It looks like the fourth anniversary of this blog came and went with no fanfare. Here's a link to my first post.
My old posts are definitely much more interesting than anything I post now. Probably because I had a lot more time back then, and because it is interesting to read about how much has changed, both personally and from an economic standpoint, since writing them.
Archived posts are all available on the right sidebar.
12.18.2008
refi time!
We, like many other people, are going to try to refinance our house in the next couple weeks. We just locked in a good rate on a 15 year fixed mortgage, and have been pre-approved, but we still have the agonizing appraisal process to go through. We had a failed refi attempt earlier this year when an appraiser had blatant mistakes on our appraisal, devaluing our house by about $20,000.
We currently have two mortgages on our house. Our primary mortgage is a 5.375% and has 16 years left, and our second mortgage is at 5.99% and has 18 years left. The 15 year rate is lower, and our total payment will go up by a few dollars, but it will shave several years off repayment period, saving us tens of thousands of dollars in interest.
Aren't sure if you should refinance? Check out Dinkytown for some great calculators that can help. If you don't know where to get a good rate and no closing costs, check out PenFed.org.
On a side note, I turn 30 next week! Holy crap, where does the time go? I think I started this blog when I was 25 years old!
We currently have two mortgages on our house. Our primary mortgage is a 5.375% and has 16 years left, and our second mortgage is at 5.99% and has 18 years left. The 15 year rate is lower, and our total payment will go up by a few dollars, but it will shave several years off repayment period, saving us tens of thousands of dollars in interest.
Aren't sure if you should refinance? Check out Dinkytown for some great calculators that can help. If you don't know where to get a good rate and no closing costs, check out PenFed.org.
On a side note, I turn 30 next week! Holy crap, where does the time go? I think I started this blog when I was 25 years old!
12.10.2008
Rental unit update
I did the annual books on our rental unit last week to prepare for filing income taxes after the first of the year. There are still a few things outstanding, primarily the receipt and payment of our property tax bill, as well as some maintenance and supply purchases. However, I was able to get a good picture on how we did during our second year as rental property owners, and it was much better than I thought.
Our income was buoyed by having zero days of vacancy across all four units. I'm very proud of that number, I've worked hard to keep our building full since we bought it, and I think this year shows that there is benefit in all that hard work. We have all four units coming up for renewal next summer, I know at least two will need new renters. Hopefully I can turn them quickly.
We also had much less in the way of maintenance expenses this year compared to last year. We still had some, more than I would like, but it was a very reasonable and expected amount. We will have to replace carpet in one unit next summer, and that will cost a lot of money, but we have started a savings account to pay for it.
We still will show a considerable loss on our taxes, so there will be additional tax benefits to our investment. The municipality that the building is in also is predicting the value of the building has gone up slightly this past year. No idea if that number is reality based because no like building are currently for sale nor have any sold recently.
We just renewed two leases and took small rent increases (1.5%) to cover the increases in insurance, maintenance, and snow removal.
We still have really great renters. We've gotten very lucky in that regard.
Our income was buoyed by having zero days of vacancy across all four units. I'm very proud of that number, I've worked hard to keep our building full since we bought it, and I think this year shows that there is benefit in all that hard work. We have all four units coming up for renewal next summer, I know at least two will need new renters. Hopefully I can turn them quickly.
We also had much less in the way of maintenance expenses this year compared to last year. We still had some, more than I would like, but it was a very reasonable and expected amount. We will have to replace carpet in one unit next summer, and that will cost a lot of money, but we have started a savings account to pay for it.
We still will show a considerable loss on our taxes, so there will be additional tax benefits to our investment. The municipality that the building is in also is predicting the value of the building has gone up slightly this past year. No idea if that number is reality based because no like building are currently for sale nor have any sold recently.
We just renewed two leases and took small rent increases (1.5%) to cover the increases in insurance, maintenance, and snow removal.
We still have really great renters. We've gotten very lucky in that regard.
12.02.2008
Memorable gifts for a toddler
Baby Savvy loves active toys; trikes, balls, cars, anything that involves jumping, bouncing, riding. I have found several toys on Amazon that I think Baby Savvy would love, and they appear to be good quality, durable toys that will be played with for years.
We have both the Rock and Bounce Pony and the Scoot About and they both get used almost daily. The Rock and Bounce Pony is great for smaller kids, we started Baby Savvy in his at about 8 1/2 months. The Scoot About is also great for young kids as it doesn't have pedals. I had a Scoot About as a small child, and rode it until I was about three years old. I still remember riding it around the house, in what seemed at the time like cavernous rooms at break-neck speeds.
Any one of these toys would make for a unforgettable Christmas for a toddler, as well as provide years of play, without spending tons of money.
We have both the Rock and Bounce Pony and the Scoot About and they both get used almost daily. The Rock and Bounce Pony is great for smaller kids, we started Baby Savvy in his at about 8 1/2 months. The Scoot About is also great for young kids as it doesn't have pedals. I had a Scoot About as a small child, and rode it until I was about three years old. I still remember riding it around the house, in what seemed at the time like cavernous rooms at break-neck speeds.
Any one of these toys would make for a unforgettable Christmas for a toddler, as well as provide years of play, without spending tons of money.
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