Real Estate Deal Analysis & Advice
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 7 years ago,
Help!! Inquiry for seasoned investors (Washington, D.C)
Hi,
This is my first post, and my dream is to be a real estate investor. I am currently in the process of purchasing my first home but I do not feel like it is a mega deal. I am running the numbers for a home that I would live in. If I rented the home and did not live in it at best it would break even with a 57k down payment. I am looking to live in this home because it is 15 min away from DC and property in DC is very expensive.... Nice condos start at 350k not including the HOA fees. The home I am buying is listed at 380K.
I guess I am more so looking for an opinion on the matter from someone in the area as to if I can find a better deal for a townhouse. I ask because I do not want to continue paying $1,300 in rent to live in the city. I much prefer to have my own place, hack the house and build equity at a margin of the price.
Below is an image showing what I would pay. The $2,200 mortgage takes into account the HOA, taxes, PMI. The negative (683) includes me covering the utilities and living in the property.
Let me know your thoughts. You could save me if you anything about the area. The zip code is 22312, Lincolnia, Alexandria.
Best,
Luis