All Forum Posts by: Lorenzo Dudley

@Christopher Tomasetti

Hey Christopher I know Utah just past a bill to make it easier for people to get a ADU unit approved the bill is called HB 82, if I was you I would do some research on that. I believe it does not come into effect until October 1st but it is going to be a sate law that all cities will have to allow ADU's. They want to help with the housing shortage and they are going to make it a lot easier to get the permit. I am currently waiting on the bill to get my House Hack permit because Orem does not allow ADU units to be larger then 1,000 square feet and my unit is 1,025.

I am a newbie real estate investor in the Utah. I bought a single family home with and ADU basement about a year again my wife and I live in the basement and rent the upstairs and we are currently living mortgage free. My question is we want to purchase a 4plex with in the next year or so but I am afraid our debt to income isn't going to be enough for a second home. What action do I need to take to prove that my house is being paid by tenants? Is two years of payment enough?

@Ned Carey

Thank you for that information. Would you say the best way to find that information is other neighbors or is there a county record I can pull up to get a better idea?

@Jaron Walling I looked at the county record and there is unpaid property tax but it’s a low amount.

My neighbor just recently passed away and the state has been going through all his stuff and cleaning out the house. I looked at the tax records and he does not have a mortgage with anyone on the home. My question would be what would be the process of trying to buy the home do I call the city? Will they auction the house at the courthouse?

I am a rookie investor in Utah, My wife and I are currently house hacking a single family home with a mother in law basement apartment, we are renting the upstairs to college students and we are living for free! I am really internet in the buy and hold strategy. I have been following BiggerPockets for some time now but I would love to start networking with some local real estate investors and help bring value to you while being able to learn from others.

@David M.

Thank you for your feedback to give more context we are in a college town most people in our area are single students or newly married couples. The basement is definitely live able. Most of the work we want to do is paint, flooring, tiles, and ceiling so nothing to expensive. We are thinking 20K make over the three years we live there. Looking at rents in the area if we rented the basement besides living there right now we could get 800 or 900 I believe once we do the renovations it will bring the rent up to 1,000-1,100 max because newly married couples in school are looking for the cheapest but “cute” place. So it will not bring me a ton of value but I plan on doing all the work with my father or father in law so I will learn a lot.

My wife and I purchased our first home and we are planning on house hacking it is a 5 bed room 2 bath we plan on renting out the top 3 bed rooms and live in the basement the upstairs is rent ready but my wife and I are planning on renovating the basement while we live there and the most I have done in my life is paint a wall. I hear all the time don’t over renovate because you won’t get your money back out. But I want to take this opportunity to learn. Am I waisting money or is the knowledge worth it?