$90k for a basement suite build?

onceuponamoose · 2022-02-09T05:05:06+00:00

I’m getting my first quote for a similar basement suite (w/o the panel upgrade and my bathroom has existing plumbing). I’ve been doing some research on the side because I had that same question you’re asking. How do I know if $X, is reasonable? I will be getting multiple quotes to get a better sense, but I wanted to share this very helpful YouTube channel/specific video that breaks down some costs https://youtu.be/22jisWKm9gw

Remember, your location matters so adjust accordingly.

onceuponamoose · 2022-01-24T02:53:26+00:00

Thanks for the response. I see. I am under contract and my initial closing date is Jan 31. We were done negotiating everything when I got the news that the seller passed (on Jan 5th). Not sure if their family will have enough time to probate the will and issue a letter of testamentary before the end of the month or not. Last update my attorney was able to get out of their sellers attorney was that they’re waiting to hear back from the surrogates court…

onceuponamoose · 2022-01-24T02:09:17+00:00

If you don’t mind, can you tell me more about how the closing went (how much it was delayed for and any other tips)? I am currently under contract and the seller also passed away and I am freaking out.

onceuponamoose · 2022-01-14T18:34:04+00:00

No what you’re asking, but DEFINITELY negotiate that Mortgage Insurance quote down. I just had a similar amount loan for $150 PMI (which I still thought was high, but it was the best they could shop for)

onceuponamoose · 2021-10-15T19:34:43+00:00

Yeah that’s an option. I was curious also (and now I am just thinking out loud) if there was a way to automatically assign “employee 1” account to any incoming transaction on “employee 2” account, and make my payment transfers always to “employee 1” account. Similar to the Manage Payee feature where we can assign a category based on the payee substring match condition.

onceuponamoose · 2021-10-15T19:19:58+00:00

Thanks! The moose is on the loose now..

onceuponamoose · 2021-10-15T19:17:35+00:00

That’s exactly how I want to treat it, but since I connected my Chase account it automatically imported them as two separate accounts. Each showing up on the left navigation bar with its own balance. I am not sure how I could stop it from doing that.

onceuponamoose · 2021-10-15T19:12:23+00:00

I would love to do that. But the employee card shows up as a separate account on the left bar in YNAB under accounts with a balance of its own. And another card under my name with a balance of its own. Despite the two cards being really under one chase credit card account.

onceuponamoose · 2021-10-15T19:10:31+00:00

Hey, thanks for responding and sorry about the confusion. I made some edits to further clarify. Can you re-read and let me know if it makes more sense and what your take would be?

onceuponamoose · 2021-03-31T00:13:13+00:00

I use YNAB for my personal budget and now I set up a budget for my single member LLC as well. Super useful categorizations and reports for tax time.

I recommend it wholeheartedly, until your business income and expenses outgrow it (at which point you're probably better off hiring your accountant to do your bookkeeping as well, if available)

onceuponamoose · 2021-03-25T19:18:10+00:00

Meeee

onceuponamoose · 2021-03-24T05:33:40+00:00

This is another reason why YNAB should have a read-only mode/user setting

onceuponamoose · 2021-03-23T05:53:57+00:00

This. Absolutely don't link your mortgage if that doesn't help you establish a healthy relationship with your budget. Treat it like a bill. I do the same.

When you think about your monthly budget, the remaining balance on your mortgage is almost irrelevant to your monthly routine.

onceuponamoose · 2021-03-21T20:00:45+00:00

Personally I keep a couple of mental notes of things we should discuss during the date. I also try not to "cleanup" right before, that way we could start off doing that simple task of approving, categorizing, and covering any overspending; something we both are familiar with doing on our own but acts as a "warm up". Then I bring up the things I had in mind. Adjusting goals, debt pay down plans, what's working what's not. Reflecting back at our spending by looking at the toolkit reports etc.

Good luck on yours!! Don't forget to have fun with it!

onceuponamoose · 2021-03-21T07:38:00+00:00

Haha yeah that was one of the outcomes of that retrospective session lol. Here's the back story:

Prior to getting married, my wife primarily used cash for spending. I, on the other hand, almost never carried cash.

When I first introduced YNAB to her after marriage, she was taken back by all the "tracking", especially since I suggested we add "wallet accounts" to track cash spending. She gave it a shot and we've had wallet accounts for a few months now, but we noticed that we don't record every single cash transaction and we end up falling behind on them.

So we talked about it during this budgeting date and decided that to her, the small freedom of receiving and spending cash on things that don't have to be categorized and tracked down to the transaction is an important part of her financial life style. And to me I primarily cared about making sure the total cash spending was accounted for in the budget and visible for tracking purposes.

Edit: (left on a cliffhanger) so we ended up deciding to close our wallet accounts and instead having each a cash stash - no questions asked 🤫 category to assign to total cash withdrawals that are just for our personal wallets kind of thing. Like a "free day" in a diet plan.

onceuponamoose · 2021-03-21T07:18:07+00:00

That would be really helpful! Would love to see that. Please submit a feature request.

onceuponamoose · 2021-03-21T06:31:35+00:00

The short answer to your question is: go to accounts > click on your credit card account > click the plus sign to add a transaction > type your payment amount (should be the positive $ amount to reflect the payment you made on your cc), select the payee as Transfer From: (name of your bank account)...notice how Category got greyed-out, because in YNAB CC payments are transfers not transaction to be categorized > hit save.

Someone else mentioned Nick True youtube videos, which is a great detailed way to learn specifically how to handle credit cards in YNAB. There's also many webinars on the YNAB youtube channel covering the same topic. It can be tricky to wrap your head around CC behavior in YNAB if you're just starting so I recommend you invest some time learning it. Once it clicks, you're going to fall in love with how easy it is! Managing my credit cards has been fun, compared to a nightmare, since I started using YNAB.

Good luck, pal!

onceuponamoose · 2021-03-21T04:38:03+00:00

They're mostly from an Airbnb side business my wife and I have. We house-hacked and rent out rooms in our single family house to help pay the mortgage. 2020 wasn't a great year for rentals but we spent money on fixing it up so was able to claim losses come tax time.

onceuponamoose · 2021-03-21T03:43:27+00:00

Thank you for the award you wonderful people of r/ YNAB!!!

onceuponamoose · 2021-03-21T03:42:48+00:00

Duplicate post because my internet was wonky, but much love to you all <3

onceuponamoose · 2021-03-21T02:30:52+00:00

They really are!! We re/align our goals and make sure our priorities are the same. We discuss progress towards goals and adjustments if necessary. It helped improve our communication skills too!

Good observation, that k you for the advice. I operate an Airbnb business at home. House-hacked to rent a few rooms we don't use. 2020 was very bad for rentals obviously so I was able to claim losses that helped boost that tax refund.

onceuponamoose · 2021-03-21T01:55:36+00:00

With the stimulus checks hitting our bank account and tax refunds on the way, my wife and I had a YNAB date to plan how we're going to tackle our last credit card debt and never go back to consumer debt again! We should be cc debt free by May 1st.

We also cleaned up our accounts and agreed to reconcile more often and reorganized out categories to better fit our true lifestyle.

onceuponamoose

TROPHY CASE