All Forum Posts by: T. Wilson

This project would involve building an ADU in the back of our primary residence.

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I am interested in building a small cottage in the back of our property that will be a rental unit. I have all the bids in and the estimated cost is around $75,000. I'm looking for advice on the best way to fund the construction. I do have equity in my main home so I could do a HELOC or second mortgage. Any recommendation on which direction to go, or other funding options I may not be thinking of? Thanks

Thanks everyone!

The property is not within Seattle limits, and is in unincorporated King County. We were thinking the ADU would be around 200 sqft with a loft. Adrian you are correct that there is a very small creek in the area, about 20-30 feet away from the potential building site. We are trying to figure out what professionals we should engage to help us figure out feasibility?

Thanks for the advice Kenny, we had considered this as well!

We have a larger property and are considering adding a detached accessory dwelling unit to the back of the property for rental income. First, would love to know if anyone else has done this and any advice you'd give, and secondly what you all think about my high level calculations:

- $80k to build (likely thru HELOC/refi) - Is this estimate in the right ballpark for a small studio/loft ADU?

- Rent out for $1200/month - Studios in this area are renting for $1500-1800/month but these are in big complexes with amenities. I'm not sure if we should consider charging more than this average since the ADU location is unique and literally in the middle of a forest? I'm using $1200/month just to be safe.

-Estimated monthly cash flow after mortgage, expenses, etc would be around $600/month

- This is what the property looks like, the ADU would be "in the woods". The site is not easily accessible by machines and is over 100 feet from the primary house. We're hoping to somehow tap into our existing water and electric, but we'd have to add septic or do composting.

Assuming we can get the permits, this seems like a no brainer to me. Does anyone know of any companies that would be experienced to build this type of structure? We were thinking of companies that make cabins since they'd be more familiar with sites that are harder to access.

Thoughts?