First off THANKS for the advice.. thoughts.. sometimes hard to hear . special thanks to 'Another Reader' for great points
Ok.. for those who have not been following me. I have a 5 year plan... started approx 6 months ago.. goals for that plan are to the left. As part of the plan I bought 6 homes and 2 3 units on aggressive payoff terms (5 years-6 homes, 7 years-(2) 3 units). I can not now change these payoff terms and they were based on the fact that I would have no big expenses (house)on the first 3 years. I DID NOT expect to be able to settle on my house or buy a house for at least 2 years. I just closed on my house (bought out the mortgage at a discount.. all good but leaves me VERY cash poor and in a risky position). Doing a short settlement w the bank for the house (I live in) was at 12% and I can not refinance out to normal rates for between 12-18 months. I used up all my liquid savings for the points (6) and fees for this loan and tax escrow. I Retained my emergency funds (rental and personal). House I live in is in very good shape. 3 units in very good shape. '6 homes' are in 'ok;' shape and more volatile right now until we 'smooth them out'. All are run by a manager. I have full taxes escrowed for this year for MY house ($10k) and escrow for the 6 homes/3 units in the payments.
Other background. I founded a not for profit years ago that I get paid approx $1500 a month for (I was going to turn that over to another NFP this year but with the house payment. thinking maybe I should wait a year). I also have a 2 flat (in foreclsoure being sold in next 3-4 months).
ok. Income and expenses attached
Note: salary is NET (including 10% 401k)
Huffman is the 2 flat (dropping in 3-4 months)
Utility reimbursement will drop w Huffman
Not for profit I can control when I drop that
I DID drop the Genesis car payment for a year
Please let me know your thoughts
I want to SAVE (if poss) build cash reserves and build portfolio so I have more cash (not almost all real estate). I also need to be SAFE because if I miss a payment the entire house of cards may fall down.
Dropping Huffman subtracts 2093 from my income
Dropping the NFP subtracts $1558 (1000 less income, pick up $558 costs)
Dropping both subtracts $3651 from my income and I AM NEGATIVE (I can decrease 401k and can take side consulting jobs. have not pursued that at all but have 2 people wanting help now.. $250 for both..estimate can make at least $500 a month w that.. cash )
Full salary/no 401k is $6776
Contract (for work) up 6/2104 but looks good (tho not guaranteed for renewal). Estimate 3 months to find a job if I lose this one. I will know on renewal in Aprl and can start to look then if necessary. This is right in the middle of a big Migration.. so possibly unlikely they will want to give me bad news then.
Networth is correct ('left' next to reserves meant what was left to meet the max reserve I need)
Attached net worth, income/expenses, paycheck distribution. yoou will see costs for paycheck 1 exceed my paycheck so I must save part of paycheck 2 to meet paycheck 1's costs
Income and expenses-I want feedback on making things 'safe'