All Forum Posts by: Michael Bettencourt

@Aaron Chung thanks I would appreciate any info you find out. I'm waiting on a reply from my broker but all she mentioned previously is that due to my good credit she would recommend a conventional 3% down renovation loan which Wells Fargo Offers vs. fha 203k. And yes it's for an owner occupied property.

Being in the construction field for 13 years this is what I reccomend. Spend time in Home Depot. Find the one guy out of 20 that knows what he's talking about and visit him once a week for an hour. He will be happy to help as long as your cooler then the average customer. Learn about materials, applications, tools and their uses.

Then find a project, Google and you tube the hell out of it and give it a shot! You won't be fast or efficient but you will learn.

Has anyone dealt with a low down renovation loan offered by a finicial institution other than fha 203k? I have a mortgage broker from Wells Fargo recommending their 3% down renovation loan over the 203k. 

I can't find much on their website, does anyone have experience with this?

Thanks for all the great response both informitave and hilarious! I figured the term Granny flat might be a west coast thing. 

I think I'm gonna go for it, the homes in San Diego and the "guest home" would have nice views so the income potential is there. Plus the jobs to easy to pass up.

My main concerns is there isn't a good location for a stairwell, I would have to do an addition. So I would just use the existing separate entrance. Secondly as Elizabeth Stated if I got stuck with a professional tenant who knows what kind of headache I could be in for. 

Any thoughts on if a lawsuit would be substantiated if all codes were met? Remember in in CA.

I have an sfr in with a  above ground basement( homes on a hillside) that I've been dying to build out into a granny flat or guest house and rent out. The long time tenants are all for it and even have a renter in mind.

The issue: code allows for a granny flat but it can't be a primary residence ie. I couldn't rent it which defeats the purpose.

The question: I've always been a risk taker but is this just dumb? What are the potential concerns, are there anyways to avoid them, and any other suggestion on the matter would be much appreciated!