All Forum Posts by: Account Closed

Furnished finder. 

I don’t understand the traveling nurse thing. That’s like saying I’ll only rent this long term to students. Why limit yourself. 

Hi Lisa,

Were you able to get started on your ADU? I have a 1,200 sq ft fully approved one and I'm starting to get quotes on the different components, i.e. foundation, framing, etc.

Hi Lisa! Wow this is some accountability, I am STILL working on it. Some delays on who I chose to work with and on my end. I had a unique situation where the property has two driveways (called non conforming) meaning the city wanted me to terminate one, and widen the other. This was going to add $30-40k to the project cost. So I waited hoping new laws would improve and allow me to keep it and they have. The city can no longer force you to correct a non confirming (and not relevant to the ADU) to issue a new permit.

So, we are in the process of changing the design to allow both driveways to stay. Its a big pain in the butt but it saves a ton of money on construction and adds so much value as I'll have two structures and two separate driveways. 

One other  thing to note, the costs are insane these days. Get ready to pay $$$$$$

@Account Closed  I know, folks are disappointed on that front, but it's just such a different type of project and we're not set up to effectively manage addition / conversions. Happy to send a referral for an architect if helpful.

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@Tim G.

Thank you for the feedback and idea putting a garage and eventually making into another ADU is definitely something I need to look more into

@Andrew Burkhart check out Maxable.com for ADU and JADU info. I'm not affiliated with them, but like bigger pockets Maxable has alot of great info.

ADU's are one of the top plays right now, there are many variables but if it works. It tends to work well.

The costs are all over the place, you have owner occupants with equity that are being used as ATM's by designers and contractors who can provide the "be an investor HGTV" experience. You also have the investors with construction experience, who can commit to not overbuilding and they're coming in with some solid numbers. Under $200 a sq/ft 

Besides the above mentioned be sure to know how are you going to pay for it. Often the house does not appraise at a value that will allow you to retrieve those costs fully. But, it'll be very good cash flow. One perk to this is assessment values seem to be coming in very low, so your property taxes will be favorable. Also, consider how you build this additional unit while not interfering too greatly with your tenants on site. 

I am building an ADU at a property that currently cash flows $300 a month in Oceanside that I also consider a poor investment until the ADU is in then its going to be fantastic. There could be another play in which you build a 1200 sqft SFR with a garage, then later turn the garage into a Jr. ADU. Now you have three units.

@Stacey Hoyt I'm curious who that was. I had one company tell a client last week, $250/sqft not sure if that including everything you mentioned above.

I have notice a few contractors begin to brand themselves as ADU experts. It's too early to give any of them a strong referral. There is one I like a lot on a personal level, and he is the one who casually said $250/sqft.

I also just reached out to a client who just completed an addition. He is a bargain hunter, and ended up using someone I didn't refer. They finally got the job done at $230/sqft. But 8 weeks late. Therefore, he wouldn't recommend them. I share as something to think about.