Hi all
I got renewed but for only 5 months!Crazy. I have a new boss though and they said that is all they thought they could do. I did check and the position is budgetted for the the year. My old boss is trying to get me a 1 year extension which they had told me they would do in the first place. Fingers crossed.
Anyway.. have not done tax info yet but i AM looking at this year NET rental income I get and big change w the new property management company. less costs.. less hassle etc.. and I have one unit not paying (eviction date 2/2 if not out by then). Hoping the upward and stabilizing trend continues
Anyway I am thinking though and the biggest (not worked on yet) barrier to financial freedom for me is my house. I owe $300k . can not get a lower loan (though my rate is ok) but I can not get ANY loan reallly or any good loan for apparently 6 more years (unless rules change which they may) which means if I sell/move I would have to go FHA or something else.
I am NOT thinking of selling but need to get that balance down! I pay $450 over a month but still not really making any huge leaps in paying it down.
House is still nice. still in a good area.. still hoping neighbors move though (on my one side) and I may extend my fence.. I am kicking myself for NOT doing it last year .. instead I used part of their 'rear garage' as wall sortof so I did not have to fence that length..
Stil trying to get to almost $500k savings (only at $200k now) by 6/2018. it will be a stretch unless the market bounces back up and I continue my super high savings rate.
where do you guys suggest I investigage long term care insurance?
rental updates and musing
January 20th, 2016 at 05:01 pm
January 20th, 2016 at 08:53 pm 1453323209
January 21st, 2016 at 03:28 am 1453346918
Your properties continue to cause you problems. Hope this new PM can stabilize them, if not, then I would agree upgrading might be in order.
I don't understand why you are dissatisfied with your house and your loan. Unless you dropped way down in house cost, the selling and buying costs would eat up a lot of any benefit. I probably would take the $450 a month and put that into paying off the rentals or into some other income producing assets. No point in pouring money into something where you can't eliminate the payment quickly, especially as the interest is deductible.
Too bad about the 5 months. Perhaps the new boss will be as impressed by your work as your old boss was once s/he sees your work.
January 21st, 2016 at 03:40 pm 1453390834
January 21st, 2016 at 03:46 pm 1453391213
January 21st, 2016 at 03:54 pm 1453391669
January 21st, 2016 at 06:47 pm 1453402074
Good news on the contract renewal.
Whether the $300k mortgage is something to worry about depends on your income at FI. Not so bad if you can replace a lot of your contract income with net rental income.
January 21st, 2016 at 08:45 pm 1453409139
January 21st, 2016 at 10:25 pm 1453415103
Like your dad, your money and other assets won't mean anything to you if and when you need LTC. Better to invest the money and use it IF you need it then.
January 22nd, 2016 at 02:18 pm 1453472317
January 22nd, 2016 at 07:13 pm 1453489995
January 29th, 2016 at 05:25 pm 1454088330
What if we move to single payer? What if medicare expands? What if it decreases? My mom had 30 years of experience heading a social work department at a hospital. Everyone asks her advice and she reviews all policies and usually advises no.
See if there is someone like her you can talk to in real life and have them sit and review each policy with you and explain all the loopholes. There are TONS.
I considered it and asked her opinion as did all her siblings. She turned down all policies and her and my dad self-insure because she knows how to work the system. I say that because she did disability for my aunt with Multiple Scleroris. She did disability for a cousin with PTSD. My mom has done this for year and still does continuing education and read constantly the paperwork just in case.