lost a condo in Lahaina wildfire

[Heidi Sarkozy]

I own a primary residence on Maui and am interested in building an ADU to supplement income after losing my vacation rental condo in Lahaina. The contractor gave me a renovation quote of $250-350,000. I'm trying to calculate if it's worth the additional expense. I could probably get about $2000 in monthly rent after the renovation is complete for the ADU, or get $4000 for the main house and then I'll live in the new unit. SBA will only give me $60,000 and I got $60,000 from my condo insurance policy. This does not come close to what I'll need for the renovation, so I may end up having to take out another loan or get a HELOC. Does anyone have any ideas on how to calculate whether or not this is worth doing?

[Loren Clive]

you might look into buying a tiny home. I have heard they can be purchased for $50k. Actually there was recently a BP sponsored meet-up talking about this. @Zasha Smith

And my hairdresser (I live on Maui) is selling her fully furnished tiny home right now for $140k.