No. of Recommendations: 18
Hi, All!

I thought I would update you on our march towards paying off $177,650 of rental mortgages in 42 months. It's now been 22 months and progress has been significant and steady.

Last update:

When I last posted in May, 2014 the mortgage balances looked like this:

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)
Total: $109,795

Six months later and the picture looks like this:

House #1: $0 (Paid off December, 2013; converted to $425.00 p/mo. Income)
House #2: $10,000 (Will become $500.00 p/mo. Income)
House #3: $63,833 (Will become $550.00 p/mo. Income)
Total: $73,833

That's a total debt reduction of $35,962 since May or an average of nearly $6,000.00 paid off each month for the last six. We're working our butts off to accomplish this goal. I expect to have house number two paid off by January 1st.

It's really amazing to look back and see where we were just a short time ago. Originally the plan was to carry these mortgages for 30 years. Had we contented ourselves with that, I'd only be about 10 years into 5 mortgages with 20 years left to go. But I got fed up with debt and decided to lay out a lofty plan to pay them off far, far more quickly. Maybe some remember this post back in June, 2010 when the desire first hit and we had five mortgages totaling over $255,000 in mortgage debt:

Well, time marches on and we are getting very close to reaching our goal. It's been an interesting journey so far and not without tweaks and adjustments (and a few hardships) along the way. Hopefully this little series will encourage some along the way as I have so often been encouraged by the doers here.

Take care and keep up the great work here, Fools!

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