Rental Property Investor · Fairbanks, AK · Member since 2020 · 16 posts · 24 votes
I am a new investor moving to West Palm Beach FL at the beginning of August. I have a 2 unit I currently live in and am looking to manage myself. Once in Florida our first focus with be finding our home which I want to have a main home and a guest house I can rent or have my parents be snow birds. Once set up with our own home I will be looking for another property which I'm not sure exactly what I'm looking for yet. I'm interested in short term rentals and something I can build some equity into. Without knowing the market well I feel like the short term rentals may be more challenging and with current situations with covid. Thoughts from Locals?
I am focused right now on looking to network and make some new friends in the area that are interested in real estate.
Vendor · Lake Worth, FL · Member since 2014 · 712 posts · 149 votes
6y
I am in Lake Worth, I am at office most days and have coffee meet & greats at around 3:30 pm each day. Feel free to swing by for coffee and real estate discussion.
West Palm Beach is a great area to invest. I am a Realtor here in West Palm Beach. There are plenty of homes that have a guest housed within a reasonable price range for the area. I just looked this up for a client the other day.
As far as your investment property. If you want good cash flow even with a mortgage town homes are a good way to go but you have to watch out for HOA's as they can get out of hand down here. I usually set a filter to below $250 a month. The only problem with townhouses that I have seen is that they do not appreciate as fast.
If you want a SFH watch out for some bad areas. They are spread out around West Palm Beach and what may look like a good investment, will be hard to rent for what you put into it. I also like SFH directly north in Martin county. You can find a great deal that will cash flow well.
With Covid-19 so unknown I don’t know if short term rentals are the way to go. It would have to be in a very desirable location but obviously your price point will continue to rise the more desirable it becomes. I own a couple investment properties myself and was very glad I have long term tenants.
Let me know if I can be of any more assistance during your search!