All Forum Posts by: Jordan Chronopoulos

Hey Michael,

I am on the same boat (23) getting ready to close on my first house soon. Smart move going back with family to cut expenses and pay any debt. That is what I did. Work on that credit a little more to make sure you get the absolute best interest rate for what you are looking for. Set aside 7-10% for down payment, closing costs, and rainy day funds. Once you have the money saved, credit in good standing, stable income, pull the trigger!

I recommend buying a property that you can house hack in. If you are already used to the roommate lifestyle, why not continue it and have someone cut your expenses in half or even more! 

@Jason Piccolo appreciate your thoughts. Thanks Man!

@Russell Brazil Bristol Square

Thanks Russell! This is actually a two level townhome / condo in Bethesda! Appreciate your thoughts 

Hi BP! Firstly, I am excited to get involved and to be surrounded by like minded entrepreneurs.

 I am looking into my very first property! The one thing I keep going back and forth on is spending more to get into the city (Washington DC) or going further North since it is a better stretch of the dollar. I am currently looking at a Townhome (condo) with the following numbers:

Price: 420k

Financing: 5% down (21k) - closing costs covered. All in Cash to close will be around $23-25k

Estimated PITI (including condo fees of $300): $2300

2 Beds 2.5 bath (I plan to rent one BR for $1100)

Which brings my all in monthly around $1200. Now... if I rent this out in the future I will get around $2300-$2400 which is not great but at least it breaks even. This home is an amazing location and will ultimately make my life easier with me being closer to the city, which is where my main source of business is coming from and still growing. The time I spend now to get into the city takes me 40+ minutes where this home will hash it down to 10, in my eyes the shortened commute time now turns into productivity time to continue to grow my business. The neighborhood continues to keep growing and new ceilings continue to be made on the street.

What do you weigh more location or size of the home? 

Would love to hear your guys thoughts!