581: The Hidden Passive Income Source in Your Own Backyard w/That ADU Guy 01:02:00

    <p>What do you think of when we say <a href="https://www.biggerpockets.com/blog/accessory-dwelling-units-explained"><strong>ADU (accessory dwelling unit)</strong></a>? If you’re like most homeowners, you probably think of a <strong>back house, a mother-in-law suite, </strong>or <strong>a converted art studio</strong>. But what if you don’t have a home that comes with a pre-fitted accessory dwelling unit? What if you don’t want to put in the money (or time) to build one out. Are you left with any options, or are your ADU dreams dead in the dust?</p><p>If you’ve wanted to start <strong>building </strong><a href="https://www.biggerpockets.com/blog/passive-real-estate-investing"><strong>passive income</strong></a><strong> streams through your primary residence</strong>, then we’ve got good news for you. With us today is <strong>Derek Sherrell,</strong> also known as “<a href="https://thataduguy.com/">That ADU Guy</a>”, precisely because he is THE person you want to talk to when it comes to accessory dwelling units on your property. Derek knows his stuff, consulting dozens of homeowners on<strong> how an ADU would fit into their property</strong> and <strong>how much passive income</strong> they could make as a result.</p><p>And it’s not just about building some other structure in your backyard. You can <strong>convert attics, basements, garages, and even portions of your house into accessory dwelling units</strong>. Not only does this allow you to save on the cost of new construction, but it also gives you another option to <a href="https://www.biggerpockets.com/blog/4-reasons-to-invest-in-real-estate"><strong>build wealth</strong></a><strong>, pay down your mortgage</strong>, or simply profit from a rarely used portion of your home.</p><p><strong>In This Episode We Cover:</strong></p><p>The<strong> exact criteria</strong> homeowners should look for in potential<strong> ADU-friendly properties </strong></p><p><strong>Attached vs. detached ADUs </strong>and the benefits (and <a href="https://www.biggerpockets.com/blog/cash-flow">cash flow</a> difference) of both</p><p>The <strong>four main challenges</strong> when building, financing, or strategizing an ADU</p><p><strong>What to look for in existing ADU structures</strong>, whether it’s a garage, back house, or basement</p><p>How to <strong>become an ADU expert quickly</strong> (and for free) with simple city zoning information</p><p>And <strong>So </strong>Much More!</p><p><strong>Links from the Show:</strong></p><p><a href="https://www.biggerpockets.com/deals">BiggerPockets Agent Finder</a></p><p><a href="https://www.biggerpockets.com/forums">BiggerPockets Forums</a></p><p><a href="https://www.ramseysolutions.com/">Dave Ramsey website</a></p><p><a href="https://www.forbes.com/profile/warren-buffett/?sh=ebf3e7746398">Warren Buffet Forbes profile</a></p><p><a href="https://www.biggerpockets.com/users/josepha">Joe Asamoah's BiggerPockets profile</a></p><p><a href="https://www.gcrealestate.com.au/">GC Real Estate</a></p><p><br></p><p>Check the full show notes here: https://www.biggerpockets.com/blog/real-estate-581</p>
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