I would like to first start out by saying I致e read a few hundred posts in the last few days, and will continue to read more and learn, but for now my head hurts from data overload.
I thought I might better benefit from explaining my situation and getting some pointers and direction from the forum and then read the posts that might better guide me based on what you all have to say.
Our stats: (couple)
Joint income net: 75k
Savings: 80k
Rental Income: 6,800 breakdown below
Mortgages: 3,800 @ 4%
Monthly spending +/- 2,500 (I know we need to work on this, who doesn稚, I blame organic shopping)
Mortgage balance House 1: 220,000 renting for 3800/month
Mortgage balance House 2: 240,000 renting for 3000/month
Am I missing any pertinent info here?
NOTE: Unless I知 not seeing this correctly, my FOCUS here is to knock out my mortgages as quickly as possible. I know there is a lot of discussion around this topic, but for me and to make FIRE successful, I need to reclaim the $2000/month mortgage on house 1 and the $1800/month on house 2. Mainly, because I知 throwing a lot of money away toward interest every month and that drives me crazy.
So, my question here is how do I get there (paying off my mortgages) the quickest/safest way possible. Heck even getting them down to around 100k each and then recasting/refinancing my mortgage for free would get some more money in my pockets. Obviously, saving money every month and chunking down the mortgage would help, but I知 thinking more along the lines of investments? Any pointers would be greatly appreciated.
Thank you all