All Forum Posts by: David G.

Hi Guys

After 7 years of doing Airbnb; here is my next move.

HOUSE HACK

Get a rehab loan (Fannie Mae Homestyle at 20% down) to buy, rehab, and live in a beautiful SFH pool home in LA County. Preferably Woodland Hills or Calabassas area as you get higher square footage for your money.

Convert detached garage or build/prefab 1200 SQFT 3bed/2bath ADU & convert part of downstairs of main house into approx 500 sqft JADU.

Make cosmetic upgrades to main house. There should be a separate entrance for all 3 structures. Everyone shares pool/spa and outdoor area. Total of at least 6 parking spots on property or street.

Increase property value by at least 20% of purchase price + rehab. 

I will live in the main house and rent our the two ADU's. When I move out, the entire house (all 3 units) must cash flow as traditional rentals.

Now, I would LOVE to have serious conversations with investor friendly contractors in the area that could give estimates on rehabs, garage conversions, ADU additions, and so forth. Where are they?

Am I on the right track here?

Your friend,

Dave

@Destiny Holmes Any luck on this?

@Miranda McKenzie

Im looking for a single-family home that has Both a bedroom downstairs that can be converted into a JADU and an attached or detached garage that can be converted into a 2+ bedroom ADU. Only question is, Where does everybody park?

@Christopher Beloud

Please give us an update. How did it go?

@Jamie Bianco great deal. Now that the garage is converted into an ADU, where does everyone park?

Also, Is the ADU detached?

Is there room for a JADU as well on the property?

@Paul Welden What’s the best way to find real estate agents of recently sold distressed properties in my area?

@Jon Schwartz sounds great. Looking forward to your DM

@Paul Welden thanks a lot for the advice.

@Mike Cumbie Thanks a lot for your advice. I like the 203K because this is my first rehab and

I want the handholding process of other vested interests as well as the extra eyes overseeing the entire process.

@Khalid Bryan

I am more than willing to trade money in for the time of driving for dollars or door knocking

Wish I had a solid agent on the team.