Find the newest triplex home listings in Phoenix, Arizona, today! The vibrant city of Phoenix, Arizona, is home to over 1.6 million people. The hot city has a lot to offer homeowners and has an incredible list of amenities available. With over 300 days of sunshine each year, there’s always something for the outdoor enthusiasts and an air-conditioned place for those who prefer to stay indoors. The city welcomes many tourists each year, which means there are many attractions to keep people busy. A diverse economy is growing stronger each year, a stable real estate market and excellent education options make Phoenix an increasingly desirable place to call home. Interested buyers will have plenty of options when it comes to finding their dream home in Phoenix. For more information on real estate for sale in Phoenix, Arizona, schedule a showing, call us today or send us an email.
While multi-family homes come in various shapes and sizes, a triplex is a property with three separate units and living spaces. Triplexes are becoming increasingly popular among investors and those looking for more affordable housing options.
Triplexes are an excellent option for affordable and investment housing in Phoenix. Interested buyers can seek out one unit in a triplex or purchase an entire building and rent out the other properties. A unit in a triplex is an exceptional option for those who don’t need a lot of living space like single young professionals, a couple who are empty nesters, or retirees. Interested buyers can find properties from $150,000 to over $4.5 million in Phoenix.
The Phoenix area is expansive, and many communities have many triplexes available for sale. For buyers who love a specific Phoenix community, they’ll likely find triplexes there. The most popular communities include Downtown Phoenix, North Mountain Village, Encanto Village, and Camelback East.
There are plenty of excellent reasons to purchase a triplex in Phoenix. It’s a popular option for investors and families. As an owner, you can purchase the entire building and rent out two and live in the third. The rental income will help offset costs, build equity, and much more. Some investors end up living rent-free based on rental income. If you have a large extended family, you could choose to rent out the other units to family or friends. For people who look after their parents or have a unique family situation, it could be an excellent option for everyone. If you decide to purchase a property and rent out all three units, it can be an excellent investment and is an excellent addition to any portfolio.
As mentioned, a Triplex can be an excellent investment, and financing that investment is doable in many different ways. If you don’t have hundreds of thousands of dollars in cash on hand, you’ll likely need to finance through a bank or other loan program. It’s essential to do some research before buying a triplex in Phoenix and what the financing process entails. Depending on the lender, most will qualify a triplex as a residential purchase, but depending on the building, it could be considered commercial. Choosing to work with professionals who have experience in triplexes is essential since there is a lot more to know about versus a single-family home. There are perks to buying a multi-family property while residing in one of the units, as you may qualify for an owner-occupant mortgage. If you plan on renting out all three units, you will need a conventional mortgage. The difference between these two mortgages can result in a different down payment amount, so it’s important to know what you qualify for. There are a few different options when choosing a lender for your new mortgage.
The first option is a conventional mortgage through a bank. A traditional mortgage is best for those purchasing a triplex as an investment property, and they don’t plan to live in one of the units. A conventional mortgage requires more of a downpayment and better credit scores than other options. The risk of purchasing a rental property is much higher for lenders, so the requirements are more stringent.
The second option is a Federal Housing Administration, or FHA, loan. For those looking to live in one of the three units, this loan is the best option. The benefits of an FHA loan is the less strict requirements, like a smaller downpayment, and lower interest rates on average.
The last option is a Veterans Affairs, or VA, loan. For current U.S. Military members or former members, a VA loan is a great option. When you live in one unit and rent out the other two, you qualify for this loan, and there is no downpayment required, and buyers don’t require an excellent credit score or private mortgage insurance.
There is plenty to know about buying a triplex in Phoenix when it comes to lending and other aspects that don’t come along with buying a single-family home or condo. Investment buyers can use the income from the rentals towards the loan amount, which is more substantial based on the property’s size. Choosing a realtor to help you through the process doesn’t have to be a challenge.
GetMultiFamily.com is a team of professionals and experts who know the Phoenix triplex real estate market’s ins and outs. We have a long list of clients who have had an incredible experience with us. Our track record proves that we’re the best in the area, and our happy clients will attest to that. We specialize in duplexes, triplexes, fourplexes, and other multi-family properties. Our first choice for our valued clients who are considering buying or selling is the Cap Core Real Estate Group. Patrick O’Sullivan leads the impressive Cap Core Real Estate Group team. He came from being the head real estate advisor at U-Haul. After his impressive career, filled with accolades like Agent of the Year and the CCMI (Certified Commercial Investment Member) designation, he began Cap Core. You are in the best hands with the team orchestrated by Patrick, and they’re the number one choice for all your real estate needs in the Phoenix area.
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