The computer system went down at work today so that means you get more musings from me! Yay! Isn't that great?
My rental house mortgage was paid off in 3 years and 6 months from the time that I started accelerated payments. My first big payment was $20k when the balance was at $100K which brought it down to $75K. I continued to pay $1,200 approximately every month although I was renting that house out and my rental income was very unsteady. Some months I put no extra money towards the mortgage, like after I got rid of the druggies and had to renovate the house. Sometimes I paid more like when I sold my stock and when my renter got caught up on the rent. The mortgage payment (principle and interest) was $800 and the interest rate was 5.9%.
Now, I owe $71,120 on my house. I don't have $20K to jump start my payoff plan but, hopefully, I can make steady over-payments of $1,200 a month. The monthly payment is $540 and the interest rate is 4.5%.
There are many ways to increase my monthly contribution.
1. Selling stuff!!!! Yes, I say this all the time. I still have plenty of stuff to sell.
2. Selling $500 of old company stock. I didn't sell this stock when I sold my other stock because when I called to inquire about selling it, the woman told me that I didn't own any stock. Since then, I have received many letters indicating that I do still own some shares and I have even started receiving a tiny dividend check. Now I just need to talk to the right person to find out how to sell it.
3. Dog sitting. I made $100 last month for dog sitting for 2 weeks. I have plenty of room. I just need to get the word out that I am available.
4. Work on my web store. I've been neglecting it lately with everything going on. I plan to get back to working on my store soon and then I will work on promoting it.
5. Renting out my house. This is not something that I can do until I have a safe yard for my dogs at my mobile home property. But once I do have a safe place for my dogs and a reliable water supply, I would be willing to move out. I have been asked a few times if I know of a place to rent for 6 months for families with kids who are moving here and need a place to stay while they look around and find out where they would like to live. It would also be a good house for people with pets since pet friendly hotels are expensive and hard to find.
If I do those things then I am sure that I can payoff my mortgage in less than 4 years because 4 years is just too long!