No. of Recommendations: 23
Hello, Fools!

Been a while. Thought I'd update everyone regarding my Rental Mortgage Payoff plan. My last update can be found here:

http://boards.fool.com/ticohombre-update-30610752.aspx

You'll recall that the plan is an aggressive project to eliminate all mortgage debt ($177,650.00 in 3.5 years or 42 months). In so doing, we will add an additional $1,476.46 to our income each month and achieve Financial Independence.

At the last update the balances looked like these:

March, 2013 mortgage balances:

House #1: $32,497
House #2: $56,838
House #3: $69,976
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Total: $159,311

As of this posting, they look like this:

May, 2014 mortgage balances:

House #1: $0 (Paid off December, 2013;converted to $425.00 p/mo. Income)
House #2: $43,979 (Will become $500.00 p/mo. Income)
House #3: $65,816 (Will become $550.00 p/mo. Income)
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Total: $109,795

Real progress over the past 17 months. We still have 25 months to achieve the goal of paying these mortgages off entirely. That will be it, the end, nada, finito!!! No more debt in the TicoHombre household. The debt will have been converted to retirement income..., or whatever income considering I'm 52 and DW is a beautiful 50 going on 30.

It has taken some real determination and sacrifice to reach this point and I am hoping to celebrate the achievement of this goal: Convert $177,650 of debt into $1,473.00 p/mo. of passive income.

I am pleased with the progress made so far. Life has thrown some incredible challenges at us in the interim, but then again it always does. We are determined to prevail! I hope all is well in your individual worlds. Tke care, Fools and thanks for the support!

TicoHombre
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This is a great update, but my favorite part is your compliment to your wife. How sweet! Congrats on your progress!
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solid work.
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