5204 Edenwood Rd, Palm Beach Gardens, FL
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Description Photos Maps & Local Schools Walk Score
$ Click for current price
3 BEDROOMS
2 BATHROOMS (2 full)
1402 Square Feet
This property will not last long. 3 bedroom, 2 bathroom single family ranch with 2 car garage is located in the desirable gated community of Woodbine. This home has ceramic tile and Pergo flooring throughout, large open living area, screened patio, fenced back yard barrel tile roof and much more. Woodbine is a well maintained gated community with many amenities and one of the lowest HOA fees in the area. The location is super convenient to I-95, Turnpike, parks, shopping, schools and Palm Beach International Airport. The home is well maintained and will be move in ready. Perfect for first time or move up buyer.
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Rodney Forbes

Managing Broker

Forbes Realty of South Florida
561-337-4810
rodney@forbesrealtyonline.com
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Blog Post June Image

Rodney Forbes, Broker with Forbes Realty of South Florida in Palm Beach County, gives insight into current trends in real estate investing.

Despite the grim economic outlook for some industries, one sector is gaining viability — real estate. According to the 2016 Emerging Trends in Real Estate, which was released by the Urban Land Institute earlier this year, trends such as “18-hour cities” and millennial parents increasing moving from urban areas out into the suburbs signal that real estate as an industry is gaining strength every passing day in 2016. One lending officer at a large financial institution even went to far as to say that “the next 24 months look doggone good for real estate.”

These trends means that real estate is a smart place to make an investment and grow your wealth. A housing shortage means that flipped homes tend to sell quickly and for high prices, and an increased demand across all age groups for rental properties means that finding tenants for your buy-and-hold properties should be a breeze.

Of course, these trends also mean that the real estate market is highly competitive right now. If you want to make a foray into real estate investing, you’ll need to educate yourself and be strategic in who you work with and where you look for investment opportunities. Read on for our beginner’s guide to real estate investing.

 

Assemble your real estate team before you buy

Building relationships with your team will empower you to make serious offers that will more likely get accepted by sellers. Among your team members, you will want to include:

 

  • A mortgage broker or banker, who can help you get the financing for your deal
  • A real estate attorney to protect you by reviewing and revising contracts
  • An appraiser who can help you get a correct appraisal for your potential property
  • An accountant who is well versed in real estate investments
  • A good contractor, for repairs whether you’re rehabbing or buying rental property

Note: Contact Rodney at Forbes Realty for our list of top mortgage brokers and contractors in Palm Beach County.

 

How to find rehab or wholesale deals

You can buy properties to fix up and resell (flip) or you can buy and hold properties that you rent out for monthly cash flow.

The advantage of flipping properties is that you can end up with a good return on investment (ROI) in the short term. For example, you buy a property for $100,000, and invest $50,000 into repairs. Once it’s rehabbed, your property is valued at $200,000, and you sell it for a $50,000 profit.

This is an extremely simplified version of ROI. There are many other factors that you need to determine to see if the numbers work in your favor — that is, you’re not overpaying initially when you buy the properties or for the renovations or holding costs.

Flipping properties means that you will need to spend more time looking for fixer uppers that may be under market value. These may be more difficult to find in a hot market with rising property prices. Beyond the actual purchase price, you will also need to factor in fixed purchase costs for inspections, closing, and lender fees.

You’ll also need to factor in holding costs. Your budget should include funds for making repairs, whether you are doing them yourself or hiring contractors. While you’re upgrading the property, you’ll need to carry mortgage payments, property taxes, utilities, and insurance.

Because of rising property values, fix-and-flip deals in good neighborhoods can be hard to find. But once you know where to find rehab opportunities, you can easily repeat the process by reinvesting proceeds from a previous flip into the next property, which can be bigger, in a more desirable neighborhood, or finished out more luxuriously, and therefore sold for more cash!

Working with the right real estate professionals will help you learn which neighborhoods to consider and determine where you should focus your search. We can help you find the right fixer-uppers that may be under market value. Also, a Realtor will have access to many properties that may not be publicly available.

 

Finding buy-and-hold rental properties

A buy-and-hold rental property is one that your purchase with the intent of renting it out to tenants. If you find the right long-term buy-and-hold rental property, you can earn consistent cash flow each month, which can be a great source of supplemental income.

You’ll need to carefully review the operating expenses on the property and what tenants are willing to pay for the space to know if you’ll make or lose money each month. For example, say your total costs to buy a duplex was $20,000, including down payment and closing costs. You can rent each of the units for $600. Assuming your building is 100% occupied, you’ll make $1200 per month in income. Your expenses include mortgage payments, taxes, insurance, utilities, and management fees, and you want to set aside some cash each month for capital expenditures and routine repairs. You calculate that your expenses add up to $1100 per month. Once you subtract your expenses from your income, you’ll have a positive cash flow of $100 per month.

Of course, this is a very simplified example, and it doesn’t take into account that problems will inevitably arise. Emergency roof repairs, heating system breakdowns, broken windows that need replacing, and other unexpected expenses can eat away at your profits. One of your units may be vacant for a month or more — for example, vacancies are high in the summer months in buildings around universities — or you could have a tenant who fails to pay their monthly rent.

The more you can anticipate problems before they happen, however, the easier it will be for you to recover from setbacks! Moreover, rent isn’t the only way to make money on a buy-and-hold property. You can also add amenities, such as coin laundry and vending machines, to increase your potential monthly income. If your property has space to add a billboard, you can earn advertising revenue from renting that space, too. And when you decide to sell, your property’s value will likely have increased both from the overall rising property values and by the improvements you made to increase the cash flow.

Once you find and invest in your rental property, you’ll need to decide how you want it managed from month to month.

 

Getting the right property manager

Do you want to manage your own property or hire a manager? Property management can become a full-time job. As a property manager, you’ll have to deal not only with maintenance, repairs and tenant issues, but also with insurance, fair rental regulations, and building code compliance. So if you’re not an expert in these areas, managing your own properties may not be worth your time and effort.

Hiring a professional manager can save you headaches over the long term. While you’ll have to factor in management as a fixed expense, your property manager will likely know how to better take care of routine repairs, tenant issues, and keeping your property near 100% occupancy.

Your real estate professional can refer you to reputable property management companies to help you take care of your investment.

 

Where should I start investing in local real estate?

Work with a knowledgeable real estate professional who knows about the different neighborhoods. We can help you find properties that will fit into your budget and your overall goals. Whether you’re seeking a duplex or multifamily property so you can maximize your rental income or whether you want a condo or single-family home to improve for resale, we can guide you to the best property to suit your needs.

Contact us to learn more about investment properties in our area. Call Rodney @561-337-4810.

If you are interested in buying or selling a home in the Palm Beach County area, specifically Palm Beach Gardens, Jupiter and West Palm Beach, please visit my Forbes Realty website. For frequently updated real estate news and market conditions visit my South Florida Real Estate Report blog. There are many free reports as well as free access to MLS listed properties.

Rodney Forbes is a licensed Realtor®, Luxury Home/Waterfront Specialist and Managing Broker for Forbes Realty of South Florida Inc.

 

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336 Golfview Road, North Palm Beach, FL
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Description Features Photos Maps & Local Schools Walk Score
$ Click for current price
2 BEDROOMS
2 BATHROOMS (2 full)
1143 Square Feet
Beautiful waterfront and golf course views from this remodeled 7th floor condo in North Palm Beach. You even have views of the intracoastal. Store your boat at the PGA Marina and be just minutes to the ocean. Desirable location in North Palm Beach, just south of PGA Blvd, minutes to Singer Island beaches, Juno/Jupiter Beach, Seasons Mall, PGA Midtown and the North Palm Beach Golf Course is right out your patio window! The Gemini Condo building has too many amenities to mention, including a gated parking and lobby check-in for guests. This well maintained unit is priced well below market for a quick sale. Please contact the listing agent for more information, or to submit an offer quickly. It won’t last on the market for very long.
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Rodney Forbes

Managing Broker

Forbes Realty of South Florida
561-337-4810
rodney@forbesrealtyonline.com
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Rodney Forbes with Forbes Realty of South Florida in West Palm Beach has some great news for homebuyers. Read below courtesy of Associated Press:

Average long-term U.S. mortgage rates slid this week to their lowest level since February 2015, luring prospective purchasers during the spring home-buying season.

Mortgage buyer Freddie Mac said Thursday the average rate on a 30-year, fixed-rate mortgage fell to 3.59 percent from 3.71 percent last week. The benchmark rate was far below the 3.66 percent level it marked a year ago.

The average rate on 15-year fixed-rate mortgages declined to 2.88 percent from 2.98 percent last week.

No one knows how long these low rates will last, so if you’ve been on the fence about purchasing this may be the perfect time. Home prices in Palm Beach County has started to level off, adding more good news for people considering buying a home.

A recent speech by Federal Reserve Chair Janet Yellen reaffirmed the Fed’s plans to move slowly in raising the interest rates it controls. That prospect has tamped down mortgage rates.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for a 30-year mortgage was unchanged from last week at 0.5 point. The fee for a 15-year loan also held steady, at 0.4 point.

Rates on adjustable five-year mortgages averaged 2.82 percent this week, down from 2.90 percent last week. The fee remained at 0.5 point.

Potential homebuyers should contact Forbes Realty of South Florida at 561-337-4810 or email to info@forbesrealtyonline.com

Rodney Forbes is the managing broker for Forbes Realty of South Florida in Palm Beach County.

 

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3898 Classic Court, West Palm Beach, FL
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Description Features Photos Maps & Local Schools Walk Score
$ Click for current price
2 BEDROOMS
2 BATHROOMS (2 full)
1696 Square Feet
Home for sale by Rodney Forbes with Forbes Realty of South Florida. Lake front! Perfect home for first time homebuyer, seasonal resident or investor. This ranch style home is located in a quiet, well maintained neighborhood. Features include vaulted ceilings, large family room with wet bar, split bedrooms, 2 car garage and screened patio with a great view of the community lake. New paint and carpet throughout. Very low HOA fees for the area. Lake is stocked and fishing is allowed for residents. Convenient to I-95, area parks, golf courses, Palm Beach Outlet Mall, airport, downtown West Beach and Clematis District. Just a short drive to the intracoastal waterway and Palm Beach Island’s beautiful beaches. This is a Fannie Mae Homepath property.
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Rodney Forbes

Managing Broker

Forbes Realty of South Florida
561-337-4810
rodney@forbesrealtyonline.com
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imagesCASPYU96As Rodney Forbes, managing broker at Forbes Realty of South Florida, has been predicting for years, despite the real estate downturn over the past few years, the population of Florida is continuing to grow. Florida is now the country’s 3rd most populated state (trailing only California and Texas). Read the article below courtesy of RealtyTrac:

“A rising number of Americans are heading to southern states, lured by a combination of warmer weather, affordable housing, lower taxes and less congested cities, according to a new report published by RealtyTrac called “The Next Great Migration of ‘Housing Refugees’ On the Move.”

New census data confirm the findings. Since 2014 alone, more than 1.4 million people have moved to the Sun Belt, mostly from the Northeast and Midwest, according to Census Bureau data.

That marks a stark difference to previous mobility trends. For more than a century, Americans predominantly headed west to cities such as Los Angeles, San Francisco, San Diego and Seattle. But lately, that migration trend is taking a turn south.

“This 20th century movement west, which has dominated American demographic patterns for decades, may now be reversing itself in the 21st century as rising housing costs, stagnant job creation, restrictive land-use laws and no-tax states pull Californians, Midwesterners and Northeasterners eastward and southward to less costly regions and more business-friendly states in the Sun Belt,” RealtyTrac’s report notes.

Americans are fleeing pricey coastal states like California and New York and heading to states considered more affordable, such as Texas, Florida, and the Carolinas, according to a recent United Van Lines report.

During the Great Recession, populations in the Sun Belt saw a decline, but now analysts are saying there’s a renewed “Snow Belt-to-Sun Belt migration pattern,” says William H. Frey, a demographer and senior fellow at The Brookings Institution in Washington, D.C.

Florida is especially feeling a heat wave of new residents. For the first time in nearly a decade, Florida added more people than California between July 2014 and July 2015, according to Census Bureau data. That helped Florida emerge as the third most populous U.S. state, jumping ahead of New York (and following California and Texas).”

Forbes Realty of South Florida is based in Palm Beach County and has been helping new residents relocate since 2006. Contact our office if you’d like more information on moving to the Sunshine State. Call 561-337-4810 or visit our real estate website at www.SearchWestPalmBeachHomes.com

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12846 Mallard Creek Drive, Palm Beach Gardens, FL
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Description Features Photos Maps & Local Schools Walk Score
$ Click for current price
5 BEDROOMS
5 BATHROOMS (4 full, 1 half)
6997 Square Feet
Rodney Forbes: Forbes Realty of South Florida: 561-337-4810

Palm Beach Gardens, FL 33418 Home for Sale. Custom Expansive 5BR Truly southern Style Home. Equestrian Area, 5 acre fenced lot, handicap accessible, 10ft ceilings, Beam central vac.,3 zone A/C, two wells, lawn sprinkler, perimeter fencing, hurricane shutters. Florida Living at it’s best. Attached 1 bedroom in law or maids suite with separate entry and laundry. Lovely front & back porch sitting areas perfect for entertaining. Home office. gas water heater, recirculating hot water. Caloosa has a 32 acre park,30 miles of horse trails, paved roads,35 miles of canals for fishing, riding arena, tennis and playground.

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Rodney Forbes

Managing Broker

Forbes Realty of South Florida
561-337-4810
rodney@forbesrealtyonline.com
L2L

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309 Lake Circle #103, North Palm Beach, FL
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Description Features Photos Maps & Local Schools Walk Score
$ Click for current price
2 BEDROOMS
2 BATHROOMS (2 full)
970 Square Feet
For Sale: Rodney Forbes with Forbes Realty of South Florida: 561-337-4810

This is your chance to own a rare first floor, waterfront condo with a deeded 35 ft dock just steps from your door! Access to intracoastal waterway and the ocean. This condo features 2 bedrooms and 2 bathrooms with a large family room. Enjoy beautiful sunsets from your screened patio or the community pool right around the corner. Highly rated schools nearby. Conveniently located by Northlake Blvd and Prosperity Farms Rd. Easy access to I-95, Gardens Mall, Shops on PGA, Palm Beach Outlet Mall and CityPlace. Minutes to beautiful Singer Island and Jupiter beaches. Qualified buyers may be eligible for closing cost assistance through Fannie Mae’s Ready Buyer Program. This is a Fannie Mae Homepath property

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Rodney Forbes

Managing Broker

Forbes Realty of South Florida
561-337-4810
rodney@forbesrealtyonline.com
L2L

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1900 Consulate Place #103, West Palm Beach, FL
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Description Features Photos Maps & Local Schools Walk Score
$ Click for current price
3 BEDROOMS
2 BATHROOMS (2 full)
2200 Square Feet
Beautiful and well maintained 3 bedroom, 2 full bathroom condo unit in the 1900 Consulate Place building. Very private and secure with gated access and lobby doorman. The unit has beautiful marble tile floors as you enter and there are great golf course views from the large wrap around balcony. Enjoy the morning sunrise on the balcony with eastern views. There are great views and balcony access from all bedrooms and living area. This building has a resort feel with pool, sauna, exercise room, library, game room, tennis and much more. Location is very convenient to I-95, new Palm Beach Outlet Mall, CityPlace, downtown West Palm Beach, Palm Beach International Airport and beautiful Palm Beach Oceanfront beaches.
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Rodney Forbes

Managing Broker

Forbes Realty of South Florida
561-337-4810
rodney@forbesrealtyonline.com
L2L

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5184 Elpine Way, Palm Beach Gardens, FL
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Description Photos Maps & Local Schools Walk Score
$ Click for current price
3 BEDROOMS
2 BATHROOMS (2 full)
1576 Square Feet
This is the home you’ve been waiting for! Beautifully upgraded, 3 bedroom, 2 bathroom home in popular Woodbine Subdivision. Home has been well maintained, with granite countertops, stainless steel appliances, hardwood cabinets, marble tile floors, custom tiled bathrooms and much more. Installed flat screen TV’s, wireless sound and security system are included. Must see to believe all the special touches. Woodbine is a gated community with well maintained common areas, low HOA fees, several community lakes, clubhouse, tennis courts, soccer field and more. Location is super convenient to …
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Palm Beach County Homes for Sale
Rodney Forbes

Managing Broker

Forbes Realty of South Florida
561-337-4810
rodney@forbesrealtyonline.com
L2L

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