Best strategies for househacking in Tampa
Seekonk, MA · Member since 2015 · 25 posts · 9 votes
I'm currently a year away from graduating school and plan on moving from the Boston Massachusetts area. One area I am very interested in moving to is Tampa Florida. I want to househack but not sure what way would work best in the area 1 hour within Tampa that would completely eliminate the mortgage. I don't see many multiplexes so not sure if the one way to make it work would be buying a single-family and renting the bedrooms out. Interested to hear what others have to say for what works for you guys
Dear Peter Palmer, you are graduating from School with what? I quit College at 17 when the Counselor asked me "what do you want to go to school for?" I told her that all I wanted to do was to learn how to make money. She said that was not the purpose of College and I quit the same day. At 19 I had $25,000 Cash and did not know what to do with it. I would say you need to read Robert Kiyosaki and the Rich Dad, Poor Dad and try to understand the lesson about the importance of Daily Cash Flow. You can work for longterm Wealth Creation or strive for Daily Cash Flow. If you add on the lesson of Tax Deferred and Tax-free methods to make Cash Flow, then, you will end up thinking like me. Americans don't know how to make Money and they don't teach their children how to Manage it. Kids grow up with the unattainable idea of "being a Millionaire." No one ever teaches them how to "horse trade." You want to start with Real Estate Investing, then, look at the fact that you first of all, need a Place to Live. I never wanted to Buy a place that I would not live in. How can I make my Home an Investment? You can buy a Fixer Upper and move into it and two years later, as your Residence you can Sell it Tax-free up to $250,000 as your Residence. You don't even have to Declare it on your Taxes. All the Newbies that think that they need to Create Wealth with a Portfolio of Rental Properties are thinking about being a Millionaire and not in Daily Cash Flow. As you live in your fixed up Home for a few years you can also learn how to do Flips and do them as 1031 Tax Deferred until you have over $200,000 in Deferred Profits. Then, you move into that last house for two years and Sell it as your Residence, Tax-free up to $250,000 if this Real Estate Cycle holds up until then. Or you live in it a few years longer until the Market gets back to another High and not worry about the endless Tenant problems and take your Degree in whatever you studied and just keep working at a JOB. You can study Creative Financing and look for Motivated Sellers who might Finance by the Owner while you fix up a property until you can qualify it for a Mortgage. Learn how to use Other People's Money to make Money...Study the 5 and 10 year Methods to Make a Million. Join the Club and attend the Meetings to see what other Investors have done to solve the R.E. problem and keep in touch with the R.E. Cycle to not suffer in the next Downturn. If you Limit your Risk with R.E. you have "staying power" to get through the trough to the next uptrend and be a Seller with Profits. If you got a Degree in Business and Finance you could also look into learning how to just Invest or Trade REITs to add onto your Tax-free Sale plan of your Residence, etc. and not get involved with Rentals. You have to understand Active and Passive Investing and figure which one you want to get into. Time to get cooking.
Peter,
There are plenty of options, in our area. Lots of choices, that depend on a lot of different variables. What is your budget? Long term Goals with property? Want a fixer or move-in ready? Willing to buy in an up in coming area? Your ability/willingness to live with strangers? Looking for short term rentals (as this will require specific areas, that allow it)? Multi-families that are priced correctly do not last long. Single family homes with an in-law suite, may be an option. I have several clients that are looking for specific areas, which are in high demand, but there are plenty of opportunities in the area. Let me know if you have questions.
Hi @Peter Palmer , always great to see investors looking to house Hack! I currently live in a triplex (broken down as 2/1 main house which I live in, 1/1 attached MIL, and separate 2/1 house in the back) and the rents from both tenants pay off the mortgage on the property. So far its been a fantastic experience. We've done a lot of work to our house since purchasing (FHA 3.5% down) and will be refinancing soon to remove PMIand will be profiting $200-300 a month on top of our Mortgage, Homeowners insurance and taxes being paid off.I'm working with a buyer currently to buy either a duplex or triplex in the Ybor area and there are some great deals there for house hacking but Seminole Heights is pretty good as well! What area are you looking to buy in?
@https://www.biggerpockets.com/users/BrianD189, My budget would most likely be $200k and under. Planning to hold for at least 5-10 years, open to both a fixer or move-in ready condition but more inclined to a fixer that still will pass inspection for a low down payment mortgage. I'm not familiar with the surrounding areas right now but would live in a up and coming part of town. Also I would rather have longer-term tenants than AirBnB and are willing to live with them even if its a single-family renting out the rooms. I didn't see many multifamilies but those would be what I would be most comfortable buying but single family with an in-law would also work for me.
Hi @Peter Palmer , always great to see investors looking to house Hack! I currently live in a triplex (broken down as 2/1 main house which I live in, 1/1 attached MIL, and separate 2/1 house in the back) and the rents from both tenants pay off the mortgage on the property. So far its been a fantastic experience. We've done a lot of work to our house since purchasing (FHA 3.5% down) and will be refinancing soon to remove PMIand will be profiting $200-300 a month on top of our Mortgage, Homeowners insurance and taxes being paid off.I'm working with a buyer currently to buy either a duplex or triplex in the Ybor area and there are some great deals there for house hacking but Seminole Heights is pretty good as well! What area are you looking to buy in?
Hey Anthony I haven't started too much research into the many areas of Tampa which ones would you recommend for multifamily or ones with alot of in-law's?
Dear Peter Palmer, you are graduating from School with what? I quit College at 17 when the Counselor asked me "what do you want to go to school for?" I told her that all I wanted to do was to learn how to make money. She said that was not the purpose of College and I quit the same day. At 19 I had $25,000 Cash and did not know what to do with it. I would say you need to read Robert Kiyosaki and the Rich Dad, Poor Dad and try to understand the lesson about the importance of Daily Cash Flow. You can work for longterm Wealth Creation or strive for Daily Cash Flow. If you add on the lesson of Tax Deferred and Tax-free methods to make Cash Flow, then, you will end up thinking like me. Americans don't know how to make Money and they don't teach their children how to Manage it. Kids grow up with the unattainable idea of "being a Millionaire." No one ever teaches them how to "horse trade." You want to start with Real Estate Investing, then, look at the fact that you first of all, need a Place to Live. I never wanted to Buy a place that I would not live in. How can I make my Home an Investment? You can buy a Fixer Upper and move into it and two years later, as your Residence you can Sell it Tax-free up to $250,000 as your Residence. You don't even have to Declare it on your Taxes. All the Newbies that think that they need to Create Wealth with a Portfolio of Rental Properties are thinking about being a Millionaire and not in Daily Cash Flow. As you live in your fixed up Home for a few years you can also learn how to do Flips and do them as 1031 Tax Deferred until you have over $200,000 in Deferred Profits. Then, you move into that last house for two years and Sell it as your Residence, Tax-free up to $250,000 if this Real Estate Cycle holds up until then. Or you live in it a few years longer until the Market gets back to another High and not worry about the endless Tenant problems and take your Degree in whatever you studied and just keep working at a JOB. You can study Creative Financing and look for Motivated Sellers who might Finance by the Owner while you fix up a property until you can qualify it for a Mortgage. Learn how to use Other People's Money to make Money...Study the 5 and 10 year Methods to Make a Million. Join the Club and attend the Meetings to see what other Investors have done to solve the R.E. problem and keep in touch with the R.E. Cycle to not suffer in the next Downturn. If you Limit your Risk with R.E. you have "staying power" to get through the trough to the next uptrend and be a Seller with Profits. If you got a Degree in Business and Finance you could also look into learning how to just Invest or Trade REITs to add onto your Tax-free Sale plan of your Residence, etc. and not get involved with Rentals. You have to understand Active and Passive Investing and figure which one you want to get into. Time to get cooking.