What was your process to lock in on that market? 

I recently completed one on a multifamily property and found it to be a cost-effective approach.That said, there are a couple of additional factors to consider beyond the code differences between a garage conversion and new construction:Coastal Overlay Zones – If your property is in a coastal overlay, building a ground-up ADU may require Coastal Commission review, which can add time and complexity to the process.

I’m in the process of opening an LLC to get things started and exploring the best approach to enter the market.

We plan to come back live in it the other 6 months, fix it up more, repeat that process until we can find another deal that makes sense for us. 

REI is a long-term venture; if you cannot hold this will be a very difficult process.  

Addicted to the process not the end result! 

Scheduling is knowing the building process and knowing who to schedule when to ensure there's no delays in work.

They are doing their underwriting process.

While I was scared, I still proceeded since I had just learned the general process from my course.

We’ve also had increases submitted in Sep 2023 that still haven’t been processed.