So, I have been working very hard to pay off my mortgage and I think I can be done by the end of 2017. So question I have is this? When I am done, will I be FI? Please no face punches for the decision to pay off the mortgage, buy the rentals with cash, and for not getting enough rent!
Assets:
1. Paid off rental house - value $250k - rent $1200 - take home after taxes $1000
2. Paid off rental house - value $300k - rent $1400 - take home after taxes $1150
3. 401(k) - $350k (i am currently 47 and can't access this yet)
4. Main home worth $475k - is built like a duplex - could rent out downstairs apt if needed for about $800 (has its own entry, kitchen, bath etc...). I would prefer not to rent it though.
I am married but keep expenses separate from hubby. My portion of the property tax on main home will be $300 per month. I will need to pay about $200 in utilities per month. I am mustachian and don't mind living simply. I want very much to retire at 50, which will coincide with mortgage payoff. Can I do it? I am close, but not sure I am there.
Thanks!!!!!!