Duplex/Triplex House Hack in St Pete

[Justin Morris]

Hey Everyone,

  After years of lurking on here my wife and I are out to buy our first property. We want to house hack a duplex or triplex

in St Pete. Live in one unit and rent out the other while fixing it up, then buy another and do it all over again. Kind BRRR I guess.

We'd like to find something that needs cometic fixes and nothing insane. 

We'd be using a FHA with my parents co-signing to do it and then we'd refi it it a few years. What areas are good to look in? I've only lived in St. Pete for about a year so I'm not extremely familiar. I know avoid the south side and that old Northeast and Kentwood are good.

But, I know those areas have become very expensive and we are probably going to be in the 200-250k purchase price range. 

Also, is this a good strategy? What are the best tools for evaluating a deal?

Thanks!

[Jeff Morelock]

Hello Justin. That's a good strategy for sure, but a dulpex or triplex in Old NE that does not need major work will be $400k - $800k range. The Gateway area is nice and "do-able" for your price range. I've lived here since 73 and was a police officer for 15 years so I know the good from the bad areas for sure. I don't want to bore everyone by breaking do each area of St Pete and/or Pinellas County, so message me if there's a neighborhood you want to know about.