| Money Talk|| re: Accounting Depreciation Question - Capitalization v. Expense - Crbello4Hiceman on 12/1/13 at 10:07 pm|
[quote] It won't have a material effect [/quote]
This. You have the real world concept of accounting on lock. If I had a dollar for every time materiality came up in any conversation about a transaction... ...
| Money Talk|| re: Accounting Depreciation Question - Capitalization v. Expense - Crbello4Hiceman on 12/1/13 at 9:33 pm|
I am a CPA but can't remember. My guess (without putting forth any effort) is that you capitalize the total cost to place the asset into service. So you would capitalize the net trade discount.
Show your work and they will probably give you partial credit if I am wrong.
| Money Talk|| re: MB, I could use some general advice - Crbello4Hiceman on 11/12/13 at 11:03 am|
I'd say the emergency fund is a little low. But remember, the more monthly notes you have open, the more $$$ you should carry in your emergency fund.
Here is what I'd do:
-Don't touch the $10k in your emergency fund and save up the $1k/mo and put it in your emergency fund until you get to the ...
| LSU Ticket Exchange|| re: WTB 3 LSU Bama tickets - Exchange in Tuscaloosa - Crbello4Hiceman on 11/8/13 at 10:50 am|
Got 2 for sale if you took that other poster up on the 1 they have for sale. asking face + the shipping they pd. email@example.com ...
| Money Talk|| re: Anybody else studying FAR for the first window in 2014? - Crbello4Hiceman on 11/6/13 at 8:28 am|
I scored all over the boards when I sat for it... I'd say don't stress about trying to get a high score for the sake of pride. Be more efficient. Study enough to land in the low 80's so you have a good margin of safety but otherwise, be more efficient with you time rather than studying. Focus on wor...
| Money Talk|| re: Becoming a Landlord- Seeking Advice - Crbello4Hiceman on 10/23/13 at 11:10 am|
The whole discussion is a sliding scale. Higher CF properties might not require the high appreciation that a "break even" property requires. The risk with an appreciation strategy is that you have risk related to appreciation/resale market when you attempt to exit.
For example I have 1 property I...
| Money Talk|| re: Becoming a Landlord- Seeking Advice - Crbello4Hiceman on 10/22/13 at 4:40 pm|
Plus you need to pick up insurance that would cover the HOA's shortfalls that your lender might require. Also, I doubt the HOA insurance policy carries liability, which is a must-have IMO. ...
| Money Talk|| re: Becoming a Landlord- Seeking Advice - Crbello4Hiceman on 10/22/13 at 11:13 am|
Agreed. Plus, another thing alot of folks getting started don't think of is that even if they are getting a good deal, they need to factor in closing costs on the sale- 3% to each agent + other misc closing costs means that they need appreciation of 7% + just to break even on the sale. If the cashfl...
| Money Talk|| re: Becoming a Landlord- Seeking Advice - Crbello4Hiceman on 10/22/13 at 10:39 am|
[quote]30 year mortgage [/quote]
I'd walk unless you can get em down enough to CF the same amount with a 15 yr mtg (prob need em to come down 25-30% more in price)....
| Money Talk|| re: Becoming a Landlord- Seeking Advice - Crbello4Hiceman on 10/22/13 at 10:38 am|
Only do it if you have reason to believe that the property will appreciate over time and that whenever you plan to sell (whether in 5 years or 50 years, you estimate that the lending market will allow for a buyer to get financing.
Golfer provides a good question too- if it is a 15 yr mortgage and...
| Money Talk|| re: How to organize monthly expense reports - Crbello4Hiceman on 10/15/13 at 10:57 am|
+1. The most important thing is making sure you have separate people in charge of approval and processing payment.
The scanner is the best way to go. If yall get big enough, you can buy software that makes the employee code the expenses in and then they can submit a receipts package with it but ...
| Money Talk|| re: Need investment advice - Crbello4Hiceman on 10/10/13 at 10:12 am|
1) save up 6-12 months worth of expenses in case you fall on hard times.
2) contribute to your 401k's to max out your employer match.
3) if you want, save up for a house downpayment but buying vs renting varies in preferability based on your individual situation and a variety of factors.
| Money Talk|| re: What to invest $3,000 in? - Crbello4Hiceman on 10/1/13 at 11:58 pm|
[quote]Exactly what ace said[/quote]...
| Money Talk|| Standard fee arrangement for investment manager - Crbello4Hiceman on 9/23/13 at 5:24 pm|
Anybody have any specifics on what to typically expect from a manager? Isn't it a flat fee plus a % above a hurdle return or something of that nature?...
| Money Talk|| re: Best online trading company? - Crbello4Hiceman on 9/23/13 at 4:52 pm|
I talk to Chuck. Great customer service from my experience as well. ...
| Tiger Rant|| re: Question for LSU Students RE: Student Section Cheers - Crbello4Hiceman on 7/30/13 at 2:16 pm|
"2 bits, 4 bits, 6 bits, a bucket
All for (opponent), get down and SUCK IT!"...
| Money Talk|| re: What does the MB think about REITs? - Crbello4Hiceman on 7/1/13 at 2:17 pm|
I am in NYMT. So far, their quarterly checks are clearing my account. ...
| Money Talk|| re: A coming industrial revolution and golden age of America. - Crbello4Hiceman on 6/25/13 at 5:47 pm|
| Money Talk|| re: Promotion -> More income -> Need advice - Crbello4Hiceman on 6/20/13 at 9:07 am|
[quote]1- Should I max out my contributions to my Roth (this seems like a no brainer) [/quote]
[quote]2- Should I increase my mortgage payments? [/quote]
I wouldn't. That is prob the cheapest money you will get for the rest of your life. I'd put the extra $100 a month toward investing....
| Tiger Rant|| re: I just got rally corn out of the freezer and put on mantle!! - Crbello4Hiceman on 6/18/13 at 4:07 pm|
I brought corn in to the office this morning for a food drive. I am now getting it out of the donation box and putting it on my desk until this game is over....
| Money Talk|| re: Getting CPA License - Crbello4Hiceman on 6/11/13 at 3:34 pm|
Well done. That is definitely more reputable experience than "accountant" work that alot of other people try to pass off for the requirement. ...
| Money Talk|| re: Getting CPA License - Crbello4Hiceman on 6/11/13 at 1:50 pm|
Beat me to it! ...
| Money Talk|| re: Getting CPA License - Crbello4Hiceman on 6/11/13 at 1:49 pm|
You can get in trouble if you represent yourself as a CPA even if you have passed the exams but haven't completed the other licensing requirements.
No ethics exam here although we do have ethics CPE requirements.
Also, yes- you have to have a year of experience supervised by a licensed CPA. Th...
| Money Talk|| re: Getting CPA License - Crbello4Hiceman on 6/11/13 at 12:01 pm|
Oh please. We have to take ethics CPE. We just don't have to have an official college level ethics class or take a fill in the blank type exam that the texas guy was talking about.
We have a very strong ethic of integrity in the CPA community here in Louisiana. ...
| Money Talk|| re: What kind of Ins. do I need on a Duplex? Live in one side. - Crbello4Hiceman on 6/10/13 at 4:15 pm|
We actually had to carry higher insurance than the mortgage cause we got it for so cheap that they said we couldn't rebuild it for the mortgage value. We upped the policy to cover rebuilding cost but we shrugged when doing it. We figure if it was totaled, all we would really want is to be able to pa...
| Money Talk|| re: What kind of Ins. do I need on a Duplex? Live in one side. - Crbello4Hiceman on 6/10/13 at 12:56 pm|
I agree with this! I just closed on a slum duplex in Hollygrove that I got through Fannie Mae. My mortgage is like $280 and the insurance/tax escrow is like $355. Tell me that isn't an insane ratio!
ETA: both sides are rental- I don't plan on living in hollygrove! Through the process, the insurer...
| Money Talk|| re: What kind of Ins. do I need on a Duplex? Live in one side. - Crbello4Hiceman on 6/10/13 at 12:27 pm|
Just remember if you are buying as an LLC, it might mean you have higher insurance rates for your policy and higher loan interest rates. The big problem is that your lender might give you trouble about buying as an LLC.
I'd suggest working with an attorney to determine how you can obtain suffici...
| Money Talk|| re: Anybody Buying BP These Days or Am I the only sucker? - Crbello4Hiceman on 5/23/13 at 2:36 pm|
I'm with you- I own it, haha.
I was just trying to toss ideas out there as to why it doesn't have the buyers lined up like XOM. ...
| Money Talk|| re: Anybody Buying BP These Days or Am I the only sucker? - Crbello4Hiceman on 5/23/13 at 9:32 am|
I own some so I guess I am a hypocrite but the reason why they are priced so much lower than their peers is because they are the worst of the majors. Their assets aren't near the quality that XOM has. Their people aren't near the quality of XOM. Also, they have a worse reputation for corporate strat...
| Money Talk|| re: Nola Real Estate Question - Crbello4Hiceman on 5/21/13 at 3:20 pm|
Born and raised in lakeview and my grandparents lived in Gentilly by UNO so I am pretty familiar with the area between the 2.
I think the area will appreciate but prob enough for it to be worth it to make a move. Maybe you can buy a place for $125k gutted, spend $$$ renovating and sell it. Howev...