No. of Recommendations: 11
Howdy, Gang!

Previous August update:

You recall that I am trying to pay off the mortgage on my personal residence and then subsequently pay off the rental houses in true snowball fashion by 12/31/2015; admittedly a super lofty goal.


254,650 - Previous Bal (8/2010)
262,881 - Current bal
-8,231 - Negative Difference since August due to 2 refi's

I sure hated to see that balance go up, but the two refi's are now getting more aplied toward principal than toward interest monthly. That's pretty cool! Although I intend to pay them off before 15 years elapse, the 15 yr amort is a good backup plan. I have one more I might do that with, I'm just having a hard time pulling the trigger.


Savings mini-goal established in August was to save 12k by 12/31/10.

The updated goal was to scraped 3k per month instead of the original 2k. The reality is that thus far I'm averaging 2,250 p/mo for Sept-Nov.
I will reach the original mini-goal of 12k by 12/31/2010.

Having had a few months to try the super-agressive 3k/month savings plan, I'm now less sure that I'll be able to fully reach the updated amount, maybe 2,500 would be more realistic. A few factors are higher health-care costs (which I touch on below) and personal spending being a bit higher than anticpated. For example, I spent $1,500 on a generator and some tools.

This savings is to ultimately be applied toward the payoff of our personal residence. I still don't know if I want to throw 10k at the loan in January, or just keep accumulating until I can pay the balance off in full (currently $59,005). In the end I feel like emotion may rule the day by giving me the high of bringing the balance down by 10k to approx 49k.

e-Fund state of affairs

The combined rental/personal e-fund is doing well. If I lost all 6 renters today, I could pay the mortgages on those vacant houses for the next 16 months. That's an Armageddon scenario and frankly, if that happens then it becomes a pretty moot point anyway. It is because this fund is doing so well that I might consider pre-paying my mortgage off in 10k chunks.

On a more personal note

We finally got health insurance for my wife. That has worked out well so far. It's a good fairly low deductible policy with Blue Cross/Blue Shield of Oklahoma.

We are still on track saving for our blow-out 30th Italian wedding anniversary (with a couple of dear friends that married a month after us) at the end of 2011.

So far, everything is running pretty smoothly. Obviously, like anything, that can change suddenly.

As always, take care. Lurking when not posting.
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