Thursday, April 30, 2015

Let's get this puppy paid off!

I've enjoyed my time off from blogging about my rental payoff efforts, but it's time to get this done!


Where do we stand now at the end of April, 2015?  Simple:  Two down, one to go.
I owe $62,149 on the last house.  After the last mortgage is gone, I will be 100% debt free with enough passive income (albeit modest) to consider myself financially independent.  That is where I saw myself when I started this trek in January, 2013. 


Over the last twenty eight months or so I've gone through many ups and downs and hit several bumps in the road.  The road to financial independence is rarely straight and smooth after all.  As a family, we have faced and overcome health issues, made major business decisions, travelled to Europe, volunteered our time toward excellent causes and fought the urge to just give it up and divert my attentions elsewhere.  Does any of that ring a chord with you?  Stuff happens, right?  Right!


On the other hand, after reevaluating how far we've come and where we want to be by this time next year, I've decided to roll the snowball down hill again.  We've saved some money and will apply that to next month's principal payment to really get this snowball rolling.  After that I don't really expect many large, lump-sum type payments over the next ten months or so (thanks to the new office building our company decided to build).  Just slow and steady with both eyes on the finish line.

So with all that said, let's get this puppy paid off!

I'll post again next week after the May payment has been made to update the numbers.

1 comment:

REIGuy said...

Good luck. Thanks for the update.

I'm in a very similar situation as you. Started with five houses to pay off at $250k. Now down to $130k.

I sold a house a couple weeks ago and I just sent a wire transfer for another. I'm thinking about selling some stocks to pay off the second to last house in the next couple weeks.

I have a habit of worrying about the economy too much.

The way I see it, if I pay off my houses and inflation goes up, I will lose a little bit of equity if I would have bought more homes with the cash.

If deflation, which I think is more likely, continues, I'll have less worries about it and I'll be able to lower rent if needed to keep everything filled.