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Status: (3) Lamborghini
Joined: Aug 2007
Posts: 1,843
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Expertise: Real Estate: Single Family
Locale: Aurora, Co
My Mood:
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Re: Would you be prepared if everything went South tomorrow?
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Dec 10th, 2008, 07:24 AM
#10 (permalink)
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I was able to live for 2.5 years without a job on less then $1000/mo. Assuming my houses stay rented, I could go 6 months right now. Used up a lot of my reserves on them.
If they all went unrented, I would last two months. I realize this is thin and it couldn't be much avoided. I'm working to build my comfort zone up again. I'd like to have 6 months reserve payment for each property.
I honestly don't know what I could do temporary to replace my income. I'm certainly not above working delivery, but my time money ratio would need to work out. For 6.50/hr, I'd be better off playing poker.
My biggest expense is my house. I have local family if need be. I could sell and move in with them short term. Even in this market, I could sell it in 3-6 months and do decently. That would hold me up for a bit. Food can be cut by around $200 a month plus another $200/mo in normal house expenses. I already live pretty frugally, so there is not much meat to cut beyond that.
www.liveandflip.com "Create a definite plan for carrying out your desire and begin at once, whether you ready or not, to put this plan into action. " Napoleon Hill
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