House Hacking SLC Strategy

[Chris Hornbeak]

Good Morning Bigger Pockets!

I plan to purchase a house hack-able property in SLC, and would like to strategize/ get some insight into the best way to go about it. 

My current plan is to find a large house in either Sandy or Cottonwood Heights. Ideally renting a basement apartment to a long term tenant. To cover the rest of the PITI, I intend to list a room or two on Airbnb.

Covid is temporary and the ski resorts aren't going anywhere, so I figure there is significant long term (winter) demand for Airbnb's near the entrance to BCC and LCC. 

I could rent the basement on Airbnb as well to maximize income, but I love the idea of low maintenance, stable income from a long term renter. 

My other idea is to find a property where building an ADU in the backyard is possible. I would live in the ADU, then rent the main house in it's entirety.

Am I crazy? Are there strategies you folks have seen work well? 

I would love to hear your thoughts.

Thanks!

[Cherie Orellana]

@Chris Hornbeak Househacking is definitely the way to go. We had an Airbnb in Kearns that was rented 90% of the time. Often to people coming to ski, hike, concerts. I think you will have great success with Airbnb most anywhere in the Salt Lake Valley. Millcreek might be a good area to target as it's close to the mountains, highly desirable and they are adopting an ADU change early next year. There are also pockets that are already zoned 1-2 family that would work well for you. I did a duplex conversion in millcreek and also went through the city to get another property recognized as legal non confirming duplex. Those are 2 of our best performing properties.