Updated over 3 years ago on . Most recent reply
Newb/Engineer buying first home in CA with completed JADU
Investment Info:
Single-family residence buy & hold investment in Lakewood.
Purchase price: $852,000
Cash invested: $42,600
My personal home, rent out JADU. PITI = $4520, current JADU studio rent = $1300.
Looking to save up for converting garage into ADU. Out monthly surplus of cash = $2500, so it'll take a while to save up to afford ADU.
What made you interested in investing in this type of deal?
First home desired to become a mid-life adult (30 yr old). JADU already built starts me off with tenants and rent immediately. Has AirBnB potential, but monthly rental also works.
How did you find this deal and how did you negotiate it?
Redfin, used a Realtor
How did you finance this deal?
5% down taken from stock portfolio.
How did you add value to the deal?
None yet, the plan is to convert garage to ADU.
What was the outcome?
Still living in it!
Lessons learned? Challenges?
Still learning, not sure what challenges will ensue.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Brad Hansen, EXP Realty