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Progress on goals this weekend

January 16th, 2017 at 10:47 pm

We tried a new recipe Sunday that AS found: Korean BBQ mock chicken with peapods and coconut rice. OMG. It was amazing. A little time-intensive (mainly making the mock chicken ahead of time) but really really delicious. I added it to our "favorite meals" list. Smile That's 3 new recipes tried, 47 to go.

Today we had our financial meeting with our downstairs neighbors about the agreement for them to purchase their share of the house (they're calling it the "intentional community agreement"). It went pretty well. They agreed that we need to research the questions I had about tax implications and how to figure out their fair share should we refinance, pay off early, etc. And the need to put in clauses about what would happen if they decided to move and not buy their share, that we should seek aribtration in the case of an unresolvable dispute.

On my concerns about their figuring out their own financial stuff before we become entwined financially, it was a mixed bag, mostly good:
- NJ let me know he has settled up with MN on his back taxes, and plans to file taxes jointly this year with CC (they've been legally married for about 3 years now, so it's high time). He was a bit more vague about when he would have his federal taxes fixed, but acknowledged that it would have to happen before they were legal part-owners so there wouldn't be a lien. (If the agreement goes as planned, they wouldn't become legal owners until they've paid their full share of the home, so I want them to settle it sooner than that. I may bring this one up again to get a clearer sense of when he's planning to fix this problem.)
- He has already started looking into retirement savings, which he hasn't done even though his husband has always put money away.
- I mentioned my family's need to get life insurance. He said his husband has it, but he has a pre-existing condition that makes it harder to qualify. Still, he knows there is insurance out there for people with his condition, so he will start to look into it.
- He has a good deal of student loans and isn't sure they'll ever be paid off. I think as long as there was a clause or something about what would happen if he defaulted on the loans, this would be manageable.
- I need to look into tax implications of remaining a landlord for the foreseeable future (since the agreement would keep them as renters until they had paid their full share). He thinks I should be able to deduct the portion of the mortgage payment that covers their unit; I think it's interest and property taxes only that can be claimed. So I need to look into this.

Overall, they're very happy with the living arrangement and feel good about continuing to pursue this agreement. And so am I ... I want to protect myself financially but I feel good about the communal living part of things. There are minor annoyances from time to time, but overall I feel like we're really good at living under the same roof (albeit in different units) and making it work. Very responsive to each other's concerns, and able to voice said concerns, so I think this is a good arrangement long-term.

1 Responses to “Progress on goals this weekend”

  1. FrugalTexan75 Says:

    It sounds like good communication and forward progress!

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