First Time Investor Palm Beach

11 Replies

Hello everyone,

I'm looking to purchase my first home/investment in Palm Beach County. I'm currently based out of Delray Beach and I've been looking at several multi family properties here and north of Delray. Looking to house hack with a duplex if anyone is willing to share their experiences in these areas. I'm currently renting with my lease up in August and I'm ready to start owning.

Thanks!

Most of the multifamily around here are in rough areas as I'm sure you've noticed.

For a duplex your best bets would be Delray, Lake Worth, Wellington or Palm Beach Gardens.

I don't know your budget but Lake Worth would be the cheapest option for a decent neighborhood.

Hi Kathleen! Where are your jobs located? Have you considered further north in Martin County? In Palm Beach County there are a few for sale around Delray Beach but you'll find more options in Lake Worth or West Palm Beach. Best of luck!

HI @Kathleen Contreras and welcome! Yes, as a realtor, I've helped a couple of BP folks in here to househack! A duplex in Lake Worth and a 3 bedroom town house in Boynton Beach. All depends on what you're looking for and your budget. Both properties were in desirable neighborhoods. Both buyers were first time buyers. As both @Mitch White and @Brian Garrett said... those areas a little north can offer more bang for your buck in terms of a duplex.

Hope that gives you some hope! 

@Share Ross

Thank you, I’d love to connect and speak with you. I’d like to stay in Boynton or Lake Worth but I’m willing to go as far as West Palm since I work full time in Delray.

@Jon Huber I’d definitely be interested in joining that email list. I’m trying to learn as much as I can right now!

As far as budget goes I’d like to stay under 300K but I do have a partner that is potentially willing to invest with me.

Hey Kathleen 

That should be doable of course depending on what you want to get ! 
Just about to close on a duplex under 300! 

Let’s talk when you’re ready. 
😉


@Kathleen Contreras I am in the exact same boat! I live in Fort Lauderdale and my lease expires in June so i was looking to buy a multi family property to house hack. I couldn't find anything in Broward (most MF were in Pompano Beach and crazy overpriced) so I started expanding my search and found some better options in Lake Worth. I found a great duplex that i could get an FHA loan on (no renovations needed) and am about to close June 1. The numbers on that property look significantly better than anything I found south of there in Palm Beach or Broward.

Feel free to reach out to me if you'd like to know more details of the MF property i found in Lake Worth. 

@Al Banfe sure thing. Here are a few of the details of my house hack: 

Duplex in Lake Worth. Both units are 2 bed / 1 bath. Well water, septic tank, large backyard. Purchase price $295,000 with no major renovations. FHA loan with 3.5% down. Interest rate 2.875%

I was able to rent the other unit for $1400 which covers the mortgage and PMI.