I am currently worth €118751.66 (this is 17.72% of my first goal of €670K).
Another good month! I finally closed on RP#3 and set the ball rolling. I hope I pass the 2k mark in terms of monthly rental income by the end of 2016! I own 10 units and I started to negotiate 5 more!
My net worth will rapidly decline in the next two months as I will invest a lot of liquid money in RP#3. I hope all my investment is worth it.
I sold my car for €2500, a little more than I thought (although I am aware I sold it wayyy undervalue). I negotiated a new one for 3k but I moved up to a beautiful VW Diesel, my favourite automaker.
In contrast to what I thought, there was no vacancy on RP#2! Not only I found new tenands to move in, as I also increased the rent to €215. I had a lot of costs, though. I hired a contractor for 2 days to fix things up (cost me about €200) and bought a brand new washing machine (another €200). I agreed with the new tenants they will stay for 2 years, so this was a reasonable investment. I also agreed to buy some new furniture during the next 12 months, as they are students, but in my view I am simply increasing the value of the apartment and make it more appealing for the next tenants, so why not?
- I may negotiate another 5-unit building.
- I will pre-pay a part of the mortgage on RP#2.
- I will try to generate €500 of online income.
- I will rent out 3 units of the new building (this will include some renovation works, which I hope to finish by the third week of the month).
- I will invest a minimum of €5000 into renovation works and furniture for the new units (of RP#3).