Wednesday, January 9, 2008

I'm a Millionaire!

Hah! Not really. If you click on my NetworthIQ you'll see that I have assets of over $1.2M now. On the downside, I have liabilities of nearly a million dollars. My net worth has moved slightly downward over the last 2 quarters as my stock portfolio has taken a hit over the second half of the year. My real estate ventures did not pan out as I had hoped either. On the plus side, real estate values in this area are not taking the big hit that they are in other parts of the country, so this is counterbalancing my stock market losses.

I've been trying to re-finance the property that I rehabbed last year (it has an ARM that's at 9.7% right now). However, the bank (CountryWide has been really dragging their feet on this loan. I'm hoping to get that done soon so I can pay off some of the increased debts I've accumulated in the last 6 months.

I'd say my big mistake this year was not trying to lease-purchase out my rehab. I thought that I could flip it and make a profit, but flipping is for people in markets that are growing. Buffalo is not such a market and that exit strategy doesn't work here.

I still haven't come up with a plan for 2008. I'm recovering from pneumonia which I have had for the past 2 months and have not had the energy to do much. Moving in December took the last ounce of energy I had and put me over the edge.

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