July 2018 Net Worth Update (+$52,101)

Highlights for July

  • I come out of July feeling optimistic all the way around. We had positive developments on numerous fronts including the bottom line.
  • In July we purchased our 5th rental property! The property market is very hot around our area and it was difficult to successfully agree on a purchase price that I felt would offer us a compelling return. However I feel really good about our successful efforts to aquire 2 additional rental properties this year. We will now shift our focus on rebuilding savings for future purchases. Hopefully it will be a more compelling market when we are ready to expand again.
  • We purchased the property by using available cash and our investment equity line. I intend to pay off the equity line over the next year with future cash flows.
  • In July, I took a new expanded position with my employer. The role is a significant challenge for me and even more intense than my previous role. I'm excited to mix it up and open up the door a bit more for potential success (or failure).
  • I also made a decision in July with my new role that I needed to find a way to better balance my time. Work will be even more demanding. My families' primary concern is that I already sacrifice a lot of family time for work. I made the decision as part of this move to outsource some activities I do myself. I signed up for $20/mo for monthly trash/recycling pickup and found a yard service for $35/visit for grass cut and trimming. This should free up 4-6 hours a month of my time. Im going to give it a try and see how it goes.
    I will say I'm warming up to the idea of taking a couple more things off my plate.
  • We spent the first week of July on a beach vacation in Atlantic beach. We had previously paid for the condo and had minimal costs while on vacation (other than a couple dinners out).

Related in Net Worth:

June 2018 Net Worth Update (+$22,779) (Jul 08, 2018) Highlights for JuneIn June our activity picked up a bit and we closed with another solid month in the books.Our largest individual stock holding (Genworth) had a breakout month as the US govt (CFUIS) approved the deal for it...

May 2018 Net Worth Update ($20,481) (Jul 04, 2018) Highlights for MayIn May we closed on some long term financing (5.375% 30 yr fixed) for our rentals that we used to pay off our equity line and reloaded our cash for the next acquisition. Ive started looking for...

April 2018 Net Worth Update (+$22,946) (May 20, 2018) Highlights for AprilApril was a busy month, with positive momentum as much of the month was focused on some long term financing for our new rental.It took us longer than I expected, but for most of April we worked...

Comments (1)

Hey I've followed you for awhile, glad to see you're almost there on the 2 million mark. I have 2 questions for you:
1. It seems extremely likely the stock market is in a bubble and that it will burst in the next 6-12 months. Have you changed your positions to try to take advantage of this?

2. Your income properties, do you pay income tax on the rental payments you receive? Wouldn't that be taxed at a high rate given your income 35% or so ?

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About 2millionblog.com

A personal finance weblog of my journey to reach my goal of $2 million + the value of my primary residence.
Current Net Worth: $1,938,393


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