LIVING OFF DIVIDENDS & PASSIVE INCOME

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.

• Notice from Mortgage Company One of my lenders sent me a notice yesterday. Apparently on the loan docs that funded 1 year and 5 weeks ago, I had forgotten to sign the document that alerted me to the fact that my loan had a soft prepay penalty. This is the 2nd time this company......
• 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 — 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......
• Understanding Real Estate Market Cycles and How To Invest Based On Your Own Research A lot of people have been asking me how I do my research for places to invest in. Here's my attempt to explain the process. It started when I sold my home and was wondering where to invest the proceeds. I moved into a condo that had previously been a......

• The Big List: 1,019 Different Ways To Save Money. OK, times are tough - We all know it. Right now, you might be worrying about how to pay for groceries or the gasoline in your car, and we can use all the help you can get to stretch each and every dollar. Luckily, I have a few friends that......
• Individual Tax Extension Deadline is October 15th If you were one of the individuals who filed an IRS extension Form 4868 this past April, your deadline is fast approaching! The Form 4868 is a 6 month extension from the typical deadline of April. October 15th also happens to be the last day you can claim your economic......
• Is Going Into Debt Ever Worth It? Debt has become such a dirty word these days, and in many cases, there is good reason for that. Americans are saddled with unheard of amounts of debt and the problem is not just going to go away. In some cases, debt is absolutely necessary, while in others, it is......

[All content is copyright of Living Off Dividends & Passive Income]

Random Posts

• August 17, 2009 -- Ultimate Spoof: The iPod Flea
• October 3, 2006 -- Always Have Multiple Streams of Income
• November 7, 2006 -- The Easy Hassle Free Way To Invest In Real Estate
• September 6, 2006 -- Very Interesting Documentary
• October 9, 2008 -- The Federal Reserve Starts A Hedge Fund
• November 11, 2007 -- Why Low Interest Rates Are Bad For You
• November 23, 2006 -- Canadian Royalties Revisited