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Saturday, November 7

My Financial Situation (Update for November)

I mentioned last month that my #1 goal is to pay off my debt as fast as possible. I wanted to review the progress I made in October:
  • $38,246 in outstanding credit card bills (not counting balances on cards I pay off each month). This increased significantly (about $10,000 over last month) as I desperately sought all sources of cash to buy a rental property.
  • I also took out a $3,500 personal loan to fund the rental property transaction.
  • $96,276 owed on my house (a principal reduction of $556!).
  • $33,810 owed on a HELOC used to purchase a rental property.
  • $38,520 owed on my car (the bane of my existence).
  • $17,642 owed on student loans.
  • $180,565 owed on 2 other rental properties (a principal reduction of $711!).
  • $38,000 in other obligations related to rental properties.
  • I finally closed on Rental Property #7 in October. This will most likely be my last real estate transaction for a while.
In October, I increased my debt load some in order to purchase Rental Property #7. This property has been in my pipeline for almost a year and I was committed to making it happen. Because I needed every spare dollar to purchase this property, I made minimum payments on all my debts this month. I can commit moving forward that I do not plan to take on any additional debt.

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