Client Success Story! Single Family House w/ Cash Flow in NOVA

[Cassidy Burns]

Hi BP,

I wanted to highlight my clients success story for his 2nd house purchase in the HOT market of Northern VA and more specifically Sterling, VA. He used 5% down conventional financing to purchase and is going to be house hacking 2 of the bedrooms.

The number: 

-Purchase Price: $582,500

-Single Family Detached (4 bed/ 2.5 bath) 

-Sterling, VA

-Down Payment: 5% ($45,281.85 all in)

-Mortgage: $2,880.71

-Projected Rents: $2,950/month (when he moves out)

-Has 2 rooms rented for $1,600 total ($800/each)

-Turned his 1st house purchase into a rental ($300/monthly positive cash flow)

So now he owns 2 houses in Northern VA, with a valuation of $932,500 w/ only putting $65,000 down total. Will have a total of $400/monthly cash flow once both are turned into rentals long term.

WE lost in 3 multiple offer situations over the last 3 months.  The only reason we got this house is because we offered our number with great terms, and the buyer that the seller originally ratified with defaulted so the agent called me.  Got a great value for a house that I think will be worth $600,000 + in 2-3 months once the new ratified contracts that have been escalating settle out.

Cheers!