All Forum Posts by: Aram Ozen

Thank you. I was very surprised that after reassessment that the ADU didn't add as much as value as I thought.

I was wondering if anyone has had issues where an insurance company has terminated their contract after a new build. I'm in the process and almost finished with an Garage conversion ADU in LA county and I had a mobile evaluation of my property in which I had to show my garage which was almost finished. I then received a letter from AAA that my contract was being terminated because the property was unacceptable under current guidelines. Should I fight them over it or see it as a way to look for a better company to cover my needs?

Hello, my name is Aramand I'm attempting to pursue my Real Estate journey by investing in my wife and my own property through building a ADU to rent from an existing garage. I've met with three contractors who have all quoted me about 75k for the conversion not including bathroom/kitchen items. My wife and I have 45k in cash at this time but I've been frustrated trying to find other financing options that will give us some breathing room with cash flow sooner rather than later.

. I've looked at HELOC loans and lines of credits but the two banks I talked to could not work with me. My house is valued at 575k-580k and I owe close to 436.5K. I was looking for about 40k at least assuming the project will go above the budget due to Covid delays but those institutions couldn't help me. I'm wondering, is it worth it, to continue to look for those type of financing deals or just settle for the personal loans which could end up costing me so much more in interest in the long run but seemingly easier to obtain the finances.