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Forum
-> Household Management
-> Finances
amother
OP
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Wed, Sep 20 2023, 5:54 pm
anyone have recommendations of where to put 150k ? bh we have some extra money and would like a safe investment, something we can withdraw if needed.
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Cheiny
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Wed, Sep 20 2023, 6:46 pm
amother OP wrote: | anyone have recommendations of where to put 150k ? bh we have some extra money and would like a safe investment, something we can withdraw if needed. |
CitBank is offering about 5% interest and no penalty to withdraw…
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amother
Natural
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Wed, Sep 20 2023, 6:59 pm
Cheiny wrote: | CitBank is offering about 5% interest and no penalty to withdraw… |
This.
This is where we keep most of our $.
(We have some smaller amounts in smaller ventures ie more risk but 10k here and 10k there)
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amother
OP
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Wed, Sep 20 2023, 7:00 pm
is this the highest yield now?
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amother
Daffodil
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Wed, Sep 20 2023, 7:01 pm
You can buy a house for that price and have a monthly income. And then you can always sell later when you need the money.
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amother
Canary
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Wed, Sep 20 2023, 7:02 pm
You can get T-bills. They’re exempt from state taxes.
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ShaniF
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Wed, Sep 20 2023, 7:06 pm
amother Daffodil wrote: | You can buy a house for that price and have a monthly income. And then you can always sell later when you need the money. |
Where do you live that you can buy a house for that price??
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amother
Papaya
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Wed, Sep 20 2023, 7:08 pm
ShaniF wrote: | Where do you live that you can buy a house for that price?? |
No need to buy a house in your area. You can buy houses in Cleveland or Indianapolis or anywhere really cheap and rent it out.
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amother
OP
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Wed, Sep 20 2023, 7:11 pm
amother Papaya wrote: | No need to buy a house in your area. You can buy houses in Cleveland or Indianapolis or anywhere really cheap and rent it out. |
yes but there's always a risk involved with this.. and management required. would like a safer easier option for now until we are ready to put it somewhere else...
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amother
Papaya
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Wed, Sep 20 2023, 7:13 pm
amother OP wrote: | yes but there's always a risk involved with this.. and management required. would like a safer easier option for now until we are ready to put it somewhere else... |
Theres a small risk but the return is way bigger. But I hear you, if it doesnt work for you should probably do something very safe
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amother
Daffodil
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Wed, Sep 20 2023, 7:14 pm
ShaniF wrote: | Where do you live that you can buy a house for that price?? |
Yes I’m talking about investments, if you do it smartly it’s definitely worth it and has very little risks. The market has only gone up. There are a ton in the NJ area.
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ShaniF
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Wed, Sep 20 2023, 7:25 pm
amother Daffodil wrote: | Yes I’m talking about investments, if you do it smartly it’s definitely worth it and has very little risks. The market has only gone up. There are a ton in the NJ area. |
True. There's also the managing part of it though, even if you outsource that it's still something you have to be on top of
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amother
OP
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Wed, Sep 20 2023, 7:26 pm
ShaniF wrote: | True. There's also the managing part of it though, even if you outsource that it's still something you have to be on top of |
yes we don't want to do that right now. just want a savings account to hold our money over for now
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amother
Navyblue
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Wed, Sep 20 2023, 7:31 pm
For someone with only $150,000 you don't want to buy a cheap house to rent out.
They need to have a liquid asset because part of that should be thought of as emergency funds.
A house is never liquid - it has expenses including maintenance and property taxes.
If you need to sell, it costs money as you would have to pay the broker a commission and it might sit in the market.
If you are not planning to be an in person landlord you need to pay a management company 10% to manage it.
Also I can't begin to imagine who is renting a $150,000 home - to me that alone would be problematic.
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Cheiny
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Wed, Sep 20 2023, 7:43 pm
ShaniF wrote: | True. There's also the managing part of it though, even if you outsource that it's still something you have to be on top of |
Not to mention the headaches and stress involved many times.
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amother
Seafoam
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Wed, Sep 20 2023, 8:19 pm
amother Navyblue wrote: | For someone with only $150,000 you don't want to buy a cheap house to rent out.
They need to have a liquid asset because part of that should be thought of as emergency funds.
A house is never liquid - it has expenses including maintenance and property taxes.
If you need to sell, it costs money as you would have to pay the broker a commission and it might sit in the market.
If you are not planning to be an in person landlord you need to pay a management company 10% to manage it.
Also I can't begin to imagine who is renting a $150,000 home - to me that alone would be problematic. |
I assumed she meant to use that toward the down payment. The rental income covers the mortgage plus is extra income, while the property appreciates over time.
If the house is $550 she can put down $110 and reserve the rest. Or get fancy and buy a distressed property, a property at auction, etc. ETA I'm not recommending this for OP one way or the other. Just explaining how it can be done.
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amother
OP
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Wed, Sep 20 2023, 8:52 pm
yes we discussed leveraging it but for now would like to do a savings account or maybe a CD if the rates higher?
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amother
OP
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Thu, Sep 21 2023, 4:57 am
for those that have cit bank. how easy is it to start the account and transfer money back and forth from a regular checking account ?
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ShaniF
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Thu, Sep 21 2023, 6:08 am
Marcus by Goldman Sachs has 4.40% and it keeps going up. Really easy to set up an account and transfer from other accounts
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