All Forum Posts by: Liam B.

@Paul Wolfson if you want to wait for that 15% drop that is fine, but stack up as much cash as possible now. Change your finances around to allow you to save the most each month. Maybe you can save up to buy a property all cash out of state and not have to worry about rates and loans :)

@Matt R. What is the SQFT of the ADU?

@Will Barnard What do you mean by amenities for an ADU. Comparing if the shower is a tub or a stand up rain shower? You're building "affordable housing". Someone looking to rent the ADU is looking to save $$ and isn't all that picky on these amenities and fine details. If they wanted that they would go to 100's of those new build mega apartments with 300 units that have it all for double the price. But I am not saying build a run down place that is made of toothpicks haha. Just a minimalist modern design that somehow let's the tenant have own backyard privacy would be nice.

If you're building a brand new single family home, 6 unit apartment, or 30 unit apartment, yeah amenities, finish and etc help to increase rent. 

@Will Barnard for an ADU it does not make a huge difference if you use X finish for kitchen and Y finish. As long as it looks new and nice. I am in the Los Angeles area.

What is your price range for purchasing a land?

in the end its an ADU used as a rental. You don't need to get super fancy, keep it simple and minimal design. With 600sqft you can design a 1bedroom ADU. 200sqft bedroom and 400sqft living/kitchen. Plumbing is where it could get really expensive. It depends how the current plumbing system runs and connects to the city main line. That is where they have to dig and connect all the plumbing lines. Also, for a separate meter, is her main meter going to be close to the ADU or opposite side of the ADU. That will add up in cost to run the wires, dig the holes and finish it. A lot of little details go into this then the two I just explained which were main ones for me. From what you said I would guess about that range she got quotes. Don't have them get the most expensive contractor and price because they think finishes and fixtures will be high quality, that is a waste of money for this type of investment.

Attached ADU. You better hope you get really good insulation or you will be hearing everything the person does in the ADU.

On this land you are able to build 1 single family home. Hillside homes have a min sqft requirement before you are able to build on them. First and longest process will be to get all the lands into 1 division. Currently they're subdivided into 4 parcels. After you you get that complete next would be planning to get permits ready for this, which would happen at the same time as getting all 4 parcels into one. Since the land total with all 4 combined would be 6,500sqft you would be able to build a maximum of 2800sqft at best hillside. Because hillside you are able to do .45 of the land total. Don't forget hillside has different setback requirements. Furthermore, have to look into sewer lines and all if anything is near. 

To sum it up in my opinion below

1) getting plans and permits approved would take min 1 1/2 year. 

2) It is hillside, your cost will increase. If you were to build a 2,300sqft home, you would be looking at 550,000 to 650,000k in cost to build it out.  That does not include city permit fees and architect fees. City permit fees would run you about 30k-40k and architect fees probably 20k. 

Personally if you want to invest in land stay away from hillside as your first project.  

I wouldn't just jump up and move because of that fire. That is too an extreme of a move. I would wait until end of year and start of 2020 to think of doing anything like that. If anything sell the house and move closer to your husbands job. 

@Matthew Forrest okay that's good, built this year.  Does anyone know the exact dollar amount it costs to evict a tenant under rent control? I remember looking 4 years ago and it was about 25k per tenant.