Time for a Heloc!
Ouch! Just tallied last months expenses. Apart from the rent,food, $600 for new tires/brakdes and $900 insurance premium, I had quite a lot of expenses.
$6k landscaping
$16k unexpected request for a downpayment on a house [1031 shortfall that the loan officer should've caught, but she was in the hospital for 3 weeks]
$9.8K 10% downpayment on a house in indiana
$4.4k 5% downpayment on another house in indiana
$4k in plane tickets
$2k lawyer fees for misc stuff.
Out of these, i was expecting only $20k in expenses so i’m over by $24k, which leaves me without sufficient reserves in case I have a few properties vacant for more than a few months. Time to get a HELOC out on my investment properties and pull some cash out!
You always want to do this before you need money. When you do need, the bank won’t lend it to you.
If you found this post helpful, consider donating to my coffee fund!![[del.icio.us]](http://images.del.icio.us/static/img/delicious.small.gif){kind=small}
-
Forecasting Tools Came across this website called Forecast.org.They have a 6 month forecast[into the future] for all financial data including stock market indices, currency conversion rates, interest rates, commodity prices, etc. I don't expect them to be very accurate [coz if they were they'd trade their data on the futures option market...... - Selecting a Brokerage account The Wall Street Journal had a nice article on Opening Your First Investment Account.Don't just open your account with anyone offering you a free IPOD.Although free IPOD's are great, its not necessarily in your best interest.Figure out how much hand-holding you require.Do you need to go full-service[full commission] or discount......
- How To Retire In Luxury CanadianBusiness.com has some really good articles that are worth reading. Here's another one. How we retired in luxury â on $2,000 a month Herman Heynen as told to Camilla Cornell From the May 2006 issue of MoneySense magazine Seven years ago, when I was 60 I took early retirement from......
Related Websites
- Alternative Income Streams Progress - April 2007 Another month, another update to my alternative income. Last month, I had the biggest jump forward, a tremendous gain as I went from $71.49 to $237.33. That's the type of gain that's not likely to be duplicated every month. This month was no exception, but there were still some solid......
- 8 Doable Ways To Help You Save Some Money These days, money is so hard to find and we really need to tighten our budget and save some for our pockets. Here are simple ways to do them, which can really help you save plenty of dollars: Loose Change After shopping, keep your loose change. Place them in a......
- Buying an Investment Property in a College Town. With college football season kicking off this weekend, I once again kicked around a lingering idea that has remained on my potential investment list for some time: buying an investment property in a college town. Now, if you're like me, I initially dismissed the idea because I flashback to things......
[All content is copyright of Living Off Dividends & Passive Income]
December 14th, 2005 at 4:29 pm
Absolutely agree with your idea to have HELOC ready (just in case), also good idea to have portion of HELOC with locked rate. BTW – I love to read your columns, checking your page ob daily basis for any news. Your are my virtual mentor. Thank you. Nina
December 14th, 2005 at 4:44 pm
Thanks Nina, thats very kind and encouraging of you!
let me know how your investments are doing too!
December 15th, 2005 at 6:39 am
Do you need a bird dog in Indiana? I am in the Greater Indianapolis Area, and I would love to get some experience before I take the leap myself.