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Back to real life

April 18th, 2015 at 02:24 pm

We had a planned spendy weekend Easter weekend. N's best friend's family visited us for the day on Friday, and then N's father visited Saturday and Sunday. I have no problems spending money to live the high life with friends and family, especially when we don't get to see them often.

But then we just kept on living the high life. We have eaten out waaay too much and have drunk waaay to much alcohol. I am more concerned with how this is affecting my waist line than my bank account, but we have really got to get back on board.

One big decision we made these last two weeks was to not renovate the basement. We have decided to saving that money so that we can buy an investment property. The first plan was to buy the next investment property in Spring 2016, renovate Spring 2017 and then buy a third property spring 2018. No it looks like we don't want to renovate the basement at all. Except maybe to put a second bathroom in. It would be nice to have another bathroom in the house.

We're still playing around with numbers for the next property. We can easily afford a single family house that costs $90-100k. The rent we would get would cover the mortgage, insurance and have about $200 left over. But if we can stretch our savings to cover a duplex in the $120k+ range, then the profit margin is by far greater. So we're really working on budgets and savings.

The plan is to purchase enough rental properties so that the profit after paying the mortgage each month will allow N to quit his job (or only work part time). I love my job and have no desire to leave, but would like the option to not have to work if I decide in the future.

There is still no ETA when the roof will be put on, so we still have some time to stock up cash for it so we have less to transfer on the balance transfer. We'll totally have it paid off in 10 months regardless, but it will be nice to have our only debt be the mortgage again.

1 Responses to “Back to real life”

  1. Amber Says:

    Sounds like a plan to me. My goal is to buy the villa I am currently renting next year with hopes of renting it the following year and then buying my home.

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