It’s been a long time since I’ve updated this blog with anything worthwhile, but today I can officially say that I’m a real estate investor! Well, I mean — I could have said that quite some time ago, but, whatever.

Anyway!

So, the rental property that I purchased last year in June — I finally finished the refinance process! As of March 26th, 2019, the personal loan that I took out to purchase the home is paid off and I’ll instead have a nice, low mortgage in its place: a change of $346 to $122 per month! Here are the financial details to break things down on a monthly basis:

Rental Property #1
Rent: $550/mo
PITI: $220/mo
Maintenance Fund: $130/mo
Total Cash Flow: $200/mo

Not a bad deal!

Now I’m working on saving up for my second rental property. I’ve paid off all my credit card debts and the only thing I have left to make monthly payments for (out of my own pocket) is for my car, which should be paid off by the end of the year. Things are moving a lot slower than I’d like, but regardless, I think I’ve managed to put myself in a pretty nice position.

I’m also looking into moving my meager Roth IRA over to M1 Finance instead, which I’ve been using for the past weeks. I really like it. I’ll probably make a post of that in the future.

Lastly, before I make any more major purchases (i.e., another property) I want to save up a small $3,000 safety net. I’ve only got $500 saved up so far, so… yeah, it’s gonna take a little while since my paychecks aren’t exactly the biggest, haha. But hey, that just means I’ll have plenty of time to let my credit recover! Taking out the 19k personal loan to purchase the property, having to get my credit ran to get insurance rates and to refinance the loan, and also opening up an additional credit card caused it to drop from 803 to 750. Yikes.

From here on out, I’m going to keep track of my general financial health in each progress report! I don’t think I’ll include my physical “assets” such as properties, vehicles, etc. since their worth fluctuates a lot. Instead, I’ll include any money that is generated from them!

NP.

Financials | March 2019
Accounts
Savings: $500
Stocks: $188
Retirement: $2818
Income
Employment: $1500/mo*
Rental: $200/mo
Stocks: $0

*I purposely underestimate my monthly employment income due to me taking up to 6 unpaid days off per month for my illness.