I did it.
This morning I paid off the mortgage on my rental property. And I did it in under 11 years. Back when I started this blog, I was reeling from an unexpected job loss and had over half a million dollars in debt. Fast forward to today and the only remaining debt is the mortgage on my primary residence.
I love this rental property:
- With added options I only paid $103,000 for it. DR Horton abruptly decided to stop building in this neighborhood (this was during the housing crisis) and was liquidating the remaining spec homes, so I got a ridiculous deal on it. As a side note, another builder stepped in a few years later and finished the buildout of the neighborhood.
- I've had the same tenant the entire time. One tenant, and rent has always been paid on time. Rent has steadily increased and the tenant is currently paying $250/mo more than when they first signed the lease.
What I didn't love was the interest rate. When I bought it, 5.125% was the going rate. Today, it's about 2 points higher than prevailing rates. My outstanding balance was too low to justify refinancing, so I decided a year ago to focus on paying it off.
It feels great to check this off my list. Now onto the next financial goal. Details coming soon!
Congrats on passing off the mortgage.
ReplyDeleteThanks!
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