Quartz 4

Philadelphia home purchase of 1919 Chestnut St 622 project

4 min read

Financial

If we make an offer and put down a deposit, we may want the agreement to state that deposit money will be remitted to us if there is a disagreement between buyer and seller that is not resolved.

Closing with Ally account Official check will be mailed to me within 7-10 business days Can expedite (delivery within 3 days) for $15 Wire is initiated by me on the web site, enter the information. It would arrive same day if sent before 3pm. Will usually arrive next day.

First Tech Credit Union

Payment to First Tech Credit Union for $13,021.90 on 2024-08-07 Confirmation: S24080705A Conjay

Money we have

Easy to get

  • Devon Ally- $87,691.47
    • Need to pay off 13k at FirstTech, $4k at Chase)
    • Have other smaller debts that can be paid over time
  • Tiffany Ally- $56,280.04

Hard to get

We would still pay income tax on this money, but we would not pay a penalty. This would amount to federal income taxes as well as a 3.07% on any earnings from ROTH IRAs or anything withdrawn from a traditional IRA.

  • Devon ROTH confirmed contributions- $40,933
    • I can legally take this out tax-free, but I don’t have a full picture of the basis (total contributions) in my account. I can take out contributions for free, but I don’t have records for all the contributions going back to the original account. My previous custodian Fidelity does not have access to any additional records for me. This number is all I can currently prove. Need to request a 2017 wages and income transcript from the IRS since this is the only one I have not been able to download.
  • Tiffany ROTH- $48,344.75
    • Same deal here. We don’t have a full set of records to show what portion of this is contributions vs. earnings. Tiffany can show ~$18,000 in contributions. Tiffany can take a distribution of the full amount without the 10% penalty since she is disabled, but anything beyond the contributions will be taxed as income.
  • Tiffany IRA- $105,661.66
    • This is less complicated to deal with since we don’t need to have any records, but it’s more expensive because the entire disbursement will be taxed.

Harder to get

Taking disbursements from any of these would cause them to be taxed and to incur an additional 10% penalty.

  • Devon ROTH remainder- $70,735.35
  • Devon IRA- $26,050.03
  • Devon Rollover IRA- $10,770.02

Money we need

Required

  • Asking price: $230,000
  • Admin fee: ~$20,000
  • Moving: $1,000
  • Inspection: $500
  • Legal review: $1,000
  • Total: $252,500

Wishlist

  • Bedroom flooring: $2,500
  • Kitchen flooring: $2,000
  • Appliances: $5,000
  • Bathroom remodel: 15,000
    • Change out tub for stand-up shower and use the rest of the space for laundry?
  • Stack washer/dryer: $?
  • Move washer/dryer: $?

Condo insurance quote

Amica

Based on 1,452 w/ 1,150 w/o dividend

Liberty

Marianne 12:09pm 2024-08-07 714/year w/o water backup coverage $564/year take

Erie

Dave Jr. $692/year

State Farm

Ryan McCallister 70k (30% of purchase price) 500k liability 843/year, $867/monthly

Options to get it

Option 1

  • All of the cash: Tiffany’s 70,500 (after clearing debts)
  • My contributions (the ones I can show) to my ROTH IRA: $40,933
  • Tiffany’s contributions (the ones she can show) to her ROTH IRA: $18,000
  • The remainder of Tiffany’s ROTH IRA: 1,003.42 for taxes)
  • Tiffany’s IRA: 31,698.498 for taxes)
  • Total to save: $32,701.923
  • Total to spend: $262,017.48

Settlement transfers

  • $60,000 from Devon’s Ally savings
  • $56,280 from Tiffany’s savings
  • $34,999.99 from Devon’s Roth IRA
    • $6,000 from 2022 contribution (Vanguard 5498)
    • $6,000 from 2021 contribution (Vanguard 5498)
    • $6,000 from 2020 contribution (Vanguard 5498)
    • $5,999.99 from 2019 contribution (Vanguard 5498)
    • $5,500 from 2018 contribution (Vanguard 5498)
    • $5,500 from 2016 contribution (Fidelity 5498)
  • $18,000 from Tiffany’s Roth IRA
  • $68,169.72 from Tiffany’s IRA
  • Total: $230,632.73

Remodeling

  1. Bedroom flooring
  2. Closet doors
  3. Window treatments
  4. Bathroom
  5. Laundry location
  6. Appliances
  7. Kitchen flooring
  8. Lighting fixtures

Internet

Comcast

300mbps/20mbps 1 year no contract 45 1,000mbps/20mps 1 year no contract 70 1,200mbps/35mbps 1 year no contract 95 5 for CC payments or 30 with own modem or $25

Inspection

Co-op responsibility

  • Electrical service panel: co-op will handle
  • Windows
  • Front door
  • exhaust fan in kitchen
  • All plumbing
  • cleaning and maintenance on HVAC

Owner

  • GFI- owner responsibility
  • Range hood

Related

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