Washington DC Client Success Story- 2nd House

2 Replies

Hi BP,

I wanted to share my most recents client success story.  He just purchased his 2nd condo on Kennedy St. NW Washington DC and is well on his way to his financial goals:

May 2018 - Purchased First Condo :

-New Construction 2 bed/ 1 bath

-$370,000

-Down Payment: $6,200 (3% down w/ $5,000 grant from city) Yep he bought it for $6,000....

-Mortgage: PITI + condo fee.: $2,260/month

-Had a roommate paying $1,000 / month the entire time he owned it. 

-Lived in DC for $1,260/month

2nd Condo Purchase - August 25, 2020

-New Construction: 3 bed/ 2 bath

-$534,550 purchase price

-Appraised: $552,000

-Down Payment (5%): $32,500

-Mortgage: $2,812/month

-Same roommate came with him at $1,000/month

-Living for : $1,812/month in DC

He has his first condo rented out for $2,260/month. He could get $50-100 more but wanted to reduce vacancy days. This condo also just appraised for : $400,000 ($30,000 appreciation in 2 years)

He has only invested $38,000 total into both of these houses.  He is using multiple strategies: 

-Buy and Hold

-Primary Residence Financing

-& House Hacking

Cheers!

Congrats to you and your client, @Cassidy Burns . Primary residence financing is such a powerful tool, especially in high appreciation markets with equally high rental rates. A great agent, strategy, and the right lending product can go a long way, even in expensive markets.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you