Inspirational Posts of the Week (February 15, 2014)

by FI Fighter on February 15, 2014

in Links

Just as I expected, Rental Property #5 was unable to close escrow this past week. No big deal, except for the fact that my 4.99% 30 year rate-lock expired on February 10. Closing is now scheduled for next Wednesday, February 19. Since I was ready to close at the end of January, I’m insisting that either the lender or seller pick up the tab on any fees needed to extend my 4.99% rate. 🙂

I also got an update from the seller that both units of the two flat have been rented out, and that the first floor unit just recently passed Chicago Housing Authority (CHA) inspection. Woohoo! Rent determination came back at $1208/month for the first unit, which is a four bedroom, one bath outfit. I don’t yet know how much the second floor unit will rent for. I finalized the insurance policy as well, so everything should be good to go. Just gotta wait till Wednesday now… After closing, yup, I’m going out to celebrate again! Looking forward to another “expensive” dinner. 🙂

Let’s get to the good stuff!

How I Doubled My Net Worth In Five Years On A Crappy Salary by Yes, I Am Cheap

Anyone who doesn’t think they have a snowball’s chance of climbing out of some serious debt needs to read this post. In only five short years, witness the transformation possible when you make a dedicated effort to improve your financial well being. I can’t say how impressed I am to see someone go from -$120,000 in debt to going over $120,000 in net worth. That’s a total slingshot in the right direction. Great job, Sandy!

Limit Your Options, Expand Your Wallet by Done by Forty

Done by Forty is off vacation with his wife in lovely Hawaii (how I miss thee), and I’m sure having the time of his life. In his absence, theFIREstarter has whipped together a great post on how to simplify your life by reducing the number of options you have available. Sometimes, having too many choices isn’t a good thing…

How Ballers Manage Their Money by Budgets Are Sexy

For anyone who thinks that the wealthy just kick back and blow away all of their earnings, think again. Apparently, there are those out there who have the discipline to just keep on stashing away the green. If they can resist temptation, why can’t you? For myself, I think I’ve gotten to the place where I’ve figured out just exactly what it is I need in life. So, it would be very difficult for me to have any kind of random spending spree… I wouldn’t even know how to do it! It would just feel so unnatural and wrong! I used to bag groceries back in the day. So, any meal over $10 is still considered a lot!

That Sinking Feeling Of Falling Further Behind by Financial Samurai

Getting to that place in life where you are FINALLY financially free isn’t easy. However, the journey is more enjoyable when you feel like you are actually moving along… going in the forward direction. For many others, it’s difficult enough just trying to gain traction on the road… Sam’s post makes me realize how fortunate I am to even just be on this journey. Stay hungry, and stay ahead.

Income Update – Janaury 2014 by Passive Income Pursuit

I always look forward to PIP’s income updates each month. For a guy who make such a high salary, he does an even more amazing job of saving away most of it. At this point, I’m sure investing and saving money are just second nature. Pretty impressive to be able to consistently put away $5000+ each month. The journey of a thousand miles… this man has covered a lot of ground!

90 Net Worth Update by Refine.Rinse.Repeat

Here’s another net worth update from someone else who also has some big time goals for the future. This post resonated with me because it reminds me of the days when I used to run those “How soon before I can retire…” calculators. I set forth a target and just went full speed ahead with it. This plan is very aggressive, so I’m looking forward to tracking future results.

TaskRabbit – THE Site for Local Side Hustles by broke girl rich

This year, one of my goals was to work on the side hustle income. Primarily through the blog, but I’m still very open to exploring other opportunities. I had never heard of TaskRabbit before, but apparently there’s a great website out there that helps you find some of these side hustles. Check out Michelle’s guest post to learn more.

Our Valentines Day Love Letter to Those Struggling with Debt by The Frugal Farmer

Gotta say how much I love seeing the early FI/RE movement take off in recent years. With more and more people attempting it, and so many wonderful blogs out there, it’s great to not have to feel so alone on the journey. For anyone who has struggled with debt, or is currently dealing with it, please check out Laurie’s post for inspiration. You can do this!

{ 12 comments… read them below or add one }

1 Mel @ brokeGIRLrichNo Gravatar February 16, 2014 at 7:41 am

Thanks for mentioning my blog! Michelle’s guest posts are always great – she’s a terrific writer! I’m glad you enjoyed it too.

Reply

2 FI FighterNo Gravatar February 17, 2014 at 8:17 pm

Mel,

No problem! Michelle is a great writer 🙂

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3 RefinerrNo Gravatar February 16, 2014 at 8:00 am

Thanks for the shout out FIF!

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4 FI FighterNo Gravatar February 17, 2014 at 8:18 pm

Refinerr,

You bet!

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5 JC @ Passive-Income-PursuitNo Gravatar February 16, 2014 at 8:15 am

Thanks for the mention. Yes, I Am Cheap’s post is inspiring. A $240k change in 5 years is great. Have a great weekend!

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6 FI FighterNo Gravatar February 17, 2014 at 8:19 pm

JC,

Yeah, that post was very inspirational and motivates me to keep on going. It’s amazing what you can do when you commit yourself to a plan.

All the best!

Reply

7 EricNo Gravatar February 16, 2014 at 3:09 pm

What was the reason for the closing delay? If it was the sellers fault, you might get a break from them. If it was the lenders fault, good luck. There was probably something in the clause that says they are not at fault, even if they are. Typically a lender will issue a 45-day lock, not 30. If it was because of your home inspection, you could have waived the inspection.

Also, are you using Freddie/Fannie mortgages? Conventional, no-owner occupied, that eventually gets sold to Freddie or Fannie? 4.99% is a decent fixed rate.

Are you having issues with more than 4 mortgages? Some lenders do quite a few extra hoops when you exceed four mortgages.

Plan on an expensive turnover when your Section 8 renters leave; it could be at least six months’ worth of rent, or even more. It doesn’t take too much to cost that, when you include vacancy expenses.

Did you ever make progress on getting the Section 8 renter to pay? Send a letter to the Section 8 office threatening eviction and the renter will pay up. It is near impossible for a person to lose their Section 8 voucher, but non-payment will do it.

Are you actually looking at these properties in person?

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8 FI FighterNo Gravatar February 17, 2014 at 8:16 pm

Eric,

Closing was delayed because inspections weren’t complete and a final appraisal inspection was needed by the lender. Yes, that’s right, the rate lock was locked for 45 days, not 30… yet it is still expiring since the loan has dragged on for so long 🙂

Yes, this is a Fannie mortgage for 30 year fixed at 4.99%. Since this was #5, the lender required 30% down and 6 months PITI reserves for each property, 1-4.

I did make progress with the Section 8 tenant and will update results on February’s cash flow statement. Stay tuned!

I have seen these properties in person.

Cheers!

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9 Done by FortyNo Gravatar February 17, 2014 at 10:45 am

Thanks for the link to the FIREstarter’s post. I was lucky to have two great guest posts last week, and thank you again for contributing!

Congrats on getting both units rented and I’m crossing my fingers that you get the rate you need at no additional cost.

Here’s to a fancy dinner!

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10 FI FighterNo Gravatar February 17, 2014 at 8:17 pm

Done by Forty,

You bet! Glad I could contribute, and i also enjoyed FIREstarter’s post.

Thanks! I can’t wait to feast on Wednesday. Hopefully everything goes smoothly!

All the best!

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11 MarvinNo Gravatar February 17, 2014 at 12:32 pm

Didn’t know you were investing in Chicago as well. Glad to hear things are going well!

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12 FI FighterNo Gravatar February 17, 2014 at 8:17 pm

Thanks Marvin!

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