2 New Properties - Signed Contract last night with my new partner
Hello! Just signed two contracts last night for 2 prime condos. Prime locations with great CAP rates. Here is the best part, I have the opportunity to buy 6 more units in the Lighthouse Point complex from the same person that sold me this one.
#1 - Lighthouse Point, Florida - A+ Location - Already own 2 properties in this development
1/1 First Floor
$52,400 - Purchase Price
Rent - $900. ( Rent roll can go up another $50. per month )
HOA - $190.
Taxes - $60.
NOI Monthly - $650. X 12 = $7800.
Cap Rate - 14.89%
Get my initial investment back in 6.7 years not excluding vacancies. Right in my sweet spot 6 -10 Years.
#2 - Deerfield Beach, Florida - A Location - Already own 1 unit in this development
2/2 First Floor
$60,000 - Purchase Price
Rent - $1,100.
HOA - $300.
Tax - $75.
NOI Monthly - $725. X 12 = $8700.
Cap Rate - 14.5%
Get my initial investment back in 6.9 years not excluding vacancies. Right in my sweet spot of 6 - 10 years.