Three quarters into 2019 and we continuously read about recession markers all over the news. Yet, we carry on despite the headlines. When you look at the numbers – unemployment is at a 50 year low and the economy is still doing very well. Time will tell how this story plays out.
This last quarter, I finally became a landlord and rented out my condo. Given that new found money, this quarter has risen to a new record in monthly income. Knock on wood – there have been no hiccups yet with the tenants.
The goal as always is to beat the previous year’s numbers. With the rental income, a new bar has been set! I’ve also been contributing more specifically to dividend stocks, which should start to show significantly in the next few quarters.
… and the numbers:
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Last year – for the same quarter – I did $519 per month. This new total destroyed it at $832, which is $313 more than last year. If it weren’t for the new rental income, I’d be short. This is mostly due to my declining Lending Club withdrawals. Either way, this has been a huge bump in the financial journey.
The newly included rental income is excluding mortgage, taxes, and other fees. Even after the payments – given there are no repairs or issues to deal with – it’s an additional $420 per month. For now, that money just goes right back into the property.
Ultimately, that means the return per month will be higher since the mortgage payment will reduce. This all falls in line with the master plan of having the property paid off before reaching financial freedom.
I Can See The Finish Line
This new bump feels like pressing the nitrous button. I’m on my way to getting to that finish line faster.
Originally starting this journey I thought that hitting FIRE before 40 was going to be very challenging. Staying focused and writing about the journey has only sped up the process and kept my goals in check. I can see how lucrative real estate can be, but I’m also not oblivious to the pitfalls so I remain cautious.
Right now, I imagine that I’m on target to hit FIRE in 5 years with a high confidence level that somehow I will find ways to get there even quicker.
I also remain cautiously optimistic during these choppy waters of headlines and trade wars because… well… what else can we do?!
Cheers to another successful quarter!