First Real Estate Purchase

[Bryant Mortimer]

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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[Bryant Mortimer]

@Nick Shri thanks for the read! Condo is in Petworth, DC. Two unit converted Rowhome. Unique in that it's inverted meaning the 1br/1.5ba with private rooftop is on the top and the 2br 2.5ba is on the main and bottom floor. Each unit comes with off street parking.