Key Facts
• In August 2023, three friends co-purchased a home in Tampa, Florida.
• The property cost $357,500 (approx. ¥5.36 million, $1 = ¥150).
• Monthly mortgage payment: $1,898 (approx. ¥284,700) at a 7.625% interest rate.
• Each contributed $30,000 (approx. ¥450,000) for a 25% down payment.
• The home is a 3-bedroom, 3-bathroom condominium near the University of South Florida.
• Rental income: $2,100/month (approx. ¥315,000) from November 2023 to November 2024.
• The group incurred minor losses of $200/month (approx. ¥30,000) due to rental shortfalls.
• They formed an LLC to secure financing and manage the property.
• Largest expense: $7,000 (approx. ¥1.05 million) for a new air conditioning system.
• Future plans include refinancing and expanding their real estate portfolio.
Summary
Three friends in their early 20s-Cole Flynn, Stephan Gorrish, and Scott McKinnon-co-purchased a $357,500 home in Tampa, Florida, in August 2023. Unable to afford individual real estate investments, they formed an LLC to secure financing and split the 25% down payment equally. The property, a 3-bedroom condominium near the University of South Florida, generates $2,100 in monthly rental income but incurs minor losses due to a $1,898 mortgage payment. Despite challenges, including a $7,000 air conditioning replacement, the group remains optimistic about long-term gains. They plan to refinance when interest rates drop and aim to expand their real estate investments.
