Looking for house hacking in West Palm, Palm Beaches

[Kevin Quach]

Hey everyone!

I'm looking to find a duplex or home to move into and rent out the additional rooms for some side income. My market currently would be the West Palm Beach area, Jupiter, or Palm Beach Gardens area (33401 zip code or close). 

This would be my first property, since I've been renting since I graduated a couple years ago. I have a personal connection that would help me finance, but I'm open to other investors helping me with this also (can't hurt to ask, right? haha).

I'm thinking a property somewhere between 100k to 250k. I'm still doing a lot a research into this topic. Any advice would help, or if any of you guys do real estate locally in the area maybe you could help show me some properties. I'm currently looking on realtor.com and browsing an area that I like. 

I've been looking into houses close to the downtown West Palm Beach area. What are your guys' take on homes on the edge of downtown areas? They're definitely a little rough, makes me a bit nervous, but I don't know if I just have an overactive imagination. The location is definitely good, being close to downtown and the beach, but it generally seems like a poverty area and a bit shady.

I'm ready to makes some moves if I find a good deal, and the numbers work out. Another thing to note is that I may be moving in a year or so for work, and in that case I would rent out all the rooms or the whole house. Worst case I would sell if renting doesn't work out. My company would be mitigating my costs while on long term work travel, and I've heard they may even buy out your home in some cases.

What are you guys' opinions or advice? I'd love to hear them. Time frame for action is within the next year, I'd most likely be moving by end of 2017.

[Mike Waltman]

Its tough here in pbc to find a decent multifamily worth house hacking. Most 2-4 unit buildings worth house hacking (numbers wise) are in rough areas. Unless you find a real hidden gem, you have to go into it knowing and accepting the environment you are getting into. 

That being said your best bet for return/reasonably comfortable area is probably palm beach gardens north of Northlake- south of PGA between us1 and 95 / Jupiter north of Indiantown Rd between Alt A1A and 95.  Not the best areas, not the worst and you can probably find something that will break even + a little renting out the other side. Everything else is a little bit of a comfort/safety compromise for better returns. 

Aside from that keep your eyes open for that hidden gem. Met a couple house hacking a duplex in a nice area of Delray and doing well by it. Not easy to find but might be worth keeping an eye out for. 

For me I'm renting in Juno Beach and waiting until I find the perfect house hacking opportunity. No rush.