Quick update. I am back and need to get serious here. I have wasted a lot of time on this new house and $$. I have lost track or site of my goal. My goal was to pay off all those homes and then feel free to leave my current job which pays well and CHOOSE to do something else that may or may not pay as much but offered flexibility and much more satisfaction and meaning. I paid off all those homes and then lost site of my goal with this new house. I bought what was going to be a lower cost home and do some fix up to it. The 'fix up' became exponentially larger because of code changes, restrictions, feasiblity and then the house sustained major water damage in the middle of the project.
1. house fix up was to be $210k. I am still tracking costs.. so have no final figures but will get an estimate shortly.. it is likely to come in over that but not by much which is an achievement
2. amount from insurance company to fix water damage $156k and I will be asking for more.
3. I am currently staying in a rental house (paid by insurance) while my house is being completed
4. target completion 4/1/2020
5. I am watching costs and fix up work and the house is very likely to appraise at or more than what I paid for it (including the fix up costs)
I will detail our more later. .jsut making a commitment to get back on track here and goal is to pay off house debt in 6 months..
I need to set MUCH more detailed goals and will do so,.
Rough plan to pay off house fix up debt (currently $175k and should not rise too much more if at all) is to take the rentals money each month (average $8k/month) and put that towards it and then sell one of my 2 flats.
More updates later.
New goals, new year-need to get serious