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Net worth and results from 2017

January 10th, 2018 at 07:55 pm

Hi all

Networth attached from the end of last year and I met all goals except increasing my investments to $380k. I was almost $43k short. That was due to the excessive money put into the 2 flat. I want to have at least 50% of my networth be savings and investments. Right now i am at 22%

I also started school last year. Masters in Ministry leadership.

2 flat carpet and appliances go in today. so on the home stretch!

I will set new goals next shortly. Rentals are definitely stabilizing but w the income from those and this job I need to take some steps to save taxes. I am talking to my accountant on that.

FINANCIAL GOALS FOR End of Year 2018

1. $425k in Total Investments
2. Rental emergency fund $18k+
3. Personal emergency fund $15k+
4. Payoff 3 units
5. $20k left on 2 units or SOLD


Posted in 5 Year Goal Status, Net worth, Musings | 6 Comments »

6 Responses to “Net worth and results from 2017”

  1. AnotherReader Says:
    January 11th, 2018 at 12:53 am 1515631990
    1515631990

    Since you might leave your job at the end of 2018, in your shoes, I would add a very firm goal on the monthly non-work income. You want to be sure you have "enough" to cut the cord.

    You have grown that 401(k) substantially. Another $18k plus the match, plus whatever you can invest elsewhere, and you will start to see the dividend income grow to the point where it's significant enough to count as "income." Being able to add to your paper asset stash after you leave work would be nice. Can you include investing as an expense in your post-work budget?

  2. rob62521 Says:
    January 11th, 2018 at 03:41 pm 1515685284
    1515685284

    Hopefully once the work on the 2 flat is done, you can put money elsewhere.

  3. Rachael777 Says:
    January 11th, 2018 at 08:42 pm 1515703336
    1515703336

    Short answer is yes I should be able to do that and that is my plan. For sure I can save lots while working a job and having the rentals. Rentals are projected to bring in net an average of $8k a month. My current budget is $5250 most of that is the mortgage (3056, 15 yr loan) and almost $500 for health insurance. I do not think my refinance is going to go through. I think I went w the wrong bank and they got overwhelmed w the rentals. They denied me and now are reopening it for review as they see their error but not sure they can keep the rate. Anyone else is at 4.3 for a 30 year. They WERE at 3.875. I am currently at 3.15 on a 15 year. I DO want to lower my housing cost and actually am thinking of selling this house and moving to the downtown area of where I live.. more lively area, friendly, and more a fit for me. I live in a nice area but not as friendly or lively. Evaluating that but 'just a thought' right now.

  4. Rachael777 Says:
    January 11th, 2018 at 08:48 pm 1515703691
    1515703691

    By the way although I track my rental income and have been . it has been tied up with major fix up the first two years, buying more properties and fixing them up the next 2 years and this year w the 2 flat. So rather than relying on my #s and backing out all those expenses I think it makes sense to get 6 months of none of those charges to make sure my income is where I think it is. I will get these 6 months after June. I currently average income of $4500 section 8 on the first and then approx 9-10k from my rental manager the 3rd week of the month. From that I need to escrow taxes, pay insurance and pay utilities (those 3 items total approx $4650/mth) and pay whatever fix up I am paying. I generally only pay fix up for (1) homes I just bought, this crazy 2 flat (2) larger turnovers (3) big maintenance (roof, driveway etc) (4) specialty jobs, rewire of some sort. Regular stuff goes through the mgmt company so that $9k average I get from them is NET of their costs and fee.

  5. LivingAlmostLarge Says:
    January 18th, 2018 at 06:31 am 1516257119
    1516257119

    Rachel can you help me learn more about how you keep finding and just rolling into more places? Do you have a property manager?

  6. Rachael777 Says:
    January 19th, 2018 at 02:26 pm 1516372013
    1516372013

    I DO have a property manager and it took a while to find a good one and even he has his faults (as do we all). I am no longer looking for more places and am likely going to settle but to find more places I talked to 'old time realtors' in town, got referrals, made contact and had a certain cap rate in mind and screened based on that. I can share more in a later post if you want. the most key thing is to start and figure out what your goal is and then target your properties to that goal

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