All Forum Posts by: Sean A Lewis

@Brad S. Thank you much for the amazing reply. This was super helpful. This was super insightful, and most of all makes the most sense. I will be doing this before talking to the bank. We are on a 2 year time frame to complete these two ADU's and move on to a new property so the JADU is no longer an option. I still have a 400 - 500 sq.ft open conditioned space at the bottom of one of my units. Any ideas on what would bring the most value from an appraisal standpoint?

@Alecia Loveless Thank you much for the amazing reply. This was super helpful.

@Andrew Postell Thank you much for the amazing reply. This was super helpful. I will definitely be looking into this once the remodeling completes.

@Andrew Postell Thank you much for the amazing reply. This was super helpful. I will definitely be looking into this one the remodeling completes.

@Dan H. Thank you much for the amazing reply. This was super helpful.

Hey guys,

So my wife and I just purchased a triplex out here in El Sereno Ca. We have an existing 5 car garage which I plan on converting into two ADU's, and an existing 400 - 500 sq.ft conditioned space that is currently not being used for anything. The original Idea was to convert the storage unit into a J-ADU, but since we don't plan on being here after the garage conversions are done, the owner occupancy requirement for JADU will not be satisfied. So now, I am reaching out for some inspiration, what do you suggest I do with this existing 400 sq.ft conditioned space? In need of some inspiration to maximize profits with this space. Thanks in advance.

Hey all,

My name is Sean. I've been listening to the bigger pockets podcast for approx 3 years now, and was finally able to pull the trigger and finance my first multifamily property. The reason I am posting is because I've received some contradicting information about the ability to refi my property after adding ADU's. To provide some background here, my wife and i recently purchased a triplex that has an existing 500 sq.ft attached storage unit (conditioned space) and a detached 5-car garage. We purchased this property because of all the intrinsic potential it possesses. The intent is to convert the storage unit into a J-ADU, and the 5-car garage into two new detached ADU's. All three units will be funded by us - no loans. I was told by some of my clients that by adding these ADU's, my property value will not increase and I will not be able to get my money back out through a refi. I was also told by some of my clients that my property value will increase, and I will be able to get most of my money back out through a refi. So my questions to you all is as follows:

- By adding these ADU's to my property, will I be increasing my property value?

- Will I be able to pull my money back out after adding these units? (heloc or refi)

I am an engineer by trade, and own my own comapny (AHAE Designs Inc). I have designed many ADU's for many multifamily lots in the LA County area. I have a stong feeling that my clients would not be adding ADU's to their properties if they were not able to get their monies back out to keep investing. I look forward to your resonses. If you have any information that can potentially be useful to my case, please reach out to me directly. Thanks in advance experts.

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