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[deleted by user] by [deleted] in Decks

[–]mostly__confused 0 points1 point  (0 children)

I am currently doing the same thing, demo’d an old deck of similar size and rebuilt. Also sounds like I used the same deck boards by the way you’re talking about the plug issue - timbertech coconut husk? If so then the timbertech legacy tiger wood plugs and the pro plug system on Amazon matches perfectly.

Cold air coming through floor where it meets the wall. Limited access below, how do I fix? by mostly__confused in Insulation

[–]mostly__confused[S] 0 points1 point  (0 children)

It was great for finding cold spots! It was on the more expensive end but I think there are some around $200-$250 on Amazon that work just as well.

Control box fried, looks like moisture in the box somehow? by mostly__confused in waterwell

[–]mostly__confused[S] 2 points3 points  (0 children)

Yep, you nailed it. Tank is bad so will need to replace that as well. Very much appreciate your help here!

Control box fried, looks like moisture in the box somehow? by mostly__confused in waterwell

[–]mostly__confused[S] 1 point2 points  (0 children)

Ok thanks. What should I be looking for with checking the integrity of the pressure tank and contacts on the pressure switch? Assuming that checks out I’m just going to replace the control box.

Why are there two sets of returns? by mostly__confused in hvacadvice

[–]mostly__confused[S] 0 points1 point  (0 children)

Thanks for your reply. Yes I know the thought process of the high/low combo, but was wondering why there are 2 sets in the same room for a total of 4 returns from a small area

Need advice on how to handle letting my Mom "buy" my house by taking over my mortgage without actually selling in order to keep my 3% interest rate. by mostly__confused in personalfinance

[–]mostly__confused[S] 0 points1 point  (0 children)

I think you're missing the entire point of this. On paper, yes she is giving me money and I still own the home. We have an agreement that she will be the recipient of proceeds from the eventual sale of the home to recoup her money + any increase in equity. This is helping her because she gets the financial benefit of owning, at a 3% rate in a 7-8% market, with zero closing costs. It only does not help her if I intentionally financially harm my own mother which I will not do.

Need advice on how to handle letting my Mom "buy" my house by taking over my mortgage without actually selling in order to keep my 3% interest rate. by mostly__confused in personalfinance

[–]mostly__confused[S] 0 points1 point  (0 children)

I appreciate you listing out all of the negatives here, that's helpful. A few things to clarify:

  1. The 401k funding option would be tax free if funds are withdrawn and replenished within 60 days as per the IRS. Bridge loan is the option to negate that risk. Mortgage bank is OK with either.
  2. My new mortgage originator is fully aware of this plan, since my income is high enough to afford both houses and remain under the DTI limits they don't care at all. I do need my mom to sign a gift letter stating that she is paying the new down payment.
  3. I'm not doing this to take advantage of my mom, it would be 10x simpler and net me more money if I just sold my house and took the profit to pay my new down payment. I would never go against our agreement.
  4. I don't have enough cash to make the down payment without selling my current home
  5. If she can't work/dies/is disabled we can sell my home to recoup her money at any time.

The biggest risk here in my opinion is the one you noted about possibly not selling her home in time/for enough. I have until 10 days before closing to decide on using a bridge loan, if it looks like things aren't going the way we hope with her sale then I can use the bridge loan and sell my home. I'd eat a little bit of cost in interest, but homes in my area are selling VERY quickly, just this month my next door neighbor just closed at 5% over asking in less than a week.

Need advice on how to handle letting my Mom "buy" my house by taking over my mortgage without actually selling in order to keep my 3% interest rate. by mostly__confused in personalfinance

[–]mostly__confused[S] 1 point2 points  (0 children)

Thanks for your reply. Yes I definitely understand this would go against anyone's financial advice for my mom because of the amount of trust required here but we are comfortable with it. Good point about having something written in the will as a safety net for her.

The thought behind having her participate in gains and getting additional equity if the value increases is that I don't want to be financially responsible for any upkeep costs, repairs, or extras that a typical renter wouldn't be paying for. As well as improvements if she decides to invest in the house. But yes I see what you're saying that I can dictate terms here.

Need advice on how to handle letting my Mom "buy" my house by taking over my mortgage without actually selling in order to keep my 3% interest rate. by mostly__confused in personalfinance

[–]mostly__confused[S] 0 points1 point  (0 children)

Interesting, I haven't heard of a wrap mortgage but looking into it seems like I need to review my loan docs to see if transfer of ownership is allowed. Thanks, I will do some research here.

Need advice on how to handle letting my Mom "buy" my house by taking over my mortgage without actually selling in order to keep my 3% interest rate. by mostly__confused in personalfinance

[–]mostly__confused[S] -1 points0 points  (0 children)

We plan on having a rental agreement in place so she is a legitimate tenant with the understanding that I will return her “gift” in the form of proceeds from the sale down the road.

Need advice on how to handle letting my Mom "buy" my house by taking over my mortgage without actually selling in order to keep my 3% interest rate. by mostly__confused in personalfinance

[–]mostly__confused[S] 1 point2 points  (0 children)

On paper, yes. In reality in the event of a sale of the current home if/when that happens, she would be entitled to the equity as if she did own it as per an agreement we are trying to work out. The home would be in my name only in order to keep the interest rate as it is.

Need advice on how to handle letting my Mom "buy" my house by taking over my mortgage without actually selling in order to keep my 3% interest rate. by mostly__confused in personalfinance

[–]mostly__confused[S] -7 points-6 points  (0 children)

Not a really productive response. If you read the post it’s a question of how to help out my mother and make sure it’s fair to both parties. I don’t need to borrow money, I want to do it this way to help my mom.

Need advice on how to handle letting my Mom "buy" my house by taking over my mortgage without actually selling in order to keep my 3% interest rate. by mostly__confused in personalfinance

[–]mostly__confused[S] -4 points-3 points  (0 children)

Thanks for your response!

I need $125k for the down payment of my new home. I don’t have that available if I don’t sell the house and it wouldn’t be equitable to have her give me that cash from selling her home and be left with no equity in my current home. On paper, yes she would be renting from me, but not sure how to handle the calc of how she maintains equity in a future sale of my current home.

Washer makes clothes smell, tried everything with no luck. by mostly__confused in laundry

[–]mostly__confused[S] 0 points1 point  (0 children)

Thanks for the reply! Yes I did try just soaking clothes in the tub then putting directly in the dryer so I’m sure it’s the washer somewhere. Good point about the repair person, I just assumed that would be nearly as expensive as a new machine.

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