All Forum Posts by: Amy Turnbull

I'm rethinking my verbal contract with a guy who did a complete renovation of the bathroom on the upstairs residential rental property of my duplex. I was prepared not to claim it as an expense but now I'm having second thoughts. I paid him cash.

Hi, Forum People

I am trying to finance an ADU on my property and am hitting a wall. However, I just discovered Freddie Mac has updated their qualifying criteria to include ADU rent. This is HUGE! Has anyone taken advantage of this loan to build an ADU? I would love to hear your story! I'm posting the link to the Freddie Mac updates here: https://sf.freddiemac.com/arti...

Thank you for taking the time to weigh in here!

@Amir Guerami I'm curious why you mention the need for a good amount of equity if this is a refi/reno loan. I mean I know I would need some equity but doesn't it really come down to the as-completed value of the property? With an LTV of 80%, I should only need 20% for the down payment. I guess it really comes down to how much it will cost to build an ADU?

Thanks for your replies but I'm looking for a real-life experience here. I did a deep dive on the internet and there is lots of information about how it COULD be done but so far I have yet to find someone who has actually done it!

I'm advocating for accessory dwelling units in my town. I thought this was the hard part--getting ADUs legalized--but it turns out, financing will be my biggest challenge! Has anyone actually done a Homestyle loan to build an ADU or is this type of loan just a much-publicized myth?

If you have any experience with this loan, please share your story!

I just download whatever is free on the internet for a lease but it's a headache getting it into Docusign so I would follow the advice of the guy above who uses TurboTenant. 

Kudos to you for not raking your tenant over the coals with a sudden increase in rent. I feel a $25 increase every year is fair.

My lease agreement with one of my tenants in Dalton, Massachusetts reverted to month to month about a year ago. I politely reached out to her recently to let her know I will be increasing the rent by $50 a month in June and gave her the option to sign a new lease or remain month to month. Leases make it easier to track rents if/when you want to sell, otherwise you will have to provide proof of payments (rent rolls) to the buyer's lender, usually through your bank account. I use Venmo, which my lender didn't like at all, but Zelle goes through the bank so you should be okay.

Alan don't forget to send me that Zoom link! I live in Los Angeles.

Thanks, Alan, I may take you up on that, thanks! My email is in my profile--please send me a link to your next Zoom.