Sunday, November 3, 2013
Mortgage Progress for October
It's a little late since this is the third day of November already, but I must report my mortgage progress. I made a $1,200 payment towards the principal for October which brings the grand total to $68,511. At this rate I will have the mortgage paid off in 4 years. What I will do after that I have no clue since I seem to change my mind weekly, sometimes daily. Yesterday I wanted to rent out this house and today I think it would be a better idea to sell it because it is an older home with many original 70's pieces which could mean my profits would be eaten up in maintenance costs. I guess it depends on how the housing market it doing. Renting out my other house was not my first choice. I just happened to try to sell it in 2007 right when the market was collapsing. Renting that house has worked out ok. That house was built in 2004 so everything was relatively new. It was the renters who tried to destroy it which cost me a lot of money in repairs. If I find that I can sell my houses and make an equal or greater return with investments then I will definitely go that route. Until I get to that point, I will keep making extra payments and hope that my plan will come together so that I can semi-retire as soon as possible.
Posted by Daizy at 8:24 PM
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Just like me. Plans change with the weather. But i still like to make them :)
Your experience renting the place out has had some mixed results. I guess you need to figure out if you are better off with the sometiems erratic cash flow from renting versus the lump sum from selling the place. Same for the time you spend with any physical upkeep.
Meanwhile, another mortgage countdown. YAY! :)
Yes, Lizzie, I'm glad our plans are flexible. It makes the journey more interesting.
Yay Dave! Mortgage countdowns are fun. What will I do when this one is over? Maybe I will need to get another mortgage! haha.
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