Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hello,
I live in NJ. The property market is way overpriced here. I am very undecided about buying a property over here, so i am not sure if i will wait for another 5 or 7 years before buying a home, so i wanted to have a investment property in Florida, since the prices have gone down so much i would love to invest there and own a property there. I have asked around a little bit but mostly havent gotten any clear answers where to invest.
Can someone please suggest me good places to invest in Palm Beach County, my Budget is around 150K. Couple of people i spoke to recommended BOCA RATON...but not sure, how about WPB city center area? Also i got couple of recommendation for WESTON. I know its in different county but just thought of listing here as well.
I have 3 major concerns
1) After i Buy a property IT HAS TO BE RENTED because i wont be able to afford another 1000/month worth of expense
2) If at all i can payoff the mortgage in next 7 to 10 years, i may think about coming and living over there, how are the jobs possiblity over there.
3) School systems and Universities. Are good areas with good schools hard to go on Rent?
4) How much average rent can i get on a 2 or 2 bedroom Home or Townhome in Weston/Boca Raton or WPB?
I would appreciate the insights on this.
Thank you
You want to check out Palm Beach Gardens and the planned community of Abacoa (Jupiter, FL). There are plenty of condo/townhomes with reasonable HOA fees available for sale in these locations. PBG will be more expensive because it is a more exclusive community. I have spent a lot of time on this analysis and know you can breakeven in terms of rent against holding costs (taxes, mortgage, HOA, insurance, etc.). There is an over-supply of townhomes in Jupiter so you can get a good price today. However, there is strong rental demand so you will be able to easily rent it. I recommend this location also because it is very close to West Palm Beach airport so it is very easy to fly Jetblue or Continental and see your investments. Finally, Palm Beach Gardens has nice amenities, is close to the beach and is near the expanding Scripps Institute(Scripps Research Institute having economic ripple effect on Treasure Coast » TCPalm Mobile). The long-term prospects for Jupiter and PBG are very good. Boca is good but you're money won't go as far. You will have better buying power in Jupiter. Check out Trulia.com for listings in Jupiter in your price range.
If I was going to be a strick "investor" in Fla, I would be seriously looking in the port charlotte/punta gorda area on the west coast. Can you believe there have been 3 bedroom HOUSES on 1/4 acre with a garage sell for 25 grand?
There are 3 hospitals all within a 5 mile radius with 2 of them across the street from each other.
Unreal potential from a money and numbers standpoint . My opinion and I've been here for 8 years, moving back to the east coast and literally spending multiples of what we could get it for here. But I'm from NJ would like to be closer to the ocean rather than the gulf. Too bad too cause port charlotte is already 3rd worldsish from a price standpoint. Not going to stay like that forever and the upside in some of these sales seems to have much more potential than say Boca. I see a house in PC doubling a lot faster if the house is in the 100K range then the similar house in Boca, 2 1/2 HOURS AWAY at a cost of 300k goes to 600K
I sold land here that I bought for $3500 for near 30 grand 10 months later. Then came the collapse and I have news for you unless they elect Ron Paul ( I am not getting political ) we're in for an extended extended downturn with out of control debt and seemingly endless un-sustainable wars, military actions and other spending that is bankrupting this place. He would put a stop to all that and set us at least in the right direction. Watch Iowa eh? That said there will always be people who fundamentally believe in owning the land beneath there feet and as you said about Jersey and how overpriced it is , people will gravitate to Fla. That said there's east coasters who when aged also gravitate to what is perceived as old Fla or the Fla that hasn't evolved ( oops , flame on ) like other parts and hence an opportunity.
Anyway that land I bought for $3500, sold for $30K has finally been resold again, last month I saw that it closed for $1400 bucks. That's fourteen hundred dollars for a 1/4 acre of sunny southwest Fla in port charlotte that you could build a brand new house on for 100K. Beat that.
I am not arguing with anyone about renters but merely pointing out that the experiences we have had have all been negative and we have also been renters ourselves in other countries so know very well what can happen.
There is nothing to be ashamed of in renting a property I was merely trying to point out what the pitfalls can be to a person who is at a distance and doesn't know what it is like in FL right now. It is shameful that this country and many other countries as we are not alone in all of this that people have no work and have lost their homes. However, renters should not take it out on people who are in similar circumstances as themselves where they find they cannot do anything with the property except rent it out.
I was just at my property in FL this week as the tenants moved out without paying the last months rent leaving the property filthy, not returning their keys or garage remotes, painting the inside walls other colours, damaging the brand new carpet of 10 months, and knocking lamps off walls whilst moving out. Cockroaches in the place because of all the crumbs they didn't clean up, bulbs out and missing, bills unpaid to local vendors. These were professional people too with good ratings so you never know what you are going to encounter along the way when you rent out.
Previous tenant had good ratings but sub-let to her grandson when she decided the place was too expensive but he trashed the place, cut holes in the walls for t.v. burned holes in the new carpets with cigarettes, put oily black clothes on the carpets and in the washing machine and drier, left bills unpaid and paid no rent. It was only the good grace of a neighbour finding out what was going on that our agent was able to obtain entrance to the property and evict him.
Florida right now is in a terrible dilema with so few of their condos rented out and local West Palm Beach businesses boarded up (not just for the winter) but permanently. Even though it is the holiday season the place was empty! Jobs are few and far between and people are living in cars and many are homeless. It is a shocking state of affairs we are in.
I am not arguing with anyone about renters but merely pointing out that the experiences we have had have all been negative and we have also been renters ourselves in other countries so know very well what can happen.
There is nothing to be ashamed of in renting a property I was merely trying to point out what the pitfalls can be to a person who is at a distance and doesn't know what it is like in FL right now. It is shameful that this country and many other countries as we are not alone in all of this that people have no work and have lost their homes. However, renters should not take it out on people who are in similar circumstances as themselves where they find they cannot do anything with the property except rent it out.
I was just at my property in FL this week as the tenants moved out without paying the last months rent leaving the property filthy, not returning their keys or garage remotes, painting the inside walls other colours, damaging the brand new carpet of 10 months, and knocking lamps off walls whilst moving out. Cockroaches in the place because of all the crumbs they didn't clean up, bulbs out and missing, bills unpaid to local vendors. These were professional people too with good ratings so you never know what you are going to encounter along the way when you rent out.
Previous tenant had good ratings but sub-let to her grandson when she decided the place was too expensive but he trashed the place, cut holes in the walls for t.v. burned holes in the new carpets with cigarettes, put oily black clothes on the carpets and in the washing machine and drier, left bills unpaid and paid no rent. It was only the good grace of a neighbour finding out what was going on that our agent was able to obtain entrance to the property and evict him.
Florida right now is in a terrible dilema with so few of their condos rented out and local West Palm Beach businesses boarded up (not just for the winter) but permanently. Even though it is the holiday season the place was empty! Jobs are few and far between and people are living in cars and many are homeless. It is a shocking state of affairs we are in.
What Carol said. I have had similar bad experiences with tenants. Honestly, if you yourself cannot afford the payment on an investment property for at least the period of 3 - 4 months, then you shouldn't invest in one right now. You will need to have that money available for non-paying tenants that take a minimum of 2 months to evict (without paying rent the entire time) and the 2 more months to fix damages. You also need money for those damages, and apparently the cost of labor to do them since you are not here to do it, and legal fees. Don't forget YOU have to pay the power bill while your place is unrented/unhabitable and check the skyrocketing costs of homeowners insurance, its higher even for a rental, and property taxes.
Hello,
I live in NJ. The property market is way overpriced here. I am very undecided about buying a property over here, so i am not sure if i will wait for another 5 or 7 years before buying a home, so i wanted to have a investment property in Florida, since the prices have gone down so much i would love to invest there and own a property there. I have asked around a little bit but mostly havent gotten any clear answers where to invest.
Can someone please suggest me good places to invest in Palm Beach County, my Budget is around 150K. Couple of people i spoke to recommended BOCA RATON...but not sure, how about WPB city center area? Also i got couple of recommendation for WESTON. I know its in different county but just thought of listing here as well.
I have 3 major concerns
1) After i Buy a property IT HAS TO BE RENTED because i wont be able to afford another 1000/month worth of expense
2) If at all i can payoff the mortgage in next 7 to 10 years, i may think about coming and living over there, how are the jobs possiblity over there.
3) School systems and Universities. Are good areas with good schools hard to go on Rent?
4) How much average rent can i get on a 2 or 2 bedroom Home or Townhome in Weston/Boca Raton or WPB?
I would appreciate the insights on this.
Thank you
Put your money in a money market account.....you will have more money at the end of 10 years. Income property is a fantasy in Florida after the property taxes, insurance, maintenance fees and you get to worry from 1300 miles away!
You want to check out Palm Beach Gardens and the planned community of Abacoa (Jupiter, FL). There are plenty of condo/townhomes with reasonable HOA fees available for sale in these locations. PBG will be more expensive because it is a more exclusive community. I have spent a lot of time on this analysis and know you can breakeven in terms of rent against holding costs (taxes, mortgage, HOA, insurance, etc.). There is an over-supply of townhomes in Jupiter so you can get a good price today. However, there is strong rental demand so you will be able to easily rent it. I recommend this location also because it is very close to West Palm Beach airport so it is very easy to fly Jetblue or Continental and see your investments. Finally, Palm Beach Gardens has nice amenities, is close to the beach and is near the expanding Scripps Institute(Scripps Research Institute having economic ripple effect on Treasure Coast » TCPalm Mobile). The long-term prospects for Jupiter and PBG are very good. Boca is good but you're money won't go as far. You will have better buying power in Jupiter. Check out Trulia.com for listings in Jupiter in your price range.
Boca is 20-30 years older also, Jupiter blew up in the last 10 years so more of their inventory is newer, build to stronger building codes, less likely to cost you money in the short term (roof/ac etc).
If I was going to be a strick "investor" in Fla, I would be seriously looking in the port charlotte/punta gorda area on the west coast. Can you believe there have been 3 bedroom HOUSES on 1/4 acre with a garage sell for 25 grand?
Anyway that land I bought for $3500, sold for $30K has finally been resold again, last month I saw that it closed for $1400 bucks. That's fourteen hundred dollars for a 1/4 acre of sunny southwest Fla in port charlotte that you could build a brand new house on for 100K. Beat that.
Sorry for the long winded post, mis-spellings etc
Yeah but by your own reasoning that 100K house is only worth 25K when complete?
well dont try to get in the rental area unless you plan to be on top of it as said most areas dont like rentals in a HOA, next renters do not care for the units!
do your home work, if you dont have cash no way will you get finacing NO WAY!
owner OCC,
Yeah but by your own reasoning that 100K house is only worth 25K when complete?
No said there were sales of single family home for 25K.
I could not be a landlord. No way. And a landlord 1300 miles away? Definitely no way. 25 years ago sure, maybe if the numbers made sense. Not today I don't care what the numbers are.
Boca is 20-30 years older also, Jupiter blew up in the last 10 years so more of their inventory is newer, build to stronger building codes, less likely to cost you money in the short term (roof/ac etc).
Exactly. Another reason I like this area.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
