patatty's Net Worth for October 2020


Assets Value Change ($) Change (%)
Cash $74,942 ($119,030) (61.36%)
Stocks $28,951 $1,901 7.03%
Bonds $0 - -
Annuities $0 - -
Retirement $359,564 $4,063 1.14%
Home $602,000 $602,000 -
Other Real Estate $219,000 - -
Cars $9,000 ($8,500) (48.57%)
Personal Property $0 - -
Other Assets $17,944 $993 5.86%
$1,311,401 $481,427 58.01%
 
Debts Value Change ($) Change (%)
Home Mortgage(s) $472,000 $472,000 -
Other Mortgage(s) $150,817 ($242) (0.16%)
Student Loans $0 - -
Credit Cards $0 - -
Car Loans $0 - -
Other Debts $0 - -
Total Debts $622,817 $471,758 312.30%
Net Worth $688,584 $9,669 1.42%
*All values shown in USD ($)
Notes:
Home value and other real estate values are the lender appraisals. Starting in 2021, I will use a different mechanism (e.g., Zillow/Realtor.com/etc.) to track the value, but since we just closed on all 3 properties this year, I suspect they would be appraised similarly if we hypothetically wanted to refinance or sell any of them right now.

I adjusted the value of our cars down for depreciation.

Comments

10/15/2020 2:13:23 PM patatty
Bought a house! Pretty scary to have so much debt, but it's cool to be a home owner. Even though I have a feeling that we're at the peak of some kind of housing bubble, I also think we got a good deal on the property, and we plan to live here for a while. Another reason I am justifying the purchase is that it seems that relatively high inflation will come at some point, and make our mortgage payment (and super low interest rate) feel insignificant over the next 10 to 15 years. Plus, our monthly mortgage payment will be about half of our current rent. So, all-in-all, while it's scary to buy our first non-investment house, and our debt sounds like it's crazy high, it's also manageable and seems like a reasonable financial risk/judgment. I'm curious what other people's thoughts are about buying a house in the current market, with all the economic craziness we're going through as a country. Did we make a huge mistake?
10/20/2020 1:02:39 PM Aweaverii
Congrats on buying the house. That's one thing you'll notice quickly is how much faster your net worth will start increasing when you add more real estate. Regarding your question on whether its a good time to buy or not, ultimately it doesn't matter if it's your home and if you plan to stay there for a while. Time heals all and if you plan to buy more properties then think of it as dollar cost averaging properties.