Hey and thanks for coming by to read my February 2018 net worth update!
Some big changes happened this month so let’s see quick overview:
- Crypto portfolio value decreased by 28%!!!
- We bought a fixer-upper home to move into
- Solid growth in our checking accounts
- General decline in the stock market
Cryptocurrency Market Plummets
The market took a huge hit in February, and it only looks to be trending downward for the foreseeable future. Am I worried? Not all that much.
Historically, it has taken a dive in the first quarter of every year, and I expect several of my holdings to more than double later this year. What hurt the most was buying over 2500 XRP/Ripple last month at $1.18 and then watching it dive to just $0.90!
Again, I’m not worried. I follow the principles I’ve outlined in my guide about how to invest in crypto which you can buy here.
We Bought a Fixer Upper!
We are so excited about this purchase because it’s going to open up a few doors for us:
- Lower cost of living
- We can sell our current new construction home
- Quieter neighborhood, more conveniently located, wooded lot
So our current home is worth about $135,000, and our new fixer upper appraised at $82,000. We got a very good deal on it at $70,000.
But it definitely needs a lot of work. We estimate repairs to be around $25,000. So, all-in, we’re hoping to be about $95,000 invested
We’ve taken out a 30 year, $63,000 mortgage on the house with a monthly payment of $422.91. I’ve highlighted the change in the chart below.
Our next move is going to be to sell our current home and “cash out” of the real estate market, which I suspect is nearing its ceiling before heading for a dip/correction.
We estimate that we’ll end up with about $125,000 from the sale of our home since we don’t have a mortgage on it. Then, we can use that money to buy more rental properties.
Speaking of Rental Properties
We’re saving more than half of our paycheck each month to go towards more investment properties. We’re interested in multi-family properties and mobile home parks.
Here’s the spreadsheet:
I am back posting the past few months of net worth updates, as of May 2018, mainly because I like to see them broken down per month.