One of the main purposes of this blog is for me to track my progress to financial independence which I am well on my way to achieving. Each month I share the details of all investment accounts and the changes from the previous month.
Note: if you’re just joining us you can view my most recent net worth update here.
This month I got really excited when I saw the house across the street go up for sale. I am keeping an eye out for any good deals although I’m still happy with the two rentals I have. The home was a foreclosure like the home I bought and it’s sad to see someone lose their home especially since we had met the couple before they moved away. It was a 3 bed, 2 bathroom home with approximately 1700 square feet and had previously been listed for $120,000 a few years ago.
As soon as I saw the house up on HomePath (foreclosure listing site) as an upcoming listing I emailed the realtor to get more information. I know the home had been rented for several years and given the previous list price I thought the inside would be nice…it wasn’t. Although the asking price of $75,000, it needed A LOT of work. New furnace, new plumbing, flooring replaced in kitchen and bathroom along with concrete work. The home was 92 years old and it showed. The kitchen floor was sagging from an earlier renovation. There was even some type of game bird living in a cage in the basement (realtor didn’t think that was legal…). Besides these issues the house was also filthy. It’s amazing to see how some people live.
These are the only things we noticed, but needless to say it would have been a huge project. Once complete it would not have met the 1% rule. For someone looking for a single family home the house is going to be a great project as there is so much potential. For now I’ll stick to my index funds…
Mr.QCI Net Worth
Cash: ~$9,000 (+$1000)
P2P Lending: $22,910 (-$2,313) – I am reducing my allocation to p2p which will be directed towards paying off my rental property, purchasing a new roof or investing in my taxable account.
401k: $49,887 (+$1,321)
Vanguard Rollover IRA: $77,006 (-$223)
Vanguard Roth: $33,658 (+$26)
Vanguard Taxable: $96,570 (+$4,270)
Individual Stocks/Other Investments: $2,063 (-$9)
HSA (amount invested only): $15,373 (+$702)
Total Investments: $297,467 (+$3,774)
Assets (Zillow estimated): $375,507 (+$4099) – I don’t necessarily trust Zillow estimates, but this is what I am reporting for now. I continue to make minimum payments on all of my mortgages. You can see my real estate holdings here.
Liabilities (3 Mortgages): ~$250,804 (Updated: January 2016 – I plan to update this every 6 months or so, but I pay down about $6,000 of debt every year)
Net Worth: $431,170 (+$8,873)
Miss QCI Net Worth
Cash: ~$3,000 (+$0)
401k: $71,089 (+$4,764) – 100% of Miss QCI’s bonus went to her 401k this month.
Vanguard Roth IRA: $31,895 (+$2,291)
Rollover IRA: $4,184 (+$3)
Vanguard Taxable: $65,681 (+$139)
Total Investments: $172,849 (+$7,197)
Net Worth: $175,849 (+$7,197)
Miss QCI, my wonderful significant other continues to crush it as well. She puts 50% of her income into 401k (the max allowed by the company) and still has room to invest in a taxable account. The company she works for now offers after tax contributions which will allow her to roll over those after tax contributions into a Roth IRA once she leaves the company. I learned about this from the MadFientist who has been a great resource over the years.
Investments (what really matters): $470,316 (+$10,971)
Projected retirement income (assuming 4% rule): $18,812
Net Worth: $607,019 (+$16,070)