April Net Worth

I’m getting back on track with my net worth tracking.  With the purchase of a house and several month’s waiting, I am just going to put the current balances out there without comparison to month’s before.  I am also going to omit a few tedious things like capital gains tracking for the IRA & credit card cash back.

Lil’ Sizzlers Portfolio:
0.00 – No longer exists!

Cash:
2,639+100 = 2,739

Roth IRA Basis:
5,683

401k:
My Contribution Basis: 2,289
Company Match:  2,289
Total: 4,578

Motorcycle:
3,500

Car:
1,500

Personal Assets:
7,300

Total Assets:
25,300

“Liquid” Assets (cash, stock and retirement):
13,000

Liabilities

Chase Freedom:
9

Amercan Express:
0

Bank CC:
27

Student Loan:
Paid on loan: 278.16 (161.38 Principal / 116.78 Interest)
Balance: 23,614

Total Liablities:
23,650

Net Worth:
+1,650 – WOOT!!!

Mortgage Breakdown:
Appraisal:  160,000
Zillow Estimate:  173,000
Acting Appraisal:  166,500
Loan Balance:  149,845
Equity:  16,655
April Payment:  254 P / 485 I / 311 E = 1,050

Monthly Income: 2,502
Monthly Assets Change: N/A
Monthly Liabilities Change: N/A
Monthly Net Worth Change: N/A
Monthly Savings Rate (IRA/401k+Match/Cash/StudenLoan): N/A

Credit Score Update:
Credit Karma scores:  764 TU / 758 Equifax
FICO score:  758

What a change!  I am finally a “homeborrower”, and proud of it!  The past few months were a ride, see below’s post for more details.  I am pretty much where I left off back in December, which is good considering I added a house to my inventory, and paid 3 months extra rent and utilities for the rental.  Girlfriend definitely helped with that by contributing around $1,000 of her tax return.

Also, WOO-HOO on finally hitting positive net worth!  Of course, if you consider the mortgage, it’ll be another 15 years before that would happen.  However, it’s neither here nor there & I decided to keep it seperate.  Added quite a bit to the personal assets category with the new home purchase, including a large TV, used riding lawn mower, tools, fancy TV stand and other home items.

Going forward, I will leave the mortgage seperate from the net worth details.  I’ll provide a monthly breakdown of it at the bottom of each list to track the steady progress.  I am happy to see that with the interest rate I got and down payment, we are able to make an immediate dent in the principal amount of the loan.

I’m Back (With a new purchase!)

Wow – it’s been a bit of a rollercoaster these last several months.  I decided not to post monthly updates due to huge fluctuations in my cash amounts, selling the taxable account, and just due to time constraints.  The big deal is: I bought a house!  I am now officially a homeborrower.

I saved hard, worked lots of overtime, sold the taxable account, got a nice tax refund, and added a bit of my girlfriend’s tax refund, to save up for a 5% down payment.  On top of the down payment, we had to reserve three whole months of rent payments due to the rental company not being able to cancel or reduce our rent for the house sitting vacant.  Well, yesterday was that final rent payment and we are back on track!

All-in-all, we had to pay four extra months of utilities, and three extra months of rent (although one was pro-rated) on top of the new mortgage payment.  With my girlfriend’s help, and an unexpectedly low closing cost, we were able to get it done.  Now we’re back on track for a more steady outlook!
Extra rent payments:  $2,365
Extra utility payments:  $590
Total extra payments (I’m crying in pain):  $2,955
Funny how that almost adds up exactly to the surplus shown below!

Here’s a breakdown of what the house transaction looked like:
Selling price:  155,000+3,000 = 158,000 (3,000 was “closing costs”)
Down payment:  $7,900
Total loan:  150,100
Loan Interest Rate:  3.875% – this includes lender paid Mortgage Insurance so I’ll never have to pay PMI!
“Cash to Close”:  $5,035
Surplus saved:  $2,865 (down-payment minus cash to close)

The official appraisal was $160,000, so we are right on track!  The Zillow estimate puts it at $173,000, so we are definitely in a good spot right now!  Depending on the value you use, that puts me at $10,500 to $23,500 in equity.  That’s definitely a good place to start.

House Stats:
Built: 1980
Finished SF:  1,960
Lot:  .45 acres
Style:  Ranch
Bedrooms:  3
Bathrooms:  2
Basement:  Full, part finished
Garage:  Oversized 2-stall (572 SF)
Upgrades/extras:  Roof 2010,  A/C and furnace 2008, stainless appliances, washer/dryer included, standing freezer, extra 2-door fridge.