My current worth is €248036.67 (37.02% of my first goal – €670K).
Hey my dudes,
I’ve been spending cash on RP#3 like a mad man because I underestimated the cost of the renovation of the property. Clearly, I dropped the ball there! Fortunately, I received a bonus at my work, which sorta fed the process. Next month, my accounts will hurt a lot, because there will be no bonus but a lot of bills to pay.
I need to explain the renovation of RP#3 once again, and how I plan to monetize the property. I renewed two out of 6 units. Two of the other units are in reasonable shape and I want to preserve my liquidity, so the other units will simply sit there for a while, as they are, until I build up more liquidity. So far, this process cost me a little bit over 20k. I estimate that I will need 30-40k to fully renew the rest of the property, and I am not willing to do it the right way. For now, I will monetize the 4 units that are ready to rent – two of which are fully renovated.
Exciting stuff
On the very last day of the month, I was also able to rent out one of the units of the property. Yes, the goal was to have 3 units rented out, but the renovation is still ongoing. I expect a total of €1500/mo after the six units are fully renovated. For now, I think I can reach €1000/mo. I rented the first unit for €150/mo, but the rent will automatically increase to €200/mo after 6 months. Curiously, this is one of the units that I have not renovated.
I expect to rent out the other 3 units for €300, €220 and €230 (meaning a total of €900) before March 1st. If this comes to be, I will increase my total rental income to close to €1500/mo (note that I will live in one of my rentals from May 1st onwards). Remodeling RP#3 sucked a lotta cash, so I hope to re-build a good amount of it with my rental income.
The renovation of the property is finally over. I must say that I am very happy with the final result… 🙂 Pics will come.
The rest of the month
The rest of the month was not very exciting, just a regular month. As I said, I received a 3k bonus, which came in handy given that I needed to feed the renovation of RP#3. In the next months, I will spend so much cash that I am not sure I will finish the renovation of the building itself.
As for my online income, it dropped to close to $350 (thus missing my goal to make $500 online). I haven’t worked hard on promoting the blog and attracting views. We should keep in mind that I am about 9 months old, which is very little for a blog. I am not sad with the results, but I need to invest way more time into promoting my blog. The number of backlinks that I have is pretty much ridiculous at this point. I am considering to hire a virtual assistant at this point.
I have started a small Real Estate business, creating a partnership with a big Real Estate company. This business has nothing to do with my own Real Estate. I am very excited with this partnership and I have started to create some deals. Let us see how I do over the next 6 months. 🙂
I haven’t found tenants for RP#1 yet. I am currently too busy with so many projects that I haven’t thought about it. I will do this after April 1st. I’ve also identified a property which seems to be a quick and clean flip – I may give it a shot.
The goals for the next month are very clear:
- Make at least $500 online.
- Rent out at least one more unit (although two would be really cool).
- Read three books.
- Make some money on my RE business.
Ben