Client House Hack Success! Leesburg Virginia

[Cassidy Burns]

Hi BP,

Just wanted to share a client success story for a client, and college roommate I represented during their 2nd house hack purchase.  

Dan purchased his 2nd house hack property in Leesburg, VA.

2016 Purchased a 2 bed/ 2 bath townhome in Leesburg, VA for $235,000

Mortgage: $1,850/month

3.5% FHA Loan (Total Cash Invested $14,000)

While Living there rented out a room for $1,000/month.  

Lived for $850/month for 2.5 years

Recently purchased 3 bed/ 2.5 Bath Townhome for $360,000

Appraised at $375,0000

5% Down ( total cash invested $17,500)

Mortgage: $2,250/month

Has roommate moving in for $850/month.  

Dan's current situation: 

1st Property rented for $2,000/month 

$150 gross positive cash flow

2nd Property

Currently Living in Upper level, has full office and full basement to his leisure.  

Renting out room for $850/month.

Lives for $1,400/month

Dan now owns $650,000+ of real estate at 27 years old that is being paid off by tenants and himself currently, in a potential appreciating location, while only investing $34,500 cash.

House Hacking is a very powerful tool, especially in high price point locations like the DMV and Washington DC.