Author Topic: rental mortgages in firecalc  (Read 1947 times)

sdp

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rental mortgages in firecalc
« on: June 10, 2013, 05:10:12 PM »
How do I punch in the mortgages on my rental properties in fire calc and the income I receive?

arebelspy

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Re: rental mortgages in firecalc
« Reply #1 on: June 10, 2013, 05:14:19 PM »
How do I punch in the mortgages on my rental properties in fire calc and the income I receive?

Why would you need to?

FIRECalc doesn't have any data on rentals, so it wouldn't mean anything.

I'd just figure out what your net rental income will be and subtract that from your expenses on the first page.

Barring that, you can have the higher expenses (include the rental mortgage), and offset it with extra income on the second tab.

It amounts to the exact same thing.
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sdp

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Re: rental mortgages in firecalc
« Reply #2 on: June 10, 2013, 05:39:01 PM »
OK!  I was trying to figure out how to get an  off-chart expense item in firecalc that didn't last forever.

arebelspy

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Re: rental mortgages in firecalc
« Reply #3 on: June 10, 2013, 06:23:38 PM »
OK!  I was trying to figure out how to get an  off-chart expense item in firecalc that didn't last forever.

Ah, okay.

How about this: reduce your expenses by the net rental income, then add an extra income that starts in the year the mortgage pays off for the amount of the mortgage.

That should accomplish what you want.
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.