Updated about 5 years ago on . Most recent reply
Lake Worth/West Palm Beach investment
We are looking into purchasing a 2 bedroom condo/townhome style property for long term lease and long term investment. We are very unfamiliar with the areas however we have been researching properties in Lake Worth that appear in the 80-120k range with rental rates appearing to be 900-1200 per month within the same communities.
Does anyone have insight on focusing on Fort Worth versus West Palm Beach? (WPB seems like a better area to invest in, however Fort Worth appears more budget friendly for us since we are just starting out), or can recommend another area to look at near these?
Any recommendations on common pitfalls/things to look out for/bad areas to avoid? We plan on flying out in a few weeks to drive through areas however would love some insight from locals or those currently investing in smaller (100k’ish budget) properties. Thank you!
Also if anyone can suggest a stellar agent to work with, we are open to suggestions! Thank you
Most Popular Reply
I own 2 single family frames in Lake Worth and they have been great so far (the second one is just now getting out of rehab). I think the market is great and has a lot of potential. I have seen a lot of improvements done by the city over the last year and a half. There are lots of new communities coming up as well and the city is incentivizing new constructions so you will have more options for condos. I agree with Mitch that you have to be mindful of the HOAs and be sure that you are allowed to rent out the unit. Your assumptions for rent are correct. I will be renting out a 2/1 single family for $1400, the 3/2 I have has been rented for $1500 for the last year. There are a plethora of renters in the area and if you hire a property manager I'd recommend finding one that speaks Spanish as well.