Case Study -Throwing it all out there to the Sharks

[FireDAD]

EDIT: Due to some suggestions below, I am changing the formatting.

Time to bite the bullet here and ask for help figuring things out and trying to understand my timeline for early retirement. I am trying to be done working by the time I am 40 (12 or so years from now). I have been married for a year and we still keep separate money. It works well right now, but we plan to combine soon, when I list my budget  the areas that show 0 are the areas that she covers.
Here comes the nuts and bolts. I am 28 years old working a full-time job during the week making $37,000. I also have a small business that I do on nights and weekends with a salary of $18,000 a year doing that. I own a rental property condo that brings in $950 a month.  Debts are $13,000 in student loans, $55,000 on the first condo, $25,000 second on the condo, $125,000 on our house.  The condo is worth $80,000 and the house is worth $150,000. I JUST bought the house a couple months ago. 

Here is a breakdown of my monthly expenses:
December 2013: Untitled Budget

- Income --------------------------------------
Timing                               $1,175.00
Rental                               $950.00
St Paul                              $2,216.00
TOTAL -    $4,341

Expenses

- Utilities -----------------------------------
Cable                                $90.00 - Have to keep through winter for the side business then it's gone forever
Gas                                  $0.00 - Wife pays (gas and electric is $110 a month)
Phone                                $30.00 - Used to be $190 but spent $600 to switch to Republic Wireless
Trash                                $0.00 - Wife pays (is $20 a month)
Water                                $0.00 - Wife pays (is $35 a month)
Condo Association   $0.00 - Wife Pays (is $150 a month)

- Clothing ------------------------------------
Adults                               $75.00 - an estimate, don't spend anywhere near this much, extra goes to student loan
- Recreation ----------------------------------
Entertainment                        $75.00 - Netflix, used video games, etc

- Transportation ------------------------------
Car         $0    - Vehicle provided by small business, bike commute in non winter months
- Personal ------------------------------------
Misc.                                $100.00 - Misc pocket spending money
- Saving --------------------------------------
christmas                            $65.00 - Autowithdraw to save for Christmas - I hate it but it's big in family
- Food ----------------------------------------
Grocery                              $400.00 - Sometimes is under, sometimes is over we SUCK at this one.
Restaurants                          $80.00 - an estimate but I try to build 0 budgets
- Medical/Health ------------------------------
Health Insurance                     $110.00 - I have to purchase my own insurance
HSA savings                          $250.00 - auto withdraw into an HSA account

Expenses Total: $1,275

- Debts ---------------------------------------
Condo mortgage                       $600.00 - $150 a week, 4 weeks in December
Mortgage                             $1,300.00 -  Principal $890, rest is taxes & insurance
second mortgage                      $200.00 - Interest only at $66 a month
Student Loan                         $170 - Minimum payments are $170, I am throwing all extra cash at this.

Total Debt Payments: $2,270
All extra cash has been going on student loans.

Liabilities

Student loan 1 (6.55%) - $5,500
Student loan 2 (6.55%) - $7,211
First on Home 15 year loan (4.00%) - $125,000
First on Condo 8 years remaining(3.75%) - $55,000
Second on Condo 5 year balloon(4.5%) - $25,000   (took second on condo for down payment on house) Interest only

Total Liabilities - $217,711

Assets
Roth IRA - $5,000
IRA - $5,000
401k - $3,000
House - $150,000
Condo - $80,000
Savings - $2,000

Total Assets - $245,000

So that's it. I am looking for guidance on what I can do to improve my situation. I feel like I am just treading water lately. I know people are going to rip the cable tv apart and it is gone in March of 2014.
Thank you all so much for all that you do! I have fallen in love with this site!

If you require any additional information please ask, I am fully committed to being done working in 12 years or less!

[big layoutski]

Hey Kevin,

You might get a few more bites on your post if you edit it so that it looks more like Swick's template - in the sticky at the top of the forum. Including totals on each catagory will help, for those of us that don't like to use a calculator while reading.

So you're using cable for the side business, but that's going to dissapear after the winter. Does that mean you lose the extra $18k salary as well?

Are you paying a first and second mortgage on the same condo? What are the interest rates on the three mortgages? That will affect how folks tell you to prioritize your cash.

Finally, and this is nit-picky (so feel free to ignore it), the house and condo are Assets. The mortgages are liabilities. It'll be easier to read your chart if you label them as such. You can list the HSA account balance as an asset if you want.

Sincerely,
Big

[Catbert]

Your expenses look pretty reasonable (food could be less).   I wish you'd bought the house with a 30 year mortgage.  Yes, you'd want to pay it off early but the lower payments would have given you more flexibility.

It looks like you have 0 equity in the condo.  How steady is the rental?  You commented that the rent is $950 "when it's rented" which leads me to believe that it may be vacant alot.  You're probably barely breaking even on it.  What's the long term potential for grown in rent and value?  Your might be better off selling.

I assume there is a balloon on the interest only 2nd.  How long from now?  How do you plan to pay it off with 0 equity?  If you keep the condo then this is the loan that I would work on.

Without know interest rates, it's hard to come up with other suggestions on which debt to prioritize. 

[FireDAD]

The rent is pretty reliable. My tenants just resigned a 1 year so no worries there. I updated the formatting quite a bit.
The balloon comes due in just under 5 years. My current plan was to aggressively pay it off with cash flow after the student loans are gone. My bank is a local bank and will loan 100% of value for second mortgages.

[TrMama]

It looks like a fairly complete budget, but without seeing what your wife's income and expenses are, it's hard to really give much advice. She doesn't seem to have many expenses listed. Does she work? Does she have her own debt?

Groceries and eating out are pretty high for two people. Google "meal planning". This is the single most effective way to decrease both grocery spending and the desire to eat out.

Once the student loans are paid off, you need to hit the 2nd mortgage on the condo really hard. I'm not sure exactly how balloon mortgages work in the US. If you can't pay it off in 5 years, can you refi to another loan? This is how mortgages work in Canada and it's not big deal but you can never count on getting as good a rate since no one's crystal ball works very well for seeing 5 years into the future.