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#360824 - 12/13/11 08:05 AM Re: CatBrat [Re: Murph]
CatBrat Offline
axiomite

Registered: 08/05/09
Posts: 5843
Loc: Some random location
That wall is cracked pretty bad and the I-beam has broke the concrete and a piece of it is sticking out. The best I can do is just keep the wall from getting any worse. The salesman, who also has undergone their repair programs, said that they won't repair any of the cracks and not to worry about them since none of the cracks on this wall have gone all the way through. I can repair them myself if I want to, but he suggests just using some silicone based stuff that would allow future movement.

I opted out of the water proofing, which would of cost me closer to $7000 total instead of $4000. To do that, they would have installed a metal channel under the concrete floor, near the wall with a sump pump draining it. Since I don't have a water problem here, he agreed that it wouldn't be worthwhile to waterproof this wall.

I also have an outer door in my future home theater room, that I want removed and concreted or bricked up. Unfortunately, his company charges a minimum of $1500 to pour a footer and they wouldn't do this without pouring a footer for the 2-3 foot wide wall. A footer here would be nice, but it's not worth that kind of money.


Edited by CatBrat (12/13/11 08:13 AM)

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#360825 - 12/13/11 08:18 AM Re: CatBrat [Re: CatBrat]
Murph Offline
axiomite

Registered: 10/05/06
Posts: 6810
Loc: PEI, Canada
Here on PEI where we have no true natural stone (we have red sandstone rocks but they crumble under the slightest pressure)so water in the basement is a big problem. If you are smart, you build on a natural grade and never have a problem. If you are dumb (or maybe "from away" & don't know) and build on low or flat land then water creeps in no matter how hard to try to keep it sealed.

Artificial grades do not work as the added soil just gets packed and acts like it's flat underground. You need the natural layers of sandstone for successful drainage or you are hosed, so to speak.

Of course, probably nobody cares but I'm bored on a call and maybe at least this will make you feel better.
_________________________
With great power comes Awesome irresponsibility.

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#360829 - 12/13/11 09:05 AM Re: CatBrat [Re: Murph]
pmbuko Offline
shareholder in the making

Registered: 04/02/03
Posts: 16273
Loc: Leesburg, Virginia
Or, you can just put down some piers and build your basement off the ground...
_________________________
"I wish I had documented more…" said nobody on their death bed, ever.

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#360836 - 12/13/11 10:56 AM Re: CatBrat [Re: pmbuko]
CatBrat Offline
axiomite

Registered: 08/05/09
Posts: 5843
Loc: Some random location
That does sound like a bad place to build a house.

Anyhoo. Here's the particulars I learned about borrowing from my 401k, just in case you're bored enough to want to read this.

This is called a "General Purpose" loan and I can take one out for anything, anytime I want to.
I can borrow up to %50 of the total value of the account.
I can have up to 2 loans at the same time.
I can initiate the loan either through their web site, or phone system.
I have to pay a $75 loan origination fee and it comes out of the money that I borrowed. (If I borrow $3100, I get a check for $3025).
I can pay up to %50 of the loan early, or I can pay it all off at once. (So if I borrow $3100, I can only pay up to $1550 early, or I can pay the entire loan amount anytime I want)
When it's time for me to pay the entire loan amount off early, I call them and then they tell me how much and where to send the check.
The amount of interest that I pay myself for this loan is 4.25%.


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#360875 - 12/13/11 11:00 PM Re: CatBrat [Re: CatBrat]
JohnK Offline
shareholder in the making

Registered: 05/11/02
Posts: 10386
Brian, yes those are typical legal and other provisions relating to 401k "loans"(actually you're using your own money). Typically you pay prime plus 1%(current prime is 3.25%)for the privilege. As for the "pay myself" comment, that's a bit of an oversimplification. The growth on the amount taken out(hopefully more than 4.25%)is lost, the amounts paid back are with after-tax dollars, yet will be taxed again when finally withdrawn.

Possibly you took these and other factors into account, but I usually advise clients or others to dip into their 401k only if no other option(e.g. borrowing against home equity)which may be less expensive in the long run is available.
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#360886 - 12/14/11 07:32 AM Re: CatBrat [Re: pmbuko]
Murph Offline
axiomite

Registered: 10/05/06
Posts: 6810
Loc: PEI, Canada
Originally Posted By: pmbuko
Or, you can just put down some piers and build your basement off the ground...


Except then you are not eligible for a standard mortgage, substantially increasing your long term home cost. When we bought our waterfront property we built a cottage on it first until we could afford to build a house there and put it on posts so it could be sold to move later. It was only there for 10 years so it wasn't a big deal but we did have to get a special 'less attractive' mortgage rate because there was no foundation.
_________________________
With great power comes Awesome irresponsibility.

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#360892 - 12/14/11 08:36 AM Re: CatBrat [Re: Murph]
CatBrat Offline
axiomite

Registered: 08/05/09
Posts: 5843
Loc: Some random location
As far as the 401k loan and lost growth opportunity, I see little problem here, for me, especially when I see the up/down movement in one day about equal to the amount of the loan I took out. That might be a bigger problem to someone will less money in it. I've been borrowing money from my retired sister, and paying her back. But, I can't keep doing that forever. I like it better that this is a method that's sustainable (at least for now). (The last few days, the market has been going down, and my 401k is out of risk in a cash-equivalent fund, so while other people are losing money, mine is making a little every day instead. He, he.)

If I get a loan from a bank, when I pay it back, it's with money that's been taxed, so I don't see the difference on whether I pay me, or I pay them.


Edited by CatBrat (12/14/11 08:39 AM)

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#362448 - 01/02/12 10:02 PM Re: CatBrat [Re: CatBrat]
CatBrat Offline
axiomite

Registered: 08/05/09
Posts: 5843
Loc: Some random location
I finally got everything moved from the basement to the family room. Tomorrow, the foundation people are coming over to brace up my basement wall. I've been moving stuff from 3:30pm to 9:00pm. All that's left to do now is some sweeping. To say I'm pooped would be an understatement.

I think it may be about time to call 1-800-GOTJUNK. But want to tear out the ceiling in my future HT room first.


Edited by CatBrat (01/02/12 10:08 PM)

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#362503 - 01/03/12 10:08 AM Re: CatBrat [Re: CatBrat]
CatBrat Offline
axiomite

Registered: 08/05/09
Posts: 5843
Loc: Some random location
Listening to jackhammers and drills and watching people dig up your yard does not make for a fun day.

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#362509 - 01/03/12 10:35 AM Re: CatBrat [Re: CatBrat]
CatBrat Offline
axiomite

Registered: 08/05/09
Posts: 5843
Loc: Some random location
So much for ordering a new speaker. It looks like my water heater needs replacing instead. Noticed I wasn't getting a lot of hot water last night. Today, it's leaking.

Maybe I can make it work anyway. I know where I can get an extra $400.


Edited by CatBrat (01/03/12 10:38 AM)

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