I came across a new listing in the condo complex that I live in and thought, WOW! The unit has 2 bedrooms, 2 full bathrooms and has 1371 square feet. It is located on the third floor, providing lots of privacy and views of the golf course and mountains. The best part is that it is listed for $175,000. Let's take a look at the numbers and see why I said WOW.
$175,000 list price
- $6150 (3.5 down payment. Yes the complex is FHA approved.)
__________
168,850 Loan amount
$808.00 (monthly payment and interest based on 3.9% interest rate)
$182.00 (estimated monthly property tax)
$ 51.00 (estimated monthly insurance)
$250.00 (current monthly HOA fee)
$127.00 (monthly mortgage insurance required with less than 20% down payment)
$1418.00 (total monthly payment)
Units like this one are currently renting for $1450-$1600. WOW! Own a home for less than rent or buy an investment property for instant cash flow! (FHA loans are for owner occupied purchases. Loans for investors would require higher down payment and change the numbers.) Please pass this one along to anyone you know who is looking for an investment opportunity or anyone who is tired of paying their landlord's mortgage. There are other great deals out there. Give me a call!
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