All Forum Posts by: Skyler Bissell

I own my primary residence and want to build a DADU on the back of the lot. In working on construction loan financing, the lender informed me I'll need to unencumber that portion of the property (makes sense) before closing on the construction loan.

I understand there to be two methods generally speaking: refinancing my mortgage and removing that portion of the property in the process OR attaining a partial release from the lender to remove that land.

I *strongly* want to avoid refinancing as I have an amazing rate, but partial releases seem complex and also require a survey. I'm going to get a survey regardless, but I'd like to line all this up before I start spending on soft costs.

The weird thing is I see other investors doing these DADU deals and I've never heard anything mention the above requirements / scenario. 

Am I overcomplicating this? Is there a simpler way to do things? Any thoughts appreciated. 

Some markets just don't pencil. But it's also heavily property dependent. If the property won't work for that amount, offer less. Or look elsewhere. I'm in Seattle and there haven't been real BRRRRs here in years haha

Find in-person events to attend, listen, and meet people who share your interests. I've learned the most from friends and people I met at meetups and other gatherings. It takes time and isn't as sexy as social media would have you believe - but then again it's also not as easy to get rich quick as the social media posters will say! Don't buy courses, everything is available for free and as you learn you'll get better at understanding what's good info and what's not. Just my two cents!