2014 is more than half way over, so I thought now would be a fitting time to update readers on all the progress made so far this year. We are now in Year 3 of the journey to early FI, and it’s time to reflect back on the goals set earlier this year!
Rebuilding Cash Reserves
As was stated when the year first began, one of my primary objectives in 2014 is to rebuild cash reserves. By the end of the year, I would like to be sitting on $40,000 in cash.
At present day, I have about $15,000 in my emergency fund. So, I am less than half way there, with only five months remaining in the year! Will I be able to reach this goal? Well, I do have some bonuses and ESPP coming down the pipeline later this year (September and October), so I am still somewhat optimistic that this goal is sill attainable…
It won’t be easy, but I’m eager to take on this challenge!
Acquire Two Rental Properties
Rental Property #5 closed in February. It was a 2-flat in Chicago. One down, one to go…
Since I have my round-the-world expedition coming up in August, I’ve decided to postpone adding another investment property until after I return from my overseas trip.
As of the last net worth update in June, I have over $23,000 in investment funds. Right now, I’m still uncertain about what to do with that capital… One option would be to purchase another single family home (SFH) in Indianapolis. This would not only increase my semi-passive income stream, but it would allow me to meet my goal of acquiring a sixth rental property.
If I do not elect to go the out-of-state turnkey route, another option would be to try and find a clever way of getting back into the Bay Area. Most likely, this would mean partnering up with other local investors… It’s difficult finding deals in the Bay Area, but I haven’t shut the door to this possibility… Any Bay Area investment made would be for an appreciation play into the future, not for immediate cash flow.
Passive Income of $3,000/month
On a perfect month, the cash flow from my five rental properties (seven units) is able to surpass $3,000/month in semi-passive income. However, this goal is supposed to take into account all vacancy and maintenance items as well. In other words, by the end of 2014, I would like to have all the rentals generating $3,000/month in net income…
Without adding a sixth rental property, this goal is not possible… I am currently battling an eviction right now, so that will force me to tap into my reserves account. Adding a cash flowing rental that could contribute an additional $300 to $400 in net income each month to the semi-passive income would go a long ways towards helping me achieve this goal.
I still have time to make another move this year…
1000 Visitors Per Day
I’ll be honest, I’m still not very good at marketing this website. On a really great day, this site will pickup between 600 to 700 visitors. I have yet to clear 1,000 visits on any given day yet, but I still have a few months to figure this one out! 😉
From an income point-of-view, this site pulls in about $80/month in ad revenue. Not very much at all at this point in time, but that has never been the main focus of this blog. With that said, I really do appreciate everyone who stops by and supports the website! Eventually, it would be nice if I can get the blog income to supplement the other income streams (work, real estate, dividends, etc.). Lots of room for improvement here!
For the most part, I need to be more consistent with posting and networking with other bloggers. I know it’s a really lame excuse, but a lot of times I do blame work for my inability to better promote (and grow) this site! There’s only so much time in a day…
But really, there’s no one else to blame but myself. I should mention, I truly and sincerely appreciate all the readers and followers of this blog, and everyone who comments! I also love receiving e-mails, so please keep sending them! I just feel like we’ve only begun to scratch the surface, and there’s still a lot of room for improvement.
Also, at this time, I would like to thank my brother, Living Proof for his recent contributions and awesome travel hacking articles! This is a person who truly has a zest for life… as clearly evident by his exuberant writing style. 🙂
In the near future, do expect to see me lurking around other sites as well. I want to give freelance writing a shot!
Man, for this goal, I’m seriously putting in the bulk of my efforts and concentration to try and meet. It’s tough… Sometimes I’m successful, and am genuinely happy… On other days, I just feel burned out and depressed… and alone.
So, it’s been mostly a rollercoaster ride so far in 2014. But I’m trying to remain positive and optimistic! Further, I’ve even made a conscious effort to embrace my fears, and immerse myself in discomfort.
The highlights this year for me:
- Indulging in the sights, sounds, and food of Maui and Oahu.
- Visiting my awesome cousin in New York and sight-seeing in Boston.
- Getting to meet up with Dave, Dana, Queenie, and Joe in New York, and Matt in Boston.
- Co-hosting 2x Bigger Pockets Meet-Up events and interacting with other local investors.
- Reconnecting with my old elementary school buddy.
- Hanging out with my boys in San Francisco.
- Union City hang-outs with college buddies.
- Spending time with family.
The lowlights this year for me:
- One crappy date after another… haha
There’s still a lot of time left this year, though. Keep riding the highs, and as always, let’s try to make the most of everyday. Life is beautiful! 🙂