Dominique BroadwayFounder & CEO, Finances Demystified · Turning Knowledge Into Generational Wealth

Unlock a Mind Blowing Secret That Will Revolutionize Your Perspective #realestatetip #investingtips

Name: Unlock a Mind Blowing Secret That Will Revolutionize Your Perspective #realestatetip #investingtips
Uploaded: 2023-07-13T15:00:25+00:00
Duration: 25 s
Channel: Dominique Broadway
Description: In this conversational segment, Speaker A recounts his experience with the Moderately Priced Dwelling Unit (MPDU) program. At an annual income of about…

13 Jul 2023 · 0 min

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In this conversational segment, Speaker A recounts his experience with the Moderately Priced Dwelling Unit (MPDU) program. At an annual income of about $42,000, he qualified for the program and purchased a condo for $167,500—far below the market value of roughly $325,000—thanks to down‑payment assistance of around $2,000. He lived in the high‑rise unit for ten years, endured a foreclosure but managed to exit it, and ultimately sold the property, netting approximately $100,000 in profit. The story highlights how the MPDU program can enable first‑time buyers to acquire affordable housing, leverage assistance, and achieve significant long‑term financial gains despite setbacks.

MPDU stands for Moderately Priced Dwelling Unit.
Yep.
And so my mom had bought an MPDU when I was younger. And so she was like, all right, you want to buy this house? We're going to find you a spot. We're going to go through the MPDU program. And at the time, I think I was making about $42,000 a year, which made me eligible for the program. So I was able to purchase a condo at the time that cost $167,500. The market price was about $325,000. 5.
It's amazing.
And so I lived on the 15th floor, high-rise condo, concierge, rooftop pool, when I was in college. Actually, I bought it before I graduated college, and I was able to leverage the down payment assistance. So I think I may have gotten to that condo at maybe $2,000, like all in, right? And then I was able— although the house ended up going into foreclosure, I got out of foreclosure. That's okay. But when I sold it, I ended up— and I lived there for 10 years. Wow. I ended up pocketing about $100,000.