Dear Community,

Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.

If you have questions about this, please email help@theknot.com.

Thank you.

Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.

short+sassy member

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  • Re: June/July monthly check in

    I miss everyone also!  I go check out the MM posts on FB, on occasion.  But I can't access FB at work...which was when I was usually posting on MM...and I've just never been much of a FB person anyway.

    June

    What were your financial goals for the month and were you able to accomplish them?

    My plan was to pay down my credit card debt by $5,000.  Unfortunately, it was a good bit less than that and I only paid down about $3600.

    I forgot, at least in my budget calculations, I had to pay the flood insurance for one of my properties last month.  An annual (not monthly) fee.  So that was $580 down the drain.

    Then one of my tenants didn't pay any of their $800 rent in June.  Their due date is actually June 10th, not the 1st.  I could go on a long rant about what worthless people they are, even beyond the unpaid rent, but I will refrain.  Per the court's eviction order, they were supposed to be out on July 11th.  They refused to leave and we had to go BACK to the court's office and file for forcible removal by a constable.  That finally happened this last Tuesday, so now they are at least gone.

    Fortunately, they didn't cause much damage.  We do need to do some paint touch-ups and fix a window pane.  But they had the electricity turned off and the soonest we can get it turned back on is tomorrow.  As such, the soonest we can even start showing the unit is Sunday.  Which means we are going to be out July's rent also.

      

    July

    What are your financial goals for the month and how will you accomplish them?

    Keep on, keeping on, lol!

    My main goal is to find a tenant for the above mentioned unit, but that usually takes 2-4 weeks, so this goal will probably leak into August.

    Pay my credit card bills down by $6,000.  Ah ha!  Taking the lowered income due to my vacancy into consideration ;), but I'm also cheating a bit and taking $2,000 from my HELOC to achieve that goal.  I have a BofA credit card that has had a no interest balance of $4600 until August 2017, so I'm stretching to pay that portion off. 

    Status of Ongoing Goals

    What are your short, middle and/or long term goals, and what are you doing to accomplish them?

    Short/middle:  I am trying to get my 'cc utilization back under 25%.  Once that happens, it will be a nice rise in my credit score.  My next goal is to then do a cash-out refi for one of my investment properties that I (regrettably) purchased with cash.  I'll then use that money to cut my HELOC loan in half and substantially improve my monthly cash flow.  HELOC's are only amoritized for 10 years and the monthly payment is chokingly enormous.  Around $2400/month for a $160K balance!!!  Cannot WAIT to get that payment more reasonable.

    Middle term:  Buy another investment property and/or try my first fix 'n flip.  I'd love to be able to do this by the end of the year, but I think it is much more likely to happen in the 1st Quarter of next year.

    Long term:  $5,000/month in cash flow from my rental investments, not including rent from my personal duplex.  That is "retirement level" money for me, though I probably wouldn't actually retire until I paid more mortgage loan debt down.  I'm about halfway there and should have this accomplished in the next 4 years. 


    GTKY Bonus:  

    Any vacations planned this summer?

    Yes!  My H and I are going to Chicago for a week at the end of August.  I've been there once, but it was 20 years ago.  My H has never been there.  We were very MM, lol.

    I bought our plane tickets during Southwest's last big sale.  They are normally around $200 r/t (each), but I snagged them for almost HALF that!  I was very excited.  I snagged another great deal on Hotels.com.  3/4 star hotel right on the main drag and walking distance to a lot of what we want to see for $129/night.  Most hotels in that area are double that.

    ------------------------------------------------------------

    Sounds like a lot of great stuff going on in the @cbee817 household!  Congrats on "no more daycare bills" and saving some monthly expense by cutting cable.  Great job on "paring down belongings".  Ugh, I definitely need to do more of that myself.  Paying your house off in 4 years sounds awesome.

    Have fun in NYC and Toronto!  I've never been to Toronto, but I LOVE NYC.  If JetBlue still has their sweet $200ish direct flights from NOLA next year, my H and I are planning to go again for a long weekend.

    cbee817csuave
  • Re: New facebook group

    bmo88 said:
    It has been forever since I have been able to login. What is the best way to join the group? I PM'd hoffse a few days ago to give it a try.


    I'd recommend sending a PM to @jtmh2012 also.  We regularly PM on here, so I know he checks it every few days or so.  He's offered to other people that he can friend you on FB and then send an invite to the group.

    I'd offer to do the same, but I am a serious FB klutz and don't really know how do that.

    I am kind of bummed no one is over here anymore, but I understand why it happened.  I'm just not able to check the FB group nearly as often as I'm able to post over here.  But I get that I'm the "exception that proves the rule", lol. 

    bmo88
  • Re: New facebook group

    I feel really sad about it. I am not sure I am ready to reveal my true identity. LOL.


    The face behind the mask, lol!  :)

    It wasn't a concern I had, but I can certainly understand the sentiment.

    You should definitely stick with what you are most comfortable with though, for what it's worth, it's largely the same people/personalities who were over here.  Now there is just a name and face to put with a username.  All the activity I've seen has been within the FB MM board.  I haven't had anyone try and contact me outside of that, even on my personal FB page, either positively or negatively.  No one trying to sell Mary Kay or Lularoe, lol.

    als1982bmo88
  • Re: May/June monthly check-in

    May

    What were your financial goals for the month and were you able to accomplish them?

    Pay my credit card debt down by least $5K.  Yes, accomplished!  It was actually paid down $6,300.

    June

    What are your financial goals for the month and how will you accomplish them?

    Pay my credit cards down another $5K.


    Status of Ongoing Goals

    What are your short, middle and/or long term goals, and what are you doing to accomplish them?

    Short term -- Get a cash-out refi for one of my rental properties.  I've already talked to some national lenders, but going the Fannie Mae/Freddie Mac route is turning out to be tough.  Besides it being non-owner occupied and a multi-family, both considered higher risk, the "small" loan size (approx. $85K) also limits lenders.

    I have a local private lender I've already spoken to, but that has slightly higher interest rates and I need another 6 weeks to get my 'cc utilization below 30%...and hence raise my credit score a good bit to get his best rate.

    Medium term -- Buy another rental property by the end of the year.  The (above) cash-out refi will put me in a position to do that.

    Long term -- $6K/month rental cash flow.  Could "retire" at that point, if I wanted to.


    GTKY Bonus:  Seasonal

    Outdoor activities are in full swing.  Have you enjoyed any free outdoor activities recently or have plans for some?

    Not something I'm proud of, but I'm not really an outdoors person.  I hang out on my deck and play ball with my dog.  That's about the extent of it, lol.  Quite frankly, living in the South, this is actually becoming the time of year I spend as little time outside as possible.  It's already uncomfortably hot and, in about another two weeks, it will be miserably hot.


    GTKY Bonus:  MM-related

    Do you make/craft/build anything or have a skill like sewing that has the potential to save you money?  I say potential because DIY isn't always cheaper!

    Alas, I have no such skills!  Though my H and I have become pretty handy with household repairs and renovations.  Him, much more so than me.  I kid you not, between our own home and our rentals, that has saved us tens of thousands of dollars.

    We built our own large deck.  We painted the exterior of our house DIY...though there are still some spots that need to be finished.  Completely repainted the interiors of two rentals.  Installed three new kitchens.  Basic kitchens, but still.  And 1,000+ various repairs, lol.

    csuave
  • Re: board

    I still check.  It's saved on my work computer as a "favorite" and I don't usually have trouble signing in.  When I do, I know the "tricks" to use to get back in.

    I've never been a very big FB user anyway, so I only check The Nest group over there 1-2x/week.  Plus I can't use FB at work.

    als1982