DU-PLEX converted 2 TRI-PLEX, Possible????

[Sean Graham]

Hi! 

My sister and I are on the leading edge of our investor Journey. We have done the gamete of networking events, obtaining agent, credit/loan approval, insurance brokers ect. We even went to the "Guru" Seminar! (sister @Brandi Graham posted separate thread about that, went BP Viral).

We are now ready, with a couple strategies for our first move! 

For this discussion, I will talk about an opportunity which JUST popped up.

BRRR - In Arlington, TX 5 minutes from Dallas Cowboys Stadium. 

1. This ppt is listed as a Duplex at a good price. 
2. But, my loan contingencies need the have a higher income from the other door. 

I WASN'T demotivated. I instantly thought of converting both side to 3 bedrooms. 

=> NO-GO on that one. Not enough sq-ft.

Upon clicking away from this listing and moving on, I noticed on Google Maps Street View, there was a hidden GEM! 

• Well first, lets call out that both sides of this duplex are full rehabbed, like Chip & Joanna style! ;-) 
• New high end fencing around the LARGE backyard. 

"Wait, What is THaT! " I said to myself...

There is a dirt gravel driveway leading into the back yard (this is the corner lot) which upon looking at a map, before the large fence was built. I saw that there is a small building backed right up against the house! 

1. Straight to the point. 

Looks like a garage which was added to the back, with a nice size patio awning going into the large back yard. 

NOw THis would fit GREAT into our House Hack opportunity!

I would dwell on the property (make-**** efficiency from back house/garage) and rent the front two units out, as is. 

BRAND NEW! 

FUll rent and this would more than cover PPTI then some. 

My question is: 

Is it possible for me to do this? Would I be able to convert this duplex into a triplex during the time which I am house hacking? Woulo I still qualify for the FHA loan, even though upon purchase this isnt actually a tri-plex. Wold I have to occupy one of the current rooms, or could I literally be living in the GARAGE on the PROPERTY and still qualify for the FHA loan.

TOTALLY loaded post. I know! LOL! 

Well I am surely excited and wanted to wait until I thought I had something good before I posted, and sourced Y'alls knowledge! Let me know if you have ANY advice. 

Tangled in Texas, 

Sean B.