All Forum Posts by: Lee Gilroy

Quote from @John Underwood:

Congrats! It looks very nice.

Thank you John!

Quote from @Andrew Strauss:

Hey Lee,

Thinking of getting a STR place in the desert wanted to know what % of monthly gross rent you should figure for electric / heat and water bill. BTW your place looks amazing great job...

Hi Andrew, 
It really depends (I know :D Not the answer  you  are  looking for)
The size of house, how many and what type HVAC unit (s) you will have, would you  have a pool, spa, bbq, EV charger.  Will you mostly be all electric or what would be the ratio of LP vs Electric. Solar panels ? what  size.
So there are so many variable that unfortunately I can not give you a precise answer.
When I finish the youtube breakdown video, I'll try to provide the requested info based on the  house I built. And btw, for now I do not know as everything is new and I don't yet  have enough  data.

Quote from @Alyssa Alayvilla:

Hi Lee! 

First off, congrats on getting your AirBnB listed and booked! The home looks amazing - the view, interior design all of it.
I'm really curious to know what your cost was on purchasing the land, construction, etc. if you don't mind sharing!

Hi Alyssa, I am working  on making a little youtube video breaking down the design process, cost & Journey.  I'll send you link when it's ready if you'd like.

Thank you:)

We finally finished the ground up construction of our Joshua Tree/Yucca Valley STR!

We designed and built a 2,244sq' 4 Bed/4 Bath with Pool, spa & game room in the  middle of amazing boulders and surrounded by Joshua Trees.

We launched it on 10/5 and are so happy to report that we have our first  booking this weekend 10/8 & 10/9!

Check out the link below for pics

Click here to see our Joshua Tree Air bnb

Quote from @David Shakhunov:

Congrats!

Just wanted to add that in a lot of different city permitting departments especially in California there are already pre-approved ADU designs/plans. If you are thinking if adding an ADU make sure to check with your local city permitting department to see if something like this is available. It saves you a lot of time and money to go that route.

Yes, I absolutely agree.

In our case the space  available between the exiting 2 rentals was a little tricky and in order to maximize the ergonomic and make the floor plan work, we had to draw custom plans to accommodate.

Quote from @Jordan Graham:

That looks awesome! 

How long did permitting take? What part of town are you in? How much are you renting each unit for?

We bought a 3/2 on a 10,000 sf lot in Lake Murray last October and built a driveway for our RV with utilities that we are renting on Airbnb and now we are contemplating building a studio or 1 bedroom ADU as well to maximize our cash flow. We are wondering if we should put our money into a down payment on another property or build out a $200k ADU instead? What would you do.

Hi Jordan,
Permitting was very long, 9 months (hopefully the DSD will improve turn around for ADU's as they hired lots of in house and external agents. This ADU is located in Encanto (south of 94 and eats of 805) As far as rent, we have lots of demand and are in the process of selecting the right tenant. Rent is $3,250.
If you are allowed to build more ADU's on land that you already own, I would definitely go that route as the return on investment will be the highest.

Thx Wesley,
For most of our projects we do all the design in house, however for the  straight forward ADU rental, I used Jorge  from jozadesignstudio.com.

He specializes in ADU design & permitting in San Diego.
we are the GC on most  of our projects

Investment Info:

Single-family residence other investment.

Cash invested: $200,000

Just completed 9/22/2022 . New ground up build 1,000sq' 3 Bedrooms, 2 bathrooms ADU, between 2 of our existing rentals.

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

Cash flow, high return on investment. High rental demand. Part of our long term plan.

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

We already owned the lot with 2 houses on it, and manage to add this new ADU in between.

How did you finance this deal?

Cash

How did you add value to the deal?

Added 1 more rental property to an already owned lot

Hello, If you are unable to make the BPCON event please call or message me. I would like to purchase your ticket . Thank you

Lee 909-801-0002