All Forum Posts by: Jason Brooks

ADU on unincorporated contra costa California

large lot 9000 sqft lot

1300sqft primary house

adding 950sqft modular home

Loan on property: 418k
Property appraisal in the area same size: 580k

I want to refi the property into a va loan in order to pull out 100k taking the loan to the 90% loan to value maximum and have an adu installed. Has anyone done this? Do you all have any insight? I'm looking at bayarea manufactured homes(150k) and homes direct out(130k) of Sacramento. I talked to aduhabitat(259k) and they were amazing but there homes were 50k more than the other options. They look nicer. But I don’t see this area homes appraising for much more than 600k. adding an adu 3bdr 2 bath im hoping will raise my home value by at least 100k and I should be able to rent the adu for at least 1500 per month. And it will cost me an additional 500$ per month to take out the 100k cash out refi.

has any one done anything like this. any tips tricks or insight. thanks.

I am asking these questions in preparation for tax season to know how I do my write off. I have not yet claimed depreciation.

Thank you all. This house doesn't cash flow. Probably never will. I actually don't have an exit strategy for this home. I am still fixing it up. I plan on converting the garage 400sqft and adding an adu in the back yard 600sqft . If I do those things this house will cash flow about 1k a month.

Thank you. This is the info I needed.

Thank you all. This house doesn't cash flow. Probably never will. I actually don't have an exit strategy for this home. I am still fixing it up. I plan on converting the garage 400sqft and adding an adu in the back yard 600sqft . If I do those things this house will cash flow about 1k a month.

Thanks. I have a 600k VA loan pre approved looking for a multifamily from Sacramento to San Jose. I do not see anything as of yet.

but I think it would be a lot easier if I was able to pull money out of my current house in order to to have the down payment for the multifamilyusing an FHA loan. Which they are probably going to require 5%. (30k)

I started the house hacking having 150 k equity. Now the residence will be a rental within the next 2 years. How do I get my 150k out of the property without paying capital gains and turn it into a rental. I would write off a lot more rental expenses in my taxes if It wasn't going to effect me during the sale of my house. From what I'm reading. Because I'm renting 2 rooms out of my 4 bedroom house I could write off 50 % or more of my expenses. But if I do so I'll have to pay capital gains on 50% of my profits when I sell the house. I want to reset this house and pull out my primary residence equity and turn it into a rental that I will eventually be able to 1031 until I die. 

I have a home in the bay area that i bought with a conventional loan. i have about 150k in equity in the home and i am renting rooms. how can i pull out the equity in the house in order to convert my home from a primary residence into more of a rental and eventually move out to the next house hack.  

I am looking for tax strategies.

I am also looking for how i get my primary residence equity out to avoid capital gains of rental.

this residence is in caifornia.

This is great

I enjoyed this. I would like more updates i've been interested in this for about an year now. I have a shed i got for free but i am into carpentry and really want to build a tiny house in my backyard on my 9000 sqft lot in unincorporated contra costa county in the bay area. I've been looking into garage conversions and building an adu in my back yard. i talked to planning and they bring up the parking thing and want permits and architectural designs and all this other mumbo jumbo (land slope all that.) I just want a place i can rent out to help with these outrageous cost of living up here.