Hi all,
Too many updates!
$65/hr job proposed start date is 7/21.. will give notice once I have the contract.. today?? but no 401k for a year!! will have to save in taxable accounts
Got a call for a $65 contract to perm job in NAPERVILLE.. put in for it.
Also I have an interview for $60 work at home job..
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Loan submittal sent today.. hoping for good news by Thursday (prayers).6.25%.. 2 points.. need to exit this loan asap.
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6 homes transition..rocky .. I am pulling out $10k from the emergency fund today for roofs etc.. s8 lady has not moved yet.. but still getting rent but upsetting.. have a call into s8 and property manager is going over there today to see what is up.. house next door did NOT pay second half of last months rent 565 missing and concerned for this month.. property manager is going over there today.. when it rains it pours. putting in new sump pumps in both homes and a french drain.. $$$$$$$...I have never seen so much rain in a year!! but all fixes from now on are long term..and done well. just lots of MONEY and rental uncertainty which I do not like... just feels very up in the air right now and a rough transition. upsetting. news hopefully today on rents and status. Property manager is meeting w ALL tenants in this next week or two.. walk thru homes. form a list of things needed.. money out the door but it will be good to get these back in order and running smoothly..
PRAYERS for money and some resolution (good resolution on the above)
6 homes transition update (not good), and other misc updates
July 1st, 2014 at 03:31 pm
July 1st, 2014 at 08:58 pm 1404248305
July 1st, 2014 at 09:28 pm 1404250112
If she sold these properties today, she might realize a small gain, but she would be taxed on the gain and on recaptured depreciation. Whatever she netted would certainly not clear the mortgage on her own house.
In her field, not many people work to the standard retirement age. IT is a young person's field. Rachael will likely be able to retire by 50 with a nice, tax advantaged income at the rate she is going. While she continues to work, she will pile up investments in her tax deferred retirement accounts. She's also investing non-retirement money that will give her an even bigger cushion.
In my opinion, Rachael is doing an excellent job in the face of what for most people be overwhelming problems. To have come this far so quickly after filing bankruptcy is a testament to the effectiveness of her approach as well as to her tenacity. I might have done things differently, but it's hard to argue with success.
July 1st, 2014 at 11:22 pm 1404256973
July 2nd, 2014 at 12:12 pm 1404303128
We as tax payers pay for Section 8.
I wouldn't limit someone's career it is what they make of it. A lot of people have to stay up to date in their field and can work as long as they choose to.
You would be able to save more if you got rid of the properties, downsized to one car, paid off your mortgage and invested. That's when additional real estate would be more of a blessing. Best of luck to you!
July 2nd, 2014 at 12:34 pm 1404304491
July 2nd, 2014 at 01:55 pm 1404309316
Who pays for Section 8 is irrelevant. Accepting or not accepting Section 8 is a business decision. It exists, and if you own properties in that segment of the market, it's something to consider.
As Rachael says, she cannot save her way to financial independence. Investing will allow her to reach financial independence, and if she manages the properties wisely, she will be able to retire before she ages out of her industry.
July 2nd, 2014 at 05:34 pm 1404322470
The Section 8 topic is relevant. Because me as a taxpayer I'd rather NOT be paying for it. So if Rachel can't pay her mortgage and has to get tenants that can't pay for a house or apt on their own and have to get assistance from taxpayers to do so then they shouldn't have it!
Rachel is more than capable of saving her way to independence and it would be a lot faster if she cut out all the money sucking debt that its going towards.
July 2nd, 2014 at 08:27 pm 1404332852