So last year I purchased a home that had two additional units in the back yard. One unit is 2/1 and other is 1/1. All units were previously renovated by the seller and are in great shape. I live upfront in the main house that’s a 2/1.
I paid 250k for it. I only put 3.5% down and currently financing through an FHA loan. My monthly mortgage is $1810.00... yeah MIP sucks, but we had no other choice at the time, so we went with FHA.
I’m currently renting the units out for $900 and $725 respectively. I’ve been doing this for 1 full year now, and I must say, it’s probably the best single decision I’ve ever made in my life. I’m living virtually mortgage free, and can use my income towards savings etc.
I’ve only had my “big boy” job for 2 years. So I have so much to catch up on. I have literally no retirement savings besides about a few thousand in a Roth IRA. I’m 30 years old.
Salary:50k Savings: 4K (doubles as emergency savings for my rental units)
Wife makes 40k She has no retirement savings either.
Monthly Bills: Electricity: $60 Water: $80 Gas: $40 Tenant water: $80 (we pay their water) Rental home insurance: $62.50 Car: $700 month (financing 2 used cars) Car insurance: $250 ( full coverage both cars) Phone:$122 (two lines)
How are we currently doing? And what do we need to work on to be in a better place financially?
Submitted May 01, 2018 at 11:17AM by anakindickrider https://ift.tt/2HJrx7x
