Just being honest I don’t see it happening… I do not work with/for or deal with mortgages but I do know that a joint mortgage is generally frowned upon by most lenders and ALL names on the mortgage must qualify.

I would assume not one of you has a steady income and credit currently to be able to be approved solely

You can use your parents to help with that, correct? (the credit history part)

So the main thing he needs to do is find all his expenses for those years.

Because what is likely happening IRS gets a 1099 showing $150k revenue

But of that $150k he spent $100k on gas, vehicle maintenance. IRS lets you write off something like half of meals 50+ miles from home, etc.

But IRS doesn't know that. They just see $150k and send a massive tax bill for the full amount. He needs to adjust that and take all the deductions he can. This reduces the amount of tax, and then it reduces the amount of penalty and interest.

Make sure also they aren't reporting too much income IRS doesn't know about. If they say he has a tax debt they should send him the tax forms they prepare. Probably the part "Schedule C" is the main focus. Go over it with your dad and see it if makes senbse.

If it is feasible, what improvements would make it smarter/safer, we did think about buying a much cheaper house, like 50k, but thought buying a better 100k house would 1: be a lot cooler and an overall better experience, and 2: be easier to sell after 4 years.

Also, I made a spreadsheet, just wanted to say that because I am proud of it.

It shouldn't be looked at as "double the ER" but rather as 4 basis points.

Why? Because double being 4 basis points is basically nothing, especially when you consider the benefits (diversification including the addition of good risk and removal of bad risk factors).

Doubling from 0.30% to 0.6% is much more noticeable.

>You don't need to pay double the expense ratio for someone to do that for you.

The extra costs are from going global. Vanguard's TDFs are essentially the same ER as mirroring the ratio yourself.

Edit: Typo

Yeah it really sucks that the interests rates have been on a rise here.. would be nice get it over with, but then on the other hand I might just wait a couple months? See how it is with my wife being on half her wage?

• it's fine. save yourself the trouble and just leave it; no need to flip flop.

• Job would state something like "matches 35% up to $X" read how much it will match up to. Then you can put just that exact amount.

• contribute enough to get the full match which is free money.

• pick a target date fund closest to the year you turn 60-65 years old

Its partly that the rates have been very unappetizing recently, but its also partly just that it's boring and safe, and people don't like to discuss boring and safe very much.

If you made two posts, one saying you invested in CDs and didn't make or lose much, and another saying you put it all in crypto and lost it...the second thread gets a lot more replies and discussion.

Bottom line, there is nothing wrong with locking in a 5% interest rate and sitting back. It's a rare person who can do this and be happy during a big bull run where they make 5% and everyone else makes 20%. I think the lower returns and higher safety are more for people who have completed /r/FIRE and just want a safe return without risking their nest egg, forever.

simplifi by quicken is great

See https://www.keepertax.com/posts/ebay-1099 which shows where to deduct returns and costs of goods.

It’s not op but another irs link other person shared sorry I posted under you by mistake.

You need a credit history, good credit score, and a history of regular income that proves your ability to pay the mortgage.

Feasible yea Smart no

At least one of the friendships will die Houses are expensive in upkeep and there is a lot to do Profit calculation is not simple

If you are obligated on a tax plan they will be flexible. The debt doesn't 'expire' if it's being serviced through payments. And a 10 year plan is better than a zero year plan.

I've worked with the IRS on payment plans before. They are very generous on the terms and payment schedules and the interest rates are very reasonable. If you owe it, get in front of it. They will work with you.

Taxes for what owed to whom?

Optima sounds like a truck company? What do they have to do with these taxes?

Gravity. 25 drop is nothing to worry about.

I'm not sure, I was hoping to find that out in this question. What exactly do you need to qualify for a mortgage and I've read about LLCs would making one help us with this idea?

I have Synchrony Bank HYSA, it's currently earning 3.75% APY. I have no complaints.

Save up the cost of transmission repairs or replacement and keep it until the wheels fall off

The university I go to has a nice co-op program for the engineering major with an average of $19/hr salary while in college, I've found similar part-time jobs for over $20/hr that are definitely feasible in college, I used the very conservative numbers of $15/hr and 15 hours per week in my estimates, meaning even a job at McDonalds could make do. It seems as though there are many options and with savings, it should be very doable to pay the mortgage payments. If you have reasons for your comment, please give them or a scenario that maybe you or a friend went through that can explain it.

Life is pretty melancholy regardless the age it's like lettuce it's already pretty bad but gets worse with time.

How are 4 teenagers going to qualify for a mortgage?

Agreed (again).

My wife and I had a bunch of things happen all at once. We used to be renters in a much lower COL city with somewhat comparable income. Then, we had a layoff + a new job, so we moved, rented for a bit and then bought a house, and had kids basically all in the span of around 18 months. We used to live with essentially zero financial stress and while I'm fully aware that we still have it pretty good, we have never had to pay as much attention to personal finances as we do now.

I misread your use of tax efficient originally

The diversification points still stand.

That's OK how much better could I really get, I belive the next milestones would be prostate exam and aarp magazines?