All Forum Posts by: Roman Rida

@Patricia Taveras this is great! Thank you.

@Avery Carl looking forward to your webinar! Thank you.

@Account Closed Well dont I feel silly. I had no idea there was a forum for that. Thank you!

Hi Bigger Pockets, I am looking to get into STR and I wanted to see if anyone can point me towards some good collateral or education pieces that could help me better understand what to look for when evaluating a STR market/property. I am an investor out of California and I am currently looking in Panama City, Fl and Smokey Mountain TN, but I am open to other locations. I am hoping there is something out there that can accelerate my research process without requiring me to drop 5-10k upfront to learn. Thank you for taking the time to respond to me!

Hi Bigger Pockets, I am looking to get into STR and I wanted to see if anyone can point me towards some good collateral or education pieces that could help me better understand what to look for when evaluating a STR market/property. I am an investor out of California and I am currently looking in Panama City, Fl and Smokey Mountain TN, but I am open to other locations. I am hoping there is something out there that can accelerate my research process without requiring me to drop 5-10k upfront to learn. Thank you for taking the time to respond to me!

@Matthew Forrest @Dan H. @Will Barnard Thank you for the insight! I didn't realize it would be a problem renting all three units out. I think I am going to expand the existing 400sqft studio ADU that I am getting $1500 for into a two bedroom 800-1000qft unit and increase the rent to $2500. This way I can make it more attractive to buyers in the future, still increase cash-flow, and lower my construction cost! Seems like a win. Thank you!

Hi everyone, I recently purchased my first property in Los Angeles. I paid 800k for a 4 bedroom newly renovated house thats around 1700 sqft and includes an additional 400 sqft detached ADU in the back that I am renting for $1500 a month. Based on the new legislation that past in California in January, single family houses are allowed to have one detached ADU and one Jr. ADU on the same property. I am wanting to build the second unit and rent that out for an additional $1500, but I am worried the second unit may not force appreciation of the entire property by at least 100k so that i can refinance and pay off the 85k loan I will take to build the additional unit. Because this program is new, there are very little if any single family houses with two ADU's on them to compare against. I am not looking to sell my house, but rather rent all three units out and benefit from some significant cashflow in a market that has traditional been better for flipping or appreciation long term. I will be at the mercy of a banks appraiser. After the construction loan payment of $750 per month, i will still cash-flow 750 but i dont want to carry a 80k loan for longer than 5 years. Does anybody have experience with building multiple ADU's and doing cash out refinances? Is this deal still worth it or should i look for other properties to buy? Would an appraiser put more than 80k value on a second brand new ADU? Thank you for your thoughts!

Hi everyone, I recently purchased my first property in Los Angeles. I paid 800k for a 4 bedroom newly renovated house thats around 1700 sqft and includes an additional 400 sqft detached ADU in the back that I am renting for $1500 a month. Based on the new legislation that past in California in January, single family houses are allowed to have one detached ADU and one Jr. ADU on the same property. I am wanting to build the second unit and rent that out for an additional $1500, but I am worried the second unit may not force appreciation of the entire property by at least 100k so that i can refinance and pay off the 85k loan I will take to build the additional unit. Because this program is new, there are very little if any single family houses with two ADU's on them to compare against. I am not looking to sell my house, but rather rent all three units out and benefit from some significant cashflow in a market that has traditional been better for flipping or appreciation long term. I will be at the mercy of a banks appraiser. After the construction loan payment of $750 per month, i will still cash-flow 750 but i dont want to carry a 80k loan for longer than 5 years. Does anybody have experience with building multiple ADU's and doing cash out refinances? Is this deal still worth it or should i look for other properties to buy? Would an appraiser put more than 80k value on a second brand new ADU? Thank you for your thoughts!

@Tom Ott can you show me the numbers you used? I didn’t get the same 12%, wondering what I am missing! Looking forward to your message!

@Clarence Johnson After further investigating Long Beach, North Hollywood, and Thousand Oaks, you are definitely right. There are many pockets that could make sense. I would need to be under the 850k, and with a rental unit bringing in at least $2000, I would end up lowering my current cost of living by over $1600 a month, and have more cash to put towards my investments. Plus I could invest out of state and accomplish both goals. Thank you for the insight.