Net Worth: $425,000
Crossing $425,000 is a nice milestone. The bigger goal now is getting to the half-million mark.
Real Estate
Apopka Rental
I finally got back on the roof to start touching up the perimeter.
I underestimated this project.
I went into it thinking I would knock the whole thing out in one day. Instead, I only managed to finish around the dome and one of the long sides of the roof. It’s taking a lot longer than I expected, but I think I can finish everything with another two full days of work.
Tenants
I reached out to all of the tenants about their delinquent balances.
Everyone sent me some money, which is better than nothing, but they still owe quite a bit. Now that we’re in August, those balances have grown even more.
I’m going to hold everyone to the payment plans they gave me. At the same time, I’m mentally preparing for the possibility that I’ll have to turn over one or more of the units if they can’t catch up.
Condo
I never heard back from the property manager, but while I was on vacation it looked like someone worked on the plumbing.
I never received an invoice, so I’m assuming it was either another unit’s problem or something the HOA was responsible for.
Goals for August
- Finish the roof.
- Get the tenants caught up on rent or start preparing for tenant turnover.
Business
Revenue
- eBay: $5,200
- Etsy: $1,085
The business continues to move in the right direction. eBay is still the primary source of revenue, but Etsy has been steadily improving.
AI and Systems
Last month I said I wanted to spend time building more AI systems and apps.
I’ve changed my mind.
I realized I was spending too much time trying to build tools instead of actually growing the business.
The eBay app has been useful.
The work paper review app has also been useful.
Beyond that, I don’t think most of these tools are giving me enough of an advantage to justify the time I’m putting into them.
For now, I need to stop trying to optimize everything before I take action. I’d rather keep moving the business forward and solve problems as they come up.
Credit
I also requested higher credit limits on my credit cards.
After the increases, my total available credit is just under $100,000.
My goal is to request another increase toward the end of the year and push my available credit over the $100,000 mark. That should give me more flexibility whenever I decide it’s time to start buying more real estate.
Biggest Win
The biggest win this month wasn’t financial.
It was taking a real vacation.
I hadn’t stepped away from everything in a long time, and I think I needed it more than I realized. It gave me a chance to reset, clear my head, and come back with a lot more motivation.
I’m 33 years old now, and I’m determined to make this the biggest growth year of my life.