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Archive for June, 2020


June 22nd, 2020 at 08:34 pm

Hi there. An update here.

I have officially finished the house. What a long strange trip it has been. I essentially broke even on the fix up which is a HUGE achievement considering all the issues I encountered. So no net worth change basically since late 2019. I took out $150k from my taxable investments for the downpayment on the house and then some fixup.. I now 'have that money' in the house. It is preferable to have it OUT of the house and in investments but it is what it is.

Sales price is $850-900k per 3 realtors. worst case net $800k,

It occurred (and is occurring to me) to sell it and move to a lower cost house with a very low mortgage or no mortgage but I am just so exhausted from moving and 'fixing up' homes that I am sortof done (for now).. At least I know I have the option to do that. The area I am is pretty stable so I should have that option in the future too. The idea of having a paid off home is very attractive. The house I have now is gigantic for me and essentially brand new.. better suited for a growing family.. I often think of the opportunity cost of staying and wonder if it is worth it.

I will refinance the house in the fall to lower my payment by $3-400 a month.

I owe $316k on the house and $93k house fix up. I plan to pay off my real estate taxes and then defer all rental profits to the payoff until done. Target if the job extends is to pay the 'house fix up' off in February.

My contract likely ends mid December. I am on track to still have 30k left to pay off at that time. I am on a high priority project so may be extended but this company has a mandatory 23 months and you are out (for 3 months) policy.

I want to basically stop working January.. or take a break. so tired of my job. I really dislike sitting at a desk or doing desk work.. and very high stress.. sortof burned out.. This particular job though allows me to stop and then come back in 3 months if I want.. So I am figuring I will stop, not work, test my courage in relying on the rentals and doing my own thing, draw unemployment for 3 months or so..not sure.. I can always go back to this job or some other.

I want to continue to save lots though so the high dollars are attractive. I would do better in a more active job even if in the same role..or I can do something else. I will take those few months or from now til December to figure it out

From now to December I also want to tighten up my budgets, figure out what I spend on, tighten up the rentals.. etc

On a HIGH surprising (in a good way) note. the rentals have held firm through the virus and riots. no real missed rents.. The only impact which is huge is that the management company suspended showing and renting properties from March to June 15. I have 3 vacancies.. 2 homes and 1 1 bedroom. Hoping to fill them soon. Lots of money lost.

Lots more to share. and have goals to set. I see a lot of long timers are getting 100% out of debt lately. very impressive.

II want to turn away from 'work'.. the crazy house fix up project and start doing 'life' more. I just moved in to the house slightly over 2 weeks ago and the stress is starting to dissipate and I feel energized.

Hope all is well with everyone in this crazy chaotic year.