Financial Planning for an Accessory Dwelling Unit

In Episode 63 of the Real Life Planning Podcast, Cynthia Meyer, CFP®, CFA®, ChFC® explores how homeowners can turn their backyard into a source of income by building an accessory dwelling unit (ADU). From financing strategies to tax planning, she walks through everything you need to know before breaking ground on your ADU project.This week on Real Life Planning Podcast:💡What qualifies as an accessory dwelling unit—and why more cities are encouraging them [00:01:09]💡What are some typical types of ADUs? [00:04:08]💡What are the most common ways to finance an ADU project? [00:08:24]💡Tax planning when renting out an ADU on your property [00:13:26]💡What should you consider before becoming a landlord of an ADU? [00:15:09]Takeaway Quotes:"You want to check all the rules in your area and make sure that you fully understand the ADU process before you break ground."-Cynthia Meyer"As your needs change, so can the purpose of your ADU—what starts as a rental could become housing for aging parents or grown children."- Cynthia MeyerConnect with Real Life Planning:Facebook: https://www.facebook.com/reallifeplanningLinkedIn: https://www.linkedin.com/company/real-life-planningBigger Pockets: https://www.biggerpockets.com/business/page/3070X: https://x.com/cynthiameyer_ff​Instagram: https://www.instagram.com/rentalpropertyclub/Pinterest:https://www.pinterest.com/reallifeplanningEmail: [email protected]  About the Real Life Planning PodcastHosts Cynthia Meyer and Vekevia Tillman-Jones explore practical steps for real estate investors to build financial freedom and make working for someone else optional.The ReaL Life Planning Podcast  is for educational purposes only. None of the information discussed is intended as investment, tax, accounting, or legal advice, nor as an offer or solicitation of an offer to buy or sell, or as an endorsement of any company, security, fund, real property, or other securities or non-securities offering. Real Life Planning, LLC is an Investment Advisor registered with the States of New Jersey, New York, Texas, Virginia, and California. All views, expressions, and opinions included in this communication are subject to change. This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy, or completeness of, any description of securities, markets or developments mentioned. Our current disclosure brochure, Form ADV Part 2, is available for your review upon request, and on our website, REALLIFEPLANNING.COM.