If you are here for the first time reading this, I have a small investment property. The proceeds from my reselling endeavours are being used primarily to hasten the repayments on this property. Initially this property was interest only with the loan for the fist 2 years which have passed and has now switched over to principal and interest repayments.
The ultimate goal is to pay this off somewhere between 5-10 years realistically.
After this event occurs I will have the rent coming in from this property to offset my mortgage repayment on my house that I live in. This offset should be enough whereby I could transition into reselling as a full time lifestyle gig or wind back normal work to perhaps 2 days a week (enough to cover the mortgage and some) and have reselling provide the expenditure for the household.
1 Year In Post Interest Only
It’s been a while since I last wrote a post about the house specifically and to be honest its been mainly business as usual which is pretty boring and boring equals good. I had a few maintenance issues to contest with back in May and had to replace a small oven, a washing machine and cop all the fees associated from getting the property relisted.
This trend continued with a broken TV antenna repair (I know right) and a new Air Conditioner also to top things off… As this property generates only a small income compared to a four bedroom house expenses such as these impact much more on cashflow.
The good news is however that I have now replaced pretty much every appliance with new so moving forward there should be a return to normal.
I am happy to report that the the current status is now: 9.75% of the loan paid off. When I logged into my account this morning this figure kind of caught me by surprise. I have been chipping away at this and diligently moving eBay profit across into the offset account.
So logically extrapolating this trend there should be no reason to go over 10 years on even this current trajectory which has been waylaid by those extraordinary expenses.
Combine this with the consistent push in eBay listings (and profit) I am still aiming to have this done in 5 Years.