The triplex definition is a multi-family home with three units. A triplex building can provide a great return on investment for those who are looking for a rental income each month. Triplex foreclosures can be cheap compared to other properties and offer a great return on investment.
Does triplex, triple decker, and tri-level house refer to the same type of real estate?
While some use the terms interchangeably, these are not all the same type of property.
- A triplex house, or triplex, is usually a single building divided into three units.
- A triple decker or three-decker house has three levels, with different entry ways for each level.
- A tri-level house or tri-level home has three levels and is usually home to a single family.
- A semi-detached house is a home that is built side by side and has a joining all with the home next door. A triplex or duplex might be called semi-detached in some areas.
A triplex foreclosure usually refers to the first two bullet points.
Buying a Triplex Foreclosure
If you are considering triplex homes for sale, you should determine why you want to buy a triplex. Do you want to invest in a property? Are you planing to flip that house, renting or do you want live in it?
Buying a triplex foreclosure is similar to buying any other property. Start by researching the triplexes for sale in your desired area. With foreclosure investing, you may find a triplex building at auction, on lender REO websites or through a real estate agent. You can try to purchase a foreclosure home directly through the lender or seek out an auction. Once you find a foreclosure triplex for sale, you can make an offer. Foreclosed homes are owned by the bank, so expect to negotiate with the lender to purchase your property.
Can I Buy only 1 Piece of a Triplex Foreclosure?
If the triplex foreclosure house is listed as one property, you probably will not be able to split it up and purchase just one part. In some cases, you may find a single unit up for auction. In the event that a property has already been split and one owner defaults, only that owner’s unit would be foreclosed on. It is also possible to find a triplex condo, a condo with three floors, at auction. Carefully research any property to ensure that before you bid you understand what type of property you are bidding on.
Triplex buyers like the flexibility that this type of property provides. Invest in a triplex house for flipping, renting, living in or even opening a business.
Flipping a house that needs minor repairs or remodeling can be a great way to earn money in real estate. You can sell the whole property to another investor or sell each unit to a different buyer.
A triplex apartment for rent can also provide monthly rental income for an investor. When you buy a triplex foreclosure home at a discount, profit margins on this type of investment can be great.
If you are searching for an investment, a triplex could be the right property for you. Create a plan before you purchase so that you can ensure that you get what you want out of your investment.