For anybody that might just be entering the Mobile foreclosures market for the first time, don’t get too overwhelmed by all of the choices that are to be found out there. It takes a whole lot more than just shopping for properties to buy your first investment property. It should go without saying that different kinds of properties have different kind of advantages when used as investments. If you have never tried one before, take a look at the triplex.
Triplex foreclosure homes offer several unique benefits that different properties will not have. When investing in foreclosures, it pays to know that different properties offer different opportunities.
Home prices are falling faster than ever before, so it is no wonder that so many new start up investors are jumping into the housing market. It is kind of weird though that they seem to be passing up several opportunities to invest in triplexes. The lower price tag of a triplex in relation to a full sized apartment building with more units makes it much easier to flip for profit in the future. There is also less upkeep.
So many investors rent out a property after its purchase that it only makes sense to have three unit incomes instead of one. They practically market themselves to large families with more than one generation who wish to live close to each other without having to actually share the same space. This saves money on advertising and returns your investment faster.
The three unit home is still considered a residential property and therefore still eligible for financing under conventional loans. This makes a remarkable difference in the down payments; only 5 to 10 percent of the value of the house.
New and first-time home buyers can also turn to loans guaranteed by mortgage lenders and the Federal Housing Authority (FHA) that allow you to make very low down payments for as long as you will live in one of the units. Again, this is a fantastic opportunity for you to keep your cash flow from hitting red.
Aside from the amazing deals that you can avail of, these types of homes are very affordable to keep in terms of property taxes and maintenance costs. We all know that the more money you save from the upkeep of the property, the more money you will have to further your investments in Mobile Foreclosures.
Gary Lambert Jr. is a real estate associate broker specializing in buying and selling Mobile foreclosures, bank owned property and short sale homes. Discover how you can save thousands when you buy Mobile foreclosures.
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