The First Condo

We bought our first condo at the age of 25, in March 2010 and at the time, it was assessed at 210k. At the time, we paid 250k for it, 10k less than the asking price. We got our latest assessments this week and it’s now valued at 258k! Sweet!  I know it’s only money on paper, but it’s pretty satisfying to see the numbers go up.

Our mortgage stands at 239k with a variable interest rate of 3%.  We make monthly payments which are higher than the minimum and made one extra lump sum payment last month.

The Rental Property

Part of my early retirement plans hinges on income generated from rental properties. I plan on one day owning 2-3 properties which generate a net monthly profit.  It’s part of my larger plan of real estate, stock, and dividend investment.  We plan on buying our next property in another 2-3 years.

For that part of the plan, we are putting away money each month towards a downpayment fund. This money is currently sitting in an ING savings account. We’re at about $2400 right now.

And it continues…

So that’s how things stand! We’re pretty pleased with our current progress and optimistic for the future.  🙂