“It was worth it. This is the home we will stay in for the long haul,” says Malcolm, a former NFL player who is now a vice president of commercial real estate at a multinational bank. Fortunately, the couple also found a tenant in less than a month of the story publishing, so they are breaking even on the mortgage of their rental property. “At this point if we sell our current rental property, we will lose what we paid for it. So we plan to stay at break even now that we have a tenant in it,” says Malcolm.
To fill any remaining shortfall, Joanne has also found steady contract work as an attorney, which brings in an additional $5,000 per month. With Joanne’s recent employment and the renovations all done, the couple is now trying to rebuild their emergency fund to at least $60,000.
Malcolm says winning the contest and getting the advice was good. “We consider ourselves to be financially savvy. But it’s always good to periodically revisit any plan that you set out.”