July 2016 (85768.82€)

I am currently worth €85768.82 (this is 12.80% of my first goal of €670K).

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I am starting to prepare my accounts for the big hit! In August, I will finally transfer #RP3 into my name and, as a result, I will pay about 4K on closing costs and 10K to renovate it. Major hit, I know.

For the time being, things have been slowly but steadily progressing. Both RP#1 and RP#2 are rented out, and have been having no major problems with them. Right now, the bulk of my finances is highly connected to Real Estate, so having no problems with my rental properties and having them rented out translates into good finances!

July was a good month, but I am preparing for the big hit that #RP3 will be. In Portugal, getting loans for the entire costs is easy, if you’re in a strong position to negotiate, but closing costs are high. For this particular property, renovation will be costly but I am expecting a gross rent of 1K per month, so I hope it pays off! The good news is that the tenants from RP#2 informed me of their intention to extend the lease. 🙂 Lets see how will that go.

Regarding the other investments, no big alarms. Stocks are at about the same quote, and I am steadily increasing the emergency fund, which should have 1K till March 2017. My goal is to raise that thousand way before that, so I can subscribe more bonds (I must subscribe them in chunks of €1000). This will add to the other 2K I already have in bonds.

I am yet to get my IRS reimbursement, so I expect that, other than August, which will be a month with many expenses, I will increase my net worth considerably, as I will get a 7K bonus, the IRS reimbursement and sell my car (which should already be sold, but I’ve been busy!).

I am excited. It has been a while I’ve lost the fear of buying more properties and getting into more debt. I can finally envision my masterplan happening. I hope you come back in 6 years time and I have myself at least 10 rental properties. I’ve also started to invest in the stock market, so I hope to be full power on that in 2-3 years. And to top it off, I’ve been thinking about some business ideas. I hope they work out well and I am able to retire by 34. Bare with me!

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