All Forum Posts by: Hannah Joy

Hey there, I did not send an upfront fee, nor is there an escrow. It is a low amount - 30k - just for a garage conversion. 

Thanks for your reply, that is good to know. I also have the opportunity to borrow from a trust at 6% for a down payment on another property. Wondering if that is wise. With the right property I think the numbers could work for someone with very limited options like me. I can't be too picky, even if my cap rate doesn't meet the limits set forth in the advice often given in these workshops. Sometimes I wonder where these people are shopping for RE, not here in Eureka it seems :)

Hi there, I recently acquired a hard money loan at 6% for a project, 3 months for construction, 3 months of interest only. I thought that was negotiated well but I'd love to hear from others - What are the going rates/terms? 

Thanks! 

Hi there, I'm researching grant opportunities for developers and this one says it is for "emerging, for-profit developers". It is a very short application period, and the NOFA is not exactly concise. Is this on anyone's radar?

https://www.hcd.ca.gov/sites/d...

@Dan Sundberg great to hear this feedback. Im pushing to rent by May! Will be around 6 mths total post design concepts 

@Dan Sundberg Well it’s nice to see others have similar plans/goals, hoping to tap into travel nurse needs as well.
I did have to borrow some but have positive cash flow in the primary for repayment contingency in case it takes me a while to finish. 

Really pushing for a slim budget - will do whatever I can myself!! I did the renovations on the primary so I have a tiny bit of experience with shoestrings 😅😅

@Dan Sundberg - Awesome thanks for the breakdown!! I'm still waiting for the final permit but am well on the way. Meanwhile (risky I know) I've done some subgrade work to prepare. It will end up being about 10k for design, new lines to the main, most of the excavation for laying the new lines, and some demo/cleanup of the existing structure. I'm thinking around 10k for the new bathroom and 15 for the buildout of the interior, with 8k for finishes. I'm also assuming I'm probably wrong, as I'm new to this. It's exciting and scary! I'll try to post finals when I have them. 

What will your cash flow look like upon completion? 

Hey @Scott Stephens thanks for the reply! I'm in the county, actually in the coastal zone (eek!) I just replaced the water and sewer lines to the main and am clutching my pearls at the actual cost vs bid from the plumber. Trying to get a better grasp moving forward. Would love to see what you did with yours! 

Thanks @Alex Rodriguez ! Yeah I'm shooting for the ADU grant actually, although the way they structure it doesn't allow for financing of the entire project - the income limits make funding limited so I'm doing the ADU in phases - half with the grant and half with other funds. Fingers crossed. The grant program is difficult to navigate - I'd love to hear how you get on with it

Hi there, converting a detached 330 sf garage to a studio apartment in Eureka, California. Extending 5.5 ft to add bathroom, running water and sewer lines from primary residence. Will keep it pretty simple. Anyone do something similar and have a cost breakdown or pitfalls to watch out for? Thanks! 

Working on a 203k loan to renovate detached garage into MIL. Current rate = 2.89, new rate would be 4%. Cash flow will increase once construction is complete. Cherry on top though is this loan will qualify me for a 25k grant for pre-dev costs. I'm cringing at the extra interest $ paid over time. Should I do it? Or should I try to do it slowly by myself to save in the long run. 

Thanks!