Fully Rented 2 Unit Condo Building

[Bryant Mortimer]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $1,167,500
Cash invested: $234,846

This is hypothetical as I currently occupy (house hack) the lower unit, but the following is what I can expect once both units are fully leased in early 2023. Monthly cash flow doesn't represent variable expenses.

Long term buy, hold, and rent.

Original Purchase: Both units under ownership in July of 2021

-Purchase Price: $1,167,500

How I Financed Originally: Traditional Financing.

-$952,580 Loan Amount - 30 Year Fixed

-One unit is 2.625% and the other is 3% Interest Rate

-Monthly Payment: $3,642/month

-Appraised Value: $1,277,000

Projected total Rents: $6,000/month

Projected Cash Flow : $537/month (w/o variable expenses $1,138)

Resale Date: I do not plan on selling this 2 unit condo as it will be a dividend income producing asset for perpetuity. Ideally I would like to have unit #2 paid off in full within 8-10 years which should yield upwards of $3,000 a month while potentially utilizing a cash out refi on the lower unit to help fund additional real estate purchases.

-Current Loan Amount: $863,140