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Tuesday, September 3, 2013

August - September Update

What a busy, busy summer it's been.  Here in Oklahoma, we were socked by several tornadoes and my wife and myself along with several friends spent a good portion of that last few months helping victims of the Moore, and OKC tornadoes.

Moore, OK  Ground Zero

 
 
It is a horrific scene to witness.  Once tranquil neighborhoods with manicured lawns and streets populated with playing children completely unrecognizable.  I took the above photograph within days after the May 20th F-5 tornado. However, a week and a half later, more tornadoes swept through the El Reno/OKC region which were in some ways even more destructive than the May 20th tornado.
 
Despite all the devastation to lives and homes, the people of Oklahoma are a resilient people.  Try living through ten years of dust bowl conditions with a Great Depression thrown in the mix.  The rebuilding is moving along nicely and we were honored to assist over 160 families get their lives back on the track to "normal."
 
In the meantime, a good deal of progress was made on the Pay Off My Rentals front, too.  Last month we were able to pay an additional  $14,845.00 toward the lowest balance mortgage.  We are confident that it will be completely paid off by December 31st, right on schedule!
 
September 1
Stats:             Jan 1, 2013              Sept, 2013                        Amount Paid Off
============================================================
House #1 - $70,908                  House #1 - $68,397                    $ 2,511
House #2 - $57,619                  House #2 - $55,334                    $ 2,285
House #3 - $49,123                  House #3 - $14,092                    $35,031
-----------------------------                  ----------------------------            -----------------------
Total:         $177,650                Total:         $137,823                  $39,827 (-22.42%)

A couple of noteworthy points: First, we broke the 15k mark on house #3. We've paid off nearly $40,000 since the beginning of the year.   I've decided to continue with my original goal of only concentrating on paying down the mortgages and will not be contributing to the ROTH IRA's until they are paid off.  This just works better for me.  It is not subject to the tornadoes in the market and gives me a guaranteed return.  Bottom line:  I just feel better sticking to the aggressive payoff plan.
 
 
 


4 comments:

Unknown said...

Great blog! I love how you are detailing your journey and helping to inspire others. Keep up the great work!

And hey - send me an email if you get a sec, I want to chat about working together with some blog stuff! brandon@biggerpockets.com ;)

The Executioner said...

Nice progress! It's going to feel great when you get rid of that smallest mortgage and have only two remaining loans to focus on.

All About Interest said...

You are doing great with paying these off. You'll have a lot more each month to invest and can catch up quickly once these are paid down. I am still thinking of starting to pay down one of my rentals also. Keep up the good work.

Pay off my rentals said...

@Brandon: Thanks for stopping by and for the compliment! I'll consider your offer. Just really busy right now. Obviously I like your blog too as I have it listed as a favorite on my blog list.

@Executioner: I really appreciate your constant encouragement. Especially because it comes from someone who has accomplished a similar goal. It will reall feel good and feel better to be able to snowball the next rental payoff with an additional >$400.00 p/mo!

@AAI: Right on the money! You've got my blessing for sure. It's an amazing thing to watch the greater portion applied to principle and less....much less to interest each month. Stay in touch.