The help with the interest-only mortgage I have allows me to get by.

Essentially, I got really lucky in finding TIC partners who are a couple I know from work. The market was soft, so there was only one other bid for our two-unit Mission Victorian. Now, there are two of them and one of me.

This is good and bad. Good in that our incomes were combined when it came time to qualify, allowing me to maybe purchase something a little nicer than otherwise. (My ability to repay probably exceeds the standard formula somewhat because I’m pretty good at managing money and doing things like cooking meals at home and taking advantage of the low priced staple goods and produce that the Mission District’s independent markets have.) Bad in that it’s going to be a challenge to qualify for an individual loan when it comes time to refinance for our new condo conversion. Also challenging in trying to meet them on a schedule for coming up with cash for necessary improvements to meet code that would allow for our condo conversion.

Even getting the tax payments together twice a year is tough since each payment is in the ballpark of my monthly take-home pay. I mentioned that I’ve taken on a roommate by converting my Victorian’s front living room into a bedroom. The help with the interest-only mortgage I have allows me to get by. Hopefully, a new lower rate mortgage, if and when, would have me paying the same amount each month, but also paying down some principal.

Jeremy