Our CRAZY Rental Journey.. Would Love Your Input!

[Dan Gustavson]

Hi BP Community – So I have been contemplating on ways to save money while also expanding our rental portfolio in Salt Lake City, UT and would love to hear your inputs or suggestions on some ideas we’ve had. We have one rental near our home which has done awesome, but the market has exploded and I’m having a difficult time finding anything that would make sense as another rental in SLC. I have thought about investing out of state and have been looking at the Mid-West, but have also been trying to think outside the box to keep us local. I have some funds that I could put towards another rental out of state, OR.. we’ve been thinking about using those funds to finish the basement in our primary home and adding a separate entrance so we could rent it out. Along with that, we have been thinking about also renting out the upper level of our home for a year while we lived out of our 5th wheel trailer. Sacrificing for a year in the trailer would allow us to save up a sizable amount for another property once that year was up. Maybe we can call it RV hacking.. wink wink! I have my wife on board with the plan, would love to hear your opinions, thoughts, suggestions. SLC is looking at a bill to finally allow ADU basements in my area so it would be a legal basement appt. We have a big RV pad on the side of our home where we could live in the RV or we've also looked at RV resorts with a monthly fee of approx. $600 a month. Look forward to seeing what you all come back with.. thanks everyone!!

[Jay Hinrichs]

you don't want to give up your TAX FREE equity by moving out of a owner occ and turning it into a rental.  Talk to your tax man first before you contemplate that move.. Now if its temp  then that probably works.
of everything U posted I like the legal apartment that will bring you the most value and by far the safest route.. you create income without having to buy something and maintain another property.. you have one roof you just expanded your income with the same roof.. as long as the cost benefit pencils out.