I fell off the blogging wagon about six months ago while I was in the middle of preparing for my wedding back in April, finishing up a real estate class I took through the local university, and getting hammered by work. Here’s a third quarter update on my progress towards achieving my financial goals for 2014.
My Student Loans were paid off back in April
Total Debt Paid off in 2014: $49,851.40
Current Equity Position in Rental House: 34.67%
Additionally, my IRA has been maxed out for the 2014 year!
So with that said, I’m one month away from completing all of my financial goals I set off to achieve in 2014 with two months to spare. Next up is to max out my wife’s IRA for 2014, and we should be able to knock that out in October. After that we’ll up both of our 401k contributions to max out each for the year.
I’m planning to not make any more big payments on the rental house for a few months while we further add to our cash savings. We just renewed our apartment’s lease for another year, so in another year we may want to buy something should we decide to stay put for a few more years. Additionally our 2001 Jeep Grand Cherokee is getting a little long in the tooth so it would be prudent to have some extra cash put aside to purchase a new vehicle when it finally decides to kick the bucket or need a major repair. Hopefully it lasts for many years to come since we are currently driving it less than 3000 miles a year.
October will be an interesting month. My current tenants are planning to move out October 4th and I’m in the process of finding some new tenants. This is good and bad news for me. The bad news first is that my tenants are ending their lease early. The good news is that it should be easier to rent the house to new tenants in October than in the middle of winter when their original lease was set to end at the end of January. Plus the rental rates for the neighborhood have gone up which means we’ll be getting a small passive income raise soon. We’ll see where things end up a month from now.