I did it.
This morning I paid off the mortgage on my rental property. And I did it in under 11 years. Back when I started this blog, I was reeling from an unexpected job loss and had over half a million dollars in debt. Fast forward to today and the only remaining debt is the mortgage on my primary residence.
I love this rental property:
- With added options I only paid $103,000 for it. DR Horton abruptly decided to stop building in this neighborhood (this was during the housing crisis) and was liquidating the remaining spec homes, so I got a ridiculous deal on it. As a side note, another builder stepped in a few years later and finished the buildout of the neighborhood.
- I've had the same tenant the entire time. One tenant, and rent has always been paid on time. Rent has steadily increased and the tenant is currently paying $250/mo more than when they first signed the lease.