All Forum Posts by: Edward N Hunter

Thanks it’s been a long time coming. In the next week I’ll add a link to a post of the full story. 

I just finished a ADU (1bed 1.5 bath 507sqft) in the back yard my 2bed 2bath 1018 sqft Single family residence in November 2020. The property is located in the East Bay single family houses are currently going for around $700,000 in the area and mine just appraised for $950,000 on 3/8/21.

Hi BiggerPockets long time Listener first time positing. A little background I bought a SF house in 2017 with owner financing and built a ADU in the back almost finished. The front house is renting for $3000 a month. Yearly taxes are $6600 insurance is $984 for the year. The mortgage balance is $450,000. I will have no other debts when I apply for the refinance currently I have less the $6000. I make $30,550 annually before taxes from work.

My question is How much do I have to rent the in-law unit in the back to quality for a refinance? 
Is there anything else I need to consider besides DTI and mortgage companies only counting 75% of the rent as income?

Thanks for your help in advance.