All Forum Posts by: Dan Gustavson

@Dennis Wayne - LOL, I like it.. whatever gets the job done 😄

@Nathan Gesner - I would be able to rent the basement and main level separately for a combined total of at least $3700. This covers my mortgage with bringing a pretty good amount in cashflow all while saving what we normally would be putting towards the mortgage. With the deduction of the monthly lot rent at an RV resort, I figure we would save at least $43,000 once the year was up. I already have two careers plus own a side business.. not much time for anything else, plus $16,000 won't even buy you a decent sized shed in my location let alone another property. We are willing to sacrifice a year to make that happen, not saying it will be easy, but it will absolutely be worth it. That is how we go into our first rental, moved out of our SFR and downsized into a townhome for a year. Four years later we still have the townhouse as a rental and our new primary SFR.

@Jay Hinrichs - Yes, the move would be temporary, the goal is to live in the RV and rent out our home for only one year, we would move back into the home once the year was up. My only thing I'm concerned about it dumping all that cash into the basement as it would be difficult to get it back out to put into something else. I guess I could have the home appraised with the basement finished and pull out a HELOC to access that cash?

Thank you both for the replies!

Thank you for your input, Colleen. I had mentioned that to my wife before I posted this that it may be weird for someone to live in the home with us on the side of the house. It was just an idea, we've been leaning towards renting a lot in a resort. $600 lot rent is nothing compared to our mortgage. I appreciate your feedback, thank you!

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!!

@Ola Dantis - Would you mind if I shot you a DM for the spreadsheet as well?

Joe - I appreciate you taking the time to break down the moratorium as I just received a text this morning from my tenant asking for a reduced rent payment as they are now going through their 3rd round of positive covid cases within their family. I plan to work with her as best as we can, but she is asking for a significant reduction where I would be paying a hefty amount every month until she can pay back. I will have her look into rent relief and have her fill out the declaration form. Thanks again!

@Leonidas Loo - my rental is a townhouse so the HOA takes care of all that for us.

Leonidas - My rentals in the southern portion of SLC county have been doing great during covid, been lucky I guess and haven't had a tenant miss a payment yet. I've seen rentals in my area shoot up during covid, so I don't see my market slowing anytime soon.

@Chris - I have a LTR Townhouse in Herriman and it does well and has appreciated a lot since I purchased it in 2016. Though I was overpaying when I bought it, looking back, wish I could have bought 10 more. The south-west portion of the valley is exploding since it has the most open land in the county. However, prices have gone up dramatically and it's very difficult to find numbers that make sense. Been looking for my second property in the area for months now. I have also been looking out of state where numbers are more attractive.

Agree with the comment above - Anything near 11-13th East 21st South, or 9th and 9th, would be great for dining/entertainment while only being about 10-15 min freeway drive to the mouth of the canyons.