High debt, cash strapped owner of nice SFH, looking to house hack

[Kip Werking]

I'm attorney in SLC. I'm current in a high debt scenario, and I am getting onto my feet financially after a two month medical leave of absence.

I have a SFH in Sandy (suburb) worth $620k (bought $475k), and my whole family lives there. I also have significant HELOC, credit card, solar panel, and other debt.

My goal is to rent out my current house, purchase an equivalent house with a big basement or mother in law, and move my family into the basement/apartment, and rent out the top of the new house. This would swing me from about $2400 mortgage payment to about $2400 income (which would go directly to the second house mortgage), so from my perspective I would eliminate my mortgage payment through renters at both properties, while doubling my ownership and appreciation.

I'm looking for advice or BP friendly coaches/realtors/investors to discuss. Please feel free to contact me.

[Kerry Baird]

I suggest looking for owner financing for the new property, tired landlord situation is probably ideal.  Use any income to pay off highest interest rate debt first, not low interest rate mortgage. 

I hand write letters to the owners telling them I have a family and would like to move in and improve the house, building slight rapport.  I offer to pay them 6% interest for 5 years if they would be willing to be the bank for me.  They get their income over time, which helps them on taxes. I increase value while living there, and look to refinance to a new mortgage in the 5 years.