I recently logged on to mint.com and noticed that there is an option to add properties which are valued using Zillow’s Zestimate. I decided to give it a try, and what I noticed was that the valuation was slightly on the low end. In other words, the numbers lag behind a surging bull market.
Anyway, I’ve decided to go ahead and post an update using a screen capture from Mint.
In the future, I may elect to stop using the Zestimate to determine property value, but for now, let’s just keep things simple and rely on that. Without further ado, here are the numbers as of closing on September 30, 2013:
According to Mint, my net worth is currently $444,860.79. This is quite a bit lower than the $536,000 I estimated the last time I calculated a net worth report. However, this time I’m using Zillow to value my properties, whereas last time I estimated the values myself.
Regardless, this isn’t a big deal at all to me. I’m simply providing the numbers so that readers can gain better visibility of my progress on the journey to early financial independence.
Although it may look like I have a lot of cash sitting in the bank, I actually don’t. Most of this $60,000 has already been allocated to securing Rental Property #4 and Rental Property #5. Whatever remains is my emergency fund, which is rather insufficient. Rental Property #4 is scheduled to close sometime in the next two weeks, but Rental Property #5 won’t begin closing until mid-November. I still have plenty of time to build up my cash reserves.
To be clear, I also have two additional checking accounts to cover bills. The single checking account linked to Mint is simply the one I use to hoard cash for: downpayments, dividend stocks, and the emergency fund.
I owe the following loans:
Rental Property #1: $229,759.28
Rental Property #2: $229,467.79
Rental Property #3: $117,813.32
I currently own no stocks since I sold Tesla Motors (TSLA) earlier this month. My only investments are 401k and Roth IRA:
Roth IRA: $48,030.10
According to Zillow, the properties are valued as follows:
Rental Property #1: $348,922.00
Rental Property #2: $366,229.00
Rental Property #3: $144,177.00
In order to purchase Rental Property #5, I secured a $45,000 loan. This loan has already been deposited into my checking account, and shows up in the cash section. I will post more details about this shortly…
It’s cool to see that the total value of all my assets exceeds $1,000,000. Of course, I still have a ton of debt to pay off, but at least my money is working hard for me! It’s also hard to imagine that I’m almost worth half a million bucks. Pretty cool, I’ll confess. Still, at the end of the day, all that matters is the cash flow/month.
*in all seriousness, it really does take too much effort to lie…