My current worth is €247344.39 (36.92% of my first goal – €670K).
And after 12 months of steady increases in my net worth, another (minor) decrease this month. And guess what, April will probably suffer even more.
Why another net worth decrease?
Same reason as last month… RP#3 continues to demand cash cash cash!!!! As I’ve been saying, I estimate the bleeding will only stop in May, when the renovation is over. I am confident that this property will yield nice money in the next 10 years, without me to worry much about it.
I still have 2 free units but I am not worried that they will stay vacant for another month or 2. I realized that I’ve been micromanaging this property. When you acquire more wealth, you tend to manage things in a more macro perspective, and that is what I am doing right now.
Rental income
The rental income for April will be €1225, which is the highest I’ve achieved in my lifetime (in May I will move to RP#1, and so the rental income will decrease to €950/mo, unless I rent another unit of RP#3 in the meantime). In September, one of my leasing contracts increases automatically by €50/mo, and so, if nothing changes, the overall rental income would be €1000/mo at that point + whatever I can get from the units that are not rented out yet. If I rent them, I may well hit €1500/mo of rental income. This money will entirely be used to grow the real estate business (in particular, renovate the other units in RP#3) to keep increasing it.
Online income
My online income isn’t yet anywhere I estimated it would be at this point, but I will comment on this in the online income report/income diary.
My Real estate business
My Real Estate business had to be suspended for 2 weeks, as the Real Estate license we were given had some kind of problem. It will be re-issued. Not sure how much money I will make in 2017.
Goals for March
The goals I had for March were clearly missed, not only because I have been sick for two weeks, as I also decided to change my strategy at the beginning of the month. However, I am comfortable with the results I had.
- Make at least $300 online and promote the blog. (this will be explained in the online income report)
- Read two books. FAIL (as I invested a lot of time re-branding the blog, creating content and working on the SEO)
- Complete the renovation of the first part of RP#3. DONE! The bleeding will now stop. This is finally over (it took well over 4 months). I will publish a post on this, eventually.
My goals for April (does not include the goals for the blog – those follow in the income diary):
- Make at least $500 online and continue to promote the blog aggressively (details in the income diary).
- Read two books.
- Rent out another unit.
As you know, I was also offered a part-time research position, which fits my current situation very well. I signed the contract last week and I am excited to do this – it will give me the time I need to work on my projects while making some monies and continue to do some research. The contract will last for 12 months.
Ben