I recorded this video with finding funding sources for an ADU in mind, it's relevant to any major remodeling project you may want to undertake. I hope you find this video helpful, but if I left any questions unanswered comment or reach out. My contact information is in the description. 😊
Your insights were invaluable, and I appreciate the effort you put into sharing such useful information. I'm hopeful that you'll consider making more ADU financing videos in the future. Keep up the fantastic work!
Hi Tammy! I'm so pleased you found the video helpful. 😁 I have a very long list of videos I plan to add to the channel and some more ADU videos are on it. Just need more hours in the day to create them and keep up with my day job helpin' folks with loans!
Thanks for taking the time to chat, Dina! I'm happy I was able to provide some helpful insights to help you accomplish your goals. I look forward to our next chance to chat!
Excellent presentation and content! Thank you so much; I’ve subscribed to your channel. As an aging senior, an In-law suite (for me) or an ADU (for me) on my son’s future house/property is the plan. This has clarified a lot of my finance questions to mull over and I’m definitely sharing this video with him. I’m very blessed in that he wants me close or with him and it makes sense so he isn’t worried about my safety. Thank you!
You're welcome, Gil! I'm glad the video was helpful to you and I hope it helps you and your family create an ideal long-term living situation for you and your family. ADUs are such a great solution for multi-generational living situations.
WOW! I just came across your channel, and I really appreciate how you explain things. I have never come across a channel that provides such detail in a manner that is easy to understand. You are amazing!
That's so nice of you to say, Tanisha! Thanks for taking the time to let me know my videos have been helpful to you. I love being a lender and enjoy sharing some of the nitty gritty details. They say "the devil is in the details" and that's very true when it comes to lending! If you have questions about your own situation, you're always welcome to reach out. You can text me at 503-799-3711!
Wow, Franklin... thanks for the lovely compliment! I'm thrilled to know the video was helpful to you. I hope you can put the information to good work on your ADU project!
Thank you for the kind words! 😊 I'm so pleased to hear you found the video helpful. I hope it helps you on your ADU journey! If you have any questions specific to your situation, please don't hesitate to reach out. Call or text me at 503-799-3711.
It can be a puzzle, for sure. But I hope my video was helpful. And if you have any questions or need assistance, just let me know. I'm happy to be a sounding board! Good luck with your project!
Thank you very much for this video I’ve been contemplating and thinking on how to fund my ADU project 😅 unfortunately I’m not one of the lucky “cash on hand” people 😞
@@workshopmortgageI’d like to work with you on my project what would be the best route for me to take ? Here in Los Angeles I currently have a mortgage Rate of 2.65% (lucky me) on a 319k home loan with an appraisal value of 630k the lot size 9k more than enough room for ADU I don’t wanna lose the rate I have on my existing mortgage so would a heloc be the route to take?
I’m glad I found you I didn’t know you had a channel. I met you at the San Diego ADU academy. Your ADU information was so helpful and right on time. Getting ready to start my own ADU for me to live in at a family member’s house. Thanks for the information.
What a great resource -- thank you Julee! I have been researching ADUs for three years now through subscriptions to various UA-cam channels and my own follow up research and reading and I am growing my knowledge base. I am subscribing to your channel and look forward to more invaluable information and helpful advice. So far I've only found one UA-cam channel pertaining specifically to ADU-ing in California's Central Valley (I'm in Fresno) but I'm gaining a lot of knowledge about ADU-ing in general and your contributions are very much appreciated.
Thank you for the lovely comment! I am so happy you found this video and my channel and that both have been a useful resource in your learning curve about ADUs. 😁❤️
You did a wonderful job at explanation and very informative. I've taken really good notes. You have explained each type of loan precisely. You've answered all my questions I had for my loan officer I'm working with. I really do appreciate your video. I'm in the middle of trying to figure out what's a good loan for a ADU. Thanks You have been a great help.🎉👍💯
Happy I could help out! Please don't hesitate to reach out. I'm a loan officer as well and can work with you to answer questions and accomplish your goal. 503-799-3711 or juleef@rate.com Reach out any time!
Thank you so much! You aren't just "better" at the architecture... you're GREAT at it. 😁 The more we can get the word out and help folks build ADUs the more we can contribute to creating more affordable housing!
Hi Julie, my understanding is that some HELOC Loans all the Lender to call the full balance due atvany time. If true, that is a ticking time bomb.,No thank you! J Your detail is excellent!
You’re welcome! I’m glad you found the information helpful. 😁 You always need to ask and read the terms, but I’ve never see a HELOC that has a “call” option. I’d be shocked if you found any did. BUT it is really common for the lender to have the option to close the line to draws. This would typically occur if your property value dips too low.
Your video is packed with information! I took almost 6 pages of notes. I may reach out in the future. I'm still doing lots of research. Are you in the Portland Oregon area?
Hi Lynelle! Glad the video was helpful in your research. 🤓 And yes, I lend in all 50 states, but good ol' Portland has always been my home base (13th & Stark 😁). 💚
Hi there! Glad you found the video helpful! I know a lot of folks in the ADU community in southern California, but I don't have any ADU-specific lending partners in San Diego. Mainly, that's because I'm licensed to lend in CA, so if there's a lending solution in my wheelhouse I can help directly. If the right lending option isn't something I offer, I can provide referrals to other lenders/programs. When I act in that capacity, I make recommendations based on the best loan program I know about regardless of where the lender is based (if that makes sense!).
@@workshopmortgage Thank you for replying! We're looking for an ADU lending specialist to participate in an in-person ADU event in San Diego. If you have any recommendations/referrals feel free to let me know. Thank you, Julee!
Hi Tim! Are you referring to the changes to FHA guidelines? If so, then yes, I do plan on recording a video about these ADU-positive guideline changes. (Fannie Mae has recently made changes to their rules for financing multi-family properties which have off-label use in the ADU sphere.)
Greetings Julee, could you use an investment property's equity (one of the rentals) towards HELOC? For example, using the equity of a rental to build an ADU?
Hi Alireza! Yup, you sure can... leveraging equity from the property where you want to build the ADU or another property is the most common way to build an ADU. The only thing to be mindful about, if you're borrowing from one property to build an ADU at another is tax stuff. I'm not a tax expert, so you should check with your CPA to figure out if you'll be able to deduct the interest on the funds you borrowed. I believe the rules for writing off interest on a loan secured to a rental are a little looser than the rules for writing off interest secured to a residence (primary or secondary).
You're welcome! I'd need to know a little more about what you're thinking to say for sure, but there are instances where the Family Opportunity program can be used to build an ADU. If you have a few minutes free to chat, I'd love to hear a little more and point you in the direction of the best possible strategy. You can call me anytime at 503-799-3711 or use this link to set up a time: calendly.com/juleef/let-s-say-hi
Hi Julie, I'm excited to find this excellent video as we are excited to build an ADU at our home in North San Diego. Admittedly, I've not watched the whole thing yet just a few highlights because I'm looking for one specific question to be answered and hoping you can help. Question: I know an ADU loan will ultimately by covered by the rent I plan to receive for the unit but how do we cover the loan payments during the year or so that the ADU is under construction? Thank you so much.
Hi Monica! I'm glad the video has been helpful to you. There are a couple of loan programs (both of which I talk about in the video) that allow you to borrow from your equity to cover your payments during the course of construction (if you can't swing the payment with your other income). 😁
Can you explain to me how forming an LLC either single-member or spousal partnership LLC prior to getting construction loan for an ADU. How would that affect obtaining the loan and/ writing off loan interest and other startup costs for the “rental property” business. #2 if you already have a near max HELOC out but would need additional funds for an ADU construction would a bank be likely to give additional funds as a construction loan
Hi Jordan! Construction loan rules are idiosyncratic to the program, so it's hard to generalize too broadly. However, I do feel confident in saying that you'll have far fewer loan options available when title to a property is held in an LLC. Residential loan programs are most broadly available when title is held by a "natural person" (individual) and slightly less available when title is held in a living trust. If title is held in an LLC, you'll likely either need to put title back in your name to take out a loan or you'll need to look for commercial loan options. If you have limited equity, you're much more likely to find a high LTV construction loan or HELOC with title held in your name and not an LLC. I talk a bit more LLCs and lending in this video: ua-cam.com/video/ZAQZuGncku8/v-deo.html
Hi, I just finished watching your video “Amazing” we have a California LLC doing business in Hendersonville Tennessee Rental Home. How can we use your strategies to build an ADU or Granny Flat as they called in Tennessee. Thanks
Lovely! I'm so happy to hear you found the video helpful. 😁 I'd need to know a little more to help you figure out the best way to finance your ADU/granny flat. If you have some time this week, I'd love to talk. You can use this link to schedule a call: calendly.com/juleef/let-s-say-hi or email me at juleef@rate.com or call or text me at 503-799-3711. Looking forward to chatting!
Hi Bridget! If your house is paid for, you could refinance or use a home equity line of credit. Shoot me a text at 503-799-3711 and I'll ask you a few questions that will zero in on which option makes more sense for your particular situation!
It can be difficult to get a construction loan if you are acting as your own builder. the first avenue I'd suggest would be to see if you could get a home equity line of credit. A HELOC will give you access to use your existing equity as you see fit with no questions asked.
@rosekane3834 VA financing allows a property with an ADU. The VA has offered some guidance to appraisers with regard to the definition of an ADU and how to figure out if a property with a second living space is an ADU or a duplex. When it comes to the income that an ADU can generate, they haven't come out with any guidelines for lenders to follow. They do allow what they call "boarder" income -- rental income from a single family home that you live in. In order to use this income to qualify for a VA loan you have to have a history of it reported on your last 2 years of income tax returns. They also impose a limit to the amount of rentable space -- the maximum is 25% of the total "floor area". This is where the line between an ADU and a duplex/2-unit/2-flat can get a little fuzzy. But please reach out if you have any other questions or want to brainstorm a bit. I'd be happy to be a resource! 503-799-3711 / juleef@rate.com
@rosekane3834 I sure am! I'd be happy to connect and help out if you have something on your mind. You can call or text me at 503-799-3711 or email me at juleef@rate.com. Side note: You know how we all picked up some hobbies during the pandemic? Some people baked sourdough. I collected state licenses. 😆I'm licensed in all 50 states (and Washington, DC)!
How do I get a grant to build a jr ADU for my Autistic daughter who I hope to start on SSI this month. (She’s graduating HS) she will be living w us permanently long term. California (we’ve saved up but a grant will help).
Hi Patricia! An ADU is such a great way for a young adult with autism to live independently. ❤ I am not well-versed in the grant programs as they are mostly locally focused. I would start with the county housing authority, the city and state for your particular area and see what they can suggest. And if you've not already found How To ADU, be sure and check out his content: ua-cam.com/users/howtoadu . Ryan is a wealth of knowledge!
Don't get me wrong... I'm not recommending that as a good option. At the beginning of the video, I'm simply cataloging all the possibilities. If you watch the full video, you'll see that I lay out the pitfalls of some options -- including the use of credit cards. Despite the risks and interest costs, it's a common solution for tying up loose ends and furnishing an ADU. I've had folks call me who wished to refinance their home to consolidate credit cards and other assorted debt accrued through getting too "creative" to build an ADU who had trouble qualifying for a loan or only qualified for less favorable terms because of the damage done to their credit by high credit card usage.
That can definitely be the case... an ADU and any other improvement makes your home more valuable (yay!), but of course given that property taxes are tied to value, your taxes can be affected (boo). The exact impact is highly variable, depending on where you live, so you should research your local taxation rules before you go too far down the road so that you understand the full financial impact. If you're planning on renting your home, the hope is that the rent would far more than cover any increase to taxes. But if you're building for your own use or to create a home for a family member who can't afford to contribute financially, this is an extra important consideration.
I recorded this video with finding funding sources for an ADU in mind, it's relevant to any major remodeling project you may want to undertake. I hope you find this video helpful, but if I left any questions unanswered comment or reach out. My contact information is in the description. 😊
Your insights were invaluable, and I appreciate the effort you put into sharing such useful information. I'm hopeful that you'll consider making more ADU financing videos in the future. Keep up the fantastic work!
Hi Tammy! I'm so pleased you found the video helpful. 😁 I have a very long list of videos I plan to add to the channel and some more ADU videos are on it. Just need more hours in the day to create them and keep up with my day job helpin' folks with loans!
I just had a conversation with Julee Felsman and she was so helpful. Thank you Julee!!
Thanks for taking the time to chat, Dina! I'm happy I was able to provide some helpful insights to help you accomplish your goals. I look forward to our next chance to chat!
Excellent presentation and content! Thank you so much; I’ve subscribed to your channel.
As an aging senior, an In-law suite (for me) or an ADU (for me) on my son’s future house/property is the plan. This has clarified a lot of my finance questions to mull over and I’m definitely sharing this video with him.
I’m very blessed in that he wants me close or with him and it makes sense so he isn’t worried about my safety.
Thank you!
You're welcome, Gil! I'm glad the video was helpful to you and I hope it helps you and your family create an ideal long-term living situation for you and your family. ADUs are such a great solution for multi-generational living situations.
WOW! I just came across your channel, and I really appreciate how you explain things. I have never come across a channel that provides such detail in a manner that is easy to understand. You are amazing!
That's so nice of you to say, Tanisha! Thanks for taking the time to let me know my videos have been helpful to you.
I love being a lender and enjoy sharing some of the nitty gritty details. They say "the devil is in the details" and that's very true when it comes to lending!
If you have questions about your own situation, you're always welcome to reach out. You can text me at 503-799-3711!
🎉 you are terrific! You have given me so much valuable information. I wish you were in Florida to meet with you.
I am thrilled to hear you found the video helpful! 😁I am happy to chat any time if you have questions or want to brainstorm!
This video was very informative. Thank you for the very detailed information.
You're welcome, Robin! I'm happy found the video helpful. I hope it gets you further down the road to building your own ADU!
Oh my goodness, I have watched this video 4 times and I can’t stop thinking about it. A gem, thanks for sharing this important knowledge with us. ❤
Wow, Franklin... thanks for the lovely compliment! I'm thrilled to know the video was helpful to you. I hope you can put the information to good work on your ADU project!
This was incredibly informative and detailed- a hidden gem on UA-cam!!
Thank you for the kind words! 😊
I'm so pleased to hear you found the video helpful. I hope it helps you on your ADU journey!
If you have any questions specific to your situation, please don't hesitate to reach out. Call or text me at 503-799-3711.
This is were we are at figuring out financing
It can be a puzzle, for sure. But I hope my video was helpful. And if you have any questions or need assistance, just let me know. I'm happy to be a sounding board!
Good luck with your project!
This was a fantastically informative summary, thank you!
You're welcome!! It's nice to know you found the information helpful! 😁
Thank you very much for this video I’ve been contemplating and thinking on how to fund my ADU project 😅 unfortunately I’m not one of the lucky “cash on hand” people 😞
Hi Jesus! You're welcome. I hope having an outline of your options was helpful to your planning!
@@workshopmortgageI’d like to work with you on my project what would be the best route for me to take ?
Here in Los Angeles I currently have a mortgage
Rate of 2.65% (lucky me) on a 319k home loan with an appraisal value of 630k the lot size 9k more than enough room for ADU I don’t wanna lose the rate I have on my existing mortgage so would a heloc be the route to take?
I’m glad I found you I didn’t know you had a channel. I met you at the San Diego ADU academy. Your ADU information was so helpful and right on time. Getting ready to start my own ADU for me to live in at a family member’s house. Thanks for the information.
It was great meeting you in San Diego at the ADU Academy event! And wow, exciting news about your ADU. Good luck with the construction process!!
Excellent presentation, organization, and information.
Thank you so much! I'm happy you found it useful!
What a great resource -- thank you Julee! I have been researching ADUs for three years now through subscriptions to various UA-cam channels and my own follow up research and reading and I am growing my knowledge base. I am subscribing to your channel and look forward to more invaluable information and helpful advice. So far I've only found one UA-cam channel pertaining specifically to ADU-ing in California's Central Valley (I'm in Fresno) but I'm gaining a lot of knowledge about ADU-ing in general and your contributions are very much appreciated.
Thank you for the lovely comment! I am so happy you found this video and my channel and that both have been a useful resource in your learning curve about ADUs. 😁❤️
Great overview and explanation. Thank you
You're welcome!
Excellent and detailed overview. You've helped me to know how much more I want to learn to make the best choices. Thank you!
I'm happy I could get you on the road to helpful information! You're welcome!
Fantastic video Julee!! I shared on a few of my social media accts. Excellent info!!!
So glad you found it valuable, Vickie! Thank you for sharing! 😁
You did a wonderful job at explanation and very informative. I've taken really good notes. You have explained each type of loan precisely. You've answered all my questions I had for my loan officer I'm working with. I really do appreciate your video. I'm in the middle of trying to figure out what's a good loan for a ADU. Thanks You have been a great help.🎉👍💯
Happy I could help out!
Please don't hesitate to reach out. I'm a loan officer as well and can work with you to answer questions and accomplish your goal. 503-799-3711 or juleef@rate.com
Reach out any time!
Julee you are such a great resource!! Your videos are so helpful as we try to educate and teach about ADUs (we are better at the architecture!)
Thank you so much! You aren't just "better" at the architecture... you're GREAT at it. 😁 The more we can get the word out and help folks build ADUs the more we can contribute to creating more affordable housing!
Hi Julie, my understanding is that some HELOC Loans all the Lender to call the full balance due atvany time. If true, that is a ticking time bomb.,No thank you! J
Your detail is excellent!
You’re welcome! I’m glad you found the information helpful. 😁
You always need to ask and read the terms, but I’ve never see a HELOC that has a “call” option. I’d be shocked if you found any did.
BUT it is really common for the lender to have the option to close the line to draws. This would typically occur if your property value dips too low.
I want a ADO from my separate 2 car garage California , Lakewood
Your video is packed with information! I took almost 6 pages of notes. I may reach out in the future. I'm still doing lots of research. Are you in the Portland Oregon area?
Hi Lynelle! Glad the video was helpful in your research. 🤓
And yes, I lend in all 50 states, but good ol' Portland has always been my home base (13th & Stark 😁). 💚
Very helpful video, Julee! Loved how detailed it is. Do you have any ADU lending partners you can recommend in San Diego?
Hi there! Glad you found the video helpful!
I know a lot of folks in the ADU community in southern California, but I don't have any ADU-specific lending partners in San Diego. Mainly, that's because I'm licensed to lend in CA, so if there's a lending solution in my wheelhouse I can help directly. If the right lending option isn't something I offer, I can provide referrals to other lenders/programs. When I act in that capacity, I make recommendations based on the best loan program I know about regardless of where the lender is based (if that makes sense!).
@@workshopmortgage Thank you for replying! We're looking for an ADU lending specialist to participate in an in-person ADU event in San Diego. If you have any recommendations/referrals feel free to let me know. Thank you, Julee!
You’re amazing! Ty!
Aw shucks... thank you so much, Rebecca! I hope the information was helpful to you!
Hi Julee, very helpful, have shared this link quite a bit lately. Can you update with the new Fannie ADU program? Thanks!
Hi Tim! Are you referring to the changes to FHA guidelines? If so, then yes, I do plan on recording a video about these ADU-positive guideline changes.
(Fannie Mae has recently made changes to their rules for financing multi-family properties which have off-label use in the ADU sphere.)
Good content. Planning to talk to you for consultation.
I'm happy you found the video helpful and look forward to connecting. 😁
Greetings Julee, could you use an investment property's equity (one of the rentals) towards HELOC? For example, using the equity of a rental to build an ADU?
Hi Alireza! Yup, you sure can... leveraging equity from the property where you want to build the ADU or another property is the most common way to build an ADU.
The only thing to be mindful about, if you're borrowing from one property to build an ADU at another is tax stuff. I'm not a tax expert, so you should check with your CPA to figure out if you'll be able to deduct the interest on the funds you borrowed. I believe the rules for writing off interest on a loan secured to a rental are a little looser than the rules for writing off interest secured to a residence (primary or secondary).
Thank you for the informative video! Quick question - is the Family Opportunity Mortgage loan if I were to construct an ADU for my elderly mother?
You're welcome! I'd need to know a little more about what you're thinking to say for sure, but there are instances where the Family Opportunity program can be used to build an ADU. If you have a few minutes free to chat, I'd love to hear a little more and point you in the direction of the best possible strategy.
You can call me anytime at 503-799-3711 or use this link to set up a time: calendly.com/juleef/let-s-say-hi
Hi Julie, I'm excited to find this excellent video as we are excited to build an ADU at our home in North San Diego. Admittedly, I've not watched the whole thing yet just a few highlights because I'm looking for one specific question to be answered and hoping you can help. Question: I know an ADU loan will ultimately by covered by the rent I plan to receive for the unit but how do we cover the loan payments during the year or so that the ADU is under construction? Thank you so much.
Hi Monica! I'm glad the video has been helpful to you.
There are a couple of loan programs (both of which I talk about in the video) that allow you to borrow from your equity to cover your payments during the course of construction (if you can't swing the payment with your other income). 😁
Julee, I had no idea you have a channel! This is epic.
Why thank you, Ryan! ("Epic" is a good thing, right? 😂) And yes, I'm having fun building out a channel with what I hope is useful stuff!
@@workshopmortgage oh yeah, we want epic lending content. Every ADU is an Odyssey.
@How To ADU True dat! 😅
any recommendations for a ADU builder in Portland or clackamas county and also lender. Much appreciated your valuable knowledge and God bless!
Absolutely! Happy to hook you up with some good folks. Email me at juleef@rate.com and I'll send some suggestions!
Can you explain to me how forming an LLC either single-member or spousal partnership LLC prior to getting construction loan for an ADU. How would that affect obtaining the loan and/ writing off loan interest and other startup costs for the “rental property” business. #2 if you already have a near max HELOC out but would need additional funds for an ADU construction would a bank be likely to give additional funds as a construction loan
Hi Jordan! Construction loan rules are idiosyncratic to the program, so it's hard to generalize too broadly. However, I do feel confident in saying that you'll have far fewer loan options available when title to a property is held in an LLC. Residential loan programs are most broadly available when title is held by a "natural person" (individual) and slightly less available when title is held in a living trust.
If title is held in an LLC, you'll likely either need to put title back in your name to take out a loan or you'll need to look for commercial loan options.
If you have limited equity, you're much more likely to find a high LTV construction loan or HELOC with title held in your name and not an LLC.
I talk a bit more LLCs and lending in this video:
ua-cam.com/video/ZAQZuGncku8/v-deo.html
Hi, I just finished watching your video “Amazing” we have a California LLC doing business in Hendersonville Tennessee Rental Home. How can we use your strategies to build an ADU or Granny Flat as they called in Tennessee. Thanks
Lovely! I'm so happy to hear you found the video helpful. 😁
I'd need to know a little more to help you figure out the best way to finance your ADU/granny flat. If you have some time this week, I'd love to talk. You can use this link to schedule a call: calendly.com/juleef/let-s-say-hi or email me at juleef@rate.com or call or text me at 503-799-3711.
Looking forward to chatting!
Scheduled
Thank you
If house is paid for , market value $650,000 to $700,000 what my best approach ?
Hi Bridget! If your house is paid for, you could refinance or use a home equity line of credit. Shoot me a text at 503-799-3711 and I'll ask you a few questions that will zero in on which option makes more sense for your particular situation!
Sounds that if I'm building our own ADU a home improvement won't be allowed, what if I'm my own contractor
It can be difficult to get a construction loan if you are acting as your own builder. the first avenue I'd suggest would be to see if you could get a home equity line of credit. A HELOC will give you access to use your existing equity as you see fit with no questions asked.
Any info on a VA loan?
@rosekane3834 VA financing allows a property with an ADU. The VA has offered some guidance to appraisers with regard to the definition of an ADU and how to figure out if a property with a second living space is an ADU or a duplex.
When it comes to the income that an ADU can generate, they haven't come out with any guidelines for lenders to follow. They do allow what they call "boarder" income -- rental income from a single family home that you live in. In order to use this income to qualify for a VA loan you have to have a history of it reported on your last 2 years of income tax returns.
They also impose a limit to the amount of rentable space -- the maximum is 25% of the total "floor area". This is where the line between an ADU and a duplex/2-unit/2-flat can get a little fuzzy.
But please reach out if you have any other questions or want to brainstorm a bit. I'd be happy to be a resource! 503-799-3711 / juleef@rate.com
Are you licensed in Florida?
@rosekane3834 I sure am!
I'd be happy to connect and help out if you have something on your mind. You can call or text me at 503-799-3711 or email me at juleef@rate.com.
Side note: You know how we all picked up some hobbies during the pandemic? Some people baked sourdough. I collected state licenses. 😆I'm licensed in all 50 states (and Washington, DC)!
Walker Row
Hi Vaughan! That is a cryptic comment. Do you have any questions or are you just leaving it at that? 😁
How do I get a grant to build a jr ADU for my Autistic daughter who I hope to start on SSI this month. (She’s graduating HS) she will be living w us permanently long term. California (we’ve saved up but a grant will help).
Hi Patricia! An ADU is such a great way for a young adult with autism to live independently. ❤
I am not well-versed in the grant programs as they are mostly locally focused. I would start with the county housing authority, the city and state for your particular area and see what they can suggest.
And if you've not already found How To ADU, be sure and check out his content: ua-cam.com/users/howtoadu . Ryan is a wealth of knowledge!
How to contact you?
Hi there, you can email me at juleef@rate.com or text 503-799-3711.
✨✨✨
👍
Lost me at paying for ADUs with credit cards
Don't get me wrong... I'm not recommending that as a good option. At the beginning of the video, I'm simply cataloging all the possibilities.
If you watch the full video, you'll see that I lay out the pitfalls of some options -- including the use of credit cards. Despite the risks and interest costs, it's a common solution for tying up loose ends and furnishing an ADU.
I've had folks call me who wished to refinance their home to consolidate credit cards and other assorted debt accrued through getting too "creative" to build an ADU who had trouble qualifying for a loan or only qualified for less favorable terms because of the damage done to their credit by high credit card usage.
Adu jacks up your property TAXES 😢😮😮
That can definitely be the case... an ADU and any other improvement makes your home more valuable (yay!), but of course given that property taxes are tied to value, your taxes can be affected (boo).
The exact impact is highly variable, depending on where you live, so you should research your local taxation rules before you go too far down the road so that you understand the full financial impact. If you're planning on renting your home, the hope is that the rent would far more than cover any increase to taxes. But if you're building for your own use or to create a home for a family member who can't afford to contribute financially, this is an extra important consideration.
@@workshopmortgagehello Ms Julee we would to have a phone conversation with you if possible can you please let know how I can contact you ? Thanks