All Forum Posts by: Kyle Funnell

Hey @Roi Azoulay,

Really depends on what you are looking for to help you with determine your ideal location (duplex, condo's, SFH, etc). Flipping is a very competitive in this market but doesn't mean it can't be done. Just find that most people don't have the best margins because they paid too much.

There are many areas that are great for rental properties. I would say the biggest thing to look out for are HOA's and HOPA's. What may look like a good deal ends up having very strict rental restrictions or some HOA's are up to $1000/month. (Which really eats into your investment)

Hey @Lucciana Theodule,

I am am an investor/realtor in Palm Beach County. There are definitely areas that you can achieve the 70% rule, especially on foreclosure auctions. I will warn you that there is a lot of competition in the market so you have to act quick when you see a good investment.

As far as your need for funds, are you looking for lending options? Big thing with flipping is you really need money to make money (especially in expensive markets like Boca, Delray, and West Palm). I have been searching north in Martin county that I have seen some good deals that are a bit of a lower price point. 

Best of luck in your house flipping endeavors. 

Kyle Funnell, Realtor

Hey @Noel Dixon,

I work as a real estate agent for Signature International Real Estate, LLC.

Kyle Funnell, Realtor

Hey @Noel Dixon,

My brokerage uses Signature Title Group (website hyperlinked) for all of our closings. It is attorney operated located in Palm Beach County, FL. 

Let me know if you need any further assistance,

Kyle Funnell, Realtor

@Matthew Maynard 

Yes it does come down to the individual condo association so if you go that route make sure you read there bylaws. And yes HOA's are high. When looking for myself, I usually set restrictions on HOA's and HOPA's. Almost every time I see a good deal, it is usually one of these that make it a deal breaker.

House hacking is a great way to go! If you are looking for a duplex, I am sure you have seen that they are really expensive or in rough areas. But there are definitely still some options in Palm Beach.

If you need any assistance with your search let me know. I am constantly looking at complex’s that pop up! I am happy to assist.

Kyle Funnell, Realtor

Hey @Matthew Maynard,

I am an investor/realtor in Palm Beach county. 

Like Mike said, Condo's are tricky. On top of everything he went over, some condo's only allow you to rent once a year. So if your tenant doesn't pay rent and you evict them, you cant rent it out again until their lease would have been done. That also eliminate's the possibility of airbnb.  

I wouldn't get caught up with what is the best location, rather what is the best investment. In short term rentals, it may matter more about location, but if SFH it doesn't matter as much. Look at the market rents in the area and make sure you are getting a good cash on cash percentage.

Duplex's and triplex's are preferable but there are a lot of investors in the area taking anything that is a good deal. Also, I am sure you have seen the ones that are a great deal are not in the best neighborhood. Have you considered moving your search north? I am finding some good deals in the Martin County area that have some good cash on cash returns. 

Kyle Funnell, Realtor

Hey @Richard Miller,

I am an investor/Realtor in Palm Beach County. I would definitely consider reinvesting! Where in South Florida are you located? At $100,000 and $600 per month in cash flow, you are only getting a 7.2% cash on cash. I know of a few duplexes in Palm Beach and Martin County where you can get close to 12% cash on cash.

The duplexes are usually not in HOA's or condo associations so you don't have to worry about that taking away your profits or any assessments. However, they are typically older with older roofs and A/C's that could eat into your investment.

Kyle Funnell, Realtor

Hey @Ginger Brown,

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!

Kyle Funnell, Realtor

Hey @Todd Wheatley, 

Great decision to move to South Florida! I am currently a Realtor in the West Palm Beach area. 

The big thing to watch out for when selecting your property is in South Florida are HOPA's and HOA's. If you are 55+ then some HOPA communities are great because most of time you can get a great deal. If you are not 55+, then you will not qualify to own the property. Next is HOA's, in my opinion, when conducting your search, I would make sure that the HOA's are not out of control. I typically limit my search where HOA's are less then $250 a month.

Next, I think anywhere you buy in Palm Beach and Martin counties you will see a great investment in your buy and hold. With no where to expand east or west (because of the swamp and ocean) and a growing population, we are expecting prices to continue to climb as demand increases. 

I am sure you have seen that the more north you go, the cheaper the comparable properties become. Especially in Stuart where I see property values rising more in the future. 

If you have any further questions, feel free to reach out. 

Kyle Funnell, Realtor

Hey Lisa,

Congrats on your decision to take your real estate exam! I have just recently taken the course as well. You can get a lot of good deals right now online or on groupon. I took mine with Azure Tide Realty and it was very good. My brokerage actually has free classes to pass your exam (if you stay on with them after the fact). All courses will be about the same. 

Kyle Funnell, Realtor