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Wednesday, July 14

July Goals

One goal I need to set is to set my monthly goals earlier in the month. I do start thinking about what I'd like to achieve in advance, but it takes me some time to sit down and do the math.

I'm going to tread water in June: my expenses will be up markedly and my income will be down some. On the expense side, my annual property insurance is due in June. I pay for all 8 properties at the same time, and since I don't amortize a monthly expense (this would make more sense, but is more complicated than I want my personal finances to be), I'll be taking a $4,000+ hit in June just for this one line item. Second, my tenant for the vacant townhouse backed out on me at the last minute so I had to re-market it. Another property is also becoming vacant later in the month. This is my most expensive property so the loss of income will be significant (more than $1,000/month).

July Goals:
  • earn $3,000 from mystery shopping (last month I earned $2,090)
  • reduce credit card debt and car loan to $38,000 (6/30/2010: $42,291)
  • finish rehabbing one of my properties and list for sale
It was difficult to finally decide to sell one of my properties. I believe in a "buy and hold" investment philosophy, a marriage without the option to divorce. Alas, sometimes change must happen to keep moving forward... more details to come. In July I will clean and repair the house and list it with a realtor.

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