Thanks everyone for the responses so far. Sorry for the mistype on cost/sq. foot, if I ever find a $1.25 per sq./foot house I'll have to write a book on how I found it!
@Jordan Atkin Thanks for your response, that is a ton of useful information. What about properties East of I-15 and south of I-80, like Sandy, Draper, etc.? My wife and I had some concerns around having enough space for us and our kids; we have 1 daughter and are expecting to have more in the next year or 2. Would it be hard to have enough room(s) and space for everyone in a duplex/tri/quadplex? Especially if you're looking for 3 bd.+ for the unit we'd be living in as owner-occupied? Your point on owner-occupied 2.5% down is a good one; the extra liquidity could help in case the market goes down for another house purchase, or maintenance over the following years.
@Jaiden Olsen I've been really interested in ADUs as a way to make extra rental income on a property; I heard that in November last year, SLC allowed ADUs across pretty much all residential areas. What sort of ADUs have you seen around Kaysville and the counties around Utah (Tiny house/MIL/Cargo container/garage apartment)? I think this could become hugely important around Salt Lake county as housing shortages become more extreme through 2025.
@Ryan Naylor I've had some success finding MILs through realtor connections and listings online, but Duplex/fourplexes are few-and-far between, it feels like. Feel free to PM me on the loan options and where you've been seeing success for buying/renting Multi-families in Salt Lake County. Thanks!
@Cherie Orellana That's a great idea on the 3% down home ready loan, what qualifications are needed to use towards MIL's? I'd love to check out any projects you're working on, feel free to PM me with any details.
