Hi all

Contemplating HOW I am going to reach those goals on the left by 6/18

Tentative thoughts
1. Payoff 3 units 6-2018. requires $69k. I plan to save $1750 a month in a separate account starting next month
2. Retirement investments.. requires $200k more in 33 months. That is $6060 savings a month. I will set as my goal starting next month (to average that). this wil include credit for 401k contributions
3. owe under $100k on house--no ideas yet
4. income of $8000 NET a month. will need to raise rents/cut costs and possible get another house in thre or income stream or something

I will start posting these goals so I can work towards them

Seem pretty impossible now but impossible does happen

Goal 6/2018, $100k left on house, $8k net monthly income (passive) and $400k investments (goal WAS $300 k. raised it to $400k today)

HI all

Worked 141 hours these past 2 weeks. Crazy.. good money but not what I want long term. I may get a Nordic Track ifit treadmill w some of the money. that or they have one of those training bikes w ifit with incline and decline.. both are approx $1500

I feel I am getting out of shape!

Anyway.. CLOSED on 6 homes. had to borrow from my emergency fund approx $2000.. will pay that off next month

I TOTALLY own these 6 homes now. no mortgage

IF homes run well I should be able to pull $3500 from the homes and will not have put in $1000 a month anymore towards covering the monhtly payment. so total NET increase to me per month $4500 ($1000 saving and $3500 new income).. basically ALL will be saved and invested to reach my 6/2018 goal

2 homes vacant. One we have an excellent long term tenant for and are fixing up. this is the home the 15 year tenant moved out of.

One has been vacant for almost 3 months.. 4 weeks I got rent for.. and the rest is a total loss.

Met with other property manager.. looks real good.. will post for input here and have asked some other folks

Thinking of for sure switching over the vacant house to him immediately w the rest to follow..

Made a mistake switching last time so want to be real sure but how can I lose? this guy is letting this house sit and has not sense of urgency.. other stuff too. will update later.

Current property manager does not appear to have time to show the house timely, and marketing is not getting what we need. I asked several folks what they thought of the vacant house. and they looked at it and were surprised our starting rent was so low and that it had not rented... even providing comps they owned near by with renters.

I contracted w a real estate attorney to appeal the real estate tax assessments across all my homes (my personal one too) .. cost 33% contingency of the 1 year reduction amount.

I currently pay $20k across 6 homes and 3 units and $10k for my own home. I am hoping for a $3k or more decrease. Never did this so do not know. What I think is good is that we just recorded SUPER low sales prices across the 6 homes w the title transfer..

Anyway. IF 3 units were also paid off I would make $6200 NET a month (this includes escrows for tax, maintenance, vacancy etc) . so I am $1800 off my goal of $8000 NET by 6/2018. Will continue to work on that.

I am CHANGING my June 2018 goal from 'having my own home and having it paid off' to 'having my own home and only owing $100k on it'. I do not feel I want to use my money to payoff the home totally right now.. $100k or less owed is fine..

Still waiting to hear on primary home refinance.

Onward. and looking forward to when hours lower (45-50 is fine but 70+) is 'soul sapping' so I can concentrate on Me, health , happiness and MORe to life than finance and work!

Also saw Dad yesterday. though he is happier at Silverado and cared for better. he is weaker and really not sure how much time we have. I am spending as much time as I can w him. This weekend I showed him the yard and he could not make it around the house (walking) on his own.

HI all

6 homes closing update

set for Saturday at 10am

Payoff so far is $1000 less than expected. so will use that to build back the emergency fund (took some money out to close)

Meeting with other potential property manager tomorrow and will post info to get thoughts from the group

REALLY frustrated with the slow renting of this one house, slow on repairs and all that basically boils down to security of rent and smoothness of house management. Trust!

Anyway. more news soon

I decided that I am ok to to have the mortgage be below $100k and I do not need it fully paid off to 'retire' or be financially independent and feel I do not have to work so hard. My house is $520 k or more. really why do I want this house anyway. I may want to move and I am ok w that. I do not ahve to stay here forever. . house is nice and has a nice SUPER mega yard which I like but really do I need that when I get older??

Dad is 76 and I am still traumatized seeing him decline so fast.. average stay at Silverado is 2 years (I got told that this week.. big shocker) which means on the average people pass away in that time period. Dad is 76 and she said that was 'young' and young people w alzheimers decline faster.. GULP!

So considering a super short timespan. where do I invest Dad's money. bonds, just get a 1.25% saving account.. stocks? I can not afford to lose alot of it. any 'safe' 5% investments out there.

Waiting for refinance news.. locked at 3.25.

Our big go live is this week but we had to cut it down so much we are now doing phase 1 and 2 so still expecting to work over 40 hours a week after thsi but just not 68-70 hrs until phase 2. I get overtime at the straight rate for hours over 40 and trying to bank as much as I can

Onward!

Hi all

Gift came through

I am paying off the 6 homes this week. Already sent the $120k check in and will 'close' Saturday so I get deeds etc. I have to come up with approx $10k and am doing that by cutting into the personal emergency fund a bit (I will owe that fund $2k) next month and using some of this crazy money I am making lately.

Very thankful and excited and also feeling even more like I have to get these 6 homes under control. This is a big part of my future

Got references from new property manager and need to call them

We are right before 'Go Live' at work and yesterday I worked (non stop) from 7am to 11:30pm. did not leave the house. VERY long hours and hard to do much of anything else. all of htat is crazy tense fighting issues and trying to 'save the go live' or long executive decision calls

Anyway.. happy grateful. WOW.. sortof shocked.

Now got to continue savings (all I can) investing well and paying off other debt. If I can get up $68k I can pay off the 3 units of JUne 2018. My plan is to do so.

My refinance on the house is progressing. appraisal Wed and mortgage guy is trying to close this month. That wil not cut my payment too much but will cut the term. This will be my last refinance (thank the Lord!)

I am hoping to get a few thousand back on the 'loan swap'. The reason is my prior loan required 6 months escrow. this one requires only 2-3. all of that will go towards principle.

Onward. got to start working.. crazy.

Hi all

I believe this is coming through.

An aunt is liquidating some accounts and giving each of the 3 kids in my family (Ma is her twin). $200k. My brother is on hard times and this may have spurred the gift..

Anyway (if this comes through fully) we each got $80k so far... already put $80k into investments..I will put the rest, $120k, to payoff the 6 homes

To pay off the 6 homes I actually need approximately $130k, if paid off this month, so trying to figure that out and need to contact the seller and figure this out< he was escrowing tax so I may get some of that back.. figure payoff date etc.. trying to do this this month (before this dream come true disappears but waiting for final confirmation before getting TOO excited or making any contacts) . They are doing accountant/attorney talks right now.

So sharing tentatively right now.

Also have news on the property manager I met with and on the homes getting rented. will share later. Back to work. I worked 120 hours these past 2 weeks! good money but exhausting.. need a break.

Where I work though just bought another company and is on a hiring freeze through year end (also their fiscal year). My contract is up 1/6/16 so got to clarify my contract come October to try to get it renewed .. or go full time after year end

Hi all

Still pending confirmation of that gift so not feeling excited yet.

On that home in flux. Section 8 lady moves out in full tomorrow. She did give us payment for the month so I should have full rent for this month and the property manager is going over there Tuesday to see what we need to do. I am going to source my own rehab folks this time as possible options as he took too long last time and his guys are resource constrained. I want to be more in control and in the know. these homes are my retirement!

and I meet w the other property manager tomorrow to investigate options. I am bringing my CPA. I trust his business instincts and advice

I need to get these 6 homes smoothed out!!

Despite last weeks rant. I feel we have come a long way but not quite there yet

of the folks I have talked too (other landlords too) the consensus is it makes sense to get out of Section 8.

still working 68-70 hours a week and banking as much as I can.

Fence gets completed today,

HI all

6 homes updates.. feeling stressed and trying to just get through it all.. Whatever God gives you to lift he gives you the grace to carry'

I STILL Do not feel I have the 6 homes under control

1. 1 house has been vacant for 8 weeks (but only missing rent for 4 weeks of that so far). Took 3-4 weeks to fix it up (too long. will remedy that next time), then spent 2 weeks at too high of rent and now 2 weeks at the realistic rent. .getting showings and good feedback but not rented yet. Upsetting and stressful. had long talk w property manager on it today
2. the section 8 house, forgetting if I mentioned it we were thinking we wwere going to pull it out of section 8 and then instead did all sorts of roof, water drainage work on it and left it in section 8 because the lady has lived there for so long and wanted to stay... well she UP AND LEFT. I found out from Section 8? not her. not the manager! He is going over there tonight to look at it but with her being in there for 13 years likely needs a full paint job and updating. ARGGH!! Manager says he talked to section 8 Tuesday to get it reinspected and no one said she moved out and she did not either. He talked to her Monday. Crazy

I have been having MORE AND MORE insane crazy totally unprofessional costly things happening w the section 8 folks .. Property manager says folks are getting out of section 8 and did not think it was bad to lose this house out of section 8 as rent was low (13 years in there) and the annual inspections and nonsense like this. craziness

Bottom line though is I am going into the month with TWO VACANCIES (1) already at 8 weeks and (1) likely to go at least 4 weeks as we have to do a rehab on it..

I am not prepared to spend more $ to rehab another home and am going to need to beat some bushes to find the money. or something. I am feeling severely money crunched. SEVERELY. with the landscaping (paid for) and the fence (money sitting waiting for completion)..I have been scratching around for money and cutting all costs already. hard to find or cut momre.

I speak with another local Property Manager Tuesday
and will speak to a local investor this weekend to for ideas to rent these faster... cut costs..

Positive things

1. all the rest of the rent is in
2. the house that we did rehab looks good and rehab is paid for in full
3. I am working 65+ hours a week at work so getting extra money
4. still hoping to hear positive news on the gift to partially payoff the 6 homes
5. this too shall pass (hopefully onto better tiimes!)
6. fixing up this house will mark the 4th house rehabbed.. only 2 more to go after this and one of those looks pretty good
7. even though it is hard to fund these rehabs., if done right these are long term investments into the homes.

Onward.