swordguy
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Post by swordguy on Aug 21, 2020 18:24:40 GMT -5
Old home has officially sold! Yeah!!!!!
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nidena
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Post by nidena on Aug 21, 2020 19:58:17 GMT -5
Old home has officially sold! Yeah!!!!!
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swordguy
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Post by swordguy on Aug 21, 2020 21:25:38 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 | 8/21/2020 | $ 0 | 11/20/2019 | $145,890 | WIRR209 | -137,530 | Mortgage for old House SOLD | 4 | Mortgage | 7/29/2020 | $173,027 | 1/16/2020 | $230,000 | WIRR215 | -50,009 | Mortgage for new House |
As soon as the funds become available, we'll be putting $112,500 in sale proceeds and $7,100 in escrow returns on the new mortgage. Still have some hopes that the other house we're selling will be sold within the month, but no buyers at the moment. That will enable us to pay off the new mortgage too. SwordGuy (2) 2/2/2020 $0 (11/20/19 $15,000 WIRR209)SwordGuy (3) 8/21/2020 $0 (11/20/19 $145,890 WIRR209)
SwordGuy (4) 7/29/2020 $173,027 (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.
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seriousthistime
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Post by seriousthistime on Aug 22, 2020 9:33:29 GMT -5
swordguy, congratulations! I love reading your posts. And thank you for encouraging people to wear their masks.
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ners
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Post by ners on Aug 22, 2020 10:33:40 GMT -5
Minnesotagirl7 I have given up on my goals. Between Covid (fear of job loss so hoarding cash) and needing to fund HSA (hit my deductible) I had to reduce the extra I was paying on debt. Oh well still employed and slowly adding a little extra to the minimum payments. I disagree! You have realigned your goals to focus more on savings than paydown - it's not like you went from paydown to spending! Thanks for the different perspective. Not throwing extra at debt helps me sleep at night.
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nidena
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Post by nidena on Aug 22, 2020 10:40:55 GMT -5
Today is 13 years as a WIRR. UPDATE:nidena: 8/22/2020 $33,174.32 (8/22/2007 $223,361.20 N453,503,NE648,NPT25)I'm not racing the mortgage. My balance, above, is up since June but less than it was in April and will continue downwards so long as my SL and vehicle balances decrease more than my CC increases.
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swordguy
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Post by swordguy on Aug 22, 2020 13:32:51 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 | 8/21/2020 | $ 0 | 11/20/2019 | $145,890 | WIRR209 | 0 | Mortgage for old House SOLD | 4 | Mortgage | 8/22/2020 | $171,012 | 1/16/2020 | $230,000 | WIRR215 | -1015 | Mortgage for new House |
Bills were a bit less at mid-month than usual, so I went ahead and did the Oct payment for the new mortgage. SwordGuy (2) 2/2/2020 $0 (11/20/19 $15,000 WIRR209)SwordGuy (3) 8/21/2020 $0 (11/20/19 $145,890 WIRR209)
SwordGuy (4) 8/22/2020 $172,012 (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.
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debthaven
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Post by debthaven on Aug 22, 2020 19:38:01 GMT -5
swordguy I too love watching your amazing progess! I have a question though, if you don't mind. I understand wanting to contribute to your church, but won't it become a problem for them once you stop giving them 1K/month? Because after 4.5 years, I'm guessing they're going to have become quite dependent on your very generous contribution.
I can't help but wonder whether your initially-planned one-time gift OR a smaller donation longer-term OR a combination of both (ie half the value of that house when it sells PLUS a smaller monthly donation, longer-term) might be a better option for you. Dunno, just my thoughts. I truly hope I haven't offended you.
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swordguy
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Post by swordguy on Aug 22, 2020 20:10:25 GMT -5
swordguy I too love watching your amazing progess! I have a question though, if you don't mind. I understand wanting to contribute to your church, but won't it become a problem for them once you stop giving them 1K/month? Because after 4.5 years, I'm guessing they're going to have become quite dependent on your very generous contribution.
I can't help but wonder whether your initially-planned one-time gift OR a smaller donation longer-term OR a combination of both (ie half the value of that house when it sells PLUS a smaller monthly donation, longer-term) might be a better option for you. Dunno, just my thoughts. I truly hope I haven't offended you.
No offense taken at all. Honest curiosity doesn't offend me (nor should it)! We won't be donating to "our church". We're not church-going people. We'll be spreading that $1k a month around rather than direct it to just one organization. Sometimes it will be an organization and sometimes it will be direct to people we know (via anonymous means). Not all will qualify for tax reasons and that's ok. As for the original, pre-covid plan, when we started our landlord business we made a promise to ourselves that every 5th or 6th house would be for some charitable purpose. Our logic was that anyone who could afford that many houses could afford to help other people out. So we were going to renovate the house and donate it to a group who would run it as a non-profit group home for either college students (to keep their room and board costs low) or for foster kids who aged out of the system (because coming up with first and last month's rent, plus utility deposits, is a tall order when you've been shuffled from foster home to foster home, without real parents to help you get started. It's not something that we wanted to be responsible to run so we wanted to give it to a group to run. Failing that, we figured that it could be used as a battered women's shelter. In other words, someone was sure to be able to put it to use. We were going to use a house rather than cash because, if we bought a distressed house at the right price and did a lot of the repair ourselves, the value of the finished house would be higher than the amount of cash it cost us. In other words, our sweat equity would be a money multiplier. But gobs of tradesmen in this area are heavily Trump supporters and don't take covid health precautions seriously. At all, really. We decided we would sell the house and give the proceeds rather than die of covid we caught while dealing with stubbornly ignorant people. Once we made that decision, we decided that paying off the mortgage right away would be a major reduction to our monthly expenses. We're retired, so that's "a big deal". Even donating $1,000 a month our monthly cash flow will improve by about $600 a month once our mortgage is gone. Make that $2800 now that the old mortgage and the old house utilities are gone, too! Plus we're less likely to need to sell stock to deal with unexpected expenses when the market is down. But we had still promised ourselves that the house would provide help to charities. There's nothing that will **require** us to stop giving $1000 a month once we've donated the equivalent of the charity house proceeds. Unless things go horribly wrong with our retirement plan I expect we'll continue. Hope that helps explain things.
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debthaven
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Post by debthaven on Aug 23, 2020 3:43:04 GMT -5
Thanks so much for explaining swordguy ! I love the fact that you're giving to many different causes.
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TheOtherMe
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Post by TheOtherMe on Aug 23, 2020 6:37:05 GMT -5
swordguy The reason I stayed at a hotel while my windows were installed is because the contractor told me no one would be wearing a mask. Between that and the noise, I chose to go to a safer, quieter place.
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Maryland Monroe
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Post by Maryland Monroe on Aug 23, 2020 6:37:41 GMT -5
But gobs of tradesmen in this area are heavily Trump supporters and don't take covid health precautions seriously. At all, really. We decided we would sell the house and give the proceeds rather than die of covid we caught while dealing with stubbornly ignorant people. Swordguy, many people are refusing to wear masks for reasons that have nothing to do with President Trump. I know people who swing far left and far right, and people from both sides have opinions about the safety precautions that differ from yours. I find that statement highly offensive, and it's not the first time you've used it. Can we leave politics out of our discussions here?
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swordguy
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Post by swordguy on Aug 23, 2020 9:02:25 GMT -5
But gobs of tradesmen in this area are heavily Trump supporters and don't take covid health precautions seriously. At all, really. We decided we would sell the house and give the proceeds rather than die of covid we caught while dealing with stubbornly ignorant people. Swordguy, many people are refusing to wear masks for reasons that have nothing to do with President Trump. I know people who swing far left and far right, and people from both sides have opinions about the safety precautions that differ from yours. I find that statement highly offensive, and it's not the first time you've used it. Can we leave politics out of our discussions here? I've worked with most of these tradesmen on a number of houses since 2014. We've chatted on frequent occasions. I've tracked Trump's statements about COVID. I've asked tradesmen who weren't wearing masks, standing in the very long lines at Lowes, why they weren't wearing masks, in the (vain) hope I could convince them to wear one. I stand by my analysis. So much so that we're ceasing to look for more lucrative business opportunities and taking a $10,000 loss (at least) on this building. I'm sorry your feelings are hurt, but we're doing what we're doing and we're doing it for the reasons we stated. In the words of a long time friend, "I may be wrong but I'm not unsure."
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Maryland Monroe
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Post by Maryland Monroe on Aug 23, 2020 9:24:37 GMT -5
My feelings are not hurt. Again, can't we just leave political statements off this message board?
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nidena
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Post by nidena on Aug 23, 2020 10:23:59 GMT -5
Yes, please, ditto on that request!! Every other board seems to devolve into bashing and arguing. The WIRR is my safe space on these boards.
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swordguy
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Post by swordguy on Aug 23, 2020 10:28:43 GMT -5
Yes, please, ditto on that request!! Every other board seems to devolve into bashing and arguing. The WIRR is my safe space on these boards. Will do.
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muffyinthered
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Post by muffyinthered on Aug 23, 2020 14:11:18 GMT -5
MuffyintheRed#2 08/23/2020 $173,796.17 (06/22/2020 $175.394.16)
Amount paid off: $942.34
CU Savings - $25,516.70
This has been a crazy month and I still have 8 more days until we get paid. We paid for our table that we had made, had to have the air conditioner looked at, (a mouse set up housekeeping in it) and it is my brother-in-laws birthday. So I was actually surprised that we paid off as much as we did.
My Bank of America card will be paid off in November and my DH's is on a transfer that has 0% until October of next year. So I will put the $150 I pay on my BofA on his and hopefully get his paid off in time. And I got the offer of 0% on our Citi card also, that someone mentioned. It seems like a good deal to use for everyday goods.
Hope everyone is staying safe. Next month will be my WIRR anniversary. I still owe alot but that includes my mortgage. Everything else is coming down rapidly. Everyone keep kicking that debt to the curb.
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swordguy
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Post by swordguy on Aug 24, 2020 12:10:29 GMT -5
Deed for the sale of our home has been recorded, it's now completely official! Just notified our insurance company and we'll get a credit of $1,034!
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Maryland Monroe
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Post by Maryland Monroe on Aug 24, 2020 13:57:15 GMT -5
Deed for the sale of our home has been recorded, it's now completely official! Just notified our insurance company and we'll get a credit of $1,034! Congratulations!
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chiver78
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Post by chiver78 on Aug 25, 2020 14:48:35 GMT -5
congrats! hopefully you get your credit much sooner than I got mine....only finally just got the flood insurance credit last week.
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nidena
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Post by nidena on Aug 25, 2020 21:22:35 GMT -5
I'm thinking about applying for a part-time assistant manager position at Yankee Candle. The pay isn't awesome and the discount is roughly the same as the sale prices but I really need something to do. lol
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swordguy
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Post by swordguy on Aug 25, 2020 21:45:36 GMT -5
I called the bank that holds the mortgage on our old home (that we just sold).
I wanted to know when to expect the escrow funds to arrive.
She asked if I knew the mortgage loan number.
"Why yes, I'm looking at it in my very old-fashioned payment coupon book."
She laughed.
I told her that I can burn that payment book but I can't burn the bits in their computer.
That really got her laughing.
(It will be about 4 weeks in total.)
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swordguy
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Post by swordguy on Aug 26, 2020 10:38:47 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 | 8/21/2020 | $ 0 | 11/20/2019 | $145,890 | WIRR209 | 0 | Mortgage for old House SOLD | 4 | Mortgage | 8/26/2020 | $60,419 | 1/16/2020 | $230,000 | WIRR215 | -111,439 | Mortgage for new House |
Put the proceeds from the sale of our old home on the new home mortgage. That was a good feeling! Quicken's website would only let me make an extra principal payment of $99,999 at a time. So I just scheduled another transaction for the Nov payment and added the rest in. Next payment isn't due until December. Only balance changes I expect between now and 1-December is about $7,160 from the escrow account in about a month and, if the charity house sells, we'll pay it off in full. SwordGuy (2) 2/2/2020 $0 (11/20/19 $15,000 WIRR209)SwordGuy (3) 8/21/2020 $0 (11/20/19 $145,890 WIRR209)
SwordGuy (4) 8/26/2020 $60,419 (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.
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TheOtherMe
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Post by TheOtherMe on Aug 26, 2020 11:54:21 GMT -5
Please keep reminding us of social distancing and mask wearing
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debthaven
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Post by debthaven on Aug 26, 2020 15:58:35 GMT -5
Wow what an update swordguy !!! You must be thrilled! Given what I've seen, I'm guessing that once the escrow comes back you'll pay the Dec mortgage too, and be close to 50K LOL.
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swordguy
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Post by swordguy on Aug 27, 2020 8:58:51 GMT -5
The paydown on the principal was so big that their system wouldn't allow it. I had to split it into two transactions over two days. Don't get to do that very often!
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swordguy
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Post by swordguy on Aug 28, 2020 8:12:47 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 | 8/21/2020 | $ 0 | 11/20/2019 | $145,890 | WIRR209 | 0 | Mortgage for old House SOLD | 4 | Mortgage | 8/28/2020 | $60,119 | 1/16/2020 | $230,000 | WIRR215 | -300 | Mortgage for new House |
Didn't account for less interest on a lower balance! SwordGuy (2) 2/2/2020 $0 (11/20/19 $15,000 WIRR209)SwordGuy (3) 8/21/2020 $0 (11/20/19 $145,890 WIRR209)
SwordGuy (4) 8/28/2020 $60,119 (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.
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swordguy
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Post by swordguy on Aug 28, 2020 10:24:06 GMT -5
The monthly interest charged on my mortgage payment dropped from $462 to $217!
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Deleted
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Post by Deleted on Aug 28, 2020 12:25:31 GMT -5
The monthly interest charged on my mortgage payment dropped from $462 to $217! Isn't that an awesome feeling? I'm right around the same these days and I remember when mine was over $900/month in interest!! I think once I get to under $100/month in interest I won't care so much about prepaying anymore.
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Minnesotagirl7
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Post by Minnesotagirl7 on Aug 28, 2020 15:08:12 GMT -5
Shoutouts! Poptart- Welcome! Can you let me know what state you live in? Do you have a plan of attack for your debts? minnesotapaintlady- If the balance is going down, you're playing the game very well! ners- Nice progress! nikiz628- Woo hoo! That shiny new $0 looks great on you! swordguy- Congratulations on your win and your amazing paydown! nidena- Happy anniversary! muffyinthered- Awesome update!!
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