- Rental Property Investor
- Santa Maria, CA
- Votes |
Owner builder loans for SFH and ADUs
I have owner builder experience building ADUs to my properties. I was able to build at $85 per square ft by doing most of the work myself and subbing out what I couldn't.
I want to take on my next deal as an owner builder and build a single family home with both an ADU and JADU. There is land for sale in my area for $297k with all utilities on site (used to have a small house that was demoed a while back). I can build at about $100-$150 per square ft (depending on soft costs for the single family home build). There is only 1 comp in my area that has both an ADU and an JADU that sold for $1.5 Million, where the average sale price for that neighborhood is in the high $500ks.
Are there any lenders that do owner builder loans in California?
I also plan on testing for my GC license early next year, hopefully that can better my chances on being approved for an owner builder loan (if they still exist in California)