July numbers:
- Personal:
- Gross monthly W2 pay: $5,375
- Net monthly W2 pay: $3,275
- Total credit card debt: $25,407 (+$1,571)
- Total other non-mortgage debt: $6,526 (-$1,420)
- Total mortgage debt: $151,836 (-$841)
- Cash/cash equivalents: $7,670 (+$648)
- Total retirement savings: $146,805 (+$7,245)
- Non-Equity Net worth: $-29,293 (+$8,584)
- Total Net Worth: $256,007
Quick update, overdue as usual. As you can see, credit card spending went up too much. Partly this is a reflection of some soon-to-be-reimbursed rental expenses, but mostly it’s my discovery of DoorDash (here’s an affiliate link if you’d like to try it out). Luckily I discovered this toward the end of my ‘eat any damn thing you please’ phase of quarantine. I also took the opportunity to finally pay off a small loan against a whole life policy which was at 6%. Due to the current rate environment my HELOC rate has gone down to 5.25% and that account is a little easier to make payment to. All around a nice change.
Everything else is just keeping on. Market improvements are helping my retirement funds and equity paydown continues to improve my overall position slowly but surely. I’ll use the rest of the year to try to eliminate revolving debt. After this most recent move I decided not to buy another owner-occupied property until next year. That will give me some time to get rid of stuff (so I no longer have to schlep it around) and eliminate debt to make the financial and physical shock of moving less when it eventually happens.
I am hoping/planning to buy another rental, or do a flip, in the current calendar year. I’ve identified a few possible target properties and I’ve reached out to my bank for lending approval. Just waiting for those pieces to come together and find the right deal. My portfolio is stable at the moment with leases set through 2021, so now would be a good time to buy. My income/theoretical profit from the rentals should hopefully offset some of the spending needed to put a new property online. I will of course update you all as (and if!) that happens. Stay tuned!
Finally – apologies for not updating regularly. I’m going to work on that this month. Hard to stay motivated what with the apocalypse and all.
