And just like that, the Winter season is nearly over! March is here which means that the next round of Daylight Savings is just around the corner. That’s music to my ears as I’m greatly looking forward to some longer days. Nothing is more depressing than having to drive into work before the sun rises and leaving after the sun sets. But, unfortunately, if you are a corporate drone like me, you don’t get much say in the matter…
This month’s Net Worth update comes with a few changes. For one, Rental Property #5 closed on February 19, so my cash funds have been heavily depleted. Further, I moved even more cash out to pay for my Hawaii bills and to set some more money aside for my Emergency Fund.
Let’s see what the results look like:
According to Mint, my net worth is currently $557,154.47. This represents a decrease of 4.94% from last month ($586,137.08). I’m still using Zillow’s Zestimate to determine the value of my properties.
I currently have $7,874.94 in cash sitting in my primary checking account. This is kind of embarrassing to admit, but there’s really no other way around that. Closing Rental Property #5 depleted over $54,000 and my Hawaii bill turned out to be higher than I had expected by a thousand dollars or so.
This is what happens when you indulge on vacation! I seriously should have known better, but I kind of just embraced the moment and didn’t think twice about enjoying my stay. I ate out quite often… even at some really, really expensive restaurants (blaming you Four Seasons Resort and Alan Wong’s Amasia!) 😉
Now that the party is over, I’m going to double up my efforts towards building back up the cash fund. Just to be perfectly clear, this cash account is what I use to fund investments… It does NOT take into account my separate emergency fund account which carries enough reserves to tide me over for about 3-4 months.
I owe the following loans:
Rental Property #1: $228,247.76
Rental Property #2: $228,173.78
Rental Property #3: $117,023.82
I currently own no individual stocks. My only investments are in 401k and Roth IRA.
Roth IRA: $53,385.25
Other Brokerage: $0.03
Investments are up slightly for the retirement accounts this month as the stock market starts to rebound. Last month ended with investments valued at $151,191.81. As usual, that’s ok, and I’m not sweating the fluctuations… These are retirement plans, after all.
According to Zillow, here are the values of each property:
Rental Property #1: $467,749.00
Rental Property #2: $353,922.00
Rental Property #3: $148,259.00
Rental Property #4: $83,881.00
Rental Property #5: $147,964.00
Rental Property #4: $64,173.48
Rental Property #5: $126,000.00
The rental properties are holding mostly steady value, although the general direction is down for this month. Rental Property #2 continues to lead the way in value drop, decreasing in value for a fourth consecutive month ($361,532.00). I don’t believe I will ever figure out how Zestimate works exactly… Just like the last four months, I believe this is contrary to reality, since Rental Property #2 is by far located in the best location out of all my properties. It’s funny because even though the Zestimate value has plummeted in recent months, the Rent Zestimate is $300/month higher. Go figure. 😉
For this month, Rental Property #5 officially got added to the group. Although the purchase price (and appraisal) was $180,000 (fully rehabbed 2-flat), Zestimate is only estimating it to be worth $147,964. This is the reason why the Net Worth is registering close to 5% less than last month.
When it comes to loans, in a perfect Mint world, the remaining debt would be combined in the Loans section. Unfortunately, the lenders that I am using are not synced with Mint. That’s why there appear in the Properties section. These are loans that have to be manually entered and maintained. I wish Mint would fix this already…
The total value of all assets now checks in at $1,370,600.69, an increase of 7.45% from last month ($1,275,630.84). This gain is primarily due to Rental Property #5 closing and being added to the asset mix. I also owe $813,446.22. Woohoo! I’m getting closer to reaching my goal of $1 million in debt. 🙂