Hello,
I'm also very interested in the tiny house movement but to make it seem less like a fad I've been calling my idea multi-family small home rentals. My vision is to buy an existing lot and add 300 sq. rental units to it. To test the feasibility of my idea I am trying to find a SFH with appropriate zoning so that I can add one to the lot and figure out how hard it is to get city permits, what the true cost of installation is, and what the break even time on the investment is. I was thinking that I could use a version of the refinancing strategy that folks use when they do flips, only my flip would be the addition of a unit. The unit itself with a kitchen and bathroom costs 75k, there is some financing available from the company, and there is always hard money lending.
This is what I'm thinking I would use:
http://kithaus.com/modules/k6/
In San Diego I'll need the right zoning at at least a 3000 sf lot for the areas I'm looking at (North Park, Normal Heights, City Heights). Does anyone know how much this house if installed up to code and fully legal with the city would add to a property in San Diego? I'm trying to figure out if my reappraisal with the second unit is a good idea or if the reappraisal value wouldn't be what it would cost to put the unit in. If anyone is interested in this idea in San Diego, especially if you have a property that it would work on, then let's chat. I would love get feedback from others on what you think of the re appraisal idea and if a 300 sq. home adds more value than it costs.
Thanks in advance for the feedback and I look forward to hearing about other tiny home ideas!
Lee
