All Forum Posts by: Glenn R.

If you want sheetrock you can install it directly over the wood paneling.  1/4" thick sheetrock is available, which could probably be installed with construction adhesive to minimize the finishing work.  I've never actually done it before, so I'm not sure how you'd deal with the trim around doors & the baseboards.  "Maybe" if you are precise enough with the cuts calk would fill the gap, but that's a maybe.  Otherwise, the trim would need to be removed & replaced, and the door jams would need to be extended.  

To modernize the place you wouldn't necessarily have to change all the walls.  Just changing some of the largest walls would be a big improvement.  Paint would be the simplest thing to try first.

There is a type of wallpaper, called "liner paper", that's made for covering wood paneling.  I think it's available with a smooth texture that looks like drywall, but mine has a woven looking texture.  It looks better with a coat of paint.  

It's also good for applying over damaged drywall.  I used it on a wall that was damaged from old double-faced mounting tape that had been used to attach mirror tiles (from the 70's).  The drywall paper had lots of tears and would have taken a lot of time and effort to repair with mud.  The liner paper only took an hour and the texture is a nice bonus feature.

Aluminum siding is a breeze to paint.  Too bad vinyl isn't.  I've never tried it, but I'll take what's been said here as a firm warning.  Maybe a better paint formula will eventually be developed.

Whatever you choose to do be sure it's as passive as possible.  Your job is the best investment you have right now and you want to be sure that you put 100% into climbing the ladder there.  Learn all you can from your superiors there, and as you gain their trust about personal affairs ask what kind of things they invest in.  

Personally, after paying off the student loans I'd invest most of your income in something more liquid than RE until you have a sizable nest egg to work with.  

Looks like that will be the 28th.  I'll put it on my calendar & see if it works out.   I'm curious to see what the conversation is like.  

That's what I had hoped.  I appreciate your help. 

I own property that my father gifted to me.  It is titled in my name only.  My wife and I file jointly.  When I sell the property will the capital gains rate be based on our joint income?  Or, does the property need to be titled in both of our names to be taxed at our joint rate?

thanks,

Oh, and having a second home can come in handy when you're not getting along with your mate.  ;)

I've seen more than one husband end up living in the vacation home instead of the doghouse!  

People with money enjoy having a place to get away to.  If they live in the city they often want a weekend place at the beach, the lake, or the mountains.  Depending on their finances they may not need to rent it out, which allows them to use it anytime they choose and also leave their personal things in it and not worry about them.  

Vacation homes are often in special locations that can appreciate more than average, because of the limited availability of a feature such as being on the water or having a 50-mile view.  A lake or beach house probably won't appreciate as well as index funds, but they are much better investments than boats and RVs.  They are also great for making memories and passing down over generations.  

As rentals their demand is usually seasonal, which can work for or against you depending on your needs.  If you like the beach, but like to avoid the vacation crowds, renting it out during the peak season works perfectly for maximizing income.  If you by a ski cabin, but don't like the cold Winters, rent it to the skiers, then you can enjoy the other seasons.

I'd tell the landlord that we'll get it repaired and deduct the bill from our rent.