All Forum Posts by: Liam B.

@William Samuel Johnson  I had the same question, where did the $125 construction cost come from? Think you will get it for $175-$200 range for construction. Are you trying to sub everything out yourself to keep cost down? Think you are underestimating permit fees. Why are you doing 1,591sqft is that the max allowed for this lot? My thoughts on your rendering to keep cost down on the exterior that piece connecting the #30 house number to the house(grey piece) I would remove

How long does it take in this city to go from start to approval of plans?

I saw this for sale. Seems like a good one, in front of the lake, which probably will have increased resell value.

https://www.zillow.com/homedet...

In 2008 before the housing crash, a lot of people were saying the housing market is stronger than ever and this is the best time to invest. Those people in my opinion had a lot of assets in the market and did not want to see it crash, they wanted to give as much good news as possible even if they didn't believe it themselves. 

I think of it like this. Homeowners are allowed to delay mortgage payments that are adding up to the loan. I believe that is a case for disaster, loans will increase and homebuyers won't see it worth to cont paying. Just foreclosure and move on. 

Lastly, the crash last time took two years to hit the bottom. This time I see when it falls at whatever % it does, it will be sharp within 6 months then a quicker recover back up(Things just move faster nowadays and investors are more educated then before).

Seems like you have to get creative with the lease contract in terms of the water. Something that is average of 12 month for that front house. Possibly as an incentive you cover anything over a certain amount to give peace of mind to the renters. The big thing is reasonable, you don't want them to just live the shower on 24/7 or a dispute happens with one of the renters and they purposely find a way to mess with you.

I just included all in with the rental. Electricity, water, and gas. The contract stated that it is to be used a reasonable amount. For example if the bill is 10x the norm then I have the right to cancel the contract. Too much of a hassle for me to calculate the elec, gas, and water. It is such a min cost anyways. Just include it in the rent. 

Would you be interested in setting up a virtual one? maybe through zoom? 

Just include internet in the JADU. Get a solid Eero mesh system for your home and problem solved. 

With what seems like the start of the fall in housing prices within the next two years, rental rates will organically fall 25% or a bit less anyways hah.

If he has no assets(home, car, or money in the bank) it will be very hard to recoup. If you do take him to small claims court, he does not even have to show up and you could win by default. That will get you a judgement against him to recoup your loss. But that is where it gets tricky. That will be up to you in finding where he banks and banking info to put a lien on his account and have them withdraw anything he has in there to give to you. If he has a house under his name you can put a lien on it of your judgement amount. If you win the case your judgement will be good for 10 years and can extend another 10 years. good luck

@Bryant Diep just messaged you

@Karen Margrave How are appraisals for ADU's? What % increase in value have you seen it give the home?