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Updated 12 days ago, 12/11/2024

User Stats

5
Posts
10
Votes
Renee Coss
10
Votes |
5
Posts

Should I convert my garage into ADU for a Short Term Rental?

Renee Coss
Posted

My husband and I are looking for ways to generate passive income, so we did done some research on a garage conversion ADU. We live in Inglewood, California. They have just built two large stadiums near by, so we thought we would build ADU and do short term rentals. Then I did more research and found out the City of Inglewood does not allow you do STR with a newly built ADU. My plan was to do a Home Equity Loan and the STR income will pay off loan in maybe 3 years. If i do long term rentals i could only charge 1,600-1,800 a month in rental income. Not sure what to do now, and i don't want to carry a loan for a long period of time. Any suggestions??

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