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Archive for June, 2017

Updates, buying a 2 flat and the 5 year plan.. almost there

June 23rd, 2017 at 02:34 pm

Hi all

Some updates

I paid my real estate taxes (first payment) and paid off the 2 flat ($22750). This 2 flat payoff was a $5k discount. To do that I had to cut into my rental emergency fund and that is now down to under $3k. SCARY!

I got renewed at work by the way through 12/29. Good news. It is easier to get renewed at year end or year start so I anticipate being renewed again.

I am working some 78-80 hours a week almost every week due to a rocky implementation. Reminder.. I work for a large financial services company that has 'the banks' as its customer. I help lead the largest account for that company. Crazy hours lately. not the norm.. but these hours will subside but for now are good as I need the money to catch up quickly. I chose to work on contract so I can get paid for every hour of work.

I put an offer in on a 2 flat owned by the head of my property management company. He does not have time to fix it up so is selling to me at discount. However the 2 flat next door just sold for $124k in a few days. He was offering it to me at $65k. Hoping he does not back out. It needs $20k of work .. much of that due to paint, drywall and then all new windows throughout (currently stickered for boarded up windows). I will have news today as to if this deal will go through. Hope it does. Deal is $40k down and seller holds a contract for $25k over 3 years at 5%

Numbers below.



My plan is to get the money from a equity line of credit on a rental property. I have initial approval on this loan but need to submit docs. I will do so thsi weekend. Line is 2.9% for 6 months then 5%.. and starts with only a $50 fee. Crazy good deal!

My 5 year goal ends 6/2018

My plan is to buy this 2 flat (fingers crossed), set a reasonable time frame (4-5 years from now) to get it paid off, keep working this high dollar job through 6/2018. saving as much as I can....My large payments end 3/2018 (3 units payoff). After that pay off happens I will divert funds to investments not house payoff. I also plan to increase the rental fund to $25k by the end of the year.

Any ideas from the group

Have not made a decision on school. but need to make a decision on if I enroll in the Fall or not with in 2 weeks. I will NOT quality for aid.. Moody Bible. Masters in Spiritual Formation and Discipleship. For fun and to get a job in a more helping helping training field in social service or with the church