All Forum Posts by: David Maldonado

 Thanks Jeff, I'll check them out!

 Hey Chen,

Unfortunately, the lenders that I tried out, did not use that comp (along with 1 other additional comp), as well as not considering any value of the ADU and the JADU. It was an in-house appraisal for a 250K HELOC. The lender literally said the value was based off searching my property on Zillow (which does not have the ADU nor JADU).

I will be trying out another lender soon for another HELOC after my 1 year occupancy is up on my current househack, and I will be moving back to the property with both a ADU and JADU for a primary residence HELOC (way better LTVs).

Anyone else have better luck with their ADU appraisal?

Hey everyone,

So I applied to test for a GC license in California, but was short on experience. My BA got me 24 months of experience and my owner builder experience only gave me 4 months. As an owner builder, I built 3 ADUs and 1 JADU (subbed out the structure build and I did all the finish work). I did qualify I quit my job last month to focus more on real estate investing, and I want a GC license so I can contract my own builds. I know that I can keep going as an owner builder, but I also want to build new construction commercial properties, as well as having the GC license for credibility when working with other investors in the future. 

I love everything about construction. I first got into construction to save money on labor when I built my first ADU as an owner builder. I enjoyed the hard labor and comradery that I missed from my Navy days working in engineering.

My question is, how do I go about getting more experience on paper without having to commit to an employer/contractor for a long-term position?  Are there any investors on here that got their GC license later on and went on to contract your own builds?

Hello everyone,

Are there any real estate meet ups in Clovis or Fresno this month? I plan to invest in long-term rentals and would like to start networking with others in Fresno. Let me know if anyone is interested in talking real estate when I'm in Fresno.

 Thanks Ryan! It was worth all the blood, sweat and tears haha!

 Junior Accessory Dwelling Unit. It is under 500 sqft and existing space must be used for the conversion. A 2 car garage conversion into a JADU is common.

Investment Info:

Single-family residence buy & hold investment in Santa Maria.

Purchase price: $455,000
Cash invested: $7,000

House Hacking Owner Occupied * In- Progress *Asking Price: 459,999 Rehab: $5000
VA Loan 0% Dow* SELLER PAID CLOSING COSTS AND $15K IN REPAIRS, NO MONEY DWN
RENT BY THE ROOM STRATEGY
PITI: $3060
Rent: $3500 ($875 per room, utilities, Wi-Fi, and Security System)
* Current Project: 300 SQFT ADU *

ADU Rent Estimate: $1800 (Includes Utilities, Wi-Fi, Security System, and private entrance, yard, and parking)Construction Budget: $20k Structure is already existing, more of a conversion

What made you interested in investing in this type of deal?

It was odd that this property was sitting on the market for 30 days when the average listing accepts an offer within a few days (EVEN WITH HIGH RATES!)

How did you find this deal and how did you negotiate it?

Zillow, I provided a list of all the work and cost that needed to be done to the house.

How did you finance this deal?

VA Loan

How did you add value to the deal?

In progress

What was the outcome?

Living for free (rent by the room strategy) and saving capital to build a LARGE detached 1200 sq ft ADU 4bed 4 bath in the backyard.

Current ADU build will be converted into a JADU in accordance with the (I will be adding another bedroom to increase the rent from $1800 to $2200).

Lessons learned? Challenges?

A good way to find deals (as a little guy) in an expensive and highly competitive market, is to look at the properties that have been sitting on the market the longest. Higher probability of negotiating.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Worked with an Agent. Everything else I did myself. I'm a construction enthusiast and love everything about construction and learned how to build just by practicing on my own properties and pulling permits as an owner builder.

Investment Info:

Single-family residence buy & hold investment in Santa Maria.

Purchase price: $455,000
Cash invested: $7,000

House Hacking Owner Occupied * In- Progress *Asking Price: 459,999 Rehab: $5000
VA Loan 0% Dow* SELLER PAID CLOSING COSTS AND $15K IN REPAIRS, NO MONEY OUT OF POCKET*
RENT BY THE ROOM STRATEGY
PITI: $3060
Rent: $3500 ($875 per room, utilities, Wi-Fi, and Security System)
* Current Project: 300 SQFT ADU *

ADU Rent Estimate: $1800 (Includes Utilities, Wi-Fi, Security System, and private entrance, yard, and parking)Construction Budget: $20k Structure is already existing, more of a conversion

What made you interested in investing in this type of deal?

It was odd that this property was sitting on the market for 30 days when the average listing accepts an offer within a few days (EVEN WITH HIGH RATES!)

How did you find this deal and how did you negotiate it?

Zillow, I provided a list of all the work and cost that needed to be done to the house.

How did you finance this deal?

VA Loan

How did you add value to the deal?

In progress

What was the outcome?

Living for free (rent by the room strategy) and saving capital to build a LARGE detached 1200 sq ft ADU 4bed 4 bath in the backyard.

Current ADU build will be converted into a JADU in accordance with the (I will be adding another bedroom to increase the rent from $1800 to $2200).

Lessons learned? Challenges?

A good way to find deals (as a little guy) in an expensive and highly competitive market, is to look at the properties that have been sitting on the market the longest. Higher probability of negotiating.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Worked with an Agent. Everything else I did myself. I'm a construction enthusiast and love everything about construction and learned how to build just by practicing on my own properties and pulling permits as an owner builder.

Investment Info:

Single-family residence buy & hold investment in Santa Maria.

Purchase price: $455,000
Cash invested: $7,000

House Hacking Owner Occupied * In- Progress *Asking Price: 459,999 Rehab: $5000
VA Loan 0% Dow* SELLER PAID CLOSING COSTS AND $15K IN REPAIRS, NO MONEY OUT OF POCKET*
RENT BY THE ROOM STRATEGY
PITI: $3060
Rent: $3500 ($875 per room, utilities, Wi-Fi, and Security System)
* Current Project: 300 SQFT ADU *

ADU Rent Estimate: $1800 (Includes Utilities, Wi-Fi, Security System, and private entrance, yard, and parking)Construction Budget: $20k (Structure is already existing, more of a conversion)

What made you interested in investing in this type of deal?

It was odd that this property was sitting on the market for 30 days when the average listing accepts an offer within a few days (EVEN WITH HIGH RATES!)

How did you find this deal and how did you negotiate it?

Zillow, I provided a list of all the work and cost that needed to be done to the house.

How did you finance this deal?

VA Loan

How did you add value to the deal?

In progress

What was the outcome?

Living for free (rent by the room strategy) and saving capital to build a LARGE detached 1200 sq ft ADU 4bed 4 bath in the backyard.

Current ADU build will be converted into a JADU in accordance with the (I will be adding another bedroom to increase the rent from $1800 to $2200).

Lessons learned? Challenges?

A good way to find deals (as a little guy) in an expensive and highly competitive market, is to look at the properties that have been sitting on the market the longest. Higher probability of negotiating.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Worked with an Agent. Everything else I did myself. I'm a construction enthusiast and love everything about construction and learned how to build just by practicing on my own properties and pulling permits as an owner builder.

Investment Info:

Single-family residence buy & hold investment in Santa Maria.

Purchase price: $455,000
Cash invested: $7,000

House Hacking / Live in Flip / Owner Occupied / * In- Progress *

Asking Price: 459,999

Main House Rehab: $5000

VA Loan 0% Down

* SELLER PAID CLOSING COSTS AND $15K IN REPAIRS, NO MONEY OUT OF POCKET TO SECURE PROPERTY *

* RENT BY THE ROOM STRATEGY: Currently live in 1 of the 5 bedrooms in the main house (converted dining room and portion of the living room into 2 8x10 bedrooms for additional cash flow) *

PITI: $3060

Rent Total: $3500 ($875 per room, includes utilities, Wi-Fi, and Security System)

* Current Project: 300 SQFT ADU *

ADU Rent Estimate: $1800 (Includes Utilities, Wi-Fi, Security System, and private entrance, yard, and parking)

Construction Budget: $20k (Structure is already existing, more of a conversion)

Will Post Finish Pictures/ Videos When Finished with renovation and ADU Conversion.

What made you interested in investing in this type of deal?

It was odd that this property was sitting on the market for 30 days when the average listing accepts an offer within a few days (EVEN WITH HIGH RATES!)

How did you find this deal and how did you negotiate it?

Zillow, I provided a list of all the work and cost that needed to be done to the house.

How did you finance this deal?

VA Loan

How did you add value to the deal?

In progress

What was the outcome?

Living for free (rent by the room strategy) and saving capital to build a LARGE detached 1200 sq ft ADU 4bed 4 bath in the backyard.

Current ADU build will be converted into a JADU in accordance with the (I will be adding another bedroom to increase the rent from $1800 to $2200).

Lessons learned? Challenges?

A good way to find deals (as a little guy) in an expensive and highly competitive market, is to look at the properties that have been sitting on the market the longest. Higher probability of negotiating.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Worked with an Agent. Everything else I did myself. I'm a construction enthusiast and love everything about construction and learned how to build just by practicing on my own properties and pulling permits as an owner builder.