Friday, September 5, 2008

The Great Mortgage Challenge-September Progress

Another month has passed and another month's rent has been collected. Yea! I deposited the rent yesterday and put in to motion the $1300 transfer to my mortgage. Next month I hope I can increase that to $1400 because of my raise. My new mortgage balance is...$57,248. Only 2 more years to go (plus or minus a few months depending on how much of my own stuff I want to sell).

The renters informed me that the garbage disposal died. I agreed to let them buy and install a new one at the labor rate of $15/hour. He said it would take an hour and he will write up an estimate for me before he does it. I have a separate fund for home repair so that little problem won't interfere with my own budget.

For those of you dying to know how my windshield repair kit'll have to wait one more day. I used the kit tonight but the sun went down too fast and I didn't get pictures of the final results. It looked pretty good though.


Anonymous said...

Yes! Another mortgage payment!
Well done :)

Daizy said...

Thank you thank you! One month at a time!

Sallie's Niece said...

Congrats, excellent progress! I'm not sure if I read this somewhere else on your blog but how much do you have saved for retirement so far? I hope you're factoring that in as well.

Daizy said...

Thanks for the encouragment Sallie's Niece. I have $70k for retirement from my last job and I'm saving 3% with the 3% company match now. At 8% for 30 years $70k will grow to $765k. Take a conservative 5% from that, minus 20% tax and I would get $2550/m to live on. With inflation I am sure that is not a lot but I also have my rental house and property.