hi all
This is the first of probably a few posts as I go through the numbers
General results this year
1. $40,207 total savings (went to Roth, rentals, emergency fund and investment savings) .. still .. wow.. lot to save!
2. $249,882 increase in networth off of last year-mostly from primary home ownership and rentals
3. only $1099 OVER yearly budget for rentals for maintenance/repair and vacancy budget. BUT did lots of long term repair items this year.
4. $31,595 in long term improvement to rentals-includes 2 new roofs, fixing 2 roofs, water fix at that one house, and updating 2 homes and updating 2 3 units
5. $220 DECREASE in negative cash flow over last year on the rentals
6. ABOVE decrease is primarily in 6 homes. 3 units had INCREASED negative cash flow to budget
Will study some more and list accomplishments. trying to diary the journey. this was a big year..
Set some new financial goals to the left
I get my next free and clear house 2/2016
My main goals continue to be to smooth out the rentals, keep my job and have enough cash reserves. there is no leeway in 6 homes/3 units payments and the deal was signed assuming I would NOT have a primary mortgage payment until 2016 or later. That is why things are so much tighter than expected.
Need to rebuild rental emergency fund to $15k asap and considering increasing the personal (lose my job) fund to 4 months which would be $14780. 5 months is $18475
Need to sell this Tahoe
Rescue interested in the cage bank has not been in touch lately and I am thinking they are struggling to get the funds. I put in a call today.
Networth at end of year 2014-interesting results
December 23rd, 2014 at 10:14 pm
December 23rd, 2014 at 10:51 pm 1419375106
Look at what your net worth would be if you paid off all the debt. In your shoes, I would work on a long term plan to do exactly that, along with fully funding my retirement accounts every year along the way.
My plan for 2015 involves paying down debt while simultaneously accumulating cash reserves. Each paid off loan is one less piece of the risk puzzle and a large cash reserve is security. Extra cash can be used to buy any assets that go on sale as well.
December 23rd, 2014 at 11:31 pm 1419377488
December 23rd, 2014 at 11:32 pm 1419377560
January 6th, 2015 at 02:42 pm 1420555361