My current worth is €247,397.66 (36.93% of my first goal – €670K).
Again, a net worth decrease. Guess what… RP#3 is still sucking up cash!
Why doesn’t RP#3 simply end taking so much money away?
The renovation works are now over, but I had two last bills to pay. One (of €1900) is still carrying over to June, so I expect another net worth decrease next month. However, all units rehabbed in RP#3 are already rented out, so it will take 2-4 months to recover the almost €30k I had to put in to make it appealing for tenants. I’ve run the numbers again, and I am confident that I will have the money I spent remodeling the property completely back in 4 years. This is good, because the property itself cost me more or less the same, thus making it an 8-year deal (although I plan to keep this property forever, as I said last month). Still fine with me, given the entire potential of the property.
I couldn’t rent out the last unit of RP#3 that is good enough to rent. I hope to rent it out during June.
Rental income
This was the last month of my tenants in RP#1, and I will move there this month (unlike what I said last month, I will, in fact, move there because the contract I secured on a rental for myself didn’t go through). As I said, my idea is still to sell it, but I will move there because I think it will take me about 3-6 months to sell it. My idea is still to put €35k to work and throw €10k into P2P lending.
The rental income for May was €1225, which is the highest I’ve achieved in my lifetime, as I said last month. Next month RP#1 won’t be rented, so I’ll collect €1195 in rents. Hopefully, I’ll rent another unit in RP#3 soon and bring the rental income close to €1500.
Online income
My online income for May wasn’t that good, as I invested way less time consulting than in previous months. I will comment on this in the online income report/income diary.
My Real Estate business
My Real Estate business is gaining continuing traction and I am very happy with the direction it is taking. I will report on it next month.
Goals for May
May’s goals were not achieved because I changed my strategy in the first week of the month, but I am happy with the month. Overall, it was a great month!
- Make at least $1500 online (aggressive goal). FAIL (I didn’t consult at all because I started to invest time on different things).
- Read two books. FAIL (Yes, I know that I suck when it comes to keeping promises of reading books. Sorry, I simply invest my time in many projects.)
- Rent out another unit. FAIL.
Just because I failed every goal, it doesn’t mean that I didn’t like this month. In fact, this was one of the most productive months in 2017!
Next month, my goals are:
- Make at least $1000 online and continue to promote the blog aggressively.
- Bring down RP#2 last bills to less than €1000.
- Read one book.
- Rent out another unit.
The environment at work is still great and I like what I am doing. However, it is indeed requiring way more time than I expected at first.
Ben