Author Topic: Just Hit 1 Million in Net Worth  (Read 3796 times)

froggirl

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Just Hit 1 Million in Net Worth
« on: September 13, 2016, 07:51:01 AM »
I've been reading MMM for the past 4 years and have made a lot of changes because of this forum. I have been purchasing rental homes since 2007, and now have 6. I periodically run comps on all of my properties, so that I know their current values. I'm a licensed broker, so I have access to the latest MLS data. Largely due to appreciation, I finally crossed over the $1,000,000 mark!

Miss Piggy

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Re: Just Hit 1 Million in Net Worth
« Reply #1 on: September 13, 2016, 07:54:07 AM »
Congrats!

BikeFanatic

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Re: Just Hit 1 Million in Net Worth
« Reply #2 on: September 13, 2016, 08:14:35 AM »
Wow congrats! I think that is great! are you doing it by yourself or do you have a management company? I
'd like to head in this direction but real estate does scare me as there is alot to learn and you can fail big time.
DO you work in realstate or just have the license to do transactions?

froggirl

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Re: Just Hit 1 Million in Net Worth
« Reply #3 on: September 13, 2016, 08:50:16 AM »
Wow congrats! I think that is great! are you doing it by yourself or do you have a management company? I
'd like to head in this direction but real estate does scare me as there is alot to learn and you can fail big time.
DO you work in realstate or just have the license to do transactions?

I've been in real estate since 2003. I was helping my investor clients find good deals and then screening their tenants for them. I realized that it was not as difficult as I thought. I have great tenants, but I rely heavily on their credit reports. I do all of my own property management, but I have a list of reliable contractors that I've been using for years.

For the past few years, I have largely been handling only my own transactions. However, I still do a few transactions for friends, relatives, and past clients. It's a great feeling, when all of the rent checks come in at the first of every month. I cash flow about $5,000/month which is a lot more than I need. Good luck!

dougules

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Re: Just Hit 1 Million in Net Worth
« Reply #4 on: September 13, 2016, 08:54:49 AM »
Congrats! 

Polish_Hammer

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Re: Just Hit 1 Million in Net Worth
« Reply #5 on: September 13, 2016, 10:34:14 AM »
Awesome

Lordy

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Re: Just Hit 1 Million in Net Worth
« Reply #6 on: September 13, 2016, 10:43:56 AM »
Nicely done, congratulations!

iris lily

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Re: Just Hit 1 Million in Net Worth
« Reply #7 on: September 13, 2016, 11:08:15 AM »
Awesome and Fabulous! Way to,go! Yay!

Isnt it great to have a place like this website to report and celebrate?

AlexK

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Re: Just Hit 1 Million in Net Worth
« Reply #8 on: September 13, 2016, 11:18:17 AM »
Me too, just this month! Real estate has greatly boosted my savings as well, however my plan is to sell one property per year until they are gone (I have 3 rental props). One is coming vacant in a week so I will try to get it sold in 2016.

froggirl

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Re: Just Hit 1 Million in Net Worth
« Reply #9 on: September 13, 2016, 04:18:06 PM »
Awesome and Fabulous! Way to,go! Yay!

Isnt it great to have a place like this website to report and celebrate?

Absolutely. I don't dare tell friends or family. They might ask for a loan! I've only shared with my boyfriend, and he passed that mark when he was the same age (52).

sisto

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Re: Just Hit 1 Million in Net Worth
« Reply #10 on: September 13, 2016, 11:03:28 PM »
Congratulations! I'm only shooting for $1M in assets right now, then the next step with be NW, followed by liquid investments.

spud1987

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Re: Just Hit 1 Million in Net Worth
« Reply #11 on: September 14, 2016, 10:52:02 AM »
Congrats! I hit 1M in July and am now sitting at 1.06M due to market performance (although it's down a bit since late August). My goal is to stay above 1M even in the event of a market drop. A few more months and I should safely be above 1M even with a 20% drop in the SP500 (only about 50% of my networth is in equities, the rest is real estate, bonds, and home equity).

Is your next goal 1M in investable assets, or do you already exclude non investable assets (like home equity)?

dragoncar

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Re: Just Hit 1 Million in Net Worth
« Reply #12 on: March 11, 2017, 01:16:47 AM »
Is broker your day job?  I'm considering getting a real estate license, since it can be had fairly easily in my position

Metric Mouse

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Re: Just Hit 1 Million in Net Worth
« Reply #13 on: March 11, 2017, 03:58:09 AM »
Is broker your day job?  I'm considering getting a real estate license, since it can be had fairly easily in my position

I've got a buddy does this - after his licensing (however long that took, a month or two of studying/testing maybe?) he makes an insane amount of side-gig money per hour of work.
Give me one fine day of plain sailing weather and I can mess up anything.

MustacheMathTM

2Birds1Stone

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Re: Just Hit 1 Million in Net Worth
« Reply #14 on: March 11, 2017, 04:39:28 AM »
That is wonderful!
"A small house can hold as much happiness as a big one." - Fortune Cookie

35 Months Till "Gap Year" - Stop by, or stay a while.....
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frugal_c

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Re: Just Hit 1 Million in Net Worth
« Reply #15 on: March 11, 2017, 08:32:00 AM »
Well done!  That was a fairly quick trip up.  It looks like your timing was near perfect.

So are you now FIRE?

Also, just curious how much of that was savings.

Slee_stack

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Re: Just Hit 1 Million in Net Worth
« Reply #16 on: March 17, 2017, 10:28:31 AM »
Good NW milestone.

However, I'm personally uncomfortable with NW relying too much on any single asset class.

I've been bitten on RE (and also seen the positive side).  But some people underestimate the risk of holding too much of it.  I'd suggest diversifying while things are good.  I've never been one to try to hold out and perfectly time a peak.

If your property is mostly income stream producing, that's a different story.  Might be more important to maximize those streams over appreciation / current value worry.

Blissful Biker

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Re: Just Hit 1 Million in Net Worth
« Reply #17 on: March 18, 2017, 05:49:15 PM »
Well done!  Congratulations.  That is a big milestone.  So happy for you.