All Forum Posts by: Andrew Burkhart

@Adrian Alfaro

Thank you I will

@Adam Speer

I have not considered renting by room but will be looking into it.

And the extra room I don’t believe would add a substantial amount unless renting by room creates a big increase.

Thank you for the feedback🙏

@Tim G.

Thank you for the feedback and idea putting a garage and eventually making into another ADU is definitely something I need to look more into

@Maxwell Ventura

I purchased the property in may of 2019 and refinanced March of 2020. The property is located in Fallbrook just outside of the city.

I have not factored in tax, principle reduction. But have looked into appreciation in the area it is in. the average has been gaining 3.50% annually. And when I purchased the home it was 465,000 and was a flip and appraised for 500,000. So if I sold today at former appraisal I would break even or lose a small amount.

And as far as waiting I definitely would like to and my main income from 9-5 can cover losses. And an ADU is my main consideration right now just because of size of lot.

Thank you for the feedback😃

@Colin L.

a bigger property would be out of my price range at the moment but something to look at if I can come into more capital

Thank you for the feedback🙏

@Nicole Holcomb

The property is located in Fallbrook

And as far as other options selling would be a move I would consider but I don’t want to get out of the market that seems to always be gaining value so I don’t want to go to that if possible. And if I do sell it would have to be either with someone taking over the tenant until March of 2021. Or I would have to wait until then to sell.

There is little to no equity as I refinanced recently to cut some of the loss for a lower payment.

As far as primary residence that would not be possible as I am stationed in Virginia currently and will be for at least the next 3 years.

And multiple tenants is something I have not considered so I will be looking into that For sure.

And I don’t want to do vacation rental just for the fact that i think would be less consistent cash flow, being 30 minutes from the beach it wouldn’t be as desirable.

And I will check on RV and boat storage/parking another great suggestion I haven’t looked into.

And I will thank you for the feedback😁

@Andrew Burkhart

Just some more info

House is on just over a 2/3 of an acre plenty of room for parking to be made and house to be constructed.

House is 1000sqft (so ADU would have to be 500 or less)

Rental rates for 600-700sqft apartments in area are

1100-1400$ a month.

So long story short bought a house in San Diego county as my first rental property and I'm in the negative around 300$ a month so bad investment looking for a way to turn it around and have been researching ADU's. Wondering if anyone has done this, and if the juice is worth the squeeze to invest more to possibly turn my bad investment into a good one.