Great interview! One thing not mentioned about financing is the ability to leverage rent expenses for the person who will be living in it. In other words, if you parents are aging, and paying rent somewhere else, or even if their home is paid off they are still paying monthly costs for real estate taxes, homeowners insurance, utilities, that can easily approach $1000 per month. And that dollar amount pays the majority of a $200,000 loan. I'd guess normal rent a tenant would expect to pay in any market would be very close to or above the mortgage payment. But now they are building YOUR home equity.
Expensive as compared to? I can use the equity in my existing single family home to build a 1000 sq ft 2-BR ADU for $250K, then rent out the main residence for less than the mortgage + home equity loan. And I've done that while significantly increasing the value of my property.
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Thanks for making this video. I called them within 2 minutes of watching it. I have a meeting set for this week. Very helpful :)
That's great! They are truly experts in this area and will take excellent care of you!
Great interview! One thing not mentioned about financing is the ability to leverage rent expenses for the person who will be living in it. In other words, if you parents are aging, and paying rent somewhere else, or even if their home is paid off they are still paying monthly costs for real estate taxes, homeowners insurance, utilities, that can easily approach $1000 per month. And that dollar amount pays the majority of a $200,000 loan. I'd guess normal rent a tenant would expect to pay in any market would be very close to or above the mortgage payment. But now they are building YOUR home equity.
They are so expensive. What are you talking about
Expensive as compared to?
I can use the equity in my existing single family home to build a 1000 sq ft 2-BR ADU for $250K, then rent out the main residence for less than the mortgage + home equity loan. And I've done that while significantly increasing the value of my property.