Now that Spring is here, the days are getting longer and I’m finding myself wanting to get away from the cubicle even more often than ever. March is typically a long month (no days off), but for whatever reason, it seems like this past month blazed by. We are already a quarter’s way into 2014, which I’m finding hard to believe. The good news is that I have a lot of exciting trips planned that are just around the corner, so there’s a lot to look forward to.
Here’s the net worth update for March:
According to Mint, my net worth is currently $598,435.05. This represents an increase of 7.04% from last month ($557,154.47). I’m still using Zillow’s Zestimate to determine the value of my properties.
I currently have $8,154.41 in cash sitting in my primary checking account. I’m working hard, trying to rebuild cash reserves that were depleted thanks to the purchase of Rental Property #5 in February.
The good news is that I paid off the ~$5,000 credit card loans I had from last month. As usual, I paid on time and made sure to avoid having to make any interest payments to the credit card companies. I have NEVER, and plan on NEVER having to pay any credit card interest. I like to make liberal use of credit cards, but I use them responsibly (to earn travel points). I haven’t yet gone hunting for the next round of Vanilla Reloads, but will probably start in early April. I’ll use some of the rental income from April to pay for those bills.
Once the checking account clears $10,000, I’ll probably start moving any excess funds back into my emergency fund account (not tracked on Mint). One of my goals for 2014 is to build a cash buffer of $40,000.
I owe the following loans:
Rental Property #1: $227,866.92
Rental Property #2: $227,847.32
Rental Property #3: $116,703.86
I currently own no individual stocks. My only investments are in 401k and Roth IRA.
Roth IRA: $53,656.96
Other Brokerage: $0.03
Investments are more or less the same, and holding a constant value. Last month ended with investments valued at $160,950.75. I keep track of my retirement accounts, but the monthly variations, and overall performance mean very little at this point in time.
According to Zillow, here are the values of each property:
Rental Property #1: $485,779.00
Rental Property #2: $364,275.00
Rental Property #3: $149,293.00
Rental Property #4: $84,661.00
Rental Property #5: $152,764.00
Rental Property #4: $64,091.04
Rental Property #5: $126,000.00
Rental Property #1 has been fluctuating quite a bit these past few months. This month, it’s up again (3.9%) at $485,779.00 and coming in much higher than last month’s value of $467,749.00. Rental Property #2 is also starting to rebound as well, up to $364,275.00 this month, an increase of 2.9% from last month’s value of $353,922.00. The other rentals are all up as well, but just slightly.
I made my first loan payment for Rental Property #5 this month, but haven’t gotten a confirmation notice yet. For now, I’ve decided to just leave the original loan amount in place at $126,000. I will update the new balance next month. The $45,000 debt is also attached to Rental Property #5, and I will start paying that down next month as well.
Wow, the Properties tab is now checking in at just over a cool $1,000,000. Thanks to Zestimate being up this month, I was able to clear the seven figure threshold for the first time. I realize this tab means nothing, since Mint is combining some of my mortgages into this section as opposed to placing them in the Loans tab, which would be the more appropriate location. Still, seeing seven figures for the first time on this tab is pretty cool. When you tally up the property value of each rental, it does clear $1 million… Kind of surreal, I must admit.
The total value of all assets now checks in at $1,405,944.19, an increase of 2.6% from last month ($1,370,600.69). I also owe $807,509.14. I will continue working hard to save up cash! I am still hopeful of being able to purchase one additional rental property this year, even though it seems a long ways off at the moment. I just have to remind myself to be patient and to stay the course. Buying more properties is always fun, but building up cash is the smart thing to do right now. It’s not as exciting, but a necessary move…