All Forum Posts by: Aaron Harris

@Chris Seveney Thank you. Yes, definitely receiving a few quotes at the moment.

Hi,

Looking for some guidance with an unpermitted attachment to my garage. I bought my home back in 2014, here in Inglewood before the announcement of the football stadium. I purchased the home as is for a great price, built in 1938, I've done some upgrades over the years except my garage. The garage needs some attention but previous owners added additional rooms to the garage, behind and along the side which go all the way to my neighbors property line behind and next to me. Well unfortunately when it rains, the rain runs down into his yard and creates a mess because there is no place for it to run off. With all this said, I've always wanted to tear the space down and build an ADU in its place, one day but for the time being I would like to tear it down since it's causing an issue and is unpermitted. It has significant termite damage through the entire foundation, destroyed from the rain seasons, and overall just an old structure.

I've reached out to a few places and received different quotes ranging from 7k - 15k. I'm wondering if there is a a cheaper way to go about tearing this space down. If anyone may have any recommendations/referrals for this type of work that would be much appreciated. Once torn down, I'll need to construct a wall in addition so the more the merrier with referrals.

Thanks for your assistance, looking forward to chatting.

@David T. Hi David, I actually ended up doing a cash-out refinance on my primary and took care of some home improvements, unfortunately I did not go with the ADU build but I'm still considering potentially doing a HELOC to tackle that goal. I'm still a little nervous as to moving forward with that goal at the moment given my area but I am sure that will soon change once the stadium is implemented and surrounding businesses will begin to prosper along with the housing market and school systems. Are you still deciding which way to go?

@Nick Peters Thank you Nick, much appreciated. I have been thinking about becoming a pro member so that's good to know, thanks.

@Clarence Johnson Thank you! I'll check it out appreciate the assistance.

@Jaysen Medhurst Thank you! I'll look into that tonight.

@Matthew Forrest Thanks for the advice! How has the ADU worked out for your so far? I'm considering a HELOC or Cash Out I just still trying to figure out what makes the most sense, it's been a challenge but Biggerpockets has been really informative and talking with other like minded individual like this community is helping alot, so thank you all.

@Clarence Johnson Yes, thank you! I was fortunate to get in at a great time luckily. With regards to my current situation, I just recently moved out and currently looking for a potential renter while a few cosmetic improvements around the house are being handled like landscaping the front and back yards and other little things around the home. I wasn't trying to go to the expense but it needed to be done and figured it would attracted more potential tenants once completed. With regards to the 170K that amount just includes wiping out personal finances also including the potential ADU conversion if able to do so. I'm hoping to not spend more than 90k on the conversion but the lot is spacious so would ultimately like a 1 or 2 bd if possible. I guess my thought is should I be trying to refinance now or wait until the new year when the rates drop and then pull out the HELOC for the personal fin and ADU conversion? I hear rates might potentially be dropping a bit more next year. Thoughts? I'd love more information on that Gardena bank, I haven't begun the full search for a potential bank but any suggestions would be great. Thank you all again for your help, really appreciate it!

Any recommendations for a quick analysis? Or necessary links that would be beneficial to figure this out would be much appreciated, thanks again the help!

Thank you @Jaysen Medhurst much appreciated, great advice! This will be a buy and hold property that I'm looking to hold onto for many years to come. Since I am a newbie, I'm still educating myself regarding real estate investing and analyzing. Given the development of the stadium, the foreseen economic developments the city is going through (gentrification), Olympics and everything else the city will be going through in the future I plan to hold on to it for the long run. My goal is to purchase another property in the next year to 2 years if possible, ideal MFR out of state.

I bought my first SFH in Inglewood,CA 5 years ago before the announcement of the new Rams stadium, now Inglewood is a hot bed and things are moving quickly. Last I checked my home was valued at 675k and I owe about 330k on it. I have an non-permitted back space that I am considering converting into a permitted ADU which would generate some nice cash flow. Currently I am in the process of renting my primary home which would bring in 3k/month and I am considering doing a cash out refi in the next few months to facilitate this conversion for the ADU which I believe would generate 1,500- 2k/month, which would essentially bring my new mortgage out to 500k. I'm trying to be wise and make very sound decisions in these next few months. My question is does this sound like a smart way to move forward or should I use a HELOC to convert this backspace into an ADU? Thoughts?

Hi,

I bought a home with my sibling about 4 years ago here in Inglewood, just a few months before they made the stadium announcement which has allowed the home to appreciate quite a bit. Unfortunately 2 years ago, we decided to refinance the home and make it a little bit more livable, new blinds, painting exterior/interior, gutters, flooring. This increased our monthly mortgage by $1k dollars, we used some of the money to supplement towards our mortgage each and kept our individual costs towards the mortgage relatively low about $800 each. Our mortgage is about $2300/month, now we are out of that cash and having to pay $1300 each which at this time isn't ideal. I'm considering a roommate to help supplement the mortgage but have a few many more renovations to correct, mainly the 2nd bathroom which the potential roommate would occupy and kitchen upgrade specifically replacing the 30's oven, I'm assuming this type of job would be +7k or more. I'm having the hardest time finding a legit site to post for a potential roommate and I need assistance finding a good contractor, I'm really just trying to get some feedback on what would be the smart economical decision to make when finances are stretched thin currently. Personal loan or equity line of credit? Any assistance would be helpful. My ultimate plan is to hold this home and rent it out down the line possibly in the next year or two years. Thanks again!

Thank you @ClarenceJohnson for the information, right now I'm in the process of finishing renovations for a long term tenant. Fingers crossed.