SLC New Inventor Looking to Build a Rooming House from Scratch

[Kip Werking]

Hi, I'm a new REI guy in SLC (attorney by day).

I like house hacking, costseg, STR, and BRRRR strategies, and I'm trying to combine all of them into my next deal.

I basically want to create a new built, from scratch, on the outskirts of town, that was built to be a rooming house for house hacking and then, after one year, can be converted to AirBnB for costseg bonus depreciation.

I'm looking for an agent/realtor/builder/expert who can sit with me on a Zoom call for 10-15 minutes think this out and brainstorm. Even better if I can sit down with a builder and get started on funding and blueprints.

This meta-strategy will use all the above strategies:

1. house hacking: house will be built from scratch to maximize rent/room, while having a family unit/ADU for my family to live in one year
2. costseg/STR: the building will be built from scratch to maximize bonus depreciation. May also want to maximize square-footage of property in comparison to land size, since land does not contribute to costseg
3. costseg/STR: after one year, convert the entire building to AirBnB rentals
4. BRRRR: can add a modular bedroom/bathroom/pool/hot tub to rehab, rent, refinance, and repeat

If I do this right, I think I can still use a 5% conventional loan, although I might be wrong about that? I need an expert who has experience with new builds to help me figure that out. I may have enough HELOC on my current (second house) for a higher down payment.