Seeking Advice -1st time home buyer (pre-approved)AirB -Tampa, FL

[Alec A.]

Hi BP, My name is Alec and this is my first time posting on BP. I have been browsing the forums, podcast and other beginner resources for the last 6 months. I would love some feedback/advice on my potential house hacking plan from the community. Here it goes:

I am 26 years old. Have a decent job that pays me $40K+ a year (expecting more next year) with about $20K in savings. I live in Tampa, FL currently renting a house with a few roommates and pay $575 per month (not including utilities/water/sewage, cable, etc).

I found a first time home buyer mortgage program that gives me $15,000 for a down payment with no repayment requirement as long as I live (or own) the house for 5 years. I don't know if these programs exist in other states/counties but you are reading correctly - I am approved to receive $15,000 for free to use in down payment assistance/closing costs to purchase a home up to $180K.

It's basically a no-brainer to take advantage of this program. Other programs I have seen "loan" you $7,500 in down payment assistance interest free to be paid back in 5 years. 

Now, I am searching for a home that I would call my primary residence, but am trying to look at it as an investment. Something that I can get a killer deal on. There is plenty of development commercial and residential in Tampa so alot of up & coming markets have great upside- only problem I see is that the market here is very very hot so finding a deal is tough.

My hacking plan originally involved finding a duplex or 3plex, but I don't believe my mortgage program qualifies me for those. So my plan is to try and find a home with a de-attached mother-in-law suite to 1) rent out annually or 2) AirBNB

I am intrigued with the AirBnb model because in Pinellas county last year alone AirBnb hosts grossed $270MM in revenue. So I know the demand is there.

My questions are:

1. Feedback on my plan?

2. Advice for finding a good investment property in such a hot market? (foreclosures etc)

3. Should I consider buying a cheaper home and building a mother in low suite or converting a garage? Do I need permits for that? Would the expenses be worth it?

4. Any Tampa folks out there that have any recommendations of neighborhood to look at? Open to anywhere, South Tampa seems way too expensive I am looking in Seminole Heights, Ybor, Riverside Heights etc

5. Advice on forecasting expenses, mortgage, PMI, etc?

Anything helps. Thanks, and cheers! Alec