Pre-construction condo is done, House is delayed
January 3rd, 2005 by KenricJanuary 2005 – My New Construction Condo #1 is done. My New Construction SFH #1 hasn’t even had it’s foundation poured!
I have been advertising on craigslist for the past month and have a renter ready to move in. I literally leaving the closing table and meet him at the condo to give him the keys! I didn’t do as well as I had hoped on this condo because January is not a good rental month. My renter negotiated an 18 month lease at $1225/mo which is a great deal for him!
Here are my numbers:
$212,800 purchase price
$21,000 down + $8,000 tax reserves (Got screwed here for closing in January)
$148,000 mortgage 1 (4.875% 1 yr ARM int only)
$40,000 mortgage 2 (6% heloc prime – .25%)
Rent $1225/mo
mort 1 = $600/mo
mort 2 = $200/mo
insurance $20/mo
HOA = $161/mo
taxes = $50/mo (only $50 this year due to tax reserves collected at closing)
Cashflow = $1225 – $600 – $200 – $20 – $50 – $161 = $194
COCR = 8%
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