My delightful tenants who were so good about paying their rent suddenly fell on hard times and haven't paid me a dime since November. Supposedly, they have enrolled in some sort of government program and will be receiving rental assistance any day now. I want to believe them because I like to think the best about people and, well, I want my rent money.
In the mean time, I haven't made much progress on my mortgage repayment plan. This was starting to get me down so today I decided to move on regardless of how my rental situation turns out. I was able to pay the mortgage for November(you might recall that I already spent November's money on a shed) with money pulled from a stock that I sold, a sign-up bonus from my bank, cash back rewards and the money that I used to be spending on life insurance(which was cancelled). The December payment came from the money that I should be putting towards an extra principle payment. After all of that was paid and because I had some excess from November's budget, I made an extra payment of $520 today! Finally, a little bit of progress. New mortgage total: $54,287.
Since January 2008, I have been able to pay $17,000 extra towards my mortgage principle, a little over $20,000 total if the regular mortgage payments are included. So, regardless of how my rental situation ends, it has been a great year, my rental house made a profit and I have learned a ton of stuff about landlording(many important details will be added to the next lease!).
Assuming I find a nice new renter after my short term renters leave in March, my mortgage plan is back on track and I will be mortgage free in 1 year and 8 months! Yea! I'm starting to feel motivated again :)