You know, it’s funny. I didn’t realize until this week that I’ve been going through a depression since the beginning of July. I barely showered last week and I had no motivation to do anything. This week I’m feeling a bit better. It feels good to wear clean clothes after an ice cold shower. Over the next few days I'll try to get rid of all the blog posts I have in my mind. For now, here's one.
There’s something I forgot to mention about the property situation in July, and it had to do to with Property 1’s old tenant Naresh. The plan was for him and his housemates to find a bigger place, giving me time to find a cheap 2 family with three bedrooms per unit. I figured I would find the perfect property before the end of 2016, so I told him to sign a month-to-month with his new landlord. Once I found a property, I would let him know to give his 30 day notice. I would use those 30 days to fix up at least one of the apartments so that he and his people could move in. For some reason, Naresh signed a one year lease. This means that, if I find the cheap property, I’ll have to wait until his lease is up before I can rent out both units. So I thought about it. If I can’t buy the cheap property for Naresh and his people, what should I buy? Hmmmm.
I’m gonna go for the big property, the one that ushers in my retirement from paycheck work. The one that has to make me at least $2,000 after mortgage, taxes, and maintenance costs are taken out. From September 2016 until September 2017, I have to search Smalltown for the big property that’ll allow me to finally quit my jobs and live out the rest of my life MY way. I’m giving myself a year because I know I won’t be able to take much more of this job stuff, and giving myself a deadline usually does the trick.
It makes more sense this way when you think about it. While I have paycheck work, I can qualify for a mortgage with ease. Once I get the property and quit my job, it'll be easier to buy the cheap property with my monthly earnings. Much better than buying the cheap property first and then searching for the big property with no job and a much harder path to mortgage. On September 1st, the countdown begins. To be able to retire in time to enjoy the fall of 2017, that’s… that would be nice.
P.S.: I may do a pre-emptive refinance on both Properties 2 and 4. If I see the right property and I’m not doing too well in the stock market, I don’t want to wait two months for a refinance closing to get the money for the down payment. The property might get sold while I’m waiting for the refinance to go through and I really don’t want to take that chance, you know?
There’s something I forgot to mention about the property situation in July, and it had to do to with Property 1’s old tenant Naresh. The plan was for him and his housemates to find a bigger place, giving me time to find a cheap 2 family with three bedrooms per unit. I figured I would find the perfect property before the end of 2016, so I told him to sign a month-to-month with his new landlord. Once I found a property, I would let him know to give his 30 day notice. I would use those 30 days to fix up at least one of the apartments so that he and his people could move in. For some reason, Naresh signed a one year lease. This means that, if I find the cheap property, I’ll have to wait until his lease is up before I can rent out both units. So I thought about it. If I can’t buy the cheap property for Naresh and his people, what should I buy? Hmmmm.
I’m gonna go for the big property, the one that ushers in my retirement from paycheck work. The one that has to make me at least $2,000 after mortgage, taxes, and maintenance costs are taken out. From September 2016 until September 2017, I have to search Smalltown for the big property that’ll allow me to finally quit my jobs and live out the rest of my life MY way. I’m giving myself a year because I know I won’t be able to take much more of this job stuff, and giving myself a deadline usually does the trick.
It makes more sense this way when you think about it. While I have paycheck work, I can qualify for a mortgage with ease. Once I get the property and quit my job, it'll be easier to buy the cheap property with my monthly earnings. Much better than buying the cheap property first and then searching for the big property with no job and a much harder path to mortgage. On September 1st, the countdown begins. To be able to retire in time to enjoy the fall of 2017, that’s… that would be nice.
P.S.: I may do a pre-emptive refinance on both Properties 2 and 4. If I see the right property and I’m not doing too well in the stock market, I don’t want to wait two months for a refinance closing to get the money for the down payment. The property might get sold while I’m waiting for the refinance to go through and I really don’t want to take that chance, you know?
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