Best strategies for househacking in Tampa

[Peter Palmer]

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

[Michael Haynes]

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.