Interior Decorator · NYC · Member since 2020 · 20 posts · 16 votes
Hi All!
I've been researching locations to start investing in and Florida has caught my eye. It seems that the rental demand in Florida has grown since many people have been flocking to this state for the sunshine and tax laws after the start of COVID and the rise in WFH. I will be running on analysis and doing more research on the details but the goal of my post here is to reach out to others that have rental properties in Miami, palm beach etc.
Is there anyone that has found success investing in Florida with an FHA loan and if so where? I live on the east coast but am considering making a move to start my REI journey. Its a huge step for me and I'm looking for advice for those that have made it going this route. Any advice or tips on which neighborhood to look into or anything to watch out for is much appreciated!
Rental Property Investor · Boynton Beach, FL · Member since 2014 · 273 posts · 197 votes
5y
@Shulammite Ng I'm curious on what landed you on Miami and Palm Beach when it came to your FL research? I'm being completely genuine with this question. I live in the area and am only looking in the northern half of FL as the price to rents here in south fl are very difficult, its not to say deals can't be found, but it is an uphill battle. The rental demand is indeed strong though.
Realtor · Lakeland, FL · Member since 2020 · 73 posts · 72 votes
5y
Hey @Shulammite Ng! I’m in Central Florida and can provide you with a ton of insight. DM me! Also notice you’re a long term care designer - interesting! We have ALFs here too.
Rental Property Investor · West Palm Beach FL · Member since 2019 · 24 posts · 17 votes
5y
@Shulammite Ng I'm also heading to FL for investing as well. I did an FHA 203k and house hacked a multifamily in White plains NY which we now airbnb. We are looking to move to West palm and do the same. I'm always looking for like minds to network. I'll be down there with my family doing recon real soon. Let me know if you need any help. Good luck with everything.
Specialist · West Palm Beach, FL · Member since 2021 · 3 posts · 0 votes
5y
I'm in the West Palm Beach area. I'm looking for my first investment property. Doing all my analysis and research right now. Looking for other's who are in the area to network and ask questions.
@Shulammite Ng I'm also heading to FL for investing as well. I did an FHA 203k and house hacked a multifamily in White plains NY which we now airbnb. We are looking to move to West palm and do the same. I'm always looking for like minds to network. I'll be down there with my family doing recon real soon. Let me know if you need any help. Good luck with everything.
Wow thats amazing to hear. I've found it extremely difficult to get started in NY and so seeing that you were able to house hack in white plains is pretty motivating. I will be adding West palm to my list of potential locations to get started in. I would love to connect as well. Thank you!
Rental Property Investor · Margate, FL · Member since 2019 · 52 posts · 21 votes
5y
@Shulammite Ng i recently purchased my first mulifamily using an FHA loan in Lake Worth (palm beach county) and have had success with it so far. Since i am new to RE investing and did not have a strong network or systems in place, it was very difficult for me to make the numbers work for any properties in Broward or Miami (i mostly looked in Pompano Beach and Hollywood areas).
Realtor · FL · Member since 2013 · 372 posts · 83 votes
5y
@Nathan Olds I would be honored to apart of your team here in SFLA. PM me on here and I would be honored to help in anyway I can. I look forward to hearing from you soon.
Rental Property Investor · Boynton Beach, FL · Member since 2014 · 273 posts · 197 votes
5y
@Shulammite Ng I'm curious on what landed you on Miami and Palm Beach when it came to your FL research? I'm being completely genuine with this question. I live in the area and am only looking in the northern half of FL as the price to rents here in south fl are very difficult, its not to say deals can't be found, but it is an uphill battle. The rental demand is indeed strong though.
Investor · Lake Worth, FL · Member since 2016 · 233 posts · 140 votes
5y
@Shulammite Ng Hi Shulammite, I've had rentals in Boca Raton, and Delray Beach in Palm Beach county, snd had rentals in the suburbs of Orlando. There are always opportunities, it just will require additional work to find them before someone else does. Prices are high right now due to the influx of northerners and gettung contractors to do work is harder as some are sidelined due to the virus and others are swamped due to increased demand, so renos and costing more and taking longer.
@Shulammite Ng Hi, I'm new to REI but the local market in tampa/brandon area is a great place to research. Lots of potential in near by county's like pasco/hernando/pinellas. Good luck!
@Nathan Olds what were a few of the difficulties you encountered? If you don’t mind sharing. I am I the process of purchasing my first multi family in the palm beach county area and would love the insight.
Rental Property Investor · Saint Petersburg, FL · Member since 2018 · 31 posts · 10 votes
5y
@Shulammite Ng I'm in the Tampa/St. Petersburg area and I'm having a hard time finding multi family property using FHA loan / conventional and cash are usually what sellers are accepting now so far in my journey. I'm a newbie I know it can be done so best of luck to you.
We are having success doing this in the St. Petersburg area. Supply is tight, as it is everywhere, but we are having success getting properties in St. Petersburg & the surrounding beach towns (St. Pete Beach, Treasure Island, Madeira Beach)
Homeowner · St Petersburg, FL · Member since 2017 · 22 posts · 6 votes
5y
Just closed on my first property in St Pete. I looked hard at multis for a year. Came across a SFH 2/2 worth 270k for 240k that I'll be turning into a 3/2 while living in it and renting out after a year.
It has definitely been my experience that its been difficult to find something that the numbers worked for me. Frustrating in the least. I think consistency is key with checking the MLS and be able to crunch #s and make decisions quickly...
quite exciting to have finally popped that cherry.
@Shulammite Ng i recently purchased my first mulifamily using an FHA loan in Lake Worth (palm beach county) and have had success with it so far. Since i am new to RE investing and did not have a strong network or systems in place, it was very difficult for me to make the numbers work for any properties in Broward or Miami (i mostly looked in Pompano Beach and Hollywood areas).
Hi Nathan,
Congrats on your first multifamily! Its very promising that you were able to go this same route. not having systems in place will probably be my biggest obstacle but I think it will get easier after my first deal. I think west palm is a great area due to the number of tourists giving you the option of doing short term rentals/airbnb in addition to longterm. For this property were you able to rent out as is or did it need some work done and how long did it take to get someone to occupy the units? thanks for sharing
@Shulammite Ng I'm curious on what landed you on Miami and Palm Beach when it came to your FL research? I'm being completely genuine with this question. I live in the area and am only looking in the northern half of FL as the price to rents here in south fl are very difficult, its not to say deals can't be found, but it is an uphill battle. The rental demand is indeed strong though.
Hi Mitchell,
Well choosing Miami and palm beach really is a consequence of my employment needs. Im an interior designer and many of the job openings are in the southeast. I'm planning on keeping my W2 job to fund my deals; As a result, I'm looking into these areas buy a multifamily with an FHA loan - Househacking while working in order to save up for my next deal.
Coming from saturated NYC where its extremely difficult to get in the door of investing even with a single family home, I find that Im more willing to give it a shot in West palm beach, palm beach county etc. I know competition is starting to increase with the migration from other parts of the country but Im positive deals are still out there.
Interior Decorator · NYC · Member since 2020 · 20 posts · 16 votes
5y
@Matthew Patton Very happy for your first deal! St.Pete certainly is a promising location from what Im seeing. It's going to take me about the same amount time to dive into my first deal and while I prepare for it I'm definitely going make an effort into doing more deals analyses. I find that Im more of a details person and less of the numbers - Eventually the goal is to find a business partner who's strength is analyzing the deals while I tackle the management and contracting side of it all. Good luck on your REI journey!
Interior Decorator · NYC · Member since 2020 · 20 posts · 16 votes
5y
@Ken Naim Thanks for the heads up! I can imagine needing to secure a GC is probably one of those situations people don't realize they may encounter. Seeing as you have properties in palm beach, were they fixer uppers as well? and in your experience would the best way to avoid reno delays be to find a GC through references before it came time to close? Thanks for any tips you can provide
Interior Decorator · NYC · Member since 2020 · 20 posts · 16 votes
5y
@Christneve Hylton Hi I'm fellow new investor and looking into the same area as you. I hope we both find a great deal! Good luck on your investing journey
Investor · Miami, FL · Member since 2013 · 377 posts · 258 votes
5y
A FHA loan is how I got my start in RE back in 2011. I bought my first property in Miramar and house hacked it. You can absolutely make an FHA loan work to your advantage in South Florida!