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Subject: persfin-digest V4 #2
Date: Mon, 3 Mar 1997 20:27:07 -0500 (EST)
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persfin-digest Monday, March 3 1997 Volume 04 : Number 002
IN THIS ISSUE:
ADVERTISEMENT: MCI AUTOFORWARD
Home PC?
A Vote For Dell
Buy a DEC VAX or Alpha To Avoid Year 2000 Problems
Buying a Computer is an Expensive Financial Decision
Buying a new computer
Good Experience with Mail Order Computers
joint tenant vs community property??
RE: Reporting State Tax Refund on Federal Tax Returns
Re: Reporting State Tax Refund on Federal Tax Returns
"Taxing" Refunds - A Complete Explanation
Re: Can You Make Money Envelope Stuffing?
How Is Margin Interest Taxed?
Re: Reporting State Tax Refund on Federal Tax Returns Harbinder, state taxes are deductible on your federal tax return if you itemize. Therefore, no taxes were paid on the refund. A 1995 refund from the state would reduce the amount of the state tax deduction reported on your 1995 federal return. You received credit on your 1995 federal return for the refund and now you must pay the piper back. You might want to consider amending your 1995 return if you are in a higher tax bracket for 1996. I am not a tax pro but this is my understanding of the issue. Douglas M. Williamson willia2d@ftm.disa.mil
Re: Reporting State Tax Refund on Federal Tax Returns
Re: Reporting State Tax Refund on Federal Tax Returns
MLM with the Debt Mastery System?
Larry Williams Investment Program?
RE: What "Something" Should My Daughter Invest In? Comments on Janus
Pay Off Mortgage? It Depends
Investment Book Recommendations
Re: Investment for House Down Payment
Mutual Fund Investors Association?
Buying Foreclosed Houses / Bankruptcy Debt Question
The Year 2000 Problem Is Primarily A Mainframe Problem
Re: Tex asks about paying off mortgage
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Date: Mon, 3 Mar 1997 19:44:07 -0500 (EST)
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------------------------------
Date: Mon, 3 Mar 1997 19:47:46 -0500 (EST)
From: "Gary M. Oppenheimer" <0002180241@mcimail.com>
Subject: Home PC?
I have a Micron P200 Mellennia.
Price was good, tech support has been fine, and so far, the machine has
worked perf?#*!@#ctly (only kidding..... it really works fine).
My only word of wisdom is to buy a backup device.... tape drive, jaz
drive or whatever.
Computing without a backup device is like driving in the desert without
spare water or tires.
Take Care,
Gary
(Editor's Question - Anyone use the Iomega Zip drives? They give you
removable 100MB backups. Also, I wonder how many people are backing up
their 2 Gig hard drives, and to what? diskettes? tape? If not, one
morning you'll turn on your PC and you'll lose a *lot* of data. -IK)
------------------------------
Date: Mon, 3 Mar 1997 19:50:37 -0500 (EST)
From: "Rip West" <rip@montrose.net>
Subject: A Vote For Dell
I really like Dell. They are good machines, and have on site warranty for
the first year, extendable.
I have found that mail order computers are more robust, more expandable
than the ones you find in the huge discount stores.
The $999 Compaq is tempting, but you should be aware that it has no
expansion slots. That means that you couldn't add a scanner, for instance.
You could add more memory. Also, at 999, no monitor is included.
With Dell, you can easily add memory AND additional cards, like scanners.
rip
ps didn't respond by email as requested because I like to read the
discussion generated in this formum, as, I think, do others.
(Editor's Comment - I've had terrible luck with notebook computers. The
small space requirements seem to generate a lot of hardware problems. And
they're not terribly upgradable. -IK)
------------------------------
Date: Mon, 3 Mar 1997 19:53:41 -0500 (EST)
From: Jeff Morgan <morgajs@parsec.com>
Subject: Buy a DEC VAX or Alpha To Avoid Year 2000 Problems
>Subject: Home PC?
>
[...]
>(Editor's Comment - Every computer will be obsolete in 3 years. That's
>the year 2000 anyway. -IK)
>
Unless it happens to be a Vax or Alpha running VMS, which will
handle dates from 17-Nov-1858 through 31-Dec-9999.
Digital says they plan to address the date issue for the year 10000
in a future release. :-)
Even on VMS systems, there can be an issue with Y2K because
of poorly written *application* software, but the OS won't give a
hoot. VMS system owners are free to change the system time
to dd-mmm-2000 to see how their applications will behave.
Cheers.
- --
Jeff Morgan - mailto:morgajs@parsec.com
(Editor's Comment - My opinion is that any computer you buy will be
obsolete in 3 years. It just so happens that you have another
obsolescence factor to consider when buying a computer in 1997 :). -IK)
------------------------------
Date: Mon, 3 Mar 1997 19:57:12 -0500 (EST)
From: "Barry H. Rodin" (FSAC) <brodin@PICA.ARMY.MIL>
Subject: Buying a Computer is an Expensive Financial Decision
Ira,
I think a lot of the people on your list (including myself)
would be interested in the answers people have to this question.
After all, buying a PC is an expensive financial decision!
Barry
(Editor's Comment - Absolutely! Since I'm in the business, so to speak,
I've seen a lot of people waste a lot of money making the wrong decision.
It's happened to me as well.
PS - Buying a 200 megahertz Pentium with a 2 Gig hard drive to write
simple letters and connect to AOL is a huge waste of money. -IK)
------------------------------
Date: Mon, 3 Mar 1997 19:58:38 -0500 (EST)
From: elsie@desertlinc.com
Subject: Buying a new computer
In v.4, #1 Digest, Dave Cameron asks for suggestions on buying a new
computer. I have a similar need. My current computer, a Macintosh LC, has
been antiquated for some time although I have added RAM and a new hard
drive. Finally, I have come to a decision to replace it with another Mac.
I want a computer for fast, convenient Internet access, for basic word
processing and spreadsheet use, for game playing for my sons. I want a
fast model with a 604 or 604e processor - that is, a higher end model -
that will provide 3 to 5 years of solid, reliable service. I believe that
buying a lower end model tends to bring on earlier obsolescence. I am not a
"techie." I want to keep my computer life simple as I regard a computer as
a tool, not as an artifact. I am not interested in the arcana of intricate
details.
The Macintosh scene now encompasses a number of Mac clone manufacturers -
Motorola, Power Computing, DayStar, UMAX, etc. I am attracted to Power
Computing but then I must purchase the computer by mail order. I live in a
rural area in the West far from Texas where Power Computing is located.
My questions are: Do Mac expert Persfiners have any suggestions on a model
or clone manufacturer? Is now a good time to buy a Mac, or do people "in
the know" expect a major new advance to be on the market in, say, July?
What important elements should I be on the lookout for? What should I make
sure to include in the system that I finally purchase? I would like to
purchase a 17 inch monitor - any advice, what model? Is there anyone who
has used and can compare Mac clones to Apple's Macs? Are there good
reasons NOT to buy a clone? Are there justifiable reasons to believe Power
Computing will not be making Macs or their successors for many years?
No doubt there are newsgroups out there that cover these same topics in
great detail. However, I am embarrassed to confess that I have never
figured out how to use newsgroups and they seem tedious.
I would appreciate any comments.
elsie
(Editor's Comment - Elsie, don't feel embarrassed. There's too much noise
on most of the newsgroups and sometimes not enough signal. -IK)
------------------------------
Date: Mon, 3 Mar 1997 20:02:30 -0500 (EST)
From: Jon King <kingjo@CS.ORST.EDU>
Subject: Good Experience with Mail Order Computers
> From: "David F. Cameron" <dcameron@harper.cc.il.us>
> Subject: Home PC?
>
> 1. Have any of you had real positive or negative
> experiences by going mail-order. What are some
> potential pitfalls?
I have purchased three computers by mail order. Two no-name'ers, and a
Micron. All three have given good performance, starting with my upgrade
from XT->486 about four years ago!! ;) My main caviat... find out when
they'll ship it... Many companies take weeks to ship, while others will
have it in the mail in a couple of days. I had a bad experience with
this, although the computer runs fine. If you stick with one of the
"typical" systems, you shouldn't have much problem.
> 2. Our computer manager recommends buying a COMPAQ
> Presario for $999. He says you know it'll be
> obsolete in 3 yrs, but if you buy a 200MhZ/32MB
> memory machine it'll be obsolete in 5 or 6. This'll
> be twice the time - but you'll pay 3x the price.
> Any opinions on this.
I would not plan on any computer lasting more than three years, if you
keep up with the latest software/games, etc. I would say the life
expectancies (for me) would be 1 year for the Compaq, and 2.5 years for
the 200/32. However, if you can restrain your software impulses (I
can't), your computer would "last" a lot longer.
> 3. If I do go mail order, I'd want to know about memory
> upgradability. What questions would you ask? e.g.
> Number of slots?
Don't open the doors to this question! The only real compatibility
problem on the market at the moment is the fact that most motherboards out
there can't support caching more than 64 Mb of memory. If you plan on
having more than this at any point (and in three years, you might), make
sure that you get an "HX" (assuming Intel) motherboard. Most Intel boards
out there at the moment (including FX, TX, & VX, to my knowledge) don't
have enough tag ram to cache more than 64 Mb. The HX has an extra slot
and can be upgraded to support more than 64 Mb. As far as slots go,
chances are you'll get 4 SIMM slots, enough for 128 Mb with 32 Mb SIMMs (I
don't know if the newer PC boards are supporting 64 Mb SIMMs or not).
My basic advice for mail ordering is that if you're familiar with the PC
architecture, don't mind cracking the box and figuring out what wasn't
done right, go with a cheap company with good parts. You can save several
hundred dollars and come out with a potentially better system (I have a
friend who just bought a system from Bunta (www.bunta.com) for $2000 ...
it's incredible what he got for the money). If a) money is no object, or
b) you don't want/enjoy playing with it, then go with one of the big
names... Gateway, Dell, Micron, HP (!), etc. My Micron runs perfectly,
and has had great support on my one problem, a drive swap. Also, if you
buy it on a gold card that has extended warranties, you can add a year to
the warranty on the system... serious time in computer years...
> (Editor's Comment - Every computer will be obsolete in 3 years.
> That's the year 2000 anyway. -IK)
Yup. At least, if you keep up with Mr. Bill, it will be... ;)
Good luck! If I can answer more questions, we can do so offline.
Jon
(Editor's Question - Is it more difficult to sell a no-name PC after, say
2 years, than a brand name PC? Or with the rampant planned obsolescence
of computers, does it really matter? -IK)
------------------------------
Date: Mon, 3 Mar 1997 20:03:13 -0500 (EST)
From: Paul Fan <fan@math.ucla.edu>
Subject: joint tenant vs community property??
Hi -
Does anyone know the difference between "joint tenant
with right of survivorship" and "community property"
for residents of Californaia? This is for a house.
Thanks in advance,
Paul
(fan@math.ucla.edu)
------------------------------
Date: Mon, 3 Mar 1997 20:05:34 -0500 (EST)
From: hartwig@gate.net (Bob Hartwig)
Subject: RE: Reporting State Tax Refund on Federal Tax Returns
(A reader thought he was being taxed twice by reporting state refund on
Federal return.)
You have to declare the refund this year because you used it as a deduction
last year. Since the deduction wasn't justified (you got the $300) back, you
owe the IRS the money that they lost out on last year. We're lucky they
don't charge us interest. All states are treated the same.
------------------------------
Date: Mon, 3 Mar 1997 20:06:47 -0500 (EST)
From: Richard Havranek <havranek@sunyit.edu>
Subject: Re: Reporting State Tax Refund on Federal Tax Returns
When I file my federal return, I deduct taxes withheld (paid to New York
State) from my federal return (a deduction from income). I also add back
any refund from the previous year--but keep in mind that amount was
previously deducted from income so I am only returning to income an amount
that no longer qualifies as a decuction.
The amount withheld in state taxes is not necessarily the amount of tax you
owe. That amount minus the refund is the amount of tax paid and only that
amount qualifies as a deduction.
------------------------------
Date: Mon, 3 Mar 1997 20:07:36 -0500 (EST)
From: "David C. Baker" <ee03647@goodnet.com>
Subject: "Taxing" Refunds - A Complete Explanation
> filed my tax returns in 1996? What am I missing here? Is it the same in
> other states too?
This is the same for all states, and you're not being taxed twice.
Here is how it works.
You only include in as income that portion of your refund that you
previously received a tax benefit from.
If you did not itemize your deductions the previous year, the amount of
your state withholding did not provide you with a tax benefit, therefore
you will not include any of this amount as income.
If you did itemize the previous year and you claimed all of your state
withholding as a deduction, then you must claim as income the smaller of:
a) the amount of the refund
b) the amount of your itemized deductions -less- what would have been your
standard deduction.
Example:
Joe's state withholding in 1995 was $1300. He claimed that amount as a
deduction on schedule A. His itemized deductions were $200 higher than the
standard deduction would have been. In 1996, he got a $300 refund on his
state taxes. Joe must include $200 of the $300 refund on his 1996 taxes.
- --Dave.
------------------------------
Date: Mon, 3 Mar 1997 20:09:00 -0500 (EST)
From: BOB FORD <BOB_FORD@compuserve.com>
Subject: Re: Can You Make Money Envelope Stuffing?
GEORGE
Please take the solicitation you received and mail it to the POSTMASTER of
the town where the letter was mailed. I have seen this kind of SCAM for
30 years. I have never seen a legitimate "stuff envelope" business
opportunity. Most of the scams work like this. You send money and they
send you a letter that tells you to send out letters (stuff envelopes).
The letters are like the one you received telling people to send money,
this time to you.
Can you make money doing this? POSSIBLY. Is it legal? PROBABLY NOT. Is
it ethical? NO.
Bob Ford
------------------------------
Date: Mon, 3 Mar 1997 20:11:09 -0500 (EST)
From: Thai Pham <thai.pham@amd.com>
Subject: How Is Margin Interest Taxed?
HI,
I don't know if the margin interest in my stock account is consider as
investment interest or investment expense. Anyone familiar to this
please advice. Thanks a lot.
- --
Thai Pham
email: thai.pham@amd.com
------------------------------
Date: Mon, 3 Mar 1997 20:11:52 -0500 (EST)
From: "Douglas Williamson" <willia2d@ncr.disa.mil>
Subject: Re: Reporting State Tax Refund on Federal Tax Returns Harbinder, state taxes are deductible on your federal tax return if you itemize. Therefore, no taxes were paid on the refund. A 1995 refund from the state would reduce the amount of the state tax deduction reported on your 1995 federal return. You received credit on your 1995 federal return for the refund and now you must pay the piper back. You might want to consider amending your 1995 return if you are in a higher tax bracket for 1996. I am not a tax pro but this is my understanding of the issue. Douglas M. Williamson willia2d@ftm.disa.mil
------------------------------
Date: Mon, 3 Mar 1997 20:12:32 -0500 (EST)
From: David Meyers <dmeyers@panix.com>
Subject: Re: Reporting State Tax Refund on Federal Tax Returns
You did _not_ already pay federal taxes on it. When you
deduct your state taxes from your income for federal
tax purposes, you deduct the amount _paid_, not the amount
you were required to pay. Since you paid too much, you
deducted too much. When you got that money back, you
had to "undeduct" the excess.
- --D
------------------------------
Date: Mon, 3 Mar 1997 20:12:52 -0500 (EST)
From: "Barry H. Rodin" (FSAC) <brodin@PICA.ARMY.MIL>
Subject: Re: Reporting State Tax Refund on Federal Tax Returns
Fill out the Worksheet ! You only have to pay taxes on the State Tax Refund
if you itemized deductions in the previous year and only to the extent
that it resulted in a tax benefit.
Barry
------------------------------
Date: Mon, 3 Mar 1997 20:13:26 -0500 (EST)
From: Mark Huber <mhuber@axionet.com>
Subject: MLM with the Debt Mastery System?
Hello all:
I recently received information from a Robert L. Scott of the Debt Mastery
System for a MLM program. I would be interested if any one has had
experience with this firm. The whole concept sounds suspicious. I have
included excerpts of the information sent me.
Dear Financial/Tax Advisor:
> >
> >The reason I am writing you is to introduce you to a service I think you
> >will want to
> >incorporate in your Practice. With this program, you and/or your agents
> >will be able to make
> >a commission check by helping their clients ELIMINATE their debt.
> > All
> >your agent says to the
> >client, or anyone else is:
> >
> >"HERE IS HOW YOU CAN GET COMPLETELY OUT OF DEBT, INCLUDING
> >YOUR MORTGAGE, IN 8 - 12 YEARS WITHOUT SPENDING A PENNY MORE
> >THAN YOUR CURRENTLY SPENDING NOW."
> >
> >The client completes a 1 page data sheet and pays $20.00 for a
> >Computerized Personal
> >Analysis that will show them THE DATE THEY WILL BE OUT OF DEBT AND THE
> >PROJECTED INTEREST SAVINGS OVER THE DEBT PERIOD. They pay 2.5%
> >of the total projected interest savings; THEREFORE, THEY ONLY PAY FOR
> >RESULTS, and a $25.00 fee per month for drafting the money out of their
> >checking account
> >which is systematically applied to paying down their new Restructured
> >Debt Program. There
> >is also a plan for clients who do not own homes. The credit worthiness
> >of the client should
> >not be a factor as the program offers A - D paper.
> >
> >YOU AND/OR YOUR AGENTS GETS PAID A PERCENTAGE OF THE TOTAL
> >PROJECTED INTEREST SAVINGS, HOW EVER MUCH IT IS. FOR EXAMPLE,
> >A CLIENT WHO IS A DOCTOR MAY BE ABLE TO SAVE OVER 1 MILLION
> >DOLLARS DURING A 12 YEAR PERIOD. THE AGENT WILL MAKE $5,625
> >OR MORE. THE MINIMUM COMMISSION IS $450.
> >
> >You and/or your agents earns a commission simply for playing
> >match-maker, that's all. Once
> >the Computerized Personal Analysis comes back and the client goes forth
> >with the program,
> >your job is done. The loan officer then deals with the client and you
> >are paid afterwards.
> >
> >This is the best Multi Pay Program around. The average sale is about
> >$1,000. You and
> >your agent does not have to get licensed. The application and contract
> >is only one page and
> >no service work is required.
if you do enough business, you can get the top
> >contract.
> >
> >Compensation Examples
> >
> >WMA saves client $150,000 in interest ($150,000 x 2.5% = $3,750
> >x 75% = $2,812 paid to the field
> >
> >Associate is writing agent ( 2 sales per month )(30%) $843.75 x 2
> >= $1,687.50 ($20,250.00 per year )
> >
> >MD is writing agent ( 2 sales per month )(63%) $1,771.87 x 2 =
> >$3,543.76 ($42,525.12 per year )
> >
> >If you are the MD, you make the difference between MD compensation and
> >Associate
> >compensation.
> >
> >
Comments?
Mark Huber
------------------------------
Date: Mon, 3 Mar 1997 20:13:44 -0500 (EST)
From: Mark Huber <mhuber@axionet.com>
Subject: Larry Williams Investment Program?
Has anyone had experience with the Larry Williams "Money Tree" commodities
trading program. I received a 30 page promo booklet from British American
that touted his methods. Any feedback to this list would be appreciated.
Mark Huber
------------------------------
Date: Mon, 3 Mar 1997 20:14:46 -0500 (EST)
From: Jeff Morgan <morgajs@parsec.com>
Subject: RE: What "Something" Should My Daughter Invest In? Comments on Janus
>From: bwr@courier.cb.lucent.com
>
>Ginny --
>
>you wrote:
>||My daughter is in her first year of college and has a very limited
>||income, but she has decided she wants to invest in "something"; she
>||does not want to suddenly "be 30 and have nothing for all these years!"
>
>Some mutual fund companies that allow one to start without any capital,
>provided one sets up automated monthly investments, include:
>
> Invesco Funds (1-800-525-8085; I especially like their "strategic
> portfolios": Financial, Technology, Health Sciences),
> Janus Funds (1-800-525-3713; I especially like their Overseas
> and Worldwide funds),
> American Century (1-800-345-2021; formerly Benham & 20th Century).
>
>All of the above will permit her to start with $50 per month. One caveat,
>it will be difficult to diversify with such a small amount, so she should
>be prepared for a "bumpy ride".
[...]
Bruce,
Things have changed at Janus! Their minimum investments with a
monthly automatic debit plan are $500 initial, $100 subsequent for
>non-IRA accounts, $500/$50 for IRAs. For non-IRAs, the minimum
>required balance *without* a monthly automatic debit plan is $2500,
>for IRAs, $500. IOW, they reserve the right to liquidate the account
>if you have less than $2500 on deposit and *aren't* making automatic
monthly contributions. Existing shareholders may have been
"grandfathered" in, and *may* not have to meet these minimums for
existing accounts.
Cheers.
- --
Jeff Morgan - mailto:morgajs@parsec.com
------------------------------
Date: Mon, 3 Mar 1997 20:16:53 -0500 (EST)
From: "Rip West" <rip@montrose.net>
Subject: Pay Off Mortgage? It Depends
NRAM sez:
<<
My question concerns whether or not I should pay-off my mortgage.
Balance due = $100,000.00 at 7%
>>
I want to give you an unequivocal answer. IT DEPENDS. Do you think that you
can earn better than 7% (pre tax) with the 100m, and are you happy with the
risk that you have to take to realize a return in excess of 7%. There are
many who would tell you that the stock market can do much better for you,
so you should not pay off the mortgage. On the other hand, paying off the
mortgage is assuring yourself or a risk free return of 7% on your money.
rip
------------------------------
Date: Mon, 3 Mar 1997 20:17:34 -0500 (EST)
From: "Rick Rosinski" <rosinski@concentric.net>
Subject: Investment Book Recommendations
> I am looking for recommendations on investment books so that
>I can increase my education in this area. After investing in mutual
>funds for sometime, I would like to start investing in stocks themselves
>and gain a better understanding of how to choose a stock for investment.
>Any recommendations are greatly appreciated.
>
>Thanks,
>Dave
Dave,
I would recommend the following investment books:
1. The Only Investment Guide You'll Ever Need by Andrew Tobias
2. One Up on Wall Street by Peter Lynch
3. Beating The Street by Peter Lynch
4. Learn To Earn by Peter Lynch
5. The Intelligent Investor by Benjamin Graham
6. Bogle on Mutual Funds by John Bogle
7. A Random Walk Down Wall Street by Burton G. Malkiel
8. Starting and Running A Profitable Investment Club by Thomas E. O'Hara &
Kenneth S. Janke, Sr.
9. Street Smart Investing by George B. Clairmont & Kiril Sokoloff (may be
out of print now)
I also recommend the following Personal Finance magazines:
1. Money
2. Kiplinger's Personal Finance
3. Mutual Funds
4. Bloomberg Personal (comes with free access to their web site)
The following general business magazines & newspapers are also helpful to
stay up-to-date:
1. Wall Street Journal
2. Business Week
3. Forbes
4. Fortune
5. Barrons
You can get access to the Wall Street Journal's web site at http://wsj.com
for only $29 a year if you subscribe to the print edition. Barrons is also
offering free access to their web site with registration
(http://www.barrons.com).
I've just started more investing in the market myself over the last couple
of years, and have found it enjoyable reading, and watching the web site
development. Good Luck!
Rick Rosinski
Freeland, MI
E-mail: rosinski@concentric.net
http://www.concentric.net/~rosinski
------------------------------
Date: Mon, 3 Mar 1997 20:18:19 -0500 (EST)
From: "Rick Rosinski" <rosinski@concentric.net>
Subject: Re: Investment for House Down Payment
> From: "Jackson, Anthony D." <JacksAD1@central.ssd.jhuapl.edu>
>
> >From: Holly D <hollyd@informix.com>
>
> Well Holly I just wanted to point out that you emphasized that you have
> NO INTEREST in a 30 year mortgage and I just say, WHY NOT? Consider a
> 30 year mortgage that you pay off in 15 years buy making additional
> payments to the principle each month. The thinking here is that you are
> only obligated for the payment based on the 30 year plan.
I can give you a good reason - the difference in interest rates. There is
usually a lower interest rate for a 15 year mortgage, normally between
0.25% and 0.50%. This is normally enough of an incentive to go with the 15
year mortgage (not counting the thousands of dollars you'll save over the
term of the loan). Plus you'll often find that the difference in payments
is not as large as you might expect. I say the interest savings is more
than enough to offset the "safety net" of the lower payment requirement of
the 30 year loan, IMHO.
------------------------------
Date: Mon, 3 Mar 1997 20:18:56 -0500 (EST)
From: Don Apodaca <dapodaca@flash.net>
Subject: Mutual Fund Investors Association?
Does anyone have any experiences with Mutual Fund Investors Association
(MFIA)?
A membership ($99/year) entitles one to a subscription to Fidelity Insight.
It follows Fidelity portfolios and supposedly gives you excellent advice on
all Fidelity funds. Membership also includes some special bonus newsletters
and access to a 24 hour hotline for Eric Kobren's "up-to-date latest
recommendations." Any information/opinions about MFIA would be most
appreciated.
Don in DFW
------------------------------
Date: Mon, 3 Mar 1997 20:20:57 -0500 (EST)
From: Juli Bednarzyk <Juli_Bednarzyk@techsol.com>
Subject: Buying Foreclosed Houses / Bankruptcy Debt Question
Although I recently purchased my first house this summer, I am already
looking ahead to my own in ~ 2 years (I bought with another person who
plans on buying me out - but it was a good tax/investment strategy). In
one of the home buying guides I've seen, they list foreclosed houses.
They give the house appraised value and the bank starting offer, as well
as show a picture of the house. To get more detail, you have to subscribe
(or pay a flat fee based on the house you buy - based on whichever service
you use). Is it worth it? Is there a way to find out about foreclosures
easily without going through such service? If it's a cumbersome approach,
I think I'd rather pay a service to gather info for me....
Any experience with foreclosed houses? Any experiences with houses that are
auctioned off for owed property taxes? How to find out about these easily?
Also, I had posted something about writing off a bankruptcy - desolved
personal debt (for my mother) - I didn't get any responses, and ow I found
out my sister listed a debt to me as well..... Any info would be greatly
appreciated!
Thanks! Juli
------------------------------
Date: Mon, 3 Mar 1997 20:24:17 -0500 (EST)
From: Jim Garcia <jimgarci@pacbell.net>
Subject: The Year 2000 Problem Is Primarily A Mainframe Problem
> (Editor's Comment - Every computer will be obsolete in 3 years.
> That's the year 2000 anyway. -IK)
Ira - I think most if not all PC's have no problem with the year 2000.
It is predominantly a mainframe problem. I'm a business application
programmer and the mainframe I work on has an operating system (not just
the application programs) that won't work on 1/1/2000.
(Editor's Comment - Try this experiment. Set your PC clock to one minute
before midnight, on December 31, 1999. Wait a minute. See what software
will or won't work. With my PC (Compudyne 486 with an AMI BIOS from
1992), my communications software quit on me, the date went back to 1/1/80
after I rebooted, files were saved with strange dates, and a few other
things I don't remember. -IK)
------------------------------
Date: Mon, 3 Mar 1997 20:25:06 -0500 (EST)
From: Stephan Iscoe <siscoe@worldnet.att.net>
Subject: Re: Tex asks about paying off mortgage
Wally;
You didn't say how long you planned on staying put in that house.
Is the property market stable, moving up?
I would rather invest the 100 grand and continue to pay off the mortgage
as usual. I'd rather pay off a debt in the future with today's dollars
and get future high returns based on an investment of today's dollars -
provided your investment vehicle and tax combination outperform the
interest market.
Stephan
- --
mailto:siscoe@worldnet.att.com
http://members.tripod.com/~RoundWorld
- --
------------------------------
End of persfin-digest V4 #2
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