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Updated about 6 years ago,
Help us find dynamic agent with ADU knowledge
Investment Info:
Single-family residence other investment.
Purchase price: $1,018,000
Cash invested: $400,000
*WE NEED ADU SPECIALIST REALTOR TO SELL COASTSIDE *
Home is on the very desirable, flat, west side of PCH
Purchased "main house" lot 5200 sq ft w 3/2 1350 sq ft adjacent lot it's own APN# 2613 sq ft.
We had intent to buy and hold main house, Install ADU on 5200 sq ft expires early Oct 2019build a small 800 sq ft home on adjacent lot. main home empty& staged.
want to sell at least the main house with the tiny house, approved plans
PLEASE REFER AGENT DO A TRICKY DEAL LIKE THIS.
What made you interested in investing in this type of deal?
Tons of potential. Area is both a good place to live but short term renting is lucrative.
Great ROI to build on empty lot. Land is flat and it would be easy to either put prefab house or to stick build
Tiny houses are super popular and installing it as an ADU brings major value and ups desirability considerably
How did you find this deal and how did you negotiate it?
On MLS with great buyers agent
How did you finance this deal?
Typical mortgage and good ol' cash
How did you add value to the deal?
Did Reno on main house that habit turn key ready for decades.
Purchased adorable tiny house and obtained permit to install as ADU.
Built fence to seperate properties.
What was the outcome?
Outcome has not arrived yet.
NEED GREAT AGENT THAT UNDERSTANDS VALUE OF ACTUAL AND POTENTIAL WORTH and can find the right investor for this opportunity
Lessons learned? Challenges?
Getting approved permits in unincorporated San Mateo county is MUCH harder than the other half dozen jurisdictions I have dealt with in the past
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No, in fact I have fired not one but 2 due to straight up laziness