All Forum Posts by: Shaun Weekes

2. Was planning on financing with an existing HELOC, but the HELOC is on my primary residence. For legal purposes, should I get a HELOC on the investment property itself? Spoke to a few lenders already and it is possible, but with a higher rate. I'd like to know if it's necessary or strongly recommended.

3. When we first purchased the property two years ago, we had the tenants sign annual leases which stated they'd have garage parking. The ADU will replace the garage but the leases have expired and the tenants are all month-to-month. I'm assuming we will need to offer some sort of concession to the tenants? Or not?

Thanks in advance!

I wanted to make sure everyone had this information from the source. Also, Fannie doesn't allow this at all and Freddie does for 1, 2 and 3 units but not on 4 units properties.

https://guide.freddiemac.com/a...

I hope this helps and have a good one

2 Votes

Los Angeles County, California

Quote from @Alfred Moon:

Researching adding an ADU to a 4 plex in West LA and have a few questions about the process:

1. Anyone have a recommendation on ADU contractors who can take care of feasibility/permitting, design, construction, etc?

Thanks in advance!

If you turn your 4 unit into a 4 unit with an ADU, this will disqualify you from Fannie and Freddie financing. So, if you ever want to sell or refinance, it will make it more difficult for the buyer and yourself to finance. Commercial loans typically require more money down and will be for investment only. You'll have to use commercial financing, dcsr or private money. It can be done but just make sure you understand what this will do to your property lending wise, moving forward. The potential buyer pool will shrink. However, if the ADU can make a significant amount of income, the idea needs to be considered. If the numbers work and it's a long term hold it might make a lot of sense. It's just good to know all potential scenarios and options.

Take care and I hope this helps.

0 Votes

Los Angeles County, California

Hello BP,

I'm launching a course and I'm looking for RE Attorney's all over the country that I can recommend and promote. If you're interested, please email me so that we can discuss this together. This would be free advertising for you and your company!

Shaun Weekes

[email protected]

0 Votes

Hello BP,

I'm launching a course and I'm looking for PM's all over the country that I can recommend and promote. If you're interested, please email me so that we can discuss this together. This would be free advertising for you and your company!

Shaun Weekes

[email protected]

1 Vote

Hello BP,

I'm launching a course and I'm looking for GC's all over the country that I can recommend and promote. If you're interested, please email me so that we can discuss this together. This would be free advertising for you and your company!

Shaun Weekes

[email protected]

0 Votes

Hello BP,

I'm launching a course and I'm looking for Appraiser's all over the country that I can recommend and promote. If you're interested, please email me so that we can discuss this together. This would be free advertising for you and your company!

Shaun Weekes

[email protected]

0 Votes

Hello BP,

I'm launching a course and I'm looking for Homeowners Insurance Agents all over the country that I can recommend and promote. If you're interested, please email me so that we can discuss this together. This would be free advertising for you and your company!

Shaun Weekes

[email protected]

0 Votes

Hello BP,

I'm launching a course and I'm looking for investor friendly Realtors all over the country that I can recommend and promote. If you're interested, please email me so that we can discuss it together.

Shaun Weekes

[email protected]

1 Vote

All Forum Posts by: Shaun Weekes

Shaun Weekes has started 33 posts and replied 1673 times.

Post: Have you worked with a Civil Engineer in ATL, GA?

Post: Have you worked with a Civil Engineer in ATL, GA?

Post: Adding an ADU to a West LA 4 plex

Post: Adding an ADU to a West LA 4 plex

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