Washington DC Client Success Story- 2nd House

[Cassidy Burns]

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!