Thursday, August 21, 2008

I have a tenant!!!!!!!!!!! YES!!!!!!!!!!!!!!!!!!

well actually two. Two college student in their junior year will be renting the apartment that is below my house. They seem like really great girls. I checked out their references and their employers speak very highly of them. Plus both girl's parents will be helping them pay their rent and are very secure in their jobs. This is great because now I don't have to pay a $1304.00 mortgage on my own.

By next Wednesday I will have 2450 in my checking account which will be their first, last and security. I will be taking 700.00 of that and using it to pay the mortgage. The rest will stay in an ing savings sub account named after the property. Each month I will put $100.00 into the account for vacancy/repairs and put $700.00 to the mortgage (their rent is $800.00). That leaves a mortgage payment of $604. DH and I will split that remaining part of the mortgage in half. My part is $302.00. I am going to pay down my mortgage so each month I will add $198.00 extra to the principal making my part an even $500.00.

Not bad right?

They will be signing a year lease but I am hoping that they stay until they graduate. By then I will have been debt free for about six months and will have about $20-25,000 in my emergency fund ( with the proper planning).

I feel blessed and highly favored!!!

until next time, think prosperous thoughts

YBP

1 comment:

Small Budget, Big Style Chick said...

That is excellent news! I hope to follow in your footsteps and own some property in Philly in the not-so-distant future.