Wednesday, October 3, 2007

Third Quarter Net Worth update

I've updated my third quarter net worth at NetworthIQ with the graphic located on the side of my blog. My networth is down slightly from the second quarter mostly due to increased debt and decreased cash. I had never really included the profit from the potential sale of my property so that I have not shown a decrease in real estate equity. But monthly mortgage payments from the property I am trying to flip is draining all of my cash and forcing me into debt.

The first quarter of this year was a heady time as I bought 2 houses through what I thought were great short sale deals. However, the real estate market has not been kind and I have been unable to sell either house or purchase new properties. One property that I own that I have "sold" twice through lease-purchase options continues to cash flow very nicely, but this has not been a good time to flip.

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