FI3000

Well it’s been almost 6 months since I purchased my first rental unit. The first 3 months were spent fixing and improving the property. It took me countless hours and $9600 worth of material but the unit turned out beautiful and shouldn’t need any work for a while as it just got a new roof, kitchen, bathroom, deck and floors.   Since the tenants moved in I’ve spent a total of 45 minutes at the unit. 15 of those minutes were to replace an outside receptacle with a newer safer GFI ($20), the other 30 minutes I spent chatting with the young couple that rent the house from me.  So in the last 3 months I’ve worked for 15 minutes and collected $2400 in rent. That works out to about $9600 an hour…not a bad wage if you ask me. Of course something catastrophic could happen ie-furnace needs replacing, major sewage backup etc… But so far so good. Only 6 more days until I can cash the next rent cheque. sweet.

The goal is a retirement portfolio net worth of $1,000,000 and an annual passive income of $40,000. We are currently mortgage free but won’t be including the value of our principal residence or cottage as we have no plans to sell either. We have also omitted the value of our workplace defined benefit pension plans and RESPs ASSETS: Sept Contributions: $0 Retirement Portfolio: $472,430 (up $15,788 - stock market gains) Rental Property: $105,000 (lowest estimated selling price) Total Retirement Assets: $577,430 (up $15,788) LIABILITIES: Investment Loan: $34,134 (down $1,391) Rental Property Loan: $77,618 (down $500) Total Liabilities: $111,752 (down $1,891) Retirement Portfolio Net Worth: $465,678 (up $17,679) Dividends Received (year to date): $10,276 (up $1464) Well this month was a good month primarily because of the overall rise in the markets.  However, I anticipate that October, November and December will be the best months of 2017 for us. This is due to a number