Investment Portfolio Update (August 2019)

At this moment, my investment portfolio consists of multiple different assets, such as:

  • paper assets (individual stocks, pension funds, ETFs) [€83 393.68]
  • real estate (7 rental apartments) [equity: €88 330]
  • crowdfunding, p2p [€84 479.74]
  • cryptocurrencies [€538.61]
  • cash (bank deposits, cash on bank accounts) [€20 776]

Net worth: €277 518.03
Cash Flow/Investments Income (August): €2 058.2


All those assets mentioned above were acquired during the last 4 years, as before 2015 I was not really into investments and only had some small bank deposits and mandatory pension funds.

Cash Flow

Since 2015 I try to invest half of my salary each month and reinvest all the income from investments. This causes a virtuous cycle that feeds itself into an exponential growth. Also known as a snowball effect or compound interest.

One wise man said: “Compound interest is the 8th wonder of the world. He who understands it, earns it; he who doesn’t, pays it.” – Albert Einstein

In this post, I will describe the current state of my investment portfolio, cash flow, and will provide some history performance as well. In future posts, I will do my best to provide portfolio updates each month and in between, I also plan to share my knowledge gained during the last 4 years and provide information on how and why those assets were acquired.


Paper Assets


Dividend income in August: $92.4

The dividend income is kind of cyclical because some stocks pay dividends quarterly while others pay once per year. There are also stocks that don’t pay dividends or stop paying them at some point.

I have stock portfolios in 2 different banks. Below you will see the screenshot of one of them:

In total, my stock portfolio market value: 59 113.64

As you probably noticed this portfolio is far from a well-balanced one. I am working hard on adding diversification and rebalancing it, but it is not that easy to fix some huge mistakes that I made in the past. 

My actual/realized gain in stocks since I started in 2015 is €20 416.31. I am happy to say that I don’t have any actual/realized losses up until now, but I have to admit that I do have colossal paper/unrealized losses in my stocks portfolio.

I would strongly recommend not to buy shares of individual companies before you gain experience and learn how to analyze businesses. In my opinion, for those who don’t have experience and still want to start investing in the stock market, the best way to go is to buy shares of broad ETFs.

I will definitely write a post in the future about my portfolio, transactions and my stock market investing strategy overall.

Pension Funds

There are 3 pillars in the Estonian pension system:

The 1st pillar is mandatory. Basically, those who pay taxes today fund pensions of current pensioners. Currently, it is somewhere around €300-500 per month, I hope I will be able to just donate this money when I get to the pension age.

The 2nd pillar is also mandatory but can become optional soon. Before it was announced that 2nd pillar can become optional and people would possibly be able to withdraw funds from it, I was not counting it as a part of my investment portfolio.
I have recently moved away from an actively managed fund to a passive one.

The 3rd pillar is optional. There is a 20% tax discount on all contributions up to a maximum of €6000/year. It is like getting 20% cashback. My goal is to maximize my contributions to the 3rd pillar starting from this year, which is €6000 per year.

My pension funds account value: 24 280.04


Real Estate

I should say that I was skeptical about investing in rental properties, but anyway I decided to give it a try and bought my first rental apartment in 2016. Since then, I am buying “a couple” of apartments each year 🙂

  Equity Cash Flow (August) Return on Equity (ROE)
Rental Property #1 €34500 €300 10.4%
Rental Property #2 €24913 €164 7.9%
Rental Property #3 €4145 €76 22.0%
Rental Property #4 €3272 €117 42.9%
Rental Property #5 €4482 €63 16.9%
Rental Property #6 €16818 €148 10.6%
Rental Property #7 €200 €159 954.0%
Total €88330 €1027 14.0%

Some comments for those who are new to investing probably won’t hurt.

Equity – own capital, in other words, if the asset price is 100 000 and a bank loan is 80 000, then equity is 100 000 – 80 000 = 20 000. Please note, I don’t account for asset appreciation here, so I assume that my apartments’ price doesn’t change, which is a very pessimistic assumption. Sometimes it is better to be a happy pessimist than a sad optimist…

Cash Flow – this is net cash flow.
Cash Flow = Rent – Mortgage payments – Expenses (insurance, maintenance, other)

Return on Equity (ROE) – this is simply a measure of how one’s equity (own capital) working.
ROE = [(Monthly Cash Flow)*12] / Equity * 100%

As can be seen from the table, equity in some apartments is pretty low, while ROE for such apartments is high. This is caused by the magic of leverage.

The post about why investing in real estate can be such a great investment that not only pay growing dividends each month (cash flow) but also does magical things to equity growth will be coming soon 🙂



My Crowdfunding/P2P portfolio consists of 14 different platforms. I periodically move funds between platforms, add new ones, remove the old ones, depending on their performance.


I started investing on Estateguru in January 2016. This platform provides mortgage-backed loans.

All projects come with interest rates around 10-12%, which is not super high, but I still like this platform and consider it low risk compared to other crowdfunding platforms. There were problematic projects in my portfolio, but all of them were recovered by Estateguru and all principal, interests, and indemnity were paid.

If you subscribe to Estateguru using this link you will get a 0.5% bonus from all investments made during the first 3 months.

in August:

XIRR 10.6%
Earned €50.3
Deposits €500
Withdrawals €113.65
Total Account Value €7 604.9



Twino is a P2P platform. I started investing in Twino in January 2017, since then it provided pretty stable cash flow and passive investing experience.

Nevertheless, as you will see below (dropping income) I am slowly withdrawing funds from this platform in favor of other p2p/crowdfunding platforms. I am doing this because I think the yield that Twino provides is not high enough compared to other p2p platforms. I still plan to keep some amount in this platform for diversification purposes.

in August:

XIRR 10.78%
Earned €42.46
Deposits €0
Withdrawals €0
Total Account Value €5 140.99



I started investing on Mintos in March 2017. This platform is like a huge marketplace where loan originators (companies) sell their loans to investors. Mintos offers good diversification across different loan originators and countries, it also has a pretty high average interest rate compared to other platforms, and comes with a very flexible Auto Invest capability. I only invest in loans with a buyback guarantee.

One more advantage of Mintos is its quite sophisticated secondary market. This means that investments can be sold on the secondary market and converted into cash in a matter of hours. I even consider part of my Mintos portfolio as an emergency fund. I will definitely increase my position on this platform.

in August:

XIRR 12.73%
Earned €115.85
Deposits €420
Withdrawals €0
Total Account Value €9 186.13




I started investing on Crowdestate in July 2017. This platform offers business and real estate development projects. In the beginning, there were a lot of interesting and well-performing projects with high interest rates. Nowadays, there are a lot of late payments, interest rates are lower and some projects are close to default.

My plan is to significantly decrease my position on this platform and watching how they handle problematic projects.

in August:

Earned €49.76
Deposits €0
Withdrawals €169.10
Total Account Value €10 319.78



This is my favorite platform so far. It offers mostly business loans with high-interest rates (around 16-20%). So far all payments were made on time. Usually, projects come with some kind of collateral: commercial pledge, real estate, land,… There is also a so-called “BuyBack Fund”, which grows with each project, as Crowdestor devotes 1-2% commission from each project to this fund.

in August:

XIRR 17.46%
Earned €166.31
Deposits €943
Withdrawals €0
Total Account Value €10 871.32



This p2p platform is extremely passive and all loans come with a buyback guarantee, there is also Auto Invest that does all investing. I only check Swaper once per month to graph my monthly earnings. Another great thing about Swaper is its 2% loyalty bonus.

in August:

XIRR 14.36%
Earned €176.9
Deposits €0
Withdrawals €300
Total Account Value €14 054.59



Robocash is yet another extremely passive p2p platform with quite stable income. Here also all loans come with a buyback guarantee.

in August:

XIRR 12.43%
Earned €27.85
Deposits €0
Withdrawals €0
Total Account Value €3 108.51



I started investing on Grupeer in June 2018. This platform offers both real estate project investments and loan deals from a variety of loan originators. All investments come with a buyback guarantee. Their interest rates are above average.

So far I had zero problems with Grupeer and I plan to increase my position.

in August:

XIRR 13.50%
Earned €50.18
Deposits €0
Withdrawals €0
Total Account Value €5 269.96



This platform was my favorite until they ran out of projects and interest rates went down. Nevertheless, Envestio still posts a couple of projects per month with solid interest rates. The last project they posted had a 17.5% yield. Till now there were no problematic projects and I received all planed principal and interests.

I am satisfied with the performance of Envestio, but I plan to move some funds to other platforms just for the sake of diversification.

If you subscribe to Envestio using my referral link you will get €5 “first deposit bonus” and 0.5% “timespan bonus” on all investments made during 270 days (9 months!).

in August:

XIRR 19.55%
Earned €263.96
Deposits €0
Withdrawals €650
Total Account Value €15 384.56



This platform is somewhat similar to Estateguru and Crowdestate in the sense that most of the projects are related to real estate and secured with real estate (mortgage).

I started investing on Bulkestate in April 2019, since then I earned €1.34, which I received this month 🙂 This is because the majority of their projects pay both interest and principal at the end of the term. Hopefully, they will start adding more projects with monthly interest payments.

in August:

Earned €1.34
Deposits €200
Withdrawals €0
Total Account Value €2500


This platform is similar to Envestio. It also finances mostly businesses. There are projects on Kuetzal with very attractive interest rates. I deposited my first €500 in August and invested all of them in one project with an interest rate of 19%.

in August:

Earned €0
Deposits €500
Withdrawals €0
Total Account Value €500



I started investing in Reinvest24 projects in June 2019. This platform has an interesting model that makes it different from other real estate crowdfunding platforms. When you invest in Reinvest24 projects you actually become an owner of property shares, which makes you eligible to receive dividends (generated from rent) each month and potential equity growth (if property price grows).

in August:

Earned €2.21
Deposits €100
Withdrawals €0
Total Account Value €539



In 2018 I read about how blockchain technology works in general and about some particular cryptocurrencies like bitcoin, ethereum, and some other less known coins…

Of course, I started investing in buying cryptocurrencies during their peak at the beginning of January 2018 and then I was also adding small amounts each time there was a significant drop. In total, I spent 650 on cryptocurrencies. My unrealized gain/loss today is -111.39.

I consider those as my lottery tickets 🙂




Everyone knows that when the shit hits the fan cash is king!

As of 16.09.2019, I hold 5 584.2 and $16 694.24. It’s kind of low, relative to my debt and portfolio size, so I am working on increasing it.

Thanks for reading! Don’t forget to share this post with your friends in case you found it useful and informative 😉

If you have any comments/suggestions about the structure of the post or about my portfolio or anything else, feel free to leave your comments below.

21 thoughts on “Investment Portfolio Update (August 2019)

    • Hi Alex! I am glad you liked it. Currently my debt is around 261,700 EUR, which makes my debt/equity ratio a little bit less than 1 🙂
      I plan to provide more details about my rentals portfolio and strategy in future posts.

  • Hi! Perfect is invoice P2P platform Invoices with payment terms of 15-180 days, rapid cashflow, try to look 🙂 I invested 2 years and yet no default.

    • Hi Matej! I don’t think that a “perfect” P2P platform exists, but I’m glad you had a positive experience so far with investly!

    • Hi Aleks! Of course, I couldn’t. These numbers represent my equity, the rest was financed by banks.

    • Till 2015 I was saving (bank deposits, funds). Yields were tiny and I was not really tracking anything.

      When I started investing in 2015 I had around 100k and was completely debt free.

  • You managed to get this all together within 4 years? Wow that’s seriously awesome. What do you do for a job in Estonia to accumulate so much in 4 years? BTW visited your country couple months back really enjoyed it.

    • I had around 100k of savings and was completely debt free. I work in IT, definitely not something with extraordinarily high wage. I’m glad you liked Estonia.

  • Hi! Thanks for sharing such a detailed portfolio update.
    What portfolio management software do you use? Or just all mighty excel? 🙂

  • I am a bit curious how do you asses your investments into real estate property? Ratio equity / income seems to me not representative since you have other expenditures like – debt payments, some taxes, maintenance of the property. Can you explain how do you evaluate weather the investment is profitable? Tanks!

    • As I mentioned in the post, the income that you see in the table is “net income” (after all expenses).
      “Cash Flow – this is net cash flow.
      Cash Flow = Rent – Mortgage payments – Expenses (insurance, maintenance, other)”

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