sarahevie's single quest to mortgage freedom

debtfreeoneday

Interesting thoughts from your Mum.. certainly gets you thinking doesn't it? I've done my blowing and spending then reality hit at 30, by 50 I'll be mortgage free and saving for retirement. Whilst I'm not sitting here thinking I must save it all for the kids, I'd like to leave them a property at least, but my focus is getting me and DH through a comfortable retirement.

Though I reckon we'll all still be on here at 65/70 talking about saving pensions etc!

Monkeychops16

My mum, auntie, sister and grandmother all encourage spending. When I told them I had paid off my debts my mum and sister said "great now you can go shopping"! The other day my grandmother told me to buy the £50 handbag I wanted for no reason. I made the right choice though and paid into the mortgage. That's what got me in debt mess!

I think we both will need to strike a balance with being frugal and having fun with the children :-)

sarahevie1

Busy day, been into school for the third day this week. Feeling ready for next week.

My tenants called to say there was a cooker fire. So ordered a new cooker, electrician said it had short circuited due to being ranked from the wall. So pleased no other damage, but I've decided not to op my final savings, as I've had to spend £700 on my rental house this week. New cooker, end of tenancy clean, annual buildings insurance.

sarahevie1

Electrician came back to fit new cooker, there's a problem with the earth, I reckon this could be an expensive repair. Rewires in the region of £2000. Good job I didn't op those savings.

No spend day yesterday. I was seriously thinking about leaving the supermarket yesterday but yet again the rental eats money.

debtfreeoneday

Oh what a nightmare with the wiring.

When are you back to work?

sarahevie1

I'm back at work tomorrow, but I've got a busy couple of days. Need to be at the rental by 7.30am to let the contract cleaners in. Then wednesday my new tenants move in.

My last tenants moved out yesterday, so today I'm going to re paint bathroom and hall.

summerday

Wow very busy. Hope today's painting went well.

Any update on the electrics? Presume the £2k would be for a full house rewire rather than just to fix the kitchen? Hope it's not as bad as you think.

sarahevie1

summerday wrote: »

Wow very busy. Hope today's painting went well.

Any update on the electrics? Presume the £2k would be for a full house rewire rather than just to fix the kitchen? Hope it's not as bad as you think.

I'm still waiting for an electrician. New tenants move in tomorrow, not great timing but can't be helped.

I'm shattered at the house til midnight last night and 9 pm tonight.

Today I spent £325 on a professional clean, in over 8 yrs of landording I've always done my own, never had a complaint but it was amazing. I'm a convert

norfolkdream

Being a landlord doesnt sound very easy. I have often thought about doing it but the amount you have to pay out on the odd occasion puts me off.

Do you have a budget to full back on in times like this? I just think you cant make any money by the time the BTL mortgage has also been paid and insurances etc.

sarahevie1

My house hasn't made me any money. After expenses £50 a month last year. Hardly worth it. If house prices increase it'll be worth it though. I intend to live off the rent £1000 once I'm mf on both properties.