All Forum Posts by: Bill Bockwoldt

J,

Congrats on your latest deal (assuming it went through)! Not sure what you have researched on tiny homes but I believe they are classified as property (think RVs) and can't be permanently connected to utilities. I talked to the salesperson down the street who sells Tiny Homes and according to her (she works for builder in Sebastopol who I think started the Tiny Home movement long ago - see documentary on Netflix), most people put them in a backyard and they are technically illegal if connected to utilities. The city has the right the come check on them anytime and if connected, they must be disconnected. There are some exceptions such as use for assisted living for a relative but the rules are a bit opaque. Thought you might want to know, although knowing you I suspect you are totally up to speed on this.

We used to rent the truck at home depot and try to be back in 75 min. to stay within the $20 rental charge. Then we saw a sign on the wall that said Home Depot will deliver up to 3,000 pounds of materials same-day for $20.

A lot less time/hassle for a nominal fee. No pick-up/drop-off/refueling any more!

Check your local home depot and ask about home delivery. We don't have room for a truck or trailer and $20 for 3,000 pounds will meet all of our needs.

I can share two of them:

1. Relying on "professional" home inspections. Sometimes only experience will teach you but it is an expensive lesson. Learn what is important in maintaining a home and be sure you check those things before buying. The seemingly "simple" things like water issues are what can really cost you down the road (think foundation repair and water in the walls).

2. Learn how landlord insurance works and the industry in general. I got great landlord insurance on 5 properties. After several really bad storms, I filed some claims for roof repair because the roofer who gave the free estimates explained how easy it was. Sure doesn't seem easy now that the insurance company is cancelling all of the policies (and they denied all the claims but one) at renewal. Finding insurance in some areas is not easy.

Luanne,

I used Liberty Mutual for properties in South Dakota but switched to Safeco last year. However, after a bad storm and a roof claim Safeco is now dropping coverage on some of the properties for things like "peeling paint" and "wear and tear"...However I had good coverage at great rates. You may want to check them out.

I plan to see you all there in November!

MARKETS?
Out-of-State (currently South Dakota), looking nationwide, also North Bay area

STRATEGY?
Fix-n-hold, Buy-n-hold - looking mainly for cashflow

PROPERTY / ASSET TYPE?
SFH, MFH, investing in larger multi-unit deals

SEEKING/INTERESTED IN
More knowledge around MFH and rehab

Out-of-state opportunities

Partnering/investing opportunities

CAN OFFER/KNOWLEDGEABLE ABOUT?
I can speak from experience about light rehab/remodel, creating built-in granny unit in SFH, investing/landlording out-of-state

OTHER INTERESTS?
Travel, good food, great conversation, social events/activities, helping others, volunteering.

Uhg I hate to change plans last minute but I can't make it tonight due to unforseen work-related events.

I do look forward to meeting you Kathleen, hopefully at J's multi-family meetup gathering!

Thanks Brian!

Our permit fees turned out to be 1/2 of what we thought. However, the estimates we are getting for a 640 sq. ft. "built-in" granny unit are right at $200/sq. ft. which puts the project at $125k (this includes architect fees of $7500). I expected it to be much less and we are doing some things to cut down that number so I wrote the original post to see if this is the experience of others.

Hi Kathleen,

I am up in Petaluma but work in San Rafael so I will try to shoot over that night and say hello!

We are converting part of our home into a "built-in" granny unit. I have seen estimates for remodel work for Northern CA for anywhere from $100-$350 per square foot. We are not expanding our home at all, just putting a kitchen into what used to be the garage, laying flooring, and separating the gas/electric.

Does anyone have any thoughts on what we should expect to pay a contractor to this work in Sonoma County?

I will be there as long as it is not the same weekend as the wedding I am attending. Sounds like a blast!