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2015 Mortgage Prepayment Update

4 Feb

Forgive me for the recent decrease in posts, but we do have some fun news to share: we’re expecting the arrival of our first kiddo… literally any day now!

Baby Bump - Christmas Eve 2015

The bump on Christmas Eve

So while I regret not posting as much, let’s be honest – I’m not exactly expecting MORE time and mental energy in the foreseeable future either. ūüėČ

I did want to take a moment to recap our mortgage prepayment progress in 2015. You might recall we set a goal to apply $10,000 in extra principal to the mortgage of our 2nd duplex.

Here’s how it actually broke out during the year:

  • January – $1,408
  • February – $1,755
  • March – $1,023
  • April – $1,135
  • May – $0
  • June – $0
  • July – $0
  • August – $263
  • September – $0
  • October – $0
  • November – $0
  • December – $0

The January – April payments are correlated to the previous month’s positive cash flow (after first setting some funds aside to increase our rental emergency fund). Around May we changed course and started savings money for a possible 4th rental property and then changed plans again in anticipation of larger-than-average make ready expenses last fall. What can I say – it was investment property priority ADD.

That brings our 2015 prepayment total to $5,584… and then I cheated a little and wrote a check on 1/18 for the remaining $4,416 to reach the full $10k goal.

Our 2015 (ish) contributions saved a total $16,616 in unpaid interest and trimmed 4+ years off the mortgage. The grand total for all mortgage #2 prepayments is now at $27,281 in interest savings and just over 6.5 years off the mortgage.Effects of Prepayments on Interest Paid - 2015Effects of Prepayments on Timeline - 2015It’s easy for these extra payments to feel like a drop in the bucket at the time, but after only a couple years of moderate effort I’m pleased with the progress and I imagine our enthusiasm will continue to increase as we get closer to the final payoff date.

For 2016 we’ll plan to apply another $10,000 to mortgage #2, which should save ~$12k in interest and trim roughly another 3 1/2 years off the mortgage.

Previous Mortgage Prepayment Updates:

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Investment Property Balance Sheet – 2015 Edition

23 Jun
Duplex Balance Sheet

(photo by frankieleon)

Our annual look at rental income and expenses, averaged across 12 months. We own duplexes so these numbers represent 6 units across 3 properties, purchased between 2011 and 2014.

We also perform this analysis when seriously vetting a new rental property to help spot unexpected surprises (property in a flood plain? outrageous HOA dues?) and verify cash flow.

Duplex #1

  • Total cost: $181,350,¬†latest comp $245,000 (Feb 2015)
  • Down Payment: $45,350 (25%)
  • Mortgage: originally $136,000,¬†currently $127,830
  • Estimated Equity: $117,170

Duplex #2

  • Total cost: $144,000,¬†latest comp $189,000 (Apr 2015)
  • Down Payment: $36,000 (25%)
  • Mortgage: originally $108,000, currently $93,223
  • Estimated Equity: $95,777

Duplex #3

  • Total cost: $201,000,¬†latest comp $216,000 (Apr 2015)
  • Down Payment: $61,500 (30%)
  • Mortgage: originally $139,500, currently $137,395
  • Estimated Equity: $78,605
Revenue Duplex #1 Duplex #2 Duplex #3 Monthly Total
Unit A $1,025 $975 $1,050  
Unit B $1,095 $950 $1,050  
Vacancies
-$41 -$37 -$40  
Total Income $2,079 $1,888 $2,060 $6,027
         
Expenses        
Principle & Interest $699 $531 $738 $1,968
Taxes $352 $365 $365 $1,082
Insurance $69 $76 $63 $208
Repairs
$150 $150 $150 $450
Carpet Fund ($800/5yrs.)
$13 $26 $26 $65
HOA $50 $0 $0 $50
Property Mgmt (10%) $212 $193 $210 $615
Leasing & Releasing (30%-60%) $80 $72 $79 $231
Umbrella Insurance $12 $13 $13 $38
Tax Prep
$12 $12 $12 $36
Total Expenses $1,649 $1,438 $1,656 $4,743
         
Cash Flow $430 $450 $404 $1,284

Some Highlights & Observations:

  • Stagnant Cash FlowLast year I predicted our cash flow to slowly increase past our typical $400/property/mo. average because I thought most expenses had been accounted for – but we found a few more. ūüôā Technically it has risen because we got property #3 to market rate, but we also added additional protections and conveniences like umbrella insurance and tax preparation fees. Maybe next year!
  • Rent Appreciation – While cash flow remained stagnant, property #1’s rent has increased 27.5% since our first balance sheet in 2011 – bringing in $457 more income (the cash flow equivalent of having a whole other duplex). Unit A is currently under market rate, so if you assume $1,095 for both sides that would be a $527 increase!
  • Average Cash Flow vs. Actual – Since spending tends to have peaks and valleys, I’ve been charting my actual monthly cash flow throughout 2015 so I can share that perspective in the future. The $150/property/month is really a best guess… some months are SURPRISE! and others months nothing remarkable happens at all – cha ching!
  • Umbrella Insurance – I was hoping to have an umbrella policy setup by now, but no dice – so this is merely a conservative estimate using the most promising quote I have at the moment. I’m guessing insurance agents must not make a lot of commission on umbrella policies, because they sure don’t seem eager to provide quotes for them.
  • Tax Prep Fund – This was the first year I realized we could deduct a portion of our tax preparation fees on our rentals’ Schedule E. Previously we’d been applying it as a miscellaneous itemized deduction… fat lot of good that did us. Oh well, live and learn. I cringe paying a professional for something I used to do myself with online tools, but I still don’t feel reasonably qualified to handle rental tax details like cost basis calculations, depreciation schedules, and improvements vs. expenses.
  • Vacancies & Leasing/Releasing Fees – A guestimate that assumes 1 unit from each property will be vacant for 2 week a year. Using these same vacancy assumptions, I budgeted one renewal fee (30%) and one releasing fee (60%) per year, per property.

Previous Statements:


‚ÄúPlan specifically so you can implement flexibly.‚Ä̬† – Dallin Oaks

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Don’t Confuse Real Estate Investors with Landlords

16 Feb

Be wary of the excuses people give themselves when dismissing rentals – the reality is not so black and white. Many of the perceived pain points (finding renters, late night phone calls, challenging tenants) are primarily landlord fears, and being a landlord is not the same as being a real estate investor.

Landlord vs Real Estate Investor

Investment properties pose unique challenges and they aren’t for everyone, but discouraging yourself and others from doing something you haven’t even tried because “it’s too much work” is a weak sauce argument. And not necessarily true.

Our Changing Priorities & Responsibilities
In 2011, we were excited to jump into this real estate experiment, prioritized cash flow over convenience, and wanted to keep close tabs on our investment.

Excited Boy with Toolbox

(photo by ocbeejay)

We started out as proper landlords managing everything ourselves:

After our 2nd duplex we were a little burned out, but we still believed in the long-term benefits of investing in real estate. Today we have 3 duplexes (6 units) in addition to our full-time day jobs.

Hire Property Management Company for Rentals

(photo by Nguyen Hung Vu)

It didn’t take long for us to hire a property management company, which delegated the vast majority of our day-to-day hassle. I no longer worry about how to get a plumber to show up on a Sunday or remembering when the next lease comes up for renewal.

Our workload today is about 20% of what it was:

  • Approve the occasional expense or request
  • Bookkeeping
  • Coordinating insurance policies
  • Make ready work

Delegating isn’t an all or nothing proposition either – the work we’ve chosen to do ourselves is generally more predictable and easier to fit into our schedules. Your time vs. money balance might be different than ours.

Golden Rule: Choose Properties with Flexibility
When buying a new property, we follow the 1% rule and then plug estimated costs into our balance sheet to vet out any financial deal breakers.

Even if you intend to manage the property yourself, I highly recommend including the cost of hiring a property management company into your cash flow assumptions.

changing priorities of being a real estate investor vs landlord

(photo by R/DV/RS)

Nothing wrong with being a landlord and pocketing the extra cash flow, but 30 years is a long time and priorities can change. You’d be doing yourself a favor to keep your options open by buying a property that can support the costs of hiring a property management company – just in case. This “flexibility insurance” will dramatically increase your odds of having a positive experience with rental properties long-term.

Play your cards right and you can still build substantial assets and realize early retirement without the day-to-day hassle of being a landlord. Rental properties require many hats – but you don’t have to wear them all yourself.

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Making New Mistakes

1 Jan

Happy 2015 Everybody!

New Years Eve Party

In honor of New Year’s Day, and new beginnings, I wanted to take a brief moment to share this wildly-appropriate quote from author Neil Gaiman:

“I hope that in this year to come, you make mistakes.

Because if you are making mistakes, then you are making new things, trying new things, learning, living, pushing yourself, changing yourself, changing your world.

You’re doing things you’ve never done before, and more importantly, you’re Doing Something.”

Whether you’re an investor or landlord, aspiring or experienced – may each of you find your own unique and special way to Do Something this year. ‚ô•

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2015 Real Estate Resolutions

29 Dec

I hope everybody is having a wonderful holiday season. Santa was generous this year and left¬†a Black & Decker Trimmer/Edger with Mower Deck under the tree –¬†I’ll be sure to let you know how it works¬†on¬†the duplex lawns!

A table-sized tree, not a Godzilla-sized cat ūüôā

Due to other financial priorities, we do not have plans to purchase a property this year. Fear not, we are 100% committed to the real estate empire, but that just means our 2015 goals will focus on the existing portfolio instead:

  • $10,000 Extra to Mortgage #2 ‚Äď we anticipate¬†a good bit of¬†discretionary cash flow that can be applied to our pre-payment efforts. Averaged across the year, that $833/mo. will save an additional $16,668 in interest and shave just over 4 years off the mortgage!

  • Setup Umbrella Policy ‚Äď with the addition of property #3, we know¬†an umbrella insurance policy is in order. I’ve been putting this off because I really hate dealing with insurance agents, but it needs to be done.
  • Streamline¬†Insurance Quotes – Did I mention I hate insurance agents?¬†Like cable companies,¬†customer loyalty is often¬†penalized so regular price-shopping is a must.¬†Resigned to my annual fate, I have a project in mind that should¬†help expedite this process.¬†I also want to consolidate my separate landlord policies under a single agent.
  • Tackle Some Deferred Maintenance – Some repairs need to be addressed immediately, and some need to be addressed… eventually. This year¬†we’ll suck it up and prioritize¬†(1) a new exterior paint job on duplex #1 and (2)¬†some minor roof repairs recommended by the inspector when we purchased duplex #3.

Roof Tab Repair

  • Plant a Cedar Elm – Our apartment balcony has slowly turned into a rental-friendly tree farm. We’re currently growing a Texas Ash and a Cedar Elm from saplings, and the latter is now ready to be planted if the right opportunity (vacancy) presents itself.
  • Take a Vacation! – We’d like¬†to prioritize¬†some time, money, and¬†reward¬†points¬†towards a vacation (or two?) next¬†year. All things considered, it’s hardest for us to prioritize the time.

All of these goals are important-but-not-urgent – i.e. things that should get done but could easily get put off without a plan to stay on-track. I’m dreading some of them, but all the more reason to apply blog accountability. ūüėČ

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2014 Goal Results & Highlights

22 Dec

Earlier this year I created goals for 2014 to keep me on-track. The results:

‚úĒ¬† Pay Down Mortgage Debt ‚Äď $3,522 applied to mortgage #2
‚úĒ¬† Expand Property Management – done!
‚úĒ¬† Mean Tenants – replaced with pleasant people at market rate
‚úĒ¬† Try Discounted Gift Cards¬†‚Äď success!
‚úĒ¬† Another Property ‚Äď technically, but we weren’t expecting a rental
‚úĒ¬† 25 Blog Posts ‚Äď squeaked in at 27 posts this year, yay!

Having goals was quite motivating – a way to ensure “someday projects” get prioritized. When reflecting on the past year, a few key initiatives stand out:

Buying Duplex #3
Our third purchase last May made three properties in as many years – not too shabby! It was also the second time we saved a down payment for a primary residence and ended up buying a rental property instead.

What can I say, we have a problem. ūüôā

rental property living room 3

We stumbled on some legitimately good deals, but also wanted to maximize our advantage as DINKs (dual income no kids) while we could. It’s not hard to see a future where adult responsibilities stall our current momentum.

This acquisition was unique because the cash flow and appraised value were low for the purchase price, but our research suggested it still had potential. After a $200/unit rent increase (both tenants stayed!) and a new sales comp – we were back on track a mere 2 months later.

Series: How We Saved $1,454 on Our Property Taxes
Corey’s victorious quest to protest the tax valuations on two properties, broken into a 4-part series:

  1. Receiving a Notice of Appraised Value
  2. Filing a Notice to Appeal & Requesting Supporting Documentation
  3. Compiling the Evidence
  4. Appraisal District Meeting & Outcome

A good example of a financial skill that should be taught in public education, but usually isn’t. I group it in with preparing your taxes, the effects of compounding interest, and calculating student loan payments before a student chooses a college or major.

Aspirations / Running the Numbers
It’s fun to daydream about the future of our real estate empire. I noodled through hypotheticals like how many properties we’d need to retire and whether it would be faster to finance or buy outright.

day dreaming clouds

(photo by Kevin Dooley)

Turns out we could probably buy 13 leveraged properties faster than 5 paid off ones – all things being equal – while generating the same net income. Realistically, we’ll probably do a combination of both, and now that we’ve topped off our rental savings we’re cooking with pre-payment fire again!

Make Ready Kit + New Additions
I continue to adore our make ready kit, and got the opportunity to try it out in the field during a vacancy in November.

Make Ready Vacancy Kit Additions

Through trial and error, I’ve added to the inventory a bit:

Now the real question is whether to expand to a second bin….

Discounted Gift Cards
For those tempted to give discounted gift cards a try, I’d recommend waiting until just after Christmas. An influx of holiday gifts will likely upset the supply/demand model in your favor. More inventory = better discounts.

Also, a big thank you to those using our Raise and Cardpool links – any referral credits are going straight to our mortgage pre-payment efforts!

Cardpool Referral Credit

Previous Recaps:

“By three methods we may learn wisdom: First, by reflection, which is noblest; Second, by imitation, which is easiest; and Third, by experience, which is the bitterest.”¬† -Confucius

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Mortgage Pre-Payment Plan Update – December 2014

2 Dec

Our mortgage pre-payment effort has had a few setbacks this year, mostly due to the purchase of our 3rd duplex in May. This created the double-whammy of (1) tapping our reserves to pay for down payment/closing costs and (2) raising our rental emergency fund minimum (we aim for $5,000/duplex).

Curvy Roads

(edited photo by allison.hare)

As such, we’ve been replenishing our savings ever since, which hasn’t left much in the way of discretionary rental income for mortgage pre-payments:

  • Nov 2013 – $94
  • Dec 2013 – $1,146
  • Jan 2014 – $800
  • Feb 2014 – $881
  • Mar 2014 – $863
  • April 2014 – $0
  • May 2014 – $0
  • Jun 2014 – $0
  • July 2014 – $0
  • Aug 2014 – $121
  • Sept 2014 – $0
  • Oct 2014 – $0
  • Nov 2014 – $0

Wanting to see faster progress, I decided to track and periodically apply small “windfalls” to duplex #2’s mortgage. Particularly things I could easily justify not doing in the first place – like clipping a coupon, waiting to order something until a discounted gift card arrives, or completing an incentivized survey.

Below is my log of about 2 1/2 months of “found” money:

  • $118 – Discounted gift cards
  • $1 – Amazon ‘No Rush Shipping‘ book credit
  • $3 – Remnant rewards from a closed credit card
  • $10 – Social media promotion by my apartment complex
  • $150 – Health screening from my health insurance
  • $424 – Leftover auto insurance premium savings
  • $22 – Returning to DSW to apply a forgotten coupon
  • $129 – Blog revenue

That $857 applied to the mortgage saves an additional $1,724 in interest!

Counting this latest payment, we’ve paid a total of $4,762 in extra principle which translates to ~$10,666 in unpaid interest over the life of the loan. That’s already almost half of the interest savings projected from my conservative pre-payment calculations of ~$94/month.

Mortgage PrePayment Update Dec 2014

Mathematically, we’d probably be better off applying cash flow towards another property, so it’s fair to question whether we should be paying extra at all. We’re both happier with the idea of (eventually) having paid off properties, so I expect we’ll do a little of both. We’re almost done building that larger emergency fund, so progress should accelerate in early 2015.

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Duplex #3 Update – Our Real Estate Gamble Paid Off!

26 Aug

When we purchased our 3rd duplex in May, multiple offers required an aggressive strategy. Our winning bid was a leap of faith at $6,100 over asking and $11,000 over the appraised value. This post explains the rationale behind our purchase price, and an update on market activity since then.

Real Estate Gamble

(photo by sampsyo)

Beauty is in the Eye of the Beholder
It’s tricky to find newer duplexes in our area – and half of those are luxury townhomes better suited for owners-occupants. Both sides were rented at $850, with the seller filling similar vacancies at $1,025. A second opinion from our property management company estimated a market rate of $1,025-$1,050.

The property was listed at $194,900, with recent comparables selling between $185,000-$190,000. We expressed an interest in making an offer, but were told that we’d be wasting our time – 2 cash offers were already on the table so our financing-dependent offer didn’t stand a chance.

It was disappointing news, but then we started thinking – why weren’t these properties already selling in the mid-200s?

  • The 1% rule suggested we could pay as high as $205,000-$210,000 for the property and still expect income to exceed expenses.
  • Investor demand for multifamily properties has outpaced local inventory for some time now. This duplex alone had 3 interested buyers after only a couple days on the market.
  • The surrounding area is thriving – there’s a new freeway, plenty of commercial development, and rents have consistently increased. It would be reasonable to expect this suburb to keep growing.

An Offer They Couldn’t Refuse
Based on our priorities, we could justify a higher purchase price – and hopefully the seller would be extra motivated to overlook our mortgage approval. We were willing pay up to $205,000, and our realtor suggested $202,500 with no appraisal contingency. 24 hours later we were under contract.

After the inspection, the price was adjusted to $201,000 and it appraised for $190,000 – which meant we had to come up with another $11,000 at closing to make up the difference. This made our down payment 30% of the purchase price instead of the usual 25%.

And Now We Wait
It was a hard pill to swallow at the time, but also a matter of perspective. If we had come across a completely different listing asking $201,000 and offering $2,100 in rent from the start – where do we sign? The negative perception is primarily related to the fact that we know somebody else got a better deal.

Skip ahead 52 days – we were recently pleased to learn that a similar property on the same street sold for $5,700 more at $206,700!

anigif_enhanced-buzz-27918-1390853665-0

We assumed the market would eventually catch up, but figured it might take a of couple years – not months.

Meanwhile, rent for both tenants adjusts to $1,050 starting in September, achieving a commendable 1.04% rent-to-purchase-price ratio. Probably a risk we wouldn’t have taken a few years ago, but we had a little more experience under our belts this time around – and so far, no regrets. ūüėÄ

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Better to Finance Rental Properties or Buy Outright?

2 May

Somebody recently¬†asked, “Wouldn’t you be better¬†off¬†saving up¬†and paying¬†for your rentals in cash?”¬†Conventional wisdom says there’s power in leveraging, but I couldn’t say I had¬†run the numbers to prove it.

sdfsdfsdf

(photo by 401(K) 2012)

Let’s say we’re an¬†ambitious¬†investor¬†with $4,000/month in disposable income. The goal is to eventually live off our rental income, which means a minimum of¬†$5,000 net a month or 5 paid-off properties.

We’ll use the same assumptions:

  • $160,000 purchase price per property
  • $40,000 down payment per property (25%)
  • Financed with 30-year fixed loans at 4.5% interest
  • $400/mo. in positive cash flow per financed property
  • $1,008/mo. in positive cash flow per paid off property

Option 1: Purchase with Cash
By paying in full, the first property takes just over three years to acquire. Each purchase adds $1,008 in additional cash flow, accelerating the savings rate.

  • Month 40¬†–¬†Purchase Property 1
  • Month 72 – Purchase Property 2
  • Month 99 – Purchase Property 3
  • Month 121 – Purchase Property 4
  • Month 142 – Purchase Property 5

Total Time: 11.8 years

Option 2: Finance with 25% Down Payment & Pay Off
Each property provides an additional $400/month. Since we only need a $40k down payment, the 5 properties are acquired in about a third of the time.

  • Month¬†10 – Purchase Property 1
  • Month 20 – Purchase Property 2
  • Month¬†28 – Purchase Property 3
  • Month¬†36 – Purchase Property 4
  • Month¬†43 – Purchase Property 5

We now have $6000 a month to put towards the first¬†mortgage (original $4000 + $400 cash flow * 5 properties). We’ll pay them off from newest to oldest;¬†the most recent¬†purchase is¬†paying¬†the¬†most interest¬†because¬†it isn’t¬†as far along in the amortization schedule. Each paid off property frees¬†another $608 a month.

  • Month¬†62 – Pay Off Property 5
  • Month¬†78 – Pay Off Property 4
  • Month 93 – Pay Off Property 3
  • Month 106¬†– Pay Off Property 2
  • Month¬†118 – Pay Off Property 1

Total Time: 9.8 years (3.6 years to purchase, 6.2 years to pay off)

Option 3: Finance with 25% Down Payment without Paying Off
If we aren’t concerned about mortgage debt, we could also¬†reach¬†our¬†income goal¬†with the¬†cash flow from 13¬†financed properties ($400 * 13 = $5,200).

  • Month¬†10 – Purchase Property 1
  • Month 20 – Purchase Property 2
  • Month¬†28 – Purchase Property 3
  • Month¬†36 – Purchase Property 4
  • Month¬†43 – Purchase Property 5
  • Month 50 – Purchase Property 6
  • Month 56 – Purchase Property 7
  • Month 62 – Purchase Property 8
  • Month 67 – Purchase Property 9
  • Month 73 – Purchase Property 10
  • Month 78¬†– Purchase Property 11
  • Month 83 – Purchase Property 12
  • Month 87 – Purchase Property 13

Total Time: 7.3 years

Epilogue РIs it Better to Get a Mortgage or Pay Cash?
It ultimately depends on what “better” means to you. These calculations have an emphasis on timeline, but perhaps net worth, cash flow, overall return,¬†risk aversion, or the momentum of making progress¬†is more important.

Also,¬†it’s worth noting that you would get¬†different results if there wasn’t¬†positive cash flow when financed –¬†at least enough to offset¬†the mortgages’¬†interest.

Finally,¬†please don’t¬†get¬†stuck by the¬†exact¬†numbers in my example. The lessons of this post are relative –¬†regardless of how much you¬†can¬†invest,¬†your rental market, or what happens to interest rates.

If you want to input your own variables, I’ve¬†consolidated these calculations in an Excel spreadsheet – which can be downloaded here.

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How Many Rental Properties Do I Need to Retire?

3 Apr

I’ve been contemplating our long-term financial goals,¬†prompting some reading¬†about early retirement and financial independence.¬†I find¬†many of the concepts inspiring – including “The Shockingly Simple Math Behind Early Retirement” by¬†Mr. Money Mustache.

ddd

(photo by Steven Depolo)

Financial independence¬†means¬†different things to different people. The “extreme” retirement movement focuses on above-average¬†savings and below-average expenses, allowing some to retire in their 30s. Personally,¬†we want to travel and have some splurges in our retirement – including¬†a higher standard of living than what we’re experiencing today.

What’s Our Financial End Game?
Being a dreary¬†Monday morning, I decided to calculate the minimum number of paid-off properties we’d need to acquire before that was a legitimate possibility.

I started with averages from our existing properties to create these assumptions:

  • $160,000 purchase price per property
  • $40,000 down payment per property (25%)
  • Financed with 30-year fixed loans at 4.5% interest
  • $400/mo. in positive cash flow per property

Your¬†inputs will vary depending on geographic location¬†and investment strategy. We really don’t know if we can expect similar performance from future properties. Did we get¬†lucky? Will interest rates¬†rise?¬†For now, we’ll use¬†these numbers¬†as a¬†baseline to compare our progress against.

An online¬†mortgage calculator tells us¬†a $120,000 loan will have a $608 principal and interest payment. So once the mortgage is paid off,¬†this amount¬†can be added to existing cash flow¬†for a total of $1,008 income per month per property –¬†net of rental¬†expenses but not income tax.

Next, we can see how property count affects retirement income:

# Properties Monthly Income Annual Income
1 $1,008 $12,096
2 $2,016 $24,192
3 $3,024 $36,288
4 $4,032 $48,384
5 $5,040 $60,480
6 $6,048 $72,576
7 $7,056 $84,672
8 $8,064 $96,768
9 $9,072 $108,864

Our Conclusion
This exercise intentionally ignores our retirement accounts. We maximize our Roth IRAs contributions, but could hypothetically be financially independent before reaching the age for qualified distributions (59 1/2) and social security (62-70).

Given that, our initial gut check is that we need at least 5-6 paid off properties before we can¬†even consider celebrating. Those¬†contemplating retirement often have the temptation to work “just one more year” so I would not be surprised if we feel the need for “just one more property” too. ūüôā

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