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All Forum Posts by: Michael Woods

Michael Woods has started 1 posts and replied 3 times.

Starting Out

Post: ADU Construction funding, No equity

Michael WoodsPosted
  • Posts 3
  • Votes 1
Thank you all for your inputs, I failed to mention the property does not have a garage. That is why I have to build.
0 Votes
Starting Out

Post: ADU Construction funding, No equity

Michael WoodsPosted
  • Posts 3
  • Votes 1

Andrew,

This would be a completely new construction. I would be using county pre-approved plans for the ADU. I will research your suggestion, thank you for responding!

Collin,

The San Diego County has pre-approved plans and major discounts as we are in a "housing crisis", this makes building my first option. Thanks for responding!

1 Vote
Starting Out

Post: ADU Construction funding, No equity

Michael WoodsPosted
  • Posts 3
  • Votes 1

I recently purchased a property with enough room for an ADU in the San Diego County. There are a lot of advantages to building an ADU right now and I want to get started. I essentially have no equity but have 30k cash. How would I go about finding the right loan to fund the construction?

I have planned on registering for a business to collect rent for the future, is there a way to fund the construction through a business loan, or is that even a thing?

0 Votes