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Hey, Fools!

My last update found below was in July.
http://boards.fool.com/ticohombre-update-july-2015-31824134....

I'm going to jump the gun slightly on this one as we are going to be out of state around the first and very busy. The new mortgage balance reflects the balance with the November 1st mortgage payment applied in advance.

OK. I have a long history on this board and much of it has to do with my intense desire to pay off what started as 5 rental property mortgages and a newly acquired personal residence totaling $255,394 in June, 2010. I posted way back then my desire to pay off all mortgage debt. I started with my personal residence and wiped out about a 59k balance in 19 months. By December of 2012 I was down to three mortgages and totaling $177,650 and so decided to revisit the possibility of eliminating every last cent of debt as quickly as possible. So I did what any "Fool" or "fool" (you decide) would do and so I shouted out the world once more my intention to pay those mortgages off over the next 3.5 years and be done with them by July, 2016.

Well, here we are closing in on 3 years and where do we stand?

As of November 1st our balance on the last mortgage stands at: $29,645

It just felt good to see that balance under 30k. It's been hard fought. If you've kept up with our story you know we've had to deal with numerous wifely operations and a bout of Thyroid cancer in the interim.

No debt payoff ride is ever smooth for more than a few months at a time. You must constantly pick yourself up off the ground, brush off the dust and get back on that horse again and again. You are constantly looking for sources of encouragement and so, at least in my case, I scour the internet looking for debt payoff success stories and draw encouragement to stay the course. You also stay encouraged by using that gift of imagination and seeing your future debt-free self doing a happy dance and enjoying your hard-won fruits of endurance and sacrifice. You visit the Fool boards and secretly lurk and read and occasionally post. Every little bit helps. Additionally, you simply have to occasionally step back and remind yourself why every month your emptying your bank account of a precious 4,230 little soldiers to wage a debt war. It's a good fight! You can't win the war by just hoping and wishing.

I see the end of the forty-two month goal beginning to close in. There only seven months remaining. There's no way to know what surprises lurk in the shadows. I do know we'll meet them as they come (if and when they come). Likely I'll update somewhere around the first of the year where I hope to be down to about 20k. Till then...take care everyone.

Ticohombre
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Thanks for posting! It keeps me inspired to continue working on paying down my own properties.

Didn't you also have a blog dedicated to this at one point? If you don't mind posting a link, I would enjoy reading more about your journey.

Minxie
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Hi, Minnie!

Thank you and you're welcome. Good memory about the Blog. I don't post there as often as I used to but I'll have another post next month.

http://payoffmyrentals.blogspot.com/

There's a pretty complete history of my efforts over the past 34 months or so there. I try to keep it positive and motivating. I've forgotten what you were attempting to pay off. Mind sharing...?

Tico
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Sorry... Meant Minxie. The spell checker got me. :0
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Thanks for posting the link! I have four rentals of my own that I am gradually, much more so than you, paying. The rents cover the expenses in general with a little extra that goes to the lowest balance. I'm working with the snowball method because they're all at relatively low rates (4.5% or less) and relatively low balances (<$70k each).

It's tough because I really want to throw much more money at them each month but I'm also saving for college and retirement so it's really impractical to do so.

Minxie
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No worries! ;-)

Minxie
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Nice work!
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It's tough because I really want to throw much more money at them each month but I'm also saving for college and retirement so it's really impractical to do so.

Minxie
- TheEvilDrP | Date: 10/23/2015 1:30:36 PM | Number: 310416

When I first went to college 1961-1967, I was able to earn and save enough from my paper route and other part-time job to pay for all of my non-scholarship expenses each year. A full semester's tuition and fees were $116.50 per semester for up to nineteen credit hours per semester. I generally took 17-19 credits per semester. A light credit load for me would have been 15 hours.

Students planning to attend college need to be careful saving on their own under today's rules. Under FAFA rules students are assumed to use all of their savings within their normal four to five years to obtain their first college degree.

College expenses have gotten totally out-of-hand. I recently took a Business/Legal course that was three credit hours. The course was free to me, the text book cost $356.95. After the course, the text book was worth zero because the course changed the textbook used for the next term. I received an "A" as usual.


David
WHOVPLLC
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