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.
A couple of weeks ago I finally calculated my real estate earnings for 2016. You can find the full report here. I also recently had an annoying day at work and it made me think even more about what I want the future to look like. Miss QCI and I had talked about possibly buying another rental property next spring. The reason for waiting for spring was the likelihood that we’d have a considerable amount of cash to possibly even pay cash for a single family home. We’ve both stopped investing in taxable accounts as of earlier this month to start building up our real estate fund. Now we are moving up the search for rental properties and the search is already underway. I’m not sure whether we will find something soon, but we are considering both single family homes and side by side duplexes. I’ll report on any progress in my next update but for fun I’ve also been updating where I am at in the process on Twitter. You can find the first few tweets below followed by our net worth update for the month of July. It was a fantastic month.
Taking the next step to being prepared for 1 more rental…pre-approval. Want to pay cash if SFR, will consider financing multi-family.
— Quietly Crushing It (@QuietlyCrushIt) July 25, 2017
Step 2: Spoke with RE agent, understands my needs. Meeting and beer? to follow. Still waiting on pre-approval…banks are sllllooooowww
— Quietly Crushing It (@QuietlyCrushIt) July 27, 2017
Update: One duplex identified to look at. Price high, but could submit 1 offer w/ no room for negotiation in order to meet 1% rule.
— Quietly Crushing It (@QuietlyCrushIt) July 28, 2017
Update: Still working on preapproval, sent in last two paystubs and 2016 taxes. I’m sure they’ll ask for all other account statements…
— Quietly Crushing It (@QuietlyCrushIt) July 31, 2017
Mr.QCI Net Worth
Cash: ~$20,000 (+$2,500)
P2P Lending: $17,316 (-$1,435) – I am reducing my allocation to p2p which will be directed towards paying off my rental property, buying a new rental property, purchasing a new roof, or investing in my taxable account.
401k: $58,573 (+$2,609)
Vanguard Rollover IRA: $80,221 (+$1,228)
Vanguard Roth: $35,325 (+$647)
Vanguard Taxable: $113,901 (+$3,587)
Individual Stocks/Other Investments: $1,961 (+$9)
HSA (amount invested only): $18,240 (+$700)
Total Investments: $325,537 (+$7,345)
Assets (Zillow estimated): $394,732 (+$7,930) – 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): $247,221 (-$3,583) (Updated: July 2017 – I plan to update this every 6 months or so, but I pay down about $6,000 of debt every year)
Net Worth: $493,048 (+$17,775)
Miss QCI Net Worth
Cash: ~$5,000 (+$1,000)
401k: $83,234 (+$3,592)
Vanguard Roth IRA: $33,579 (+$515)
Rollover IRA: $4,390 (+$80)
Vanguard Taxable: $71,109 (+$1,385)
Total Investments: $192,312 (+$5,572)
Net Worth: $197,312 (+$6,572)
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): $517,849 (+$12,917)
Projected retirement income (assuming 4% rule): $20,713/year
Net Worth: $690,360 (+$24,347)