All Forum Posts by: Lenny Shwartz

Hello! This unit needs about $600 in work. Also, cash deals only. Equity of $7k already. Lady wanted to sell quick.

Hello! Everyone. I just closed on my 10th property ( first with my new partner ). Details - Paid $53K. 7 more units to go, partner wants to see how this one works out first, before we buy more. I own 2 units in there for over 10 years. Here is the breakdown.

1/1 Condo (1st floor) east of Federal Hwy in a Class A section of Lighthouse Point, Fl 33064

Rent is $800 now (Tenant there for 2 years)-No problem getting new rent of $900-$950

HOA is $190.00 a month

Taxes are $60 a month

Liability Insurance is $64 a month. 

Low Vacancies - Highly desirable area.

NOI - $486 per month.

I own 10, closing on 1 next week and maybe 6 more in a month or two. I used to have over 20. Now that I am older I can probably handle 15 properties.

9 free and clear properties. $545.66 per door average, Cash Flow per unit.

Hello! I actually bought my tenant a gift when they left. They rented from me for 6 years and bought a house, so I gave them a house warming present. Always paid the rent on time and had very little issues with them.

I just signed a contract on a 2/2. Getting $1,100. First floor, higher floors $50 less.

Congrats, I hope your future endeavors are going to give you happiness like the present ones. Good luck and Congrats.  

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. 

I rotate my locks between my nine units. Since, they are in different cities and I usually have my tenants in my properties for 2 or more years, it works for me. I just put the old locks in zip lock bags. with the keys. If they are damaged, then I will buy new ones. Good luck.

Thanks for all the great feedback. I will call a couple of property management companies here locally and check out the references and prices. I just don't want to spend all the money that I'm making on my full time job on a property manager.