04/25/2024
Local Mechanic turns into Real Estate Investor, just like that!
Longtime friend of mine, Luciano, has owned a home and has reaped the benefits of property ownership for many years. He set his focus on buying a condo as an asset, investment, and future saving to send his kids to school or use for retirement!
A $260,000 condo w/ $52,000 downpayment (20%) w/ $500 condo fee (including heat and hot water) + taxes and insurance has a monthly mortgage amount of roughly $2,200 a month. It rents today for $3,000 monthly.
If you consider the roughly $65,000 in downpayment and closing cost as your investment and you receive $800 a month that’s over 1% return on investment each month! That’s not all, the mortgage being paid by a tenant is not only chipping away at your principle, then tenant will pay the other 80% of your debt/loan.
Where else but real estate? 🤷🏻♂️
The condo didn’t need much more than good cleaning and painting either.
Congrats, Luciano, may God Bless your projects and dreams, brother!
Call TGRE! No job is too big or too small 🥳🙏🙌