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%
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
Viewing the 'General rental updates' Category
I filled that house w the Section 8 lady.. she moves in today. other homes are stable. I still have not filled that apartment.., we are on the 3rd app though. First two did not screen well. Hoping for good news today. We are still showing and getting lots of action
40 days of vacancy from that house (over half of that spent fixing up the house though)
10 days of vacancy on this apartment so far
I saw someone else tracking DAYS of vacancy per units so I wil do that myself. good way to track and you can only improve what you track.
Last year under the other property manager it seems like I had months of vacancy (well I did at least on that one house) . I will look back through leases etc to figure out last years days of vacancy..
I still owe $5k back to my emergency fund so hoping to get htat paid off in these next 2 months.. and then I need to build that I think to $25k so I feel more secure having money flow in and out of it.. This time i had to use almost all of it to pay for some items but did not feel comfortable doing so so put in cash of my own
I can do that while I work and makes so much. in the future I do not want to do that
My goal is to save $4500 this month and put that into investments and then starting August to save $6k plus into investments each month
My net worth now is $991k ($9k down from 1MM) but most of that is real estate. I want more investment and cash net worth
Goal this year was $310k total investment/cash net worth (not including rental emergency and other funds). I am at $239k so an incredible $70k to go into essentially 6 months.. a stretch goal..
We have someone who looks good for that vacant house. Section 8 inspection Tuesday. This was the house that was REMOVED from Section 8 due to a bad history from the owner. I got Section 8 reinstated on another house w this issue.. hoping to get the same here.. No rent increase.. in fact $20 less but filled same month, we can ask for a rent increase in a year and generally s8 are much longer term tenants. vacancy is REALLY expensive so trying to avoid that at all costs.. turn over is really expensive too . .I just spent almost $2k getting this house fixed up. do not want it turning over in a year.
Person for 3 unit fell through and chose a place nearer to her work. We are still showing it and still aiming to fill for the first. Fingers crossed
My boss says she IS going to renew me . My contract is up July 7. Not sure for 6 months or longer. I asked for a year and talked to her boss who says he has budget.. and in fact I am already in this budget through year end and he will be put me in for next year. project I am on is likely to extent into mid next year
After July I will have maxed the 401k.. so my paycheck will go way up. What ever that 'difference' is will go directly into savings/investments
HIGH repair month last month and missing 1 month rent.. but still getting NETS of almost $6000. I had almost $3000 of repair maintenance costs last month.. upsetting but not avoidable.. house fix up..fence.. water heater.. sewer rodding.. were among some of the larger items.
I am considering ending a relationship and just sortof moving on. always upsetting/scary/stressful to end a relationship but does not appear to be 'long term' and sortof feeling I am wasting my time and feeling 'stalled'.. just a lot of stuff..
About it for now. despite some bumps here and there still thrilled with new management company and my plan.
For the end of this year I will still save as much as I can.. invest.. develop systems/ processes for the rentals and continue to work on creative ideas to get this house (where I live) paid down significantly..
what a feeling it will be next year this time when I will be essentially 1 year from having all properties paid in full and likely receiving over $8000 cash flow.
Apartment in 3 units was rented for June 1. Got a $50 increase. So should be no lag time or just a few days lag time between move out and move in. This is the second time they rented the a unit before the unit vacated
All work done at the house that we are renting (well steam cleaning happening today and final work so will be done by end of day) I feel concerned I went with too dark a color. I will look at it all cleaned up Saturday and with lightbulbs. Showings start tomorrow. Fingers crossed.
Tenant in 2 flat. We will sign to a new lease.. 9 months. no rent increase (manager feels she can not afford it).. all rent due by the 15th if paid late gets a $75 late fee.
I got the 2 flat.. 14% CAP rate. upper unit is up for renewal and wants to stay. She currently has until the 15th to pay her rent and gets no late fee until the 30th. I do not like that at all. We are going to give hew a new lease and set it for rent due date the 1st, late after the 5th and if she can not accommodate that the latest we will go is the 8th for rent due with no late fee. I need to be able to depend on the cash flow. Currently she has not paid rent and I feel angry with it but we will fix it with her or find someone else. REAL good time to get new tenants. I will raise the rent slightly on her too.. so far rent increases for the year have totalled $110 and we are listing that house at $90 more rent than what it was and the 3 unit at $50 more rent so hoping to get good increase there.
Other than that all rents in.. and homes are going very well.
They are showing the 3 unit that is up 6/1 now and getting lots of showings at a $50 increase in rent
and will show the house that was recently vacated starting Thursday (have a list of people who want to see it). House is being repainted and minor fix up and cleaning. Turning over this house with top/bottom paint and cleaning, minor fix and carpet clean is expected to cost $2000+. I am so glad this firm is getting better long term tenants and so glad I am LEARNING about costs and how to cut them. Feeling the best I have ever with the homes and plan.
Speaking of the plan. I need to increase my rental emergency fund with all the homes to $25k. I will work on that gradually but that is my new goal. I need that to avoid cutting in to much my cash flow per month when I start to rely on it if I do major fix up works
Still looking at $7-8000 net based on CURRENT RENTS (now).. Wow. did not think I would come so far so fast
Still no plan to pay down house (my own) or reduce housing costs.. monthly mortgage is $2700 but I pay $450 extra.. that is a big chunk if I only rely on the rental income.. I want my housing cost lower.
My contract at work is up July 7.. project I am running is expanding and has at least til November to go. I iwll ask for a 6 month or more renewal. Actually my plan is to talk to sales and get a read on what else they are trying to sell to this customer and get an extension for a year or past Christmas.
Paying back my rental emergency fund has crimped my savings for last month and this month but will resume regular savings next month.
About all for right now. Have a good day folks
looks like I will close on that 2 flat at the end of this week (hoping so). had to get a new attorney (seller side) the attorney got sick and file was dropped.. we just ordered title Friday.. anyway hoping
The work on the homes looks great.. 3 driveways (where there were none), roof and siding and major seeding where yard got ripped up due to prior foundation work
I have money or credit for all of it
tax refund came in at $9200 and I am setting up with an attorney next week to figure out ways to save on taxes next year
I owe my rental emergency fund $13990. Entire $9200 will go towards that and then I have approx $4500 in repairs on a card that need to be paid off (linked to the large repairs). I will pay that off next month which leaves me with about $5k left to replenish the emergency fund with. That should take one more month
The only other large items I want for the homes are siding the 3 units (not a need and not scheduled but they have really old siding). Quote is approx $13k
One of my tenant suddenly got custody of their kids (the dad) ex wife ill or something so he is moving out immediately to a large home. the property manager is taking his security and letting him know he is on the hook for rent until we find someone else. Hopefully that will be soon. I predict carpet clean, paint and clean with not a lot of fix up. Manager thinks he can get $65/month higher rent. the guy is predicting he will be out next week or mid the week after. We will see. Home will be advertised as soon as this guy gives formal notice (expected Monday). and I have already notifed my 'crew' of paint/fix up guys
Got 2 move outs end of May (at the 3 units)
I am really keeping track of vacancy and 'time to fill' and 'cost to fill' this year as I near the time when these homes will be paid off
I paid $985 to an attorney to do a wage garnishment suit against that one tenant from last year. he works for the gas company (so good candidate for this) and I am trying it out. I have never pursued wage garnishment, bank levy before. $985 is my total cost and they add that and more on to the tenant balance. It would be great if that worked out and was a viable option for me. If it does not I have learned a valuable lesson.
So far NETS from homes have been the following (net of everything-EXCEPT the large $22k repairs which are funded from a different fund). I think I will expand my repair fund to $20k and keep it at that. Another goal for this year. I get section 8 on the first and the rest averages around the 18th
FIguring out vacancy and time to fill and time to fix up will be key to be determining or feeling good that this imcome (or whatever lower amount of this I decide) can be counted on monthly. I allocate $15,200 in the rentals yearly budget for repairs AND vacancy (vacancy covers the costs associated with lack of rent, fix up to turn a unit over, and property manager extra fee to fill). I will see how that figure lines up with actuals this year
Approx monthly nets so far this year (IF homes were paid off.. which will happen 6/2018.. currently all overage goes towards paying the homes off)..
My budget calls for an average of $6500 a month.
Still trying to make my $8000/month goal
ALL rents in and some with late fees
House we fixed up and are renting looks great.. LOTS of showings... hope it rents soon
House for sale. got 2 serious calls. hoping they turn into something
Looking into buying a 2 flat
B area, good shape, rents easily and fully occuped, rents total $1800, cost $74k. with $30k down and can do a seller financing contract for the rest $44k. NET profit if paid off now would be $900.. Payment at 5% over 4 years is $1013. Seller already agreed to a contract and 5%, inspecting it and getting more details Wednesday. House will pay for ITSELF on a 4 year term.
I am keeping track monthly this year of what my NET profit would be after all expenses and tracking that so I have true #s..
So far this has been the net
I still owe $125k on the 2 3-units which will be paid off 3/2018. NET is the true net (if 3 units paid off at current rents). Laundry $ is extra and is cash. tha t is on top of the NET figure. This reflects since the new company took over. #s are not full occupancy. November was down 2 rents and legal costs.
DEC $6,018.00 180
JAN $5,517.00 323
got some preliminary tax dispute results. I disputed taxes across all my rentals. 6 homes and 2 3-units. i currently pay approx $18,500 a year in taxes. I have no experience in this but was hoping for a $3600 decrease. Got an email from the attorney (she only gave me the NEW assessed value) but appears based on the new assessed value I got a savings of approx $1250 across all (she sent a letter with full details and the translation from assessed value to amount saved). Anyway she gets 1/3 of the first year savings so if my calculations are right (had to get current assessed value and tax rate of the city website) then I owe her approx $400.
My personal residence is up next month (court) so hoping for a big decrease on that.I currently pay almost $10k
I think it was worth it. but looking forward to actual numnbers she calculated in case mine were incorrect.
This tax decrease on the rentals raises my profits approximately $100 a month for this year and on.
Just musing here.
Dad has made me realize or struck home that life is REALLY short. Seeing him confused is VERY SCARY and makes me want to make the best use of my time and to watch my health what I eat, drink etc.
I do not want to waste time with things I do not want anymore or 'settle'. So re thinking some things in my life.
The drama w the homes and 3 units is leaving me which is nice. No dramatic updates. Moved in those 2 folks. Got 4 renewals on the 3 units.. 2 more for the Fall at the much higher rent and we are not concerned. NO MAJOR work needed immediately. I could re-side the place but no need too. I just did a major tree trimming.
City inspection is quoted and funded.
Laundry money is UP
1. short term lady moving out next Thursday. We start showing Monday and have 6 possibles lined up to see it. Hoping it rents soon.
2. Property manager is now a preferred vendor with that local insurance company with people in need of short term housing due to fires etc. He just filled one of his other homes at a $500 premium. Mine was not available yet but bodes well for the future that we may be able to do that again
3. other long term lady SHOULD be moving out end of this month. hopefully she is but my guess is maybe not. that house needs the rehab (not quoted)
4. everyone else is fine. I have section 8 inspections on the 4 homes every year and they are not fun. Inspectors appear to want to find something every time. I may look to remove other homes from the program. Others are doing so and Section 8 housing is hard to find. I am tracking how much they cost each year
5. repairs in general are down across the homes .. like break/fix repairs which means the proactive approach has worked
6. got to do some landscape work on 1 home but really feeling fairly in control
I am now forecasting that even with all the repairs I will end the year with $15k in that account and am holding onto $8k to fund forecasted repairs outside of the $15k
Job is fine..working 50-55 hours. LOTS of money but tiring
I need and now have a goal to find HOBBIES, interests, friends outside of real estate and my not for profit
I am in general unsatisfied w my life and want to be happy. No reason to wait to do that until the homes are paid off. I am seeing someone and am in general not satisfied w that too or just stressed or both. I will make some decisions on that in the next few months.
I am trying to get my arms around Dad's finances. He has much more than I had thought and all (ALL) of it is in cash accounts. I want to speak to someone to hep me consolidate and put that into safe interest bearing accounts.He will have about $1MM total cash after the house. any thoughts for advisers or what to do w the money? Plan was to keep a year worth of costs out of the market and invest the rest??
Also house should sell and close in these next 3-4 weeks..
he is not doing super awesome. VERY confused. Very bad. Last week he got into his car and got lost for 4 hours and was found by a good samaritan and driven back. We took away the car and he has an eval next week to see what stage of dementia/alzhemiers he is in. He is NOt happy at the assisted living place and I am not sure how to act. Is he not happy because he thinks he is on an airforce base being forced to re-enlist or am I holding him against his will in a place he does not want to be at? Do I act for his safety or his happiness and he is so confused not sure what to do
He says 'he hates himself, hates his life, wonders if I hate him and he wants to kill himself'
3 unit update. Looking up!
1. Guy we were throwing out is OUT! Property manager will assess the apartment tomorrow Am for repair/clean up but looked great last week. Will list for the weekend if looks good. Rent will be $650 and we are going to ask for $800-900 security. I will also have manager have Section 8 look at it. to see for the future what they would pay for it. He talked to Section 8 before and they were thinking $700 or so.
2. lady we went to court with today. Court went well. Basically 'we won" and got the judgeent. Move out date 4/14. It was set so far ahead because the tenant's income situation changed and she may be able to pay the back rent, attorneys fees and a higher rent and says she want too. We will see. If we do not work out something her date to get out is 4/14 and she WILL have increased income so hopefully can do that.
3. I also meet with the property manager tonght. We talk all the time but I meet w him once a quarter. I have a list go go through.
Feeling MUCH better w 6 homes/3 units this year. more proactive. less reactive. more in control
ALSO finally did my excel sheet summarizing up everything from the 6 homes/3 units for taxes for last year. Gave that to my accountant. I expect to have news on how much of a refund I will get either this week or end of next. Hoping for at least $10k
I also now have a process (MUCH better process) to track every month, track to goals and this process will allow me to just print it off at the end of the year and voilah! I am ready for taxes.
VERY happy I got rid of the other lady property manager
Put $500 to Vanguard. Rest of car money will towards the rental emergency fund and the Genesis payoff
1. person who was making payments at the 3 units is no longer doing so and has said that. We are filing today on her and are also going to the sheriffs office today to toss that guy who we already won on in court. The brother of that guy is getting 'unreliable too' so may need to toss him. All hard challenging COSTLY news but better to get these guys out NOW.. than later. Also sent out 2 lease renewals at $630.. Really need to clear this up fast and restore income to me.. tough!
2. Dad.. VERY BAD SITUATION. Dad has dementia and some times thinks things that are not the case (thinks he is still in the airforce, thinks he is in trouble may go to jail etc). His long time girlfriend lives with him but is moving out (soon.. weeks/days). She is hiding his keys but every day gets very frustrated with the situation and wants out now. She and Dad were out here Saturday. I found a good assisted living place for Dad right near the house. He does not believe he needs help and in short I am not sure if he is going to sign a lease. I have a room on hold until the 18th. Talked to an attorney and he says my power of attorneys are not worth much and in this situation I need GUARDIANSHIP and since it is out of state it will be a 2 step process (get it in Wisconsin first and then transfer to Illinois). Anyway costly.. lengthy . just bad. Girlfriend is having a hard time living w Dad as he for the past week has been panicked about jail and trying to leave/drive the car (she hid his keys). Anyway. situation is really to explode and just very hard. I expect to learn more from an attorney today and will continue to ask Dad/encourage him to sign the lease at this assisted lviing/memory h elp place near me. Fingers crossed.
3. Kevin my brother called and on a high note wnts to pay me $300/month to use my address to send bills too etc. he is a truck driver and will find that easier etc.. Hopefully that works out.
Work is still ok. BUSY.. 50+ hours a week. and traveling to Nashville again Wed-Thursday
Had a vacation set up for 6 days to Pheonix at the end of this month. likely cancelling to deal with the Dad situation
Onward and hoping for some GOOD NEWS!!
Sold the cage bank for $1750.. taking payment today and then dropping it off next weekend. YAY!
Also found another $500 so definately making up that shortfall for this month. maybe I can save something?
Another 45+ hour work week and going to Nashville next week for work.
I feel like this year will be a good year.
The lady making payments paid $600 yesterday .. maybe she CAN catch up. I have a call in to the property manager to see what her plan is.. either way we have done the 5 day notice so can file at anytime.
Guy not paying at the 3 units.. court date is next Friday. quick!.. hopefully he leaves on own before or shortly thereafter
Attorney said I do not have a significant enough case against the old property manager for damages for putting this guy in with out doing proper screening. so moving on
Almosst done gathering up all tax docs. hope to work with the CPA the week after next or next weekend. Hoping for a BIG refund so I can fund the Roth and have more left over
Motorcycle guy (owes me $6k) .. no news yet
Dad is not doing well. and his girlfriend is indicating she is moving on and he needs to be in a memory care or other home (and he does). so will be setting that up in the next few months unless something changes.. little scary sad.. but plowing through it. he looks very ill and is VERY WEAK.. so not sure how this is going to go or for how long. Need to sell his house in Wisconson. car and stuff inside house. Girlfriend will assist.. and need to find a place out here..Dad is not being forthright with his financials at this point so will try to get information out of him. I am SO GRATEFUL that where I work is so large they have offices all over and have one near Dad (20 minutes) away so when I want to work in Wisconsin I can.
Looking to buy the 3rd row seats for the Tahoe off of ebay ..$799..(sold them last year for money thinking the Tahoe was long term car).. with the 3rd row seats I can get $1500 more at Carmax and I am sure more everywhere else in general. Some guy online (I called him) had a similar car to mine. same year.. great shape. sold for $23k cash to some buyer off Craigs list. Buyer had to get a loan but that was it. I owe approx $16k on the Genesis after the Warranty credit which is STILL not there. was thinking to pay off the car and when the time comes buy a 4x4 SUV for me and the rescue to use at a much lower price. Rescue maybe can kick in a portion.. hard to justify the Tahoe sitting all year.
My old job asked me to bill an extra 20 hours last week so I could help with transitioning my work after hours. Total billed 61.5. that is 700 extra after taxes) WOW! That is awesome. Also got an unforeseen insurance refund of $100.
I put $1900 towards the vacation fund (as you know) and $500 towards saving to keep me at the $500 short still for the month... actually now only $350-400 short for the month. may put more towards the rental fund. we will see.. My plan/challenge is to make that $500 shortfall happen without dipping into savings.
FIRST DAY at the new job tomorrow.. sortof nervous.. excited.. hope it goes well
14 inches of snow today. glad I got my snowblower as a gift and that I still have the Tahoe.. need to figure out SOMETHING with a 4 wheel drive or the Tahoe.
3 units .. bumpy road but not unexpected. Guy who is not paying should be moving out this week. GOOD NEWS.. need to turn it over ASAP. Will take his security and unit should be in good shape as it was just fixed up last mmonth for him
Other lady who is behind missed 2 payments . we are doing a 5 day notice tommorrow and just getting rid of her. HOPEFULLY she goes fast without a big court thing and then we have our first renewal notice going out at $630 this month to another unit.
So little rough right now but will be better long term to get rid of these bad tenants and bring it back up to market rents.
6 homes continue to chug along but had a 'city inspection on 2 of them' (happens every 4 years).. got a big list .. property manager is figuring out costs and what exactly inspectors wants.. costs/plan next week..many items are small and you never really know from looking at the list as they pick from 'pre written drop downs' to fill in the form
STIll believe in homes and the plan.
I have been quiet here as I have been in major job search mode and after so many disappointments did not want to share news until I had something. I DO.
$57 hour plus INSTANT vested 3% match.. at my old company. either work at home or in Lisle (10 minutes away tops). Contract for at least 1 year but they are already talking full time. This is the largest financial services (to banks direct) company in the world so a great place to land full time if the pay is right. I am going in as a senior project manager working directly for the office of the CIO. I give notice Monday. Job is for a senior PM so have to look at payrates etc.. but either way.. GREAT NEWS! also JEANS when I go to work. all good!!
6 homes going great
3 unit transition going great. feel really good with the property manager I have and we are working so well together. this year the goal is to raise rents across all the 3 units by $4-500 a month. this will completely close the negative cash flow gap! PM has already talked with all tenants and we have 3 that look bad or iffy but it is in the plan to turn over 3 units. HE is getting better rent collection though on these 'iffy' tenants then the old PM.
He sees the apartments as I do.. very nice easy to rent and can definitely see the increased rent potential. We are looking for $630 for existing folks and $650 or more for anyone we turn over.
feeling really good. speech is coming back.. less stressed.. real nice day out. all is good..
other stuff. need a new pc.. $350-450? .. old one crashed
new job pays the 15th and lsat day of the month which means my first paycheck from them will not be until the END of February. I currently get paid every week. the last check from my existing company will be Jan 30th so I have essentially 4 weeks with no paycheck. I need to figure out how to do that and not draw from savings etc
I feel energized and alive with the new job opportunity. 401k option again with match and being on track w the 6 homes and 3 units..
April 2015 marks 2 full years of the 6 homes. only 3 left after that on the current pay schedule but looking to move that up
Goal now is to pay off the 6 homes by 2/2018 or 3/2018 vs May, 2018 or with my newly gained more free time (with the new job) exploring options to get a larger lump sum and pay them off years early
I now can make decisions on the Tahoe soon too with the lack of a 100 mile roundtrip drive every day
Life is good. onward
getting new PC today hopefully
the month of no paychecks is likely to impact my savings for this month and next month.. trying to minimize that impact
Checking in.. Clarifying goals for the 'not for profit, personal goals and financial goals tomorrow. I work at home tomorrow.
Still at that job but kicking up job search again thsi week. I am in for 2 jobs. fingers crossed. Got word on another work at home last week.. called.. submitted and then put on hold. Crazy!
6 homes property manager officially took over the 3 units on the 1st. VERY excited w him and encouraged but Very disappointed with old 3 unit manager.. apathetic towards rents, costs way overbudget, dishonesty.. etcv
Anyway.. LOOKING FORWARD.
She put in a problem tenant that she gave $20 off too (without asking) and that tenant is now not paying rent and owes $746 + late fees + this month rent. We are doing a 5 day notice tomorrow am and my guy has dropped by 3x. Upsetting but 'part of the business' and 'part of smoothing' things out. I forecasted turniing over 3 of the 6 units this year due to raising rents so this is not 'out of the budget' totally.. .though the back rent is.
I find out tomorrow which rents are inm at the 6 homes and 3 units. One thing I like w this guy is that I have certainty w rents and information.
I am also thrilled that I am managing him and the costs better.. Feeling very good.
Work is 'ok'.. my speech has taken a major hit w the stress at work. tyring to get it back. If I was not so threatened at work I could stand it a few more months. even the 2 year term (but likely only have work thru June) just every day is SUCH a nightmare right now w layoffs, and so high stress and hostility.
I will petition to work 5 extra hours a week again starting next week.
Not for profit cat rescue is coming together too.. setting goals and managing people and finances better. Tough 'health' month.. Lost 3 kittens..FIP, lost 1 adult..liver/anemia issues .. and 2 kittens have ringworm. Crazy days but nothing we have not seen before. BIG #s this year and lots of volunteer engagement. I have our annual party this Sunday with all (most) of the volunteers.
Other rescue who wants our cage bank (we have 3) says they will have the $ in 3 weeks. Fingers crossed.
Have not sold the Tahoe or really tried too. Hard for me to list the Tahoe when a snow storm (like today) could crop up any second and my job depends on driving 100+ miles a day.
I will either hold off on selling until March or see if I can figure otu another 4 wheel drive option for snow days.. I can get an older SUV for $7k.. still in good shape...and the rescue is primarily who needs it so can kick in something. I WIll be selling that Tahoe at some point soon.
My boyfriend grew up on a farm and is one of those crazy handy types and an engineer. He is also 'more practical' then warm(?) with his gifts.. He got me that snow blower for Christmas but then what was super nice. I am Christian. he got me this super nice house thing from a Christian store and (drum roll please). I had just lost that adult cat (very sad upsetting case.. I only foster the tough cases so I lose more than most) and he built me a kitchen in my 'back-back room' in the basement. I have a 3/4 finished basement and 1/4 unfinished.. The unfinished side is 30x 17 space unfinished (its own room). he carved out 10 x 17 of that. installed cabinets, sink, mini fridge, microwave, lights, counter top.. very nice. I am going to paint that tomorrow or something. This will make it much easier for the next hard case so I do not have to run up and down the steps to the fridge, microwave, blender. I can just hang the sub q fluids. Easier to clean, isolate all sorts of stuff.
Made the first payment on the new home mortgage!
Onward. I so enjoy reading everyone else's info and updates.
This is the first of probably a few posts as I go through the numbers
General results this year
1. $40,207 total savings (went to Roth, rentals, emergency fund and investment savings) .. still .. wow.. lot to save!
2. $249,882 increase in networth off of last year-mostly from primary home ownership and rentals
3. only $1099 OVER yearly budget for rentals for maintenance/repair and vacancy budget. BUT did lots of long term repair items this year.
4. $31,595 in long term improvement to rentals-includes 2 new roofs, fixing 2 roofs, water fix at that one house, and updating 2 homes and updating 2 3 units
5. $220 DECREASE in negative cash flow over last year on the rentals
6. ABOVE decrease is primarily in 6 homes. 3 units had INCREASED negative cash flow to budget
Will study some more and list accomplishments. trying to diary the journey. this was a big year..
Set some new financial goals to the left
I get my next free and clear house 2/2016
My main goals continue to be to smooth out the rentals, keep my job and have enough cash reserves. there is no leeway in 6 homes/3 units payments and the deal was signed assuming I would NOT have a primary mortgage payment until 2016 or later. That is why things are so much tighter than expected.
Need to rebuild rental emergency fund to $15k asap and considering increasing the personal (lose my job) fund to 4 months which would be $14780. 5 months is $18475
Need to sell this Tahoe
Rescue interested in the cage bank has not been in touch lately and I am thinking they are struggling to get the funds. I put in a call today.
feeling better today.. almost Christmas too.
I have been wondering why I am so much 'shorter' this year. I took off time last year and felt good about it.. this year I need to impact savings to take off and am only taking off a few days.. but it is good for the soul to have rest and take off from thsi insanity
Anyway last year I had no mortgage and full income from the 2 flat.. so I must have been rolling in cash
I want THOSE days back. haha.
3 unit update. Talking to the NEW property manager (that has the 6 units) felt very good with our talk. he is calling people next week w transition info and sending something out
No blips in 6 homes and I PAID off the roof and gutters so I have done an insane amount of upgrade/fix up work on those 6 homes and survived (and saved some)
Next year we may have to turn over a few of the 3 units which is fine.. if we can get them turned over quickly w good tenants and HIGHER rent.
I discussed the issues now w the 3 unit so this new guy is prepared
We are not going to be lenient like the other PM was..
My phrase (said partly in jest) 'nothing is up but the rent' (from an eddie murphy movie) and the old PM was very bad with collections and running a tight ship.
Anyway. goal is to markedly close the gap w those 3 units so i have little to no negative cash flow
and maybe turn over 1 more section 8 house to raise the rent by $300
We shall see what makes sense and how the 3 units go
In for 3 jobs but not expecting news until after the new year
One in Naperville. One in Warrenville and one at my old company (REMOTE!! or work in local office which is 5 minutes away)
Hope everyone is having an exciting close to the year.. can not wait to calculate results and set new goals for the new year
No interview results yet. Tomorrow am they say. Got a lead on what looks like an awesome job. infrastructure project manager at a company I used to work full time for in 2004. Pays more than the 'interview job'.. I know people .. fun atmosphere, close to home and contrct to HIRE! I am being submitted for it
3 units news. been quiet about that as I am getting so frustrated. 3 units turn over at the end of this month. That vacant unit. STILL NOT filled.. well sortof filled.. Property manager said it was filled and move in date was 12/1..that date came and went.. Pm says he can not come in due to work . then each week he was going to pay something.. and move in 'that weekend'.. today I call PM (he was going to pay thsi weekend and move in). did NOT pay in full..I told her the unit should not have been taken off the market if rent was not inn hand and security deposit.. she says she knows this guy etc.. and this is a one time case.. a large expense last month...child support mix up.. I asked her to send me his application in the am, lease and proof of income. She gets huffy and asks if I want to rerent it > I said I would let her know in the am and if so I will transition immediately. I said I do not care what issues he has or that she knows him I care that he is going to pay the rent on time on the first for the next year. She says she knows what is going on and that is why she feels comfortable. I said I do not and it is your job to convey what is going on so I do understand and feel comfortable if it makes sense to do so. Someone else is paying $100 late too and I asked when that was coming in and she says 'it was either that or the electric bill.. it will be in next week'
I said I wish I could solve everyone issues but I can not .. I have bills too and I need the rent.
The issues with her if you recall have been RENT COLLECTION and filling of units quickly! I can not stress how easy these should be to rent.. and to thikn she held it without a dime after saying it was filled. lease signeed.
Only possible good thing is the she SAYS (we will see what she sends) but she SAYS lease is signed for Dec 1 and so he is paying in full for this month. (or so she says)
Hopefully job news tomorrow..and get this 3 unit straightened out.
I am expecting some turnover at the 3 units next year.
I cancelled the 3 unit property management contrct today in writing. Cancel date the end of the month. I expect to talk to her tomorrow. Contract calls for 60 days notice but betting she will not hold me to it. No word on if the new renter moved in. Last I talked to her which was Monday pm. she had the lease signed and almost all monies and he was going to move in this week
This is a REALLY long time.. to wait to turn it over and cost to turn over. $1400.. crazy!!
One of my goals for 2015 is to raise ALL rents there to at least $630..$650 each will Completely close my negative gap.
Trying to wind up the year strong .. trying to get that Tahoe sold.. and wind up some other stuff.
Roofs WILL be done this year and PAID for and I expect to be able to get the real estate emergency fund back up to at least $13k by year end (goal is $15k). I have already remmoved the roof funds from the #s to the left by the way.
IF I have to turn over multiple apartments out of the 3 units that will be a cost but I think a well worth it one with high benefits
Also may turn over one more house.. current rent $800..market $1050-1150.. section 8. That person has lived there 8-10 years and no longer qualifies for a 3 bedroom (only a 1 bedroom) so her portion went way up and she is not able to pay it long term. in fact right now.. she gets a $100 personal discount because I did not want to turn it over during the "property manager switch over-2homes vacant-esclating costs fiasco in July-August" so a few thousand there to turn that over.. but after this main updating in the homes is done (and 3 units) any future near term turnover should be less.. also will start to request 1.5 months security from now on on the 3 units. Section 8 rents are frozen due to the sequester on existing tenants so I can only get rent increases if I turn the units over.
Semi-word on that one job. they ARE going through a re-organization and the recruiter is still trying to find out info.. Meanwhile I got a phone screen for a network project manager job at a hgue Naperville company.. $56 an hour but part at home. and 5-10 minutes away when I am at work.. long term contract. I make $65/hr now.
That is Monday at 2pm. I will study up before hand.
Excited for the new year.
Have a great day everyone.
Loan update. Loan IS funding today .. YAY!!!
Got my deed! Cost me $198.. and I now know the process for the other 2 homes that I can pull out early
JOb update.. (this is the 3rd time this has happened).. I was the top candidate but now job on temporary hold. they are going through a re-org.. recruiter says if no news next week I should move on.
Cars.. Carmax was at $20k for the Tahoe.. seems like I can sell it online for $22k. Cashed in the warranty.. $2000.. Genesis worth $18-19k.. (not good resale value).. still figuring out if I should sell the Genesis or the Tahoe or both and get a smaller SUV. Listing Tahoe on Craigs List while I figure that out. Owe $171l1 on the Genesis but if I sell the Genesis I owe actually less because I had a full warranty on it and thzt will be refunded.
Goal-- have no car debt and a car that I can use and will do well in snow. Also feeling I need an SUV for the not for profit but not a higher end one..not for profit can kick in for that in some way if needed. thinking and doing up a excel sheet that I am filling in
I am assuming this job w the LOOONG commute is short term (few weeks/months) but I still have it so need to plan for the commute.. 50 miles each way.. crazy... I currently spend $350 a month in gas for the car.. thinking that will go up to $450 w the Tahoe..
If I am not planning on the car long term I shoudl sell it now because resale value is really dropping. Tahoe is really holding its value in a big way.
Happy Thanksgiving all!!
Talked to 6 homes property manager. He was about to refer someone for my vacant 3 unit (that the current pm says is filled and moving in) for $650 rent.. bodes well for higher rents.
With each at $650 I fully close the negative cash flow gap at the 3 units. that is the goal for next year.
I will switch from the current 3 unit property manager as soon as verify this unit is filled etc..
Main home refinance CLOSED tonight!
I am officially out of my hard money loan! thanks all for the support. it has been a large (curvy) road.
Main home refinance is proceeding as planned.. looking to get a close date in the next 48 hours and they are trying to close Monday so it funds before the end of the month.. 3 day right of rescission on the loan
payoff estimate was slightly off.. I will have to contribute approx $1050.. rate is 5.375 do you suggest I roll that in (I can) or pay it.. I am thinking roll it in as I am trying to conserve cash
Job update.. talked to headhunter. they followed up last week and were told that they should get a positive response shortly.. no word since.. they are wondering if the company is determining where the funding will come from, start date or which supervisor this position will report too or something else happened. Current job cut hours back to 40.
So job NOT in the bag yet.. still hopeful and praying..
Talking to 6 unit property manager more.. feeling satisified and in control..
Not as satisfied w 3 unit lady and may end contract after 3 months.. and switch to 6 homes guy.. she tells these little 'lies' frequently .. saying somethign just to appease me when it is not true and then having to back down from it later.. and lack of complete communication
new tenant moves in Saturday she said but this is delayed from the 17th, delayed from the 18th, unit is STILL not finished (18 days after move out.. all we were doing was touch up paint, clean carpet and clean unit).. not a huge deal but adds up and overpromising under delivering gets old.. more to share here
Feels good to learn more and grow in these rentals and be able to think ahead and be proactive, raise rents, fix up.. proactively control my net cash flow.. really feeling these are good for me long term.. just waiting for time to go by so I can get out from under this high mortgage and cash flow pressure.
I am already running $300 LESS in projected negative cash flow a month across all units then I had in year 1.. w significantly RAISED reserve amounts for vacancy and maintenenance.
Hoping to close the $450 monthly cash flow gap on the 3 units w the new property manager.
6 homes gap will be harder to close (or not as fast) .. as homes have people who have lived there for 8-10 years and if I turn them over I can expect $3-6k?? updating fix up costs each. That is based on the turnover cost of the first two. I do not want to spend that cash right now (and do not have it) so am fine w the lower than market rents and steady income
Obtaining that free and clear deed to one of the homes is in the works!
Called seller on the deed.. no issues.. he wants me to fax him a note and he will call his attorney to get that working.. YAY
no word on job yet.. hoping to hear GOOD NEWS today.
My job now is very political..stressful and w this high profile program risky.. IBM guy said last 2 people who tried to turn it around by resolving highlighting issues were let go. I am already feeling the heat.. not good at all
hope to have a closing date on that loan today
$3200 more to savings (went to real estate emergency fund and will immediately go towards roof)
Boyfriend bought me $900 snowblower this weekend. NICE.. savings and a quality unit.
Saw 3 units today and took pictures.. made a list of long term items (sealcoat parking lot, trim trees back and either siding or repaint current siding).. I will get quotes and budget for next year
FEELS good to get involved and KNOW my worst case and costs
I DID sign up for 6 months w that lady (existing property manager) with a list of concerns I want her to address etc.. I will cut it down to 3 months if possible..caught her again fudging costs and she is simply not set up to turn these units over fast..I saw it on the 15th.. it was vacated on the 1st and NO WORK was done.. her goal is to have someone move in (already approved and waiting) on the 18th
Units were LARGE, well lit, updated, front and rear door first floor units, nice area of town.. rents are only $565-585.. she does not want to raise rents and is conservative in that way but the research I and Matt (other property manager) has done shows those could go for at least $50 more maybe a $100 more each and they are so small (500-600 sq feet) that turnover costs should be low. I have a $500 loss on those every month (on 5 year payoff).. It appears I can close that gap maybe in full in a yearish w raising rents.. lower costs. thatt would be a HUGE WIN.. this means more savings or more breathing room..
Onward to work!
Final main home refinance outcome.
Conventional was denied for now. Everything approved (income, credit, extenuating circumstances) but the fact that I converted by chapter 13 bankruptcy to a chapter 7 counts as 2 bankruptcies and (even w extenuating circumstances) I need to wait 3 years from the BK discharge so August next year. Broker will keep all info on file and has a diary note to contact me 8/15 to just resubmit income and assets to get the final approval. 3.6 or less rate if rates do not change too much
Meanwhile.. 5/1 arm APPROVED and they are trying to close next week. rate 5.375%, amortization 30 years, 2 points
MY PLAN.. do the 5/1 arm then switch to conventional in August, 2015. Why not stay w the hard money loan until August next year? (1) even w the points/and cost rolled in the loan (balance increase) .. it is $6600 less to do the 5/1 arm for 9 months then keep my current loan (2) my current loan is being called 11/15 no extension. I do not want to get up to September and find out I can not go conventional. This loan gives me some breathing room.
All costs rolled in loan. Payment $368 LESS than what I pay now AND includes taxes and insurance. I will auto save the $368.
That last roof on that house (of the 6) is being done this weekend
Looking to sell the Tahoe next week.. pay off the Genesis and save the rest
Looking to wrap things up for year end and end strong..trying to pull as much savings out of the hat as I can
Finally calling seller to get that first deed. Asked realtor what he would estimate the SELLING price of that house would be so I have a value. he is researching
Goal w rental emergency fund is to finish this last roof and then build fund back up to $15k and leave it there..
Interview went well. I should have news tomorrow or early next week on the new job.Same rate I am at now.. Oakbrook (much closer), can wear JEANS!!, flex time and they are open to some work at home.. and contract to HIRE if I want to be hired... SOLID household name (on every corner company)
Relieved loan decision is DONE for now
Over $2000 in savings this month so far with a forecasted $3500 more (which will go right to the roof on that last house)..trying to tie up things and end the year strong and then set strong goals for next year.. need to get this LOAN STRAIGHTENED out.. hard to plan with that outstanding
1. conventional guy sent me a text (a text, what an idiot) ..saying they were not able to get it through the system etc and he is basically giving up. upsetting. I called him immediately and will continue to call until I reach him.. loan was approved manually they were just trying to figure out the new system. I need info on details of loan etc.. any error codes so HE can either keep trying or I can try someone else.. very upsetting like he gave up.also called Fannie Mae directly and they need that info to look into it.. they say this occurs w new programs but hte manual underwrite approval is a good sign. I mean maybe we can show more assets, go for a 30 year not 15, or whatever. I need to know the reason it is not getting through to solve it and if for some reason it does not work not I need to know when it will so I can plan.. VERY upsetting this no call back
2. 5/1 arm still pending
Interview today 2pm.. feeling good..prayers!
getting lots of overtime opportunity at work (at straight rate).. maybe can make up to $4-500 a week extra.. crazy but nice..
First full rent month in what seems like a LONG time (July!).. crazy.. finances are much better w full rent.. with the property manager switchover I had 4 months of not full rent and high costs.
Answering questions from Another Reader made me realize I will only owe $119k across the 6 homes at the end of nexxt year.. why not formulate a plan to gather that $119k (or as much of it as I can) and pay them off early a the end of next year
WHAT A AWESOME thing that would be. Can you imagine? even I only got $75k gathered.. be great to speed up the process considerably. I would rather work really hard, think creatively and just get it done.
$119k is not big in the scheme of things but need to think outside of the box if I am in to get there (and need to get this loan settled)
been quiet here..
Loan STILl in the works
5/1 arm.. they said it was conditionally approved then found out they did not submit the rental information. This income is not included in my stated income but opens up a possible can of worms. Went back for formal approval or submit more docs Friday..so not as firm as I had hoped
Conventional loan. As you recall this had to go through manual underwrite since I had extenuating circumstances AND we are using that new rule. if you BK out of homes you later foreclose on. the date the waiting period starts is the date of the BK discharge. Anyway.. manual underwriter reviewed it and approved it however in just these past few weeks there is some new fannie mae system (an actual software system) that even these loans have to go through and the underwriter has put it through that a few times and it has NOT popped out w an approval. This is such a new system no one is sure why it is not approving it but the underwriting is trying to 'fiddle with it' to make it go through and to find out what is making it not approve.
HOPEFULLY she does not lose patience w this process..and keeps trying
I REALLY need and want this loan
Meanwhile the roof on that one house is on hold while I wait for loan approval
Either one when approved will close fast as we already have the appraisal
Job news.. my phone screen DID go well. I got called in for a face to face which is next Wednesday. I believe they only called 2-3 in so if I can hold my speech together and sound intelligent I have a very good shot.
REALLY want the job .. $65 an hour.. larger well known company.. Oakbrook. (will share name once hired) and they want contract to perm but contract can go at least 18 months.
Meanwhile where I work now... I am now program manager of this big insane program that is out of control that I am taking over from IBM. I got the ok to work more hours and am doing those extra hours mostly at home which takes some of my evenings but mostly weekends. will try to bill 50 hours as long as I am there.. that nets me almost $1600 a month more
Still believe in these homes/3 units but the financial strain this year w the house (whee I live),the missteps w the new property manager for 3 months, rehabbing 2 homes and putting 2 roofs on and other stuff feels really sstressful sometimes. I want things to calm down and I want to enjoy the journey and I want to have regular savings and I guess MORE savings.. I have only $54k savings with $18k of that retirement. Income estimate onnce the homes/3 units are paid off is approx $7k now but I am lagging behind on my savings goals.
I have 5 months 3 years to go on these homes and am feeling more comfortable/safe as i knock out these 'larger maintenance items' and have a property manager that can FILL the homes quickly..but strained. The house and job being in the air is crazy too..I am trying to do more little things for myself and loosen up a bit money wise so I can enjoy the journey..but some months I feel I am just 'making it' or surviving' and not saving.. alot of this is forced because I cut things so close trying to save/cut corners.. that is why I am trying to loosen up. I have a WAYS to go yet and need to 'make it emotionally' there too
Onward and hoping for good loan news next week!!
HI all. I finally paid off enough to earn a free and clear deed to one of the homes in the '6 homes agreement'. I am going to choose the one I fixed up 2 months ago that rents for $1435. I will do paperwork next month or December. If I default and can not recover I still keep all deeds I pulled out so this house is MINE (soon).
I can pull my next home out 2/2016
Homes paid off 4/2018.
3 1/2 years left on the 6 homes agreement. I will breather easier once we are half way there.October 2016.. is the half way point.
No loan news yet
Job interview tomorrow in Oakbrook. Fingers crossed!!
On a 'high' note. I got approval to work 5 extra hours a week for the next 3 weeks. at the 2 week mark I will see if I can get it extended or increased. I think I only get paid straight time for 'overtime' so if I do 15 hours extra over 3 weeks I can expect to NET $653 more than normal.. will see if I can increase that or make it the norm
1.. Interview next week for a closer to Naperville job
2. Still waiting to hear on that work at home interview I had last weeek (interview was harder than I had thought so although I was 'strong' it was not my best interview. had a very bad cold.. speech was worse etc)...waiting to see if I get called back for a 2nd phone interview (only 3 out of 10 do)
3, and still waiting for first interview on that other work at home job I REALLY want
Praying for a work at home job. feeling swamped and stressed and rushed most of the time w a 3 hour commute each day.. crazy..and need to get more fall/winter work clothes if I keep this job much longer.
Expecting to hear on the loans by mid next week. excited.
I GOT the appraisal from the first bank that the 'bad broker' went too.. ( this is good news.. the broker was holding it 'ransom' for his fee) and had to file a criminal compliant for extortion against the broker. he was threatening to disclose personal information unless I paid him his 2 points even though he did not get the loan. Cops called him and apparently he agreed to stop and told them he would file a civil suit. he has no case. I called the bank and they also said the loan was not approved
Need to increase my rental fund back up and take care of these expenses.. fund is going down to approx $10k an still ahve 1 roof and some other stuff pending.
I DID drive out to those 2 homes that are side by side and was THRILLED w the condition of the homes...with the tenants everything. I will take one of those homes as my first fully paid off deed'.. tenant was talking about wanting to plant a garden etc.
November (how the pay checks work out ) I should be able to save or 'use towards the rental emergency fund' almost 2 full checks $3600 so that should go a long way. determined to save SOMETHNG every month towards my general investment fund.. even if only $100 or less
and have some interest in my cage bank.. will send pix to the person.. try to get $2000-2500 for it and have other stuff to sell too just been SO SWAMPED w this job. What a crazy idea it was to take this (they did say I would have more work at home) but STILL
But at least I have a paycheck and these 2 loans look like they can wrap all costs in the loan which considering the lower rate /amortization will pay that extra portion off in very short order
We shall see
Got home from Florida w a cold.
Here are the updates.. diarying for now.. hard to get to a plan until this loan comes through.
Main home refinance. i am pursuing two options simultaneously.
5/1 arm 5.6375, 2 points..
15 year CONVENTIONAL..3.675
News on BOTH next week and then proceed to appraisal. Both gave me the 'ok' on prequalification. now going to underwriting. Conventional has to be manually underwritten.
Old loan broker who wants his fee even though he did NOT secure me a loan is literally threatening me via email, text and phone saying he will send out a mass email to my work and contadcts (on my application) that i am not paying him and are in breach of contract. Talked to several people and we are in the process of reporting him.. seems like this guy came unhinged!! Glad did not go through him. Also notifying hte licensing entity and the bank he was trying to go through. he is forging documents etc trying to make it seem 'I was approved'. Attorney recommending calling bank Monday and we will . CRAZY!
Anyway.. PRAYING for the conventional to turn out.. payment would be approx $3100 with taxes and insurance. I pay $2970 now WITHOUT taxes and insurance. Loan would pay for itself in 2 months!! all the rest is gravy
So looks like I will get A loan (somewhre) by the end of the month.. or have it settled..
Had a phone interview last week .. went ok.. panel interview for a work at home job.. hear on if I get called back (another phone interview)next week... other than that all quiet on the job search front..and entering the job dead zone pretty soon here.
Glad I have a job and figuring switching again in the middle of a loan app is not a good idea to so ok w the fact that I have not found one yet but want one soon.
6 homes, 3 units all filled and feeling like they are in better shape now. more confident from having gone though some rough times.. units and homes rent easily and for a good price... they are small and basic so not super expensive to fix up.. will switch 3 units to 6 homes property manager next month.. they really seem like a good long term monthly income source.
Only have til April 2018 to go on the 6 homes payoff . 3 years 6 months... getting those paid off wil be a HUGE relief (and should start netting me $4k a month once paid for. but was planning to put that towards that 3 units which will get those paid off 5/2019). things are tight and risky w the 5 year contract on the 6 homes and early payoff on the 3 units.... not a lot of room for error in these first 5 years at all and I consider myself blessed and fortunate that I have a high paying job and have had no job breaks.. Thank you God.
Auto saving $250 Monday and will try to put another $1000 in there but need to rebuild the rental fund. can not have any risk w the 6 homes..
Still holding on to that missing mortgage payment for the 6 homes and will send that once the settles.
Still waiting for motorcycle guys $6k which will go directly to the rental homes emergency fund which is about to be depleted by almost 3k for the fix up work on the last vacant home we turned over. But good to get these homes all up to standard shape
Turned 44 the 15th. 6 homes wil be paid off when I hit 47
Got a loan approval on that 5/1 arm, 2 points, 30 year am
Rate is 5.375 (higher than I thought.I took a hit for some things.. 3 foreclosures vs one etc)
Anyway they say they CAN use my existing appraisal and can close by month end if I can get my stuff in Monday ish next week. Broker is refusing to give me the appraisal at this point.. new lender says he has to by law I(if I paid for it which I did )and will call the bank for me if need be to get the appraisal.
Of course the final approval will happen after stuff is submitted but this is positive news
this will reduce my payment to approx $2550 (INCLUDING taxes and insurance). Now I pay $2970 NOT including tax and insurance) so big savings
However I am waiting to hear on the conventional option and expect news on that today or early next week .If conventional IS an option I likely have to wait til March, 2015 (to have a year of payments on the loan I have now)
If conventional is an option I will wait and do that. if it is not I will take this 5 year arm to get me to the time when conventional IS an option but really thinking I can do it now.
Leaving for Florida this weekend w my boyfriend..see his daughter and grandkids
No job news
6 homes going great.
3 units. looking to transfer property management to the 6 homes guy next month. .still evaluating.
I can officially pull a free and clear home out of the 6 homes deal this month.. I will work on that once the loan gets firmed up
Set up an auto savings of $250 each month. .will expand that once home, and job and rentals calm down. I am trying to save $1300 this month total.
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