Updated almost 4 years ago on . Most recent reply
First Real Estate Purchase
Investment Info:
Condo buy & hold investment in Washington.
Purchase price: $475,000
Cash invested: $174,863
Long term buy, hold, and rent.
Original Purchase: June 16, 2016
-Purchase Price: $475,000
-Closing Costs: 16,096
Total All In Cost: $174,800
How I Financed Originally: Traditional Financing.
-38% Down Conventional Financing ($174,863)
-$300,000 Loan Amount - 30 Year Fixed
-3.75% Interest Rate
-Monthly Payment: $1,389/month
Refinance Period:
-Refinanced after 5 years due to rates lower by 1%
New Loan: Jan 2021
-Appraised Value: $565,000
-New Loan: $223,250
-Closing Costs: $4,490
-2.625% Interest Rate - 30 Year Fixed
-New Payment: $897/month
Six months after the completion of the refi I had the opportunity to purchase, which I did, the lower unit of the 2 unit condo building. I'll break down that purchase in the next installment.
Current Rents: $2,325/month
Current Cash Flow After Refi: $453/month (w/o variable expenses $778)
Resale Date: I do not plan on selling this unit as it will be a dividend income producing asset for perpetuity. Ideally I would like to have this property paid in full within 8-10 years.
-Sale Price: N/A
-Current Loan Amount: $216,186
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