All Forum Posts by: Marcos Urvina

@zachary rymarcsuk yes have researched extensively on converting my 200 sq ft garage into a 3rd bedroom with private entrance for short term rentals. Would have to rent 22 days of the month at $70 daily profit ($1500 monthly) to payoff the monthly payment for construction of garage conversion + the costs to run the short term rentals. So anything after 22 days would be profit. Their is demand out here in Los angeles for short term rentals since the city imposed lots of rules and regulations recently that closed down many people that are not following the rules on short term rentals. So i am definitely looking into this route also.

Hi! Everyone on Biggerpockets,

Im currently thinking of selling my home right now that demand & prices are high. Our family goals have shifted from working, saving, buying a home to investing to get out of debt and become financially independent. We realize the La Market appreciates well and it would be good profit if we hold on and sell 20 yrs from now but as robert kiyosaki says your home is not an asset.

We are shifting towards selling this home and moving into an apt which is a couple hundred less than our current mortgage. Using the profit after closing costs, re agent fees etc to payoff current debt and use the rest to invest in an area with lower cost propertys( in southern california) to do short term rentals that cash flows well.

What do you guys think is this a good route to go or is their other ways i could go with my investing plans?

Here is some info:

-Home in los angeles 90247 zip code.

- mortgage balance is $385,000

- 2 bed / 1 bath / 815 sq ft / 5100 sq ft lot

- current homes sold in area comps are $550,000

- so after closing costs, re agent fees, moving costs we will have around $110,000 to $120,000 profit

- we will payoff debt of $25,000 and be left with around 85k to 95k to invest with

- i will also get back my Va entitlement so i wont have to put down any money on a new investment and wont pay mortgage insurance.

- both of our credit scores are 800+

-mortgage payment of $2300 + maintenance & repairs

Thanks

@luke carl thanks for your reply. im not the poconos guy you mentioned im planning on staying in southern california with the investment and had no plans of quitting my job while investing. Our debt includes a car balance of 15k at 4.5% apr and school loans of 10k at 4 %.

i will definitely learn more about the investment route i choose before taking the plunge thanks for that advise. I just want to be free from this high mortgage payment of $2300 + maintenance & repairs and debt that has controlled us. We now live frugally and pay as much as we can on debt and have savings of 15k for emergencies. My thinking is to get out of all bad debt and start with a clean slate and have enough cash on hand for investment route i choose.

Hi! Everyone on Biggerpockets,

Im currently thinking of selling my home right now that demand & prices are high. Our family goals have shifted from working, saving, buying a home to investing to get out of debt and become financially independent. We realize the La Market appreciates well and it would be good profit if we hold on and sell 20 yrs from now but as robert kiyosaki says your home is not an asset.

We are shifting towards selling this home and moving into an apt which is a couple hundred less than our current mortgage. Using the profit after closing costs, re agent fees etc to payoff current debt and use the rest to invest in an area with lower cost propertys to do short term rentals that cash flows well.

What do you guys think is this a good route to go or is their other ways i could go with my investing plans?

Here is some info:

-Home in los angeles 90247 zip code.

- mortgage balance is $385,000

- 2 bed / 1 bath / 815 sq ft / 5100 sq ft lot

- current homes sold in area comps are $550,000

- so after closing costs, re agent fees, moving costs we will have around $110,000 to $120,000 profit

- we will payoff debt of $25,000 and be left with around 85k to 95k to invest with

- i will also get back my Va entitlement so i wont have to put down any money on a new investment and wont pay mortgage insurance.

- both of our credit scores are 800+

Thanks

Hi Bp community, i will be converting my attached 1 car garage into a 3rd bedroom with bathroom. Want to get a current price range of costs for an architect to do the design and planning phase of construction, any assistance or resources would be greatly appreciated. Here is the info:

1) Location: city of los angeles ( Gardena ) zip code 90247.

2) attached 1 car garage is 200 sq ft

3) current home is a 2 bed/ 1 bath / 812 sq ft

4) i will be going with basic design nothing fancy, no high end materials.

Thanks

@Account Closed I live in the southbay around where the 91 and 110 meet, city of gardena. 

Hi!! I want to build a 800 sq ft detached 2 bdrm adu in my backyard ( ground up construction) and just have a few questions. I know you cant get exact amount until you provide plans but just want to get a general ballpark range i might expect. Im in southbay area gardena.

-What is the per square ft range price right now?

What price range for the build?

Thanks any info would be appreciated.

thanks for the info @seth borman

Hi, I will be building a detached adu in my backyard (new construction ground up) does anyone know if it will fall under the rent stabilization ordinance? Im in the southbay area, city of los angeles 90247. i own a single family residence. Any info would be appreciated thank you.

@Brian Larson Thanks alot. some good info here. just want to be a little informed about costs before i start talking to an architect or structural engineer.