A happy milestone
Sep. 12th, 2005 11:17 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
billeylerOn Sept 1, the final mortgage payment was made on the Cornell rentals I co-own with my ex, Jim Bailey. Definitely a financial milestone!
We bought the triplex as a live/rent in the university area in June 1983, and lived in the larger of the units until we bought the current white elephant in Sept 1992. The HUGE mistake during this is that we took out a re-fi loan in 1991 to remodel the big unit in the triplex, never intending to move. But a year later, we did move. And a year after that, we had a nasty divorce. Jim moved back into the big unit from 1993 till he moved to Santa Fe in 1999.
In June 2003, I turned the whole shebang over to a property manager, being tired to death of trying to manage rentals on top of the rest of my life. Best decision I had ever made about the units! It's always rented, and except for giving a nod on financial transactions, I don't have to do a thing about it!
(Visual: Bill doing the Happy Snoopy Dance)
The next milestone is to buy Bailey out!
(Side note: We bought the triplex for 71.5k in 1983. It still had 18k left on a trust we were paying off when we did the remodel refi for 50k in 1991. Payments of $548/month for 15 years plus tax and insurance...now all gone! Yahoo!)
We bought the triplex as a live/rent in the university area in June 1983, and lived in the larger of the units until we bought the current white elephant in Sept 1992. The HUGE mistake during this is that we took out a re-fi loan in 1991 to remodel the big unit in the triplex, never intending to move. But a year later, we did move. And a year after that, we had a nasty divorce. Jim moved back into the big unit from 1993 till he moved to Santa Fe in 1999.
In June 2003, I turned the whole shebang over to a property manager, being tired to death of trying to manage rentals on top of the rest of my life. Best decision I had ever made about the units! It's always rented, and except for giving a nod on financial transactions, I don't have to do a thing about it!
(Visual: Bill doing the Happy Snoopy Dance)
The next milestone is to buy Bailey out!
(Side note: We bought the triplex for 71.5k in 1983. It still had 18k left on a trust we were paying off when we did the remodel refi for 50k in 1991. Payments of $548/month for 15 years plus tax and insurance...now all gone! Yahoo!)
