Client Success Story- Washington DC House Hack

[Cassidy Burns]

Good Morning BP,

A lot of BP people ask what the best strategy to get started in real estate investing in Washington DC.   I am going to start sharing client success stories, on how they are investing in Washington, DC real estate to build wealth. 

Enjoy!

Buyer:

-27 Years Old

-Pharmacists

-First Time Home Buyer

Property: 

-2 Bedroom 1.5 Bath Single Family House in Trinidad

-Emerging Market

-Back Patio

-Purchase Price: $465,000

I found this deal off market for my client from another agent that I knew that had it as a pocket listing.  Dave was currently renting in a high-rise apt for $2,100/month for a 1 bedroom.  

The Purchase: 

-Down Payment: 3% Down (No PMI) $14,250

-We got all closing costs covered so all of his investment went straight to Equity.

-He found a roommate that moved in the DAY he closed for $1,350/month.

-Total Mortgage: $2,550/month.

-Dave reduced his living expenses to $1,200/month, a total savings of $900/month that he has the freedom to do what he pleases with (reinvest, save, buy a new car, etc.) 

-Appraised Value: $480,000 - He made $15,000 in equity the day he signed on the dotted line

-This house will rent for $2,600/month once he moves out in 1-3 years

-Potential appreciation but not promised

Great deal all around for Dave. 

-He reduced his monthly expenses by $900

-Experiencing the power of RE through Equity pay down

-in 2020 he will see the power of tax benefits

-Will be a great long term investment for Dave.

Be like Dave.

Have a great day.