House Hacking
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 1 year ago, 12/01/2023
House Hacking in Florida
What’s up Bigger Pockets Forum!
I am currently weighing my options as to where I should house hack in Florida.
Little bit of back story…….
I am currently living outside of St. Louis, MO with my girlfriend and our newborn son. We are looking to relocate to FL within the next year or so.
Her parents live in Palm Bay, FL.
For obvious reasons it would be nice to be living near her family so that on occasion they could help out with watching the baby and it’s just nice having family around.
But, I am also very interested in the growing Tampa, FL market (2.5hrs west of Palm Bay.)
I don’t know very much about the Palm Bay area / market other than general insights I’ve taken from speaking with her family and a short weekend get away that we took last year.
I know that it is possible to house hack almost anywhere as long as you are creative enough, but I would really like to start my real estate journey in a strong growing market that I could continue to invest in for years to come.
I’d make the sacrifice of being 2.5 hrs away in Tampa or another market if it made enough sense, as I could house hack for a year and pivot from there if needed.
So I guess at this point I am just putting my feelers out there and looking for any general information, advice, insights, ect. on investing and house hacking in and around these markets.
Or anywhere within an hour or two of Palm Bay that is a strong growing market.
( Sorry if this post is a little scattered, I had it completely typed out, dialed in and lost it all and had to try again. )
Much love Bigger Pockets crew!
- Bob
Hey Bob!
First, congratulations on the newborn! My wife and I welcomed our daughter 16 months ago and it has been a life changing experience to say the least.
I don't know the Florida market, so I can't really speak direclty to your questions and I will leave it up to others here in the forums who do. But, I would encourage you, if possible, to buy a 2-4 unit as opposed to a single family to house hack. I know that there are a lot of people on Biggerpockets who have been successful with house hacking single family homes, usually using a rent-by-room strategy. But, to me, that seems like an unnecessary sacrifice of personal space. I am sure that your girlfriend would probably prefer to have your own space, especially with a newborn!
My first house hack was a 2-family. If you can find a 3-family or a 4-family that is reasonably priced, comfortable, and in a reasonably good location, that would be even better. It is possible to cash flow with a 4-family even when you occupy one of the four units. So, that would be a complete home run in my opinion. With that said, if that's not possible in the areas you are considering, even getting into a single family with a separate in-law apartment, would be preferable to a straight single family house hack. This is just my two cents. Feel free to take it or leave it.
Good luck to you! Hope you can find something good that you can use as a stepping stone for your future real estate investing journey!
Vitaliy
Quote from @Vitaliy Volpov:
Hey Bob!
First, congratulations on the newborn! My wife and I welcomed our daughter 16 months ago and it has been a life changing experience to say the least.
I don't know the Florida market, so I can't really speak direclty to your questions and I will leave it up to others here in the forums who do. But, I would encourage you, if possible, to buy a 2-4 unit as opposed to a single family to house hack. I know that there are a lot of people on Biggerpockets who have been successful with house hacking single family homes, usually using a rent-by-room strategy. But, to me, that seems like an unnecessary sacrifice of personal space. I am sure that your girlfriend would probably prefer to have your own space, especially with a newborn!
My first house hack was a 2-family. If you can find a 3-family or a 4-family that is reasonably priced, comfortable, and in a reasonably good location, that would be even better. It is possible to cash flow with a 4-family even when you occupy one of the four units. So, that would be a complete home run in my opinion. With that said, if that's not possible in the areas you are considering, even getting into a single family with a separate in-law apartment, would be preferable to a straight single family house hack. This is just my two cents. Feel free to take it or leave it.
Good luck to you! Hope you can find something good that you can use as a stepping stone for your future real estate investing journey!
Vitaliy
I agree! Im open to all options but I believe that a duplex, triplex or quadplex would be ideal.
My first post on Bigger Pockets, so I’m glad to get even one reply!
Thank you for your insight, Vitaliy!
@Bob Bissman I agree it’s great advice to purchase a 2-4 unit. However, there is a massive inventory shortage of these properties for sale in our area. Today in Brevard county, there are 24 of these listed on the mls. Only 9 of these priced below $500k. This is for the entire county (there are zero for sale in Palm Bay)
I might be biased, but I still think Brevard County is one of the best places to live in Florida and most people predict continued growth both economic and population. My suggestion would be to find a single family home close to your in laws and move forward with your house hacking plan. Also, keep your eye on new construction. Builders are buying down rates making the payments much more attractive.
Hey Bob!
Congrats on beginning your journey on the potential relocation and start to building your real estate portfolio. I work with tons of buyers who are looking to finance a multi family property to house hack. It's something i've personally done over the years to acquire properties with low down payments. I'm located in Chicago but operate quite a bit in FL and have a good deal of connections and referral partners that would be happy to assist you! Feel free to shoot me a message if you'd like to get specifics!
#4 House Hacking Contributor
- Cleveland, OH
Bob,
Warmest welcome to BiggerPockets!
Looks like you got some great answers above and Scott provided some great insight into your market. Definitely connect with him and send him a DM. Networking is so important. Sounds like Mike has some connections in your desired area as well.
In terms of househacking, it really depends on your comfort level. Countless people have been successful doing a room by room SFH house hack but that doesn't work for everyone. I'm personally looking for a 2-4 unit in my area as I have a significant other and a large dog (nicest dog you'd ever meet).
Find local REIAs in your area and start building your real estate network. You never know who could bring you an opportunity.
Wishing you the best in whatever route you decide to take!
Quote from @Scott Schuetz:
@Bob Bissman I agree it’s great advice to purchase a 2-4 unit. However, there is a massive inventory shortage of these properties for sale in our area. Today in Brevard county, there are 24 of these listed on the mls. Only 9 of these priced below $500k. This is for the entire county (there are zero for sale in Palm Bay)
I might be biased, but I still think Brevard County is one of the best places to live in Florida and most people predict continued growth both economic and population. My suggestion would be to find a single family home close to your in laws and move forward with your house hacking plan. Also, keep your eye on new construction. Builders are buying down rates making the payments much more attractive.
I am happy to connect with an investor that is knowledgeable about Brevard County.
I believe that this is the direction that we will ultimately go, so thank you for the insight!
@Bob Bissman - it's more than just a shortage of such properties in Brevard, it's also a factor of there never having been many multi-families in this area. Brevard is not a dense county so there hasn't been a need for such multi-units. The county is over 70 miles tall with a population of just over 600k. Contrast that to Broward county which is roughly similar in size with over 3 times the population. That's the reason you find so many more duplexes, triplexes and quads down there (as well as in Miami-Dade). If house-hacking a multi is critical, you might be better off going to the Tampa area. Hillbororough, Pasco et all might have more of what you seek. Good luck!
I don't know that market specifically but generally multifamily is a great start for househacking. One question I would ask is how does your wife feel about the idea of being in Tampa or another area further from her parents?
From experience working with many couple's I've seen this will often have a large effect on the decision making process and you might want to compromise by still househacking but doing it in/near palm bay to start and eventually get the single family afterwards if you two want to.
- Christian Ehlers
- [email protected]
- (978) 396-9939
#4 House Hacking Contributor
- Cleveland, OH
^happy wife happy life, brother.
Keeping your personal relationships intact are far more important. Put that at the top of the list.
Big congrats on the new addition to your family! Moving to Florida sounds like an exciting step. It's great you're considering both family support in Palm Bay and the investment potential in Tampa.
Have you explored areas midway between Palm Bay and Tampa? These might offer a good mix of family proximity and investment opportunities. Also, think about what kind of property you'd like for house hacking - this could influence your choice.
- Jorge Vazquez
Hi Bob,
Glad you hear you're coming to the Sunshine State! Personally I think Palm Bay is a great area. You'll have plenty of options for multifamily units there and at lower prices than in Tampa. You can even now purchase a 2-4 unit property with only 5% down using a conventional loan. I'm always available if you have any questions!
Quote from @Christian Ehlers:
I don't know that market specifically but generally multifamily is a great start for househacking. One question I would ask is how does your wife feel about the idea of being in Tampa or another area further from her parents?
From experience working with many couple's I've seen this will often have a large effect on the decision making process and you might want to compromise by still househacking but doing it in/near palm bay to start and eventually get the single family afterwards if you two want to.
My in-laws are near Tampa, we live here........my wife loves that! :-)
Quote from @Tchaka Owen:
Quote from @Christian Ehlers:
I don't know that market specifically but generally multifamily is a great start for househacking. One question I would ask is how does your wife feel about the idea of being in Tampa or another area further from her parents?
From experience working with many couple's I've seen this will often have a large effect on the decision making process and you might want to compromise by still househacking but doing it in/near palm bay to start and eventually get the single family afterwards if you two want to.
My in-laws are near Tampa, we live here........my wife loves that! :-)
hahaha sometimes a little bit of space can be a good thing too LOL
- Christian Ehlers
- [email protected]
- (978) 396-9939