Since the investment property mortgage changed over from interest only to principal and interest in late September I am happy to report that so far the house is being paid off at a rate of 1% per month! Up to 4% paid off already which is a satisfying feeling.
This month I have made an additional $400 of payments which have been generated from reselling activities. Next month should be the same or better with my strategy of lowering higher priced items to get more items sold (and therefore more income). I covered this strategy in a previous post here. The first of eBay’s automated price cuts should be kicking in any day now and I am looking forward to that!
This repayment pace would see this investment paid completely off in approximately 10 years 9 months (the first 2 years have passed already as interest only) and also saving a massive $64,720.91 in interest payable.
Although I am pleased with the progress my goal is to get that time-frame down to 4 years. Ambitious? Hell yes. Impossible? No, but I am also not 100% sure how I will achieve this just yet other than working my butt off, which, funnily enough, will not be the answer to get this done as I will need to 10x my extra repayments. There is some excellent motivation however with an additional $45,000 able to be saved. By pulling this off I would save the total equivalent to another small house!