SALTY homes and downsizing

[NJDoc]

Depends on your financial situation. Our surgical specialty group, ENT, dropped facial plastics coverage a couple of years ago and it made a huge difference...

[NJDoc]

I'm an ENT and have just completed my 23rd year in practice. As has been said above, at it's heart ENT is a surgical subspecialty, so if you love surgery...

[NJDoc]

Kamban wrote: Still going on with my first act. Too lazy, and entrenched in the first act. Because of achieving FI I don’t feel like taking up any other a...

[NJDoc]

StarTrekDoc wrote: One only really needs a studio loft –  Bed+Kitchen+Bath.   The rest is really kicks and giggles. If you’re sweating efficiencies — a summer home? Cli...

[NJDoc]

hatton1 wrote: I think I may be around your age. My older brother lives in a >55 community outside Austin, TX.  The houses all look alike.  He loves it.  Lots of social e...

[NJDoc]

As my wife says it's more about "right sizing". She is on board, we both have active hobbies that require work space which is now in the basement ( a...

[NJDoc]

Agreed it's not all about the taxation issues. However, the laws have hurt new home sales and have negatively affected the value of the more expensive...

[NJDoc]

I realize this is predominantly a younger crowd on this forum, but I think there are a couple of older Docs still hanging around who may be able to chime...

[NJDoc]

White.Beard.Doc wrote: I investigated some of the most highly touted real estate syndicates for high net worth investors.  After due diligence, I decided to pass. Click to expand... That's an intere...

[NJDoc]

Vagabond MD wrote: There was a time when I was strongly considering a second home in Park City/Deer Valley, which I could “technically afford”. We had already visited multiple times, in wi...

[NJDoc]

Lots to discuss here and most of it has been done thru prior posts that you may want to review.   But briefly, while on my lunch break: Don't jus...

[NJDoc]

The White Coat Investor wrote: Similar issues here and thus the reason I’m gradually moving from individual investments toward funds. It turns out I REALLY like mutual fund investing...

[NJDoc]

Here is there company: https://www.oxfordrmg.com   Guess I should have provided that before. Lots I don't know about this, but with 6-7 yrs before...

[NJDoc]

Our group has been approached by a captive insurance agent for the largest captive insurance group in the country. We have listened to a couple of phone...

[NJDoc]

Peds wrote: WorkingToFish wrote: Okay. VERY loaded question coming, which I am sure has been discussed in length, so if the thread already exists, please point me in that directi...

[NJDoc]

Thanks for the comments - I think you are right about hiring independent counsel and/or CPA.

[NJDoc]

Our partnership is selling a building soon, and the majority investor and managing partner , not me, is looking to do a 1031 exchange. (I will be setting...

[NJDoc]

Golf is bad for my blood pressure.... I gave it up years ago after breaking clubs over my knees and wrapping them around trees. Switched to fly fish...

[NJDoc]

burritos wrote: What percentage of investable RE would be a a good portion of one’s NW? I’m sure opinions will be all over the place but what do other people do successfully? Or should one rethink it as what the percentage of ...

[NJDoc]

Steven Podnos MD CFP wrote: In 30 years of medical practice and now 15 years of financial planning practice, I have yet to see anyone do well in non-controlled real es...

[NJDoc]

Peds wrote: i dont understand…. you need help not working? and spending money? Click to expand... Cute, thanks for the snarky reply. Occasionally, people need...

[NJDoc]

I'm looking for a physician career transition/ retirement coach. Does anyone have any recommendations? Dr. Fork at Doctor's Crossing is no longer acce...

[NJDoc]

MaxPower wrote: One of the biggest things that stood out to me in the original post was no real vacation in 6 months. That’s ridiculous. I’m also in a surgical sub-specialty and can’...

[NJDoc]

hatton1 wrote: You sound like me.  I started at about 50 leaving earlier in the afternoon.  I always took a full day off.  Then I took another afternoon off.  Then I stopped working o...

[NJDoc]

So, I am writing from my office on a Sat. about to begin a busy office day. I'm mid 50's, and we cover every 5th Sat. in the office plus the regular work...

[NJDoc]

I still lust after nice watches, but I only own one Rolex. I almost pulled the trigger on a  Vacheron Constantin Overseas Dual time, in rose gold, then...

[NJDoc]

I agree with Q- School , the value of scribes is predicated on the argument that you can and will see more patients in a given time period. That is not...

[NJDoc]

Not really - just toughing it out a few more years.

[NJDoc]

We looked at it, but could not justify the expense for our ENT practice. Although my friends  in Derm and Ortho in town both use them. It's a trade off...

[NJDoc]

Well, I've weighed in on this already, but just to reiterate.. you do not need to go TIC/DST there are a ton of options that don't involve that legal...

[NJDoc]

I hope my estimates are wrong, but in my new SALT less world, I may have to DASH to a new state...

[NJDoc]

I'm sorry , I'm a bit confused. What exactly are you asking, if anyone has sold real estate and what are the fees? Or are you asking what would be a good...

[NJDoc]

...

[NJDoc]

Vagabond MD wrote: jz wrote: Financially, the house is the drag; I’ve got no out.   However,  maybe some self awareness.  My image above didn’t work;  google “happiness by ...

[NJDoc]

...

[NJDoc]

Crumbs for the little people

NP

[NJDoc]

jfoxcpacfp wrote: Messy, for sure, which is the reason God created tax software. Click to expand... For sure, definitely messy stuff. Like many things..it's complicated.  ...

[NJDoc]

WillCD wrote: Thanks for this. I attached a link below to Column 3 on Page 32. What were you hoping I would see here? I don’t see 25% anywhere. Thanks. Click to expand... Well the documen...

[NJDoc]

https://www.irs.gov/pub/irs-pdf/p544.pdf

 

See page 32, column 3.

[NJDoc]

CREGuy wrote: You’ll pay 25% on the deprecation recapture up to your original basis, then you will pay the appropriate capital gains rate on every dollar above that. Click to expand... I'...

[NJDoc]

Depreciation recapture is at 25%, up to your basis. Above your basis it is taxed as ordinary income.

 

 

[NJDoc]

1) Nice vacations, Spain was the last one and I really enjoyed that country. Prague and later Antartica are coming up soon. 2) The boat, somehow it ...

[NJDoc]

Yeah, my issue with them is compared to other private equity real estate companies I actively invest in , their estimated returns were something like...

[NJDoc]

I see that 37th Parallel Properties may be ramping up for a new asset purchase. I have not pulled the trigger and worked with them yet. The last project...

[NJDoc]

Congrats! Please keep us posted on what it's like to pull the trigger and move to the next step.

 

[NJDoc]

The White Coat Investor wrote: NJDoc wrote: I don’t have money with them. But, glancing at their website I believe they are a debt fund. So, that 11-12% return is fully tax...

[NJDoc]

I don't have money with them. But, glancing at their website I believe they are a debt fund. So, that 11-12% return is fully taxable as ordinary income. It ...

[NJDoc]

Ask yourself one question: Can you carry that NNN property for 6 months if vacant? I'm assuming there would be a mortgage on the property. In addition...

[NJDoc]

All very different choices. Agricultural leases can work out nicely and should have excellent longevity. Single family homes are a great way to invest...

[NJDoc]

Kamban wrote: On another day I stopped for a brief second in crawling traffic to let a guy get on to the road from a strip mall. He seemed shocked at the courtesy and the guy behind me honked for letting him in. There were ...

[NJDoc]

Strider_91 wrote: I have outdoor hobbies which require real mountains, Click to expand... Ha! So do I , but over time you make do with what you have , and fly to those real mountains. People would always ask me: How did you...

[NJDoc]

hatton1 wrote: NJDoc wrote: Easy there Cowboy… There are some beautiful parts of NJ out to the North and West. Don’t trash the whole place. Besides the weather is beautiful today: below zero wind chills near whi...

[NJDoc]

Dreamgiver wrote: I used to live in that dump of NJ. I always got a chuckle coming down the Parkway from NY into NJ by pulling up to the station and starting to fill up on my own. Some dudes from India or Pakistan woul...

[NJDoc]

Vagabond MD wrote: I am wondering if our imaging center business, in which we are investors with other parties in a separate corporation, which passes through income through an LL...

[NJDoc]

Zaphod wrote: My wife doesnt make me go, and hates having to be around if Im shopping. This works great.Please share the secret of how one achieves this higher state of being. Please...

[NJDoc]

I hope so, I've tried for years to be left home.

[NJDoc]

So, I now take a full day off every week. My wife, " forced" me into going to the mall to help with with Christmas shopping. I had no choice. It was brut...

[NJDoc]

Personally I like momentum , and employ it in my portfolio, albeit with professional management. I tried doing it alone and I just don't have the discipline,...

[NJDoc]

hatton1 wrote: NJDoc wrote: On track for $6-7M at age 60. I’ve downwardly adjusted my expected overall returns based on extreme valuations in the equity market. But, only 50% of my assets are in equities ...

[NJDoc]

On track for $6-7M at age 60. I've downwardly adjusted my expected overall returns based on extreme valuations in the equity market. But, only 50% of...

[NJDoc]

Rogue Dad, M.D. wrote: Plenty of people are not motivated by #2, which is fine, but you should recognize that some people simply don’t want to spend (waste) money on expensive or...

[NJDoc]

nolamd84 wrote: I personally dress well but its something that makes me feel more confident and something I appreciate. I don’t have Armani suits or anything stupidly expensive bu...

[NJDoc]

I'm very pro real estate, I never had the opportunity to do any such investing inside of my 401K so for me it was always in the taxable account. I ha...

[NJDoc]

Thank you both. They won't have sufficient income for school, but it's good to know she can use the 529. This was one of those family Thanksgiving Day discuss...

[NJDoc]

My daughter has left over 529 funds that are designated for her grad school However, there may be a marriage forthcoming before or during grad school....

[NJDoc]

ENT Doc wrote: Yeah, NJ is insane. PA is nice for retirement but it’s a trap in a way. 4.5% estate tax on inheritance. You either have to gift below the exemption amount w...

[NJDoc]

I don't get into that much detail honestly. My working capital and EF are the same, and at the moment it is also the " same" as the wedding funds and...

[NJDoc]

ENT Doc wrote: I don’t trust those online calculators, mostly because I can’t see the mechanics and assumptions. Takes a little more time but I find setting my own assum...

[NJDoc]

The political rants of late on WCI have driven me away. I have zero interest in getting involved in that stuff. So, I have found some good new blogs that...

[NJDoc]

Vagabond MD wrote: ) Work less, travel more (already slated). Click to expand... This is my only safe space for humblebragging , but I will avoid it. 1) Reduce debt on home and car. 2) Continue s...

[NJDoc]

Kamban wrote: WealthyDoc wrote: I went from millions to not millions in 2008 and I didn’t enjoy that experience one bit. Also my fees skyrocketed since my accounts dwarfed below required minim...

[NJDoc]

adventure wrote: NJDoc wrote: Although in a season on the water I will use less than $200 of diesel so it’s not so much of a money issue as it is an environmental one and a freedom from s...

[NJDoc]

Molar Mechanic wrote: Yup.  I’d love to burn gas and circle the world, but want to quit working one day.  I hear wind is free, which means I need to learn to sail.  Maybe solar pow...

[NJDoc]

The White Coat Investor wrote: That one looks fun too. I need to learn how to sail one of these days. Click to expand... Or sail this......

[NJDoc]

ENT Doc wrote: This is a bit ludicrous, not because they are shadowing but because it seems so poorly orchestrated. Though this is not unique to your situation. Family medicine residents ...

[NJDoc]

This may not be in your wheelhouse, but... Real estate provides a nice income stream in retirement, and is theoretically inflation adjusted cash flow.(...

[NJDoc]

Yep, it's been around for a long time, but is currently a rapidly growing treatment modality.

[NJDoc]

OK , yeah silly name. But, it is the hot ticket right now in turn key Vestibular Rehab/PT which for ENT's and Neurologists is an excellent ancillary income...

[NJDoc]

I realize this is a fairly niche focused question, but has anyone invested in a Fyzical franchise? Feel free to PM me for more in depth discussion. Thx....

[NJDoc]

I have been completely against early mortgage payoff for many years as it made no mathematical sense. However, I must admit that I started to put additional...

[NJDoc]

q-school wrote: awesome news!  hopefully you guys can begin to work on a transition plan if he truly intends to retire in a couple years. Click to expand... Thanks - and yes,...

[NJDoc]

Just a follow up - we, the partners, unanimously voted his requests down and offered to take over all administrative duties starting Jan.1. There wa...

[NJDoc]

Vagabond MD wrote: You are interested in what he will do for the group today and tomorrow, not what he did yesterday. Click to expand... Thanks ...always good advice fr...

[NJDoc]

Rb52dds wrote: What percent of partnership does this partner own? Click to expand... 4 equal partners, another in the pipeline on buy in track. Yes, we will both be se...

[NJDoc]

q-school wrote: I know nothing about the person obviously but no way does he accept your counter offer and plus it pisses him off. At least that’s been my experience w...

[NJDoc]

jfoxcpacfp wrote: I like your idea – if he will agree to it. You might include a provision that if his balance is down to X% (say 20%) of the buyout amount, that you ha...

[NJDoc]

So, the founder and managing partner for many years wants to go part time. He would like to continue on as managing partner, and since he has done it...

[NJDoc]

I've ridden many thousands of miles , all safely. I learned to ride in my late 40's, although I played around on dirt bikes as a kid. Definitely take...

[NJDoc]

Interesting data, just sharing.   https://dqydj.com/net-worth-brackets-wealth-brackets-one-percent/  ...

[NJDoc]

I'm guessing you were not invested in real estate in 2007-2008? It wasn't great then, in fact it was bad. Some of my properties pulled through unscathed...

[NJDoc]

Agreed , I have heard this stated by numerous well respected individuals, like Bogle and Shiller. We are in interesting territory with high valuations...

[NJDoc]

I have done both, and for me personally handling the partnership is almost as big a pain as dealing with management issues of the building. Partners...

[NJDoc]

Vagabond, My condolences to your friend and colleague. Our local Docs have had similar unfortunate news in the last year with two Docs diagnosed with advanc...

[NJDoc]

It's an interesting dilemma , and it may be one of the reasons I will work in a part time status to age 62?? I had fully planned to wind down slowly and ...

[NJDoc]

WCI, I get your point, I actually wouldn't do that as I think it removes the impetus to make money on their own and will likely rob them of the feel...

[NJDoc]

Thanks Vagabond, nice to know others think along the same lines. I'm leaning toward not paying down the mortgage as my timelines for the kids could be...

[NJDoc]

My apologies, I realize I am not always clear in my descriptions. Yes , the 250K , is in addition to the 529 funds, which I intend to drain completely....

[NJDoc]

Looking for some feedback from the group on putting some cash to work or not. I tend to mentally organize my savings into separate little stacks...dr...

[NJDoc]

I have in the past, due to political arm twisting. However, like Osiris , our Hospital is very profitable and I find it difficult to continue to give,...

[NJDoc]

I have invested with small local groups of guys I know and trust ( a small syndicate) , wherein we had control over the leases and occupancy and knew...