All Forum Posts by: Avi Garg

I bought a SFH to flip back in Feb but now thinking of using it as a Short Term Rental. Nearby similar properties go for $250-$400 a night.

I will be calling some local credit unions this week but wanted to get an idea of financing options out there. The title is currently under LLC but can refinance under my name.

This is ~2 miles from my current residence (I live in a town-home) so not sure if the SFH can qualify as a vacation home (it does have a pool which I don't have currently in my primary).

Another option a lender suggested was to refinance it as a long term rental. Are there any banks that allow STR refinancing?

The property is located in Northern California (East bay).

Tagging @Chris Mason for his input.

Yes both ADU and JADU can be attached.
Call your county planning and see what they say about your specific situation. Technically, I think, it should be allowed.

As far as I know, in my county, JADU has to be existing space conversion and ADU can be new construction or existing space conversion and that the property should be owner occupied.

Just make sure its not a scam. I have not heard of anyone creating an account after getting approved. EIDL money ($1k/employee) just showed up in people's account. 

@Mike Terry

It is not 100% correct. Yes you have to read the plan docs carefully. My plan allowed to keep the loan even after I changed jobs (the loan is still active with 1 more year to go).

@Sienna Parker

You can also withdraw upto 10k from your 401k without penalty if you are a first time homebuyer. You would still have to pay taxes on that amount.

Another option would be to take a lon from your 401k.

@Maya Torres

My PM rented out a condo in Indianapolis for $1000/month rent. The tenant moved in March 17.

@Meryl McElwain

I have 2 random questions:

1. What is the price difference in build costs between a single family and say a 4 unit? Single family is estimated at $250/sqft. Should I expect it to be the same for the 4 unit? What about 8 unit?

2. Thinking about converting the detached garage to ADU. What do you estimate the plumbing costs to be since we will have to cut through concrete (is there another way?)?

@Michael Ealy

Just reread. You said proceeds from HUD and I read it as sales price. The picture you attached is not clear so was easily confused.

@Michael Ealy

This is awesome. Great deal.

The numbers seems off. Your payoff to seller + bank totals 1.25M (with your calculation it’s only 1M) and u sold for 1.6M. Profit is 400k not 600k.