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Updated 11 months ago, 12/23/2023

User Stats

14
Posts
2
Votes
Kip Werking
2
Votes |
14
Posts

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

Kip Werking
Posted
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.

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