Approved for 765k and in West Palm Beach Florida

Fort Lauderdale, Florida
Multi-Family and Apartment Investing
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Approved for 765k and in West Palm Beach Florida

Jonas GarciaPro Member
Member since 2020 · 7 posts · 1 vote

Hello BiggerPockets community, 

I am new to bigger pockets and posting in forums in general, so forgive me if I'm in the wrong area. I currently own a property already and went through a lender to get an approval for another property. I got approved for 765k and I am currently looking to see if i can acquire a fourplex. Is that even possible in Florida? I'm not married to Florida, so if Florida is not feasible what other states or areas should I be looking into?  Thanks  for anyone who takes the time to respond, I am trying to make moves and learn at the same time so any help will greatly be appreciated. 

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Ray Hage
Investor · Fort Lauderdale, FL · Member since 2020 · 1k+ posts · 755 votes
2y
Quote from @Jonas Garcia:

Hello BiggerPockets community, 

I am new to bigger pockets and posting in forums in general, so forgive me if I'm in the wrong area. I currently own a property already and went through a lender to get an approval for another property. I got approved for 765k and I am currently looking to see if i can acquire a fourplex. Is that even possible in Florida? I'm not married to Florida, so if Florida is not feasible what other states or areas should I be looking into?  Thanks  for anyone who takes the time to respond, I am trying to make moves and learn at the same time so any help will greatly be appreciated. 

Hi @Jonas Garcia, how's it going? Congrats on getting the approval. It is certainly possible to get a 4-plex with that. What's your main goal with the property(LT, ST, etc)? Do you plan to live in one of the units or prefer to keep it fully as an investment? I can definitely help out with this as I own small MFs as well.

@Ash Hegde thanks for the shout out!

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  • Ash Hegde
    Lender · Fort Lauderdale, FL (Lending in FL CT GA MI PA) · Member since 2022 · 470 posts · 349 votes
    2y

    @Ray Hage can probably help you out with this. He's an investor and agent in the area. 

    2Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    2y
    Quote from @Jonas Garcia:

    Hello BiggerPockets community, 

    I am new to bigger pockets and posting in forums in general, so forgive me if I'm in the wrong area. I currently own a property already and went through a lender to get an approval for another property. I got approved for 765k and I am currently looking to see if i can acquire a fourplex. Is that even possible in Florida? I'm not married to Florida, so if Florida is not feasible what other states or areas should I be looking into?  Thanks  for anyone who takes the time to respond, I am trying to make moves and learn at the same time so any help will greatly be appreciated. 


    It depends on the type of loan and property you currently own. If you are using an FHA and Conventional loan, lenders require that the new primary residence is bigger or better than your current one.

    [email protected]818-269-7983
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    1Reply
  • Ray Hage
    Investor · Fort Lauderdale, FL · Member since 2020 · 1k+ posts · 755 votes
    2y
    Quote from @Jonas Garcia:

    Hello BiggerPockets community, 

    I am new to bigger pockets and posting in forums in general, so forgive me if I'm in the wrong area. I currently own a property already and went through a lender to get an approval for another property. I got approved for 765k and I am currently looking to see if i can acquire a fourplex. Is that even possible in Florida? I'm not married to Florida, so if Florida is not feasible what other states or areas should I be looking into?  Thanks  for anyone who takes the time to respond, I am trying to make moves and learn at the same time so any help will greatly be appreciated. 

    Hi @Jonas Garcia, how's it going? Congrats on getting the approval. It is certainly possible to get a 4-plex with that. What's your main goal with the property(LT, ST, etc)? Do you plan to live in one of the units or prefer to keep it fully as an investment? I can definitely help out with this as I own small MFs as well.

    @Ash Hegde thanks for the shout out!

    3Reply
  • Vadim Iuras
    Member since 2024 · 4 posts · 2 votes
    2y

    Hi, you can find a fourplex in that price range in Kansas City area

    1Reply
  • Jonas GarciaPro Member
    OP
    Member since 2020 · 7 posts · 1 vote
    2y

    Ray,

    thanks for the response, I sent you a request to connect.

    Vadim, thanks as well I'm going to check it out.

    1Reply
  • Tyler Warrick
    Lender · Chandler, AZ · Member since 2023 · 88 posts · 48 votes
    2y

    Congrats and welcome to BiggerPockets! The more you use this Forum, the quicker you'll find what information to include in your posts. As others mentioned, including goals in your post is huge that way others can tailor fit an answer to your specific scenario. I've heard great things about @Ray Hage so don't be shy in reaching out to him/sharing your goals with him! 

    2Reply
  • Raymond J. RodriguesBusiness Member
    Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
    2y

    Hi @Jonas Garcia, happy to share some realtor contacts in the area that I know can help you out! Feel free to contact me. 

    [email protected]619-456-8311
    Helm Mortgage Corp.5127 Reviews
    WebsiteView Page
    1Reply
  • James Lester
    Member since 2023 · 2 posts · 0 votes
    2y

    Hi Jonas, I live, born and raised here in West Palm Beach. I may be of some assistance to your search! 

    0Reply
  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    2y

    Depends on which part of Florida you're looking at but I'm sure there are fourplexes under $800k there, particularly in smaller or less affluent towns.  

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  • Robert Rixer
    Investor · Miami, FL · Member since 2015 · 355 posts · 268 votes
    2y

    Are you married to a fourplex over say a triplex or duplex? It should really be about the income but some people do secretly want to run up the score on # of doors.

    0Reply
  • Jonas GarciaPro Member
    OP
    Member since 2020 · 7 posts · 1 vote
    2y

    Robert Rixer,

    I think right now I want to focus on cash flow, I'm hoping the #doors will follow But at the begginer stage that I'm at it would be awesome to see a solid cash flow

    0Reply
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