All Forum Posts by: Jonard Lopez

Besides doing a cash-out refinance or HELOC, does anyone know an institution that would do a construction loan or any loan to finance my garage conversion? What are the terms of such loan? Thank you BP.

@James De Leon thanks James. I will find out more about the local laws. If I get stalled, I will reach out to you again. No I don't have HOA.

@Ahmed Megahed i just dont want to get sued for some sort of fraud or something. The house is under VA loan but ive stayed in it for 6 years

Can I rent out all my four bedrooms including an ADU individually while I'm not living in it? But I intend to keep one of the rooms as my office.

@Colleen F. I had 3 companies come to assess my project but they said that they would have yo strengthen the foundation. By doing that, they would have to tear down my whole garage. That would be more expensive.

@Jerryll Noorden not selling at this moment. I still have to find out some legalities in renting my rooms individually and renting out my garage as a studio unit.

I am doing a cash out refinance and part of the cash, I would like to have my garage converted to a studio unit and rent it out. I am Less than 10 miles from both naval bases and then miles from SDSU. I am getting mixed answers saying that additional living space will increase the value of my house some say it will decrease the value of my house. What are your thoughts? Thanks

@Kirsten Fritze those rates are extremely low. Unlike my sister-in-law is paying 12%on her student loan. We are paying 3.2 for our car loan. Give yourself some time to come up with an idea on where to put that money for a higher return (5% or higher) then invest it instead. If you dont come up with an idea after 2 months… pay of those debts.