swordguy
Established Member
Joined: Dec 26, 2010 18:07:07 GMT -5
Posts: 446
|
Post by swordguy on Jul 29, 2020 20:03:18 GMT -5
Race # | Description | Update Date | Current Amt | Race Start Date | Race Start Amt | 1st Page # | Change | Notes | 2 | HELOC | 2/2/2020 | $ 0 | 11/20/2019 | $ 15,000 | WIRR209 | 0 | Funding Renovations on Houses #6 and #7 | 3 | Mortgage | 7/5/2020 | $137,530 | 11/20/2019 | $145,890 | WIRR209 |
| Mortgage for old House | 4 | Mortgage | 7/29/2020 | $223,036 | 1/16/2020 | $230,000 | WIRR215 | -1004 | Mortgage for new House |
September payment on new home, plus a smidge extra. I try to stay a month ahead in case we get a big, unexpected expense. So, far, so good on the sale of our old home. Keeping our fingers crossed... House we got for adopted grandma to buy rescheduled to close this Friday. So looking forward to that! That will get us $60K closer on Race #4 as soon as the funds get to us. SwordGuy (2) 2/2/2020 $0 (11/20/19 $15,000 WIRR209)SwordGuy (3) 7/5/2020 $137,530 (11/20/19 $145,890 WIRR209)
SwordGuy (4) 7/29/2020 $223,036 (1/16/20 $230,000 WIRR215)Hope you are all doing well and stay safe. So far, so good for us. PS -- Keep up the social distancing and wear masks when you have to go out to meet people.
|
|
chiver78
Administrator
Current Events Admin
Joined: Dec 20, 2010 13:04:45 GMT -5
Posts: 38,558
|
Post by chiver78 on Jul 30, 2020 13:58:31 GMT -5
I took a quick look at some balances, and decided to punt paying off the Discover card til next paycheck. I've given them $12k over the past four weeks, so they can wait two more for the last of it. I'm instead sending that payment on top of what was already going to the Bank of America card that is my daily use card these days. I've added a bit to the balance with prep/consults for the pup's ACL surgery as well as spending more eating out while I've been out house hunting.
closing on the new place is lining up for the end of August, which means my first mortgage payment would be 10/1. I also sent off a half month's rent for this short term place, after chatting with the homeowner. I had paid 1st/last on move-in, but because I'm not sure of the exact date I'm leaving, we just went with a half month and we'll figure out the pro-rating later on. I'm fine with it, it's $450 and I'll get some back. what I signed said I'd repair/replace anything the pups damaged. LD sliced open a window screen, which B already knows about. I've also purchased a few things I intend to leave here, replacing busted things that were here. I'm not terribly worried about that conversation later on.
debthaven had asked about house finances, I saw. will list a few things below.
$425,000 - purchase price $4830 - 2020 real estate taxes
3% interest rate locked in $5% down payment
a monthly payment calculator on my mortgage broker's website puts my monthly payment at $2350. I was paying $2200/mo for the house I just sold.
I had already expected to not keep up the pace of paying down $4k/mo once I bought a new place. going to see how much more I can knock out before that first mortgage payment. if I'm even paying down $2k/mo afterward, that's still a solid pace.
|
|
debthaven
Senior Associate
Joined: Apr 7, 2015 15:26:39 GMT -5
Posts: 10,349
|
Post by debthaven on Jul 30, 2020 16:25:29 GMT -5
Thanks Chiver for sharing that info. A question though (as always, feel free to ignore it.) I think you kept back 50K for a DP ... so I'm just curious, why did you decide to go with 5% down instead of 10% down? AMAZING job on the Discover!!! You should update!!!
|
|
chiver78
Administrator
Current Events Admin
Joined: Dec 20, 2010 13:04:45 GMT -5
Posts: 38,558
|
Post by chiver78 on Jul 30, 2020 17:08:49 GMT -5
I ended up keeping 30K for the DP. so I'm putting down 5% ($21,250) and keeping the rest for closing costs/re-starting the high yield savings account. if by January - when the first promotional rate resets - if I haven't yet paid off that card, I'll use some of it for that. I should be pretty close to paid off by then, though. I think that balance is $11k rn. I'm due to update on the 9th, that's not too far away this coming week is the heaviest of the month on payments, I'll wait. lol...
|
|
debthaven
Senior Associate
Joined: Apr 7, 2015 15:26:39 GMT -5
Posts: 10,349
|
Post by debthaven on Jul 30, 2020 17:32:15 GMT -5
By then hopefully you'll be getting better BT offers Chiver.
You've made AMAZING progress!!!
|
|
chiver78
Administrator
Current Events Admin
Joined: Dec 20, 2010 13:04:45 GMT -5
Posts: 38,558
|
Post by chiver78 on Jul 30, 2020 17:48:52 GMT -5
thanks! I knew I would get going quickly if I could get a foothold.....which is what selling the house did. so if my payment is basically what it was before, I will be fine with less (and decreasing) debt than before
|
|
nikiz628
Well-Known Member
Joined: Jun 11, 2013 17:25:59 GMT -5
Posts: 1,447
Mini-Profile Background: {"image":"","color":"4ee2dd"}
|
Post by nikiz628 on Jul 30, 2020 21:12:26 GMT -5
UPDATE: RACE #5 7/30/20Race #5 (CC Debt) | Interest Rates | Starting Balance | Current Balance | Difference | Citi Best Buy | 0% promos only | $1803.93 | $2,400.00 | +596.07 | Discover | 0% until 1/9/21 | $6,501.76 | $6,675.00 | +173.24 | Capital One Quicksilver | 22.9% | $4,200.00 | $4,300.00 | +100.00 | Menards Store Card | 26.49% | $2,252.61 | $2,248.13 | -4.48 | TOTALS |
| $14,758.30
| $15,623.13 | +864.83 |
NikiZ628 (5): 7/30/2020 $15,623.13 (5/13/20 $14,758.30 WIRR 227) So, the balances went the wrong direction since I first posted in May. We have been moving money around since the refi and haven't allocated big portions to paying off yet. We can pull the remaining money out tomorrow, so the plan is to pay off the Menards card since it's the highest interest. After that, I am not sure what we will do- since we can finally order our dang pool. The mortgage dept at the credit union we redid our HELOC at dropped the ball big time on our paperwork. We were supposed to close on that back at the beginning to mid June. We just signed the papers 2 days ago. They issued lots of apologies, excuses that it must've been stuck on someones desk and forgotten, etc. etc. That's all well and good but we lost our spot with the pool company, the pool we wanted is now out of stock, and we have had to delay the excavation guy 3 times. Your "I am sorry" isn't going to fix that.
|
|
Minnesotagirl7
Well-Known Member
Joined: Dec 27, 2010 11:43:59 GMT -5
Posts: 1,796
|
Post by Minnesotagirl7 on Jul 31, 2020 9:09:13 GMT -5
Shoutouts! minnesotapaintlady- Nice work on the $500 payoff, and good plan to let the 529 money continue to grow! Rukh O'Rorke- Congrats on your shiny new $0!! muffyinthered- I updated your starting numbers. Good work on your progress so far! sealy- Nice updates! Sorry about the frustration with the bank, that’s pretty crappy. chiver78- Congrats again on the house! swordguy- Hope all goes well with the closing. Looking forward to that next update! nikiz628- How frustrating! Hope all goes smoothly with the pool.
|
|
Minnesotagirl7
Well-Known Member
Joined: Dec 27, 2010 11:43:59 GMT -5
Posts: 1,796
|
Post by Minnesotagirl7 on Jul 31, 2020 9:12:14 GMT -5
|
|
sealy
Familiar Member
Joined: Dec 22, 2010 2:49:52 GMT -5
Posts: 956
|
Post by sealy on Jul 31, 2020 9:38:30 GMT -5
|
|
swordguy
Established Member
Joined: Dec 26, 2010 18:07:07 GMT -5
Posts: 446
|
Post by swordguy on Jul 31, 2020 13:19:23 GMT -5
Good news! Officially sold Grandma her house today. She's happy and we're happy. A bit over $60,000 freed up to pay on the new home mortgage! Should have the check on Monday. So far, so good on the sale of our old home. Keeping our fingers crossed! I think closing is supposed to be on the 17th. And, showed the charity house to two investors today. I don't know whether I mentioned this one before. Back when my wife and I got involved in real estate investment, we decided that every 5th or 6th house would be a charitable endeavor. So we bought this house with the intent to renovate it and donate it for use as a non-profit group home for foster kids who aged out of the foster system. That would make it more affordable for them to transition out on their own. It's not like they have parents to help them with first and last month's rent, utility deposits, etc. And since the older ones tend to be moved from one foster parent to another more often, they may not even have much of an opportunity to have a job whilst still a kid in order to raise that money. Other stuff got in the way and we had to sit on the house since last September. (We had expected to start on it in January.) We weren't going to be able to really start on it until mid-August. But I only know two tradesmen in this entire county who take covid-19 seriously. The rest don't wear masks, don't do social distancing, and don't follow the other basic sanitation rules either. We didn't sign up to die because our tradespeople are stubbornly ignorant. So we decided to just sell it and donate the money to charity. We also decided not to renovate any more houses until covid is under control or enough tradespeople die that they figure out they should take this seriously. Got a verbal offer from one of the investors with a written one to follow on Monday. Not quite as much as I wanted, but close enough not to care about. After doing a bit of math, we've decided to use those funds to pay off the new home mortgage. Proceeds from the house we sold today, plus our old home, plus this one will pay it off. But we still want to donate it to charity, so we're going to write a $1000/month check to some charitable purpose each month until we've donated an amount equal to the proceeds from the charity house. We'll probably start in December for Christmas. In theory we would get a bigger tax break by donating it all at once, but I think I'll go with the freedom from the mortgage instead. Even with a $1000 a month donation, we'll still improve our monthly cash flow by over $1200 a month, plus we'll won't have to pay taxes and insurance and utilities on grandma's house and the charity house, so that will save us over $6K a year, or another $500 a month. Keep your fingers crossed that the sale of our old home and the charity house go thru promptly. Our life will be so much simpler.
|
|
byedebtbye
New Member
Joined: Sept 23, 2018 13:27:31 GMT -5
Posts: 34
|
Post by byedebtbye on Jul 31, 2020 14:29:06 GMT -5
UPDATE
ByeDebtBye: 07/31/20 $18,905.08 (09/28/18, $33,407.11, WIRR180)
This was a great month for me. Not only did I receive an unexpected $1K bonus, but I also received backpay from earlier this year when my salary was cut by 20% due to COVID. The entire $2K went to debt payments. Finally below $20K in debt!
|
|
Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,045
|
Post by Rukh O'Rorke on Jul 31, 2020 14:51:28 GMT -5
UPDATE ByeDebtBye: 07/31/20 $18,905.08 (09/28/18, $33,407.11, WIRR180)
This was a great month for me. Not only did I receive an unexpected $1K bonus, but I also received backpay from earlier this year when my salary was cut by 20% due to COVID. The entire $2K went to debt payments. Finally below $20K in debt!
|
|
swordguy
Established Member
Joined: Dec 26, 2010 18:07:07 GMT -5
Posts: 446
|
Post by swordguy on Jul 31, 2020 15:00:14 GMT -5
UPDATE ByeDebtBye: 07/31/20 $18,905.08 (09/28/18, $33,407.11, WIRR180)
This was a great month for me. Not only did I receive an unexpected $1K bonus, but I also received backpay from earlier this year when my salary was cut by 20% due to COVID. The entire $2K went to debt payments. Finally below $20K in debt! That's great news!
|
|
forwardwego
Well-Known Member
Joined: Dec 22, 2010 3:54:23 GMT -5
Posts: 1,395
|
Post by forwardwego on Jul 31, 2020 19:59:35 GMT -5
UPDATE Forwardwego 8/3/2020 $11,800 (11/3/2019 $38,648. C208) A little progress, and will continue slowly until after vacation.
|
|
nooccar
Junior Member
Joined: Jan 6, 2011 1:54:02 GMT -5
Posts: 165
|
Post by nooccar on Aug 2, 2020 10:33:30 GMT -5
Update: Nooccar (2): 8/2/2020 $38,868.55 (11/4/2010 $73,475.09 WU197)
I start back to work in 2 weeks, but nobody knows what it will look like yet!
|
|
swordguy
Established Member
Joined: Dec 26, 2010 18:07:07 GMT -5
Posts: 446
|
Post by swordguy on Aug 2, 2020 11:12:56 GMT -5
Update: Nooccar (2): 8/2/2020 $38,868.55 (11/4/2010 $73,475.09 WU197) I start back to work in 2 weeks, but nobody knows what it will look like yet! Almost half way there! And it goes faster with each payment! Any chance of a tax refund in Feb to push it closer to the finish line?
|
|
sealy
Familiar Member
Joined: Dec 22, 2010 2:49:52 GMT -5
Posts: 956
|
Post by sealy on Aug 2, 2020 12:18:09 GMT -5
UPDATE Forwardwego 7/31/2020 $12,000 (11/3/2019 $38,648. C208) A little progress, and will continue slowly until after vacation. forwardwego You are doing great. I'm proud of you.
|
|
forwardwego
Well-Known Member
Joined: Dec 22, 2010 3:54:23 GMT -5
Posts: 1,395
|
Post by forwardwego on Aug 3, 2020 7:06:55 GMT -5
UPDATE Forwardwego 7/31/2020 $12,000 (11/3/2019 $38,648. C208) A little progress, and will continue slowly until after vacation. forwardwego You are doing great. I'm proud of you. Thank you Sealy, That means a lot and the feeling is mutual.
|
|
swordguy
Established Member
Joined: Dec 26, 2010 18:07:07 GMT -5
Posts: 446
|
Post by swordguy on Aug 3, 2020 12:06:22 GMT -5
Picked up the check for the house sale this morning and drove over to the bank to deposit it.
Apparently every single bank of america branch in our county is now closed for normal business.
I either have to use an ATM or I found one branch in the next town over where I could make an appointment. I haven't used an ATM since I lived in Ethiopia in 2008/9. Before that it was the late 1970s. Quit using them because of high fees in the 1970s and prefer credit cards to debit cards (more consumer protection from fraud!!) so I never got back in the habit of using them.
So I've made an appointment for tomorrow to get atm cards and deposit the check. Otherwise I would be sending that payment in already!
|
|
sealy
Familiar Member
Joined: Dec 22, 2010 2:49:52 GMT -5
Posts: 956
|
Post by sealy on Aug 4, 2020 8:21:06 GMT -5
Picked up the check for the house sale this morning and drove over to the bank to deposit it. Apparently every single bank of america branch in our county is now closed for normal business. I either have to use an ATM or I found one branch in the next town over where I could make an appointment. I haven't used an ATM since I lived in Ethiopia in 2008/9. Before that it was the late 1970s. Quit using them because of high fees in the 1970s and prefer credit cards to debit cards (more consumer protection from fraud!!) so I never got back in the habit of using them. So I've made an appointment for tomorrow to get atm cards and deposit the check. Otherwise I would be sending that payment in already! Some banks have mobile apps that you can use to take a picture of the check and deposit that way.
|
|
swordguy
Established Member
Joined: Dec 26, 2010 18:07:07 GMT -5
Posts: 446
|
Post by swordguy on Aug 4, 2020 12:27:36 GMT -5
Bank of America branches are still closed. The one I had an appointment at this morning at 10am was marked online as open today until 10am. Then its status changed to closed. But all their employees already knew that because none of them showed up.
No word on when they will open their branches. No explanation as to why they are closed. Realtor says BoA is unable to process mortgage payoff requests. Called BoA's national number to find out WTF? Received no useful information from them.
Went to the credit union I've used or car loans and mortgages in the past and opened up a checking account and deposited the funds. The funds will become available on the 11th, so we'll be paying down our mortgage on the 11th or 12th.
|
|
swordguy
Established Member
Joined: Dec 26, 2010 18:07:07 GMT -5
Posts: 446
|
Post by swordguy on Aug 4, 2020 12:29:19 GMT -5
Oh, could have gone back to the attorney and had them wire the money, but the question is, "What would have happened to it?" I don't like bank wires anyway, but if they are having this kind of problem I would prefer not to send more money their way.
|
|
nidena
Senior Member
Joined: Dec 28, 2010 20:32:26 GMT -5
Posts: 3,582
|
Post by nidena on Aug 5, 2020 10:30:14 GMT -5
Bank of America branches are still closed. The one I had an appointment at this morning at 10am was marked online as open today until 10am. Then its status changed to closed. But all their employees already knew that because none of them showed up. No word on when they will open their branches. No explanation as to why they are closed. Realtor says BoA is unable to process mortgage payoff requests. Called BoA's national number to find out WTF? Received no useful information from them. Went to the credit union I've used or car loans and mortgages in the past and opened up a checking account and deposited the funds. The funds will become available on the 11th, so we'll be paying down our mortgage on the 11th or 12th. That's ridiculous. What a PitA. USAA has pre-printed, postage-paid envelopes for deposits. I use those. Haven't had one go missing yet. <knock wood> Even the $17,000 one that I sent in back in April made it, safe and sound. Next week will be here before you know it and that payment will be done with. I'm waiting for my lease termination payment to clear before I send money to anyone else. Just got a notice in the mail that my vehicle registration renewal is due. Uh, I just got the license plates in February. Apparently, Indiana does it by last name and August is my month. So, I need to send the BMV $278 by Aug 21st.
|
|
nooccar
Junior Member
Joined: Jan 6, 2011 1:54:02 GMT -5
Posts: 165
|
Post by nooccar on Aug 5, 2020 10:38:09 GMT -5
Update: Nooccar (2): 8/2/2020 $38,868.55 (11/4/2010 $73,475.09 WU197) I start back to work in 2 weeks, but nobody knows what it will look like yet! Almost half way there! And it goes faster with each payment! Any chance of a tax refund in Feb to push it closer to the finish line? I should get a small tax refund. If we are teaching online or if the safety procedures are something I'm comfortable with then I will put the extra money I've saved towards the principal. If I take a leave of absence or retire early, I will need every penny of the money to live on. We don't know the plan nor the options if we don't like the plan yet. The future is very uncertain right now.
|
|
steph08
Junior Associate
Joined: Jan 3, 2011 13:06:01 GMT -5
Posts: 5,452
|
Post by steph08 on Aug 5, 2020 13:44:45 GMT -5
UPDATE: steph08 [2] 8/5/2020 $10,704.97 (11/15/2016 $57,941.58 NE139) Bill (Interest Rate) | Start | Previous | Current | Difference | Normal Payoff | Monthly Payment | Big Student Loan (5.08%) | 18,337.66 | 0.00 | 0.00 | - | November 2022 | $298.59 | Small Student Loan (5.7%) | 4,585.95 | 0.00 | 0.00 | - | November 2022 | $81.81 | Truck (2.49%) | 18,995.89 | 6,110.07 | 5,705.97 | 404.10 | October 2021 | $416.19 | Van (3.6%) | 8,463.08 | 0.00 | 0.00 | - | October 2022 | $154.49 | CC (0%) | 7,559.00 | 5,384.00 | 4,999.00 | 385.00 | | $76.00 | TOTAL | 57,941.58 | 11,494.07 | 10,704.97 | 789.10 | | $1,027.08 |
Paid this update: $789.10 Total Paid: $47,236.61 Percent Paid: 81.52% Still moving along. Upped the CC a bit this time, so that every third update would result in a new number in the thousands place.
|
|
chiver78
Administrator
Current Events Admin
Joined: Dec 20, 2010 13:04:45 GMT -5
Posts: 38,558
|
Post by chiver78 on Aug 6, 2020 6:47:06 GMT -5
I'm making an appointment to go get a cashier's check for my P&S deposit today. I'll need to overnight the check to the listing agent's office, b/c I'm so far away. overnighting the bid deposit cost me $26, so adding this new one means I just ate up all of the interest I earned from leaving that $30k in my high-interest savings account. oh well.
|
|
nidena
Senior Member
Joined: Dec 28, 2010 20:32:26 GMT -5
Posts: 3,582
|
Post by nidena on Aug 6, 2020 7:53:47 GMT -5
I'm making an appointment to go get a cashier's check for my P&S deposit today. I'll need to overnight the check to the listing agent's office, b/c I'm so far away. overnighting the bid deposit cost me $26, so adding this new one means I just ate up all of the interest I earned from leaving that $30k in my high-interest savings account. oh well. Or...you were able to avoid decreasing the $30k because it made just enough interest to pay for the expense.
|
|
Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,045
|
Post by Rukh O'Rorke on Aug 6, 2020 8:16:30 GMT -5
UPDATE! Rukh O'Rorke 8/06/2020 $102,524.23 (6/29/2019 $126,041.86)Student Loan | 08-06-2020 | Interest Rate | 1-02 Consolidation
| $201.52
| 3.75 | 1-01 Consolidation
| $1,226.54
| 3.75 | 1-07 Direct Parent PLUS
| $4,607.07
| 0 | 1-06 Direct Parent PLUS
| $6,226.49
| 0 | 1-04 Direct Parent PLUS
| $11,690.17
| 0 | 1-05 Direct Parent PLUS
| $17,037.94
| 0 | 1-03 Direct Loan - Unsubsidized
| $19,894.01
| 0 | 1-02 Direct Parent PLUS
| $20,311.80
| 0 | 1-01 Direct Loan - Unsubsidized
| $21,328.75
| 0 | Total | $102,524.29
|
|
Ok - on to the the next step of the student loans payoff......
All those 0 percentage rates used to be 5.59% to 6.96%, oof - uglier than I remember! But now that I've paid off the private student loan, I need to figure out the next step in my strategy. The two consolidation loans are still in repayment, still garnering interest. Just made the minimum on those this month. Before the 0% came through - the 3.75% were the lowest interest rates. For any extra payments - should I pay on the 3.75% that are currently the highest interest rate? Or should I pay toward the loan that has the highest regular interest rate? That may or may not resume interest/payment in October? I'm thinking the 3.75% as those are actually garnering interest......and continue to hope and pray for a continuation on the 0%.
|
|
nidena
Senior Member
Joined: Dec 28, 2010 20:32:26 GMT -5
Posts: 3,582
|
Post by nidena on Aug 6, 2020 9:12:15 GMT -5
Why does adulting always cost money? I traded in my old driver's license yesterday and received a printout of my new one. The official, wallet-size one should arrive next week. Vehicle registration is also done. I need to remember to add $300 to Aug 2021 budget. I got registered to vote as well. That was, really, the whole point of actually getting a new license--not because it's state law to do so within 60 days of becoming a resident.
|
|