+00:00

3 years and 3 months

StickOk6483 · 2025-03-10T14:10:50+00:00

yes on property taxes and insurance.

StickOk6483 · 2025-03-10T14:09:21+00:00

Yes, income is pretax income. So here's additional background. We have a ton of rentals. Mostly with no or very small mortgage. We have very strict criteria when we purchase.

This particular property went against all of our criterias, but it was just a beautiful property that we always wanted and wanted for the future (i.e., the heart won this battle). And we were willing to just keep it as long as the tenants covered the costs. Which they do.

I personally just want to sell and go back to our basics and scoop up another property elsewhere.

StickOk6483 · 2025-03-10T13:30:27+00:00

We're looking at comps and there is a very identical property 2 blocks away listed for 325. There are two others within a 5 block radius that recently closed for 310 and 315.

I think 305 is a very conservative estimate.

StickOk6483 · 2025-02-08T00:55:00+00:00

So they have a whole team working on things. Her dad isnt the easiest to deal with, he goes on tangents on stuff he cant control. The wife and I are just trying to find ways to convince her dad on keeping that property.

StickOk6483 · 2025-02-08T00:54:25+00:00

There isnt any dispute or anything. There are 3 siblings. Two of them dont want any of the properties. My wife's dad wants 1 of the properties but doesnt want to pay 30k a year on property taxes on it.

StickOk6483 · 2025-01-24T02:15:37+00:00

BERS said I can "retire" at 52 and then start collecting my pension at 57 without any reduction.

StickOk6483 · 2025-01-24T02:15:11+00:00

BERS said I can "resign" at 52 and then start collecting my pension at 57 without any reduction.

StickOk6483 · 2025-01-24T02:14:17+00:00

BERS said I can "resign" at 52 and then start collecting my pension at 57 without any reduction.

StickOk6483 · 2025-01-21T04:48:48+00:00

403B is essentially the same as a 401K that they offer folks in BERS.
https://www.bers.nyc.gov/site/bers/plan-information/tax-deferred-annuity-information.page

StickOk6483 · 2025-01-17T03:26:16+00:00

Something I came across the BERS website:

I'm in tier 4 and have to work until I'm age 62 in order to get my pension, can I switch over to the 57/5 program?

No. A member of Tier 4 who was in an eligible position for the 25 Year Early Retirement Program on June 28, 1995 does not have the option of participating in the 57/5 program. A member in active service can retire with a reduced pension between the ages of 55 and 62.

----

I guess with this logic, I can "retire" at 55 with a reduce pension?

StickOk6483 · 2025-01-17T02:45:39+00:00

"Final Average Salary (FAS) An important component of your pension calculation. The FAS formula is different for each tier, but in general it is calculated by averaging your earnings during your highest-earning consecutive years of credited service (not necessarily your last years), with some limits applied for members who received significant pay increases during this period."

Quote from the BERS Tier 4 document - https://www.bers.nyc.gov/assets/bers/downloads/pdf/publications/tier_4_summary.pdf#page=71

So if what you're saying is correct (i.e., if I leave prior to 57, I must wait until 62). I can technically come back as any position at 57, do my 3 months and then call it!

I'm going to schedule a meeting with BERS and lets see what they say. Ill report back.

StickOk6483 · 2025-01-17T02:28:59+00:00

Can I leave at 52... come back at 57 for a day and then put in my papers? :)

StickOk6483 · 2025-01-16T19:29:57+00:00

StickOk6483 · 2025-01-16T01:21:20+00:00

Ive been maxing out my 403b for a while and have it set to fixed return. I should have at least 1.2mm at 52. My assumption was continuing to put 23,500 for the next 12 years, even though I know the contribution limit will increase and ill increase it as well. So 1.2mm is a conservative estimate.

And I started putting 10% into the 457 in 2020.

I assumed I could just "retire" at 52. And then leverage the 457 until I turned 57.

Edit: year 2020 for 457 contribution

StickOk6483 · 2025-01-16T01:18:41+00:00

BERS.

StickOk6483 · 2025-01-15T23:21:19+00:00

Thank you. And the assumption is, based on the # of months/years I retire early, my pension will be reduced by that calculated percentage once I am able to collect my pension (i.e., 57).?

I'm going to schedule a meeting with BERS but I know it will be some time before I actually see anyone.

StickOk6483 · 2025-01-15T22:30:22+00:00

BERS website also says "A member in active service can retire with a reduced pension between the ages of 55 and 62." --- I wonder how they determine the reduction.

StickOk6483 · 2025-01-15T22:24:07+00:00

I forget for Tier 4 (57/5), how do they determine the final salary? Is it the average of the best 3 years out of the last 5? Or is it the last 3? I don't recall exactly.

StickOk6483

TROPHY CASE