My current worth is €248469.47 (36.92% of my first goal – €670K).
Finally, a net worth increase! Unlike what I thought, April turned out to be a turning point, as far as the direction of my net worth is concerned.
Not a great month, still?
Well, guess what… There were still some bills to pay, regarding RP#3. This was a very expensive property to rehab and although this was a great deal at first, I’ve dropped so much cash there, that I am not sure this will be my best deal ever, unlike what I thought at first. Last month, I said that the bleeding would continue during April (which in fact did), but I was able to stop it as I generated some extra cash this month (see below). 🙂 There will be a last bill to pay, next month, which I estimate to be around €1900. I am confident that this property will yield nice money in the next 10 years, without me to worry much about it, so this was definitely an investment for the long haul.
I was also able to rent out another unit in RP#3, yesterday (the last day of the month!). Another unit rented on the last day of the month! God, there is a pattern here!!! I was able to rent it for €250/mo, but the contract will only start on June 1st. This means that there is only 1 unit free left on RP#3, and so I may consider rehabbing some of the other units in the next months. Yet, my priority is to rent out the last unit (I will try to do this during May) and increase my free cash flow.
Rental income
My tenants from RP#1 asked me for a 1-month extension, which I accepted. Therefore, they will only vacay the property at the end of May. I actually changed plans on this property, as I decided to sell it. My idea is to take €35k to flip another flat in the area and throw €10k to P2P lending. I will NOT move to RP#1 as I was able to get a good deal on a rental for myself, in the same area.
The rental income for May will be €1225, which is the same as I had during April and the highest I’ve achieved in my lifetime, as I said last month. As I was able to rent another unit from RP#3, I will be able to keep this rental income and even increase it before September, when one of the leasing contracts increases automatically by €50/mo. I think I will hit €1500/mo then. As I said before, whatever cash is generated from my Rental Properties is entirely re-invested into the Rental Properties themselves.
Online income
My online income for April was AWESOME. I will comment on this in the online income report/income diary.
My Real estate business
My Real Estate business is dormant, as I am investing a lot of time on the blog. I expect it to gain traction soon, but I can’t project any numbers.
Goals for April
April’s goals were, in general, achieved:
- Make at least $500 online and continue to promote the blog aggressively (details in the income diary). DONE. This will be explained in the online income report.
- Read two books. FAIL (I invested too much time on guest posts and my consultancy business)
- Rent out another unit. DONE!
My goals for May (does not include the goals for the blog – those follow in the income diary):
- Make at least $1500 online (aggressive goal).
- Read two books.
- Rent out another unit.
I also started my part-time research position and I AM LOVING IT. The environment at work is great and I love the project. I think it will take me way more time than I expected, but let us see as time goes by.
Ben