Good homes for multiple families.

Asked by drprince89, Tampa, FL Fri Sep 21, 2012

Hi, i am graduating college soon, and in order to help me out, my parents would like to purchase a property that has a main home, and then either a converted garage or separate home on the property.

The goal is to find a property with a repeater space that i can live in, while still renting out the larger home to another family.

Any help or tips in locating these types of homes would be greatly appreciated.

Prefer newer construction, and basically a place whose value will pay the mortgage for itself while i essentially live rent free, or with very low payments.

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Lynn Brock, Agent, Sarasota, FL
Fri Oct 12, 2012
drprince89, which county? Hillsborough, Pinellas, Manatee or Sarasota. Each county has properties with inlaw apartments, duplexes, triplexes or four plex. Lastly what is your price point?

Newer construction will most likely not have inlaw apartments as the newer homes are built in residential subdivisions with deed restrictions. More likely in older neighborhoods with homes built in the 1980s, 1970s or earlier.

You can accomplish what you are trying to do, but, to cash flow you will have to be more flexible with your preference of newer construction.

Best regards,
Lynn Brock
Brock Realty Inc
If you'd like to search the MLS like an agent in real time, you can visit our website and sign up for a free Listing Book account. You will be able to change the search criteria to suit yourself and received morning reports regarding new listings, price changes and recent pendings.
0 votes
Craig Fourni…, Other Pro, Tampa, FL
Wed Oct 3, 2012
Hello drprince89,
Three Questions for you!

What are your preferred zip codes?
What is the $$ limits, that they are approved for?
Would you want to do the rehab or would you prefer a turnkey?
OOoops fourth question.....How soon would you like to move in?

We can find them for you if you give us your must haves & $$ limit!
Best regards
The staff @ CR Solutions Now
0 votes
Daven Henry, , Tampa Palms, FL
Mon Sep 24, 2012
I have a listing at 4008 e miller ave that would be ideal....its only 55k CASH
0 votes
Lisa Reeves, Agent, Tampa, FL
Fri Sep 21, 2012
Very interesting idea that you are looking to do. Having two homes on the same lot or a converted garage is not a usual item in Tampa. Your primary necessity is going to be making sure that the property is multifamily in zoning to allow you to legally rent the property. Even though you are not renting the secondary structure, its a technicality that I would not test with City or County zoning. Most of the properties that fit this request will be found in the more older locations: South Tampa, Seminole Heights, and similar. The area that you will have the easiest time renting will most likely be South Tampa. You may also consider buying a duplex or triplex which will also be found in the same areas. Please also keep in mind that you will lose homestead on the portion of the property that is rented. I hope this helps in your home search and if you have any questions I would be more than happy to talk with you further.
0 votes
Pat Palmer, Agent, Delray Beach, FL
Fri Sep 21, 2012

The best tip I can give you is to just explore general areas that you may be interested in. They type of property you are looking for is some what limiting, so you may need to look into multiple areas.
To accomplish that, feel free to click on my web link below. From there, you can access my MLS state wide and begin to search.From there, as you have questions, please feel free to contact me.

I hope this helps.

Pat Palmer-Realtor
Boca's Best Broker

Direct 786-286-6557

Keller Williams
2424 N. Federal Hwy #318
Boca Raton, FL 33431
0 votes
Jeffery Lonas, Agent, Clearwater Beach, FL
Fri Sep 21, 2012
As already stated, I woud really suggest that you interview a good agent and find one who know the housing/rental market in the area you are looking to purchase. Additionally if your parents are the one who are going to be purchasing for you I would advise that they obtain their pre-approval before you even start looking at properties. If you are interested in a free buyer consultaion feel free to e-mail of call me. Best of luck in your search.

Jeffery Lonas
Real Estate Consultant
Keller Williams Gulfside Realty
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0 votes
Suzy Morris, Agent, Carlsbad, CA
Fri Sep 21, 2012
The tip is work with a Realtor that knows the rental market as knowing the rent is key to your "live rent free." However, here is another interesting idea

203K Strategy: Keep in mind that a 203k would allow you to rehab a property. A am working with a client that looking at getting a 203k loan to change a place with 5 unit to rent to 4 places. This strategy will allow him to get a great deal due to the fact that 5 unit are much harder to finance than 4 unit with 203k.
0 votes
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