This is based on last months numbers because during the beginning of the month I have to wait for all the accounts to settle as I receive rents, move money in between accounts, and pay expenses.
Networth excluding Real Estate: 56,973
Real Estate Equity: 226,827.5
Total Networth: 283,800.5
Personal analysis
My Networth has not increased much this year. Mainly because real estate has been flat this year in Florida. In some parts it’s even on a slight downtrend, but I think it’s better than in other parts of the country that have plummeted.
Right now I am currently way too leveraged. I have one property that is providing negative cash flow by about 500 dollars a month. Having a vacancy in investment property #2 doesn’t help either.
Main focus
To mitigate the current bleeding and accelerate my Networth I’ll have to get investment property #3 to break even. Currently I bring in $2575 a month, but the expenses are slightly over $3000. This will be the biggest help to my networth because it means that I’ll be able to keep my profit from rental #1 instead of using it to subsidize property #3.
- I’m dropping the insurance lawsuit on this property, which will allow me to shop for insurance. Right now insurance on that property is somewhere around $2900. I’d like to get it down a few hundred dollars.
- I had an escrow shortage that I’m hoping will correct next year
- In 2 years I’m planning to refinance to a lower interest rate and a new 30 years if the economy allows me to. I’m hoping by this time I can remove the PMI as well.
- In 2 years I should be able to have this property make a slight profit. Right now all I can do is work on the insurance.
The next big thing will be to rent out property #2 to tenants who are more reliable. That’s what I’m currently working on.
There is also a 401k loan that I need to figure out how to pay off because it is costing my $430 per month on every paycheck.
Plan
Once I fix property 2 and get tenants in there, I will focus on adding more content to my Amazon influencer. I’d like to get the account to $1000 dollars a month.
Next, I want to work on creating an online business. I’d like to find a product or service that I can sell to bring in extra money to help me deleverage. My second option is to go find a part time job, but I’d rather work for myself as my second job. I need to learn how to jell the deer and drag it home.
Other things to work on include my personal brand. Apparently everyone in media is saying that’s the new economy and everyone needs to get on it. I’ve seen a lot of weird brands online that are making people money and giving them a following. A perfect example is this reel I came across on Instagram where the lady made a brand off being a 30 year old widow. The account is all about grief and the pain of losing her husband. Personally, I think that’s weird that she’s made an entire brand out of her husband’s death. She records videos of herself crying, and I think that is the most psychopathic thing I’ve seen within the grief industry. Regardless, she’s getting sponsors and has over 100k followers. I might need to start a new account that is niched, and my main account that’s for my personal.