Looking for a duplex/triplex in the tampa area
Hi all,
I'm interested in purchasing my first investment property in the Tampa area (either a duplex or triplex). I'm new at this, so any leads or advice would be appreciated. I'm also interested in meeting General Contractors to help with rehab opportunities I may found along the way. Looking forward to network with everyone.
Thanks,
Marc
Most Popular Reply
@Marc S., if you're planning to go the FHA route, one thing to keep in mind is that on a triplex or fourplex, 85% (75% in certain states) of the market rents on all the units need to cover your monthly payment (principal, interest, taxes, insurance, and mortgage insurance). This is known as the self-sufficiency rule. It only applies to 3- and 4-unit properties (not SFRs or duplex) bought using FHA financing. I put together a spreadsheet here to help potential house hackers quickly analyze whether or not a property qualifies. There are other FHA requirements concerning which you should contact your local lender, but determining whether or not a triplex or fourplex meets the self-sufficiency rule is a good place to start as this rule will immediately eliminate many properties from your search, especially in expensive markets like ours.
- Logan Allec
