Explore Your Options to Buy a Triplex in Silicon Valley
If you would like to buy a triplex home in Silicon Valley, you’re not alone – these three-unit properties are incredibly popular among novice and seasoned investors. Because triplexes create three streams of income, buying one may be the right choice for you.
When you buy a triplex in San Jose, Campbell, Santa Clara or elsewhere in Silicon Valley it may be the best investment you ever make. You can get instant access to off-market properties here and explore the listings below to see what’s available.
Why Buy a Triplex in Silicon Valley?
As companies in Silicon Valley expand, they bring in more workers – people who aren’t necessarily from the area – and those workers are consistently looking for places to live. The housing market’s prices have increased over the past several years, as a result leaving many people without the ability to buy a single-family home of their own; that’s where investors like you come in. When you own a triplex, you can offer homes to three separate sets of tenants and create three streams of income.
Another Option is:
Many investors choose to live in one triplex unit while renting out the other two. Whether or not that’s the right choice for you, renting out more than one unit at “current market rent” is likely to be close to covering your mortgage payment and possibly leave cash over that you can invest in upgrading the property, keep in savings or use for other expenses.
Is it Hard to Buy a Triplex in Silicon Valley?
It’s not difficult to buy a triplex in Silicon Valley. In fact, the process is very similar to purchasing a single-family home. You can even use conventional financing to buy a triplex, which makes it an attractive option for many investors.
How Much Can You Make if You Own a Triplex?
There are several factors that determine how much income you can generate if you own a triplex. The biggest factors include the location, age and condition, and amenities. For example, your rental prices will depend on whether the triplex is located near a major expressway, whether it’s close to an up-and-coming or well-established company, and whether it’s pet-friendly with a fenced in yard.
When you look at triplexes for sale in San Jose, Campbell, Santa Clara or any other community, you should ask your REALTOR about the property’s tenants and how much the current owner charges for rent. In addition, you should also compare rental rates with other nearby multifamily properties to determine what’s feasible for you.