Complete Cost Breakdown of Building A New Construction ADU (Accessory Dwelling Unit)
Вставка
- Опубліковано 8 лип 2024
- Subscribe for more videos: @ThachNguyen
Thank you for watching!
Start your real estate investing journey with mentorship from me and my team: learn.springboardtowealth.com...
For business inquiries, partnerships, sponsorships, and collaborations: thach518@gmail.com
Thach Nguyen has come a long way since arriving in America at age 4 with his parents, four brothers, and sister in 1975. Focus, drive, determination, and great mentors paved the way for him to go from a homeless refugee to a multi-millionaire.
Thach is the CEO & Founder of Thach Real Estate Group and principal of Springboard to Wealth. He is not only a seasoned realtor, investor, coach, author, and speaker, but also a proud ambassador of the American Dream. During his 30 years in the real estate industry, he has built more than 300 homes, townhouses, multifamily units and completed over 100 flips, and owns over 100 rental properties giving him over $100,000 a month in passive income. Thach and his team have assisted more than 1,500 families to create their own American Dream of home ownership, ranking him in the Top 1% of all real estate professionals nationwide.
Follow on Instagram: / thachnguyen - Навчання та стиль
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Personally, I can connect to that. When I began working with a fiduciary financial counsellor, my advantages were certain. I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2021 this time with guidance Long story short, its been 2years now and I’ve gained over a million dollars following guidance from my investment adviser.
I definitely share your sentiment about these firms. When I was starting out, I checked out a couple of freelance investors online, so you could do the same. I personally work with “Stacie Lynn Winson”, and she's is widely recognized for her proficiency and expertise in the financial market. With a comprehensive knowledge of portfolio diversification, she is acknowledged as an authority in this field. Most likely, her deets can be found on the net, so you can confirm yourself.
I looked up her full name online and found her page. I emailed and made an appointment to talk with her; hopefully, she gets back to me.
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
I subscribed for a few trading courses but it didn't help much, been getting suggestions to use a proper financial advisor, how did you go about touching base with your adviser
Through closely monitoring the performance of my portfolio, I have witnessed a remarkable growth of $485k in just the past two quarters. This experience has shed light on why experienced traders are able to generate substantial returns even in lesser-known markets. It is safe to say that this bold decision has been one of the most impactful choices I have made recently.
I’ve actually been looking into advisors lately, the news I’ve been seeing in the market hasn’t been so encouraging. who’s the person guiding you?
Wow, that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio.
Absolutely beautiful
Your number break down is spot on and very helpful for those who want to manage their own construction
Right now building a 1000 sqft, 2 bed, 2.5 bath ADU in Los Angeles. Total price came out to ~390k for design, planning, and construction and excluding permit fees, utility connections, and utility metering. Granted, we are building with quarts countertops, 10 ft peninsula, LVP, all-tile seamless showers with benches, handhelds, rain shower heads, 3-ton HVAC, and a number of other exterior premium products...
You're waaaay over doing it.
@@jacinedelarosa6302 That's what people say when they're not doing enough.
@@joshuanunez4328 That's what people say when they know better.
Maybe you should take heed.
Don't over build some back house in your back yard. You'll never cash flow on it.
Word to the wise.
Good luck.
@@jacinedelarosa6302 Thanks for your advice. Clients are building for multigenerational living on a half-acre lot, not for an investment. Even if they rented it out, their area would allow them a very healthy cash flow.
@@jacinedelarosa6302half the stuff he mentioned is exactly what was mentioned in the video. Quartz countertops and LVP
Thanks Thach!! Because of your videos I’m looking at purchasing a single family home and adding a DADU. Will let you know how it goes and my cost breakdown.
Very interesting content.
This detail stuff is awesome, much appreciated 🙏
My pleasure and please share it for me 👊🏼🙏
Damn. Here in Dallas you could build that for about $115sqft. Soft cost would be around 20k. Great content. I've been a follower for years.
Keep dropping true gems 💎.
This is what I am talking about, live in Thachs region, you are a blessing!
I love your ENERGY! Great info here! Thanks!!!🎉🎉🎉
Just what I needed! 🎉
Thach Nguyen sharing knowledge = wealth for All . Very impactful.
Thank you and glad you enjoyed it ❤
Great video man!
How do you go about financing the build of an adu
This was very helpful, what was your projected cash flow vs the actual cash flow?
Can you please give us a walk around on this 1000sf ADU🙏
These costs are in line with areas in TX. Very helpful! Thanks, Thach!!
Good to know bc I am always wondering what cost is in other area .
Hey Thatch, who do you get your architectural plans from? Where can an investor that is just strating out find architectural plans like this one?
so no central air/heat?
How about the labor? Is that included in the cost analysis?
Thats on Beacon Hill I think
Thanks so much for the info. We’re in the planning stage for a DADU. Is it possible to get contact info for the builder or subcontractors?
$485 Sq Ft here in Long Island New York
Dear sir I'm learning such invaluable information and insights from you 🤗i appreciate your kindness and generosity in sharing it with everyone 👍🤩🇮🇳
Thach, we want to do this on our property, but it's been crazy trying to find the right people to build it. Your ADU is beautiful. How do you find good builders??
I’m a contractor.
The best thing you can do is be recommended by a trusted source, and then view the work done at their house. Or even easier(but way more expensive) hire a construction manager with a solid reputation.. NEVER randomly hire people off Facebook or Craigslist. If you manage the project yourself and your inexperienced…. Your screwed… it’s SO easy to go over budget, and it’s very easy to hire guys who take your money and run!
My first house didn't even cost this much and it was maybe half this quote pre 2019.
Whats the rent per month?
In my area it cost half that price to build a (ADU) .
What about landscaping? What about costs for the general contractor? I’ve heard the total cost is actually $400K.
I don't know the sqf but I guess cost around 250$ sqf
Need a contractor Thach I could use the work in all honesty
very informative video ,you are a mentor to me, I hope you become more and more successfull
@ThachNguyen.. yes for sure💪🏻
Not bad. ADU companies in Tampa bay want $375k for 800sqft living space over a 3 car garage.
$271 per square foot, and the land was free! Amazing.
Thanks for such an informative video. You lay it out in such an easy way to follow.
My pleasure and glad you like it 👊🏼 share it for me ❤
Xan we build ADUSs in Chicago? I have never seen them here. And not sure why would people try to build a house on their backyard. Where will the kids play?
Do you have one for the Boston Area?
How long did it take to build?
How do utilities work for a DADU? Is it extended from the main property or does the city run new plumbing and electricity?
Seperate electrical meter
Just subbed to this guy and he taught me so much already
🙏👊🏼♥️
Great video In actually costs!
#GCapproved
I have two parcels of land in Renton/Takwilla boarder. I could really use a mentor, would you be open to the idea?
@ThachNguyen.. whom?
You didn’t explain what the engineer does
How many bathrooms and bedrooms is this Thach? Thank you for the insights ❤
And how much is it worth in the end? How long of a job? Really interesting video!
It's worth what he paid to build it. For some reason he thinks every property he builds doubles in value over his cost to build the second he finishes it.
They don't do that.
@@jaydeeare285 huh? What are you sayin? Of course its worth more than what he paid to build it😂 you think real estate builders build house for fun? No they make money out of them when they sell. I have a friend who bought a house for 350k, it was worth around 600k. Good deal, but then he repaired it, and when the bank reevaluated it, it was around 700k
@simonr.5782 Uh yeah builders get land wholesale and have full time.giys on staff they pay on a salary to work. They also get cheap money.
None of that applies to thach. He gets everything retail, and he builds one off properties in an over priced market.
@@jaydeeare285 still is worth more than what he paid for at the start, a house price is not based on cost of materials, its based on comparative sold. Thats how price is based. Not because a house cost 300k to build that bc the materials are worth 150k and labor 150k, the house is worth 300k
@simonr.5782 Yeah I know that. And you have to also factor in the LOST value on the front house. It will not be worth the same being on a lot that's now half the size with no yard, a neighbor on his butt and turned into a "condo".
Frankly I see absolutely no upside to any of it.
What would be the resale value of the adu in this case?
Great Thach ! best regards ! I'm curious, what is (approximately) the floor space of this construction?
I think he said 1000 sq ft
@@davekas2393 correct. so basically 271$/sq ft cost to build
thank Dave & bryce , best regards !
1000 square feet is approximately equal to 92 square meters.
Can I get the contacts to the team that helped in this project???
Where can they park their car?
There's a tiny garage there that no one would ever actually try to squeeze their car in , and it looks like there will be an area outside the "garage" where they can also park.
Awesome brother. Thanks for sharing all this. I love your channel.
What about costs for roof, installation and appliances?
Thach, I would like to build an 750' ADU on my side yard of the duplex at N. 105. Any tips on contractors that can meet your estimate?
I priced out adding and ADU and it was cheaper to buy a rambler nearby where I live.
Thach, how does the land get "subdivided" if you want to sell the ADU separate from the main house?
Not sure if it does. In california usually you sub divide the lot prior to building if possible and then treat it as new construction. Usually a ADU is tied to the original property.
It's a condo. Think of a condominium building. For example, 50 condos in four buildings on one lot with 50 different owners. In the video there are two buildings on one property that could have two different owners.
Excellent video, it will be great also to know how much would this house be worth after was build. Thank you for your videos again. very educative.
What's the ppsf cost ? What do you sell it for ppsf?
I love, love this video and the price breakdowns you shared! Do you have a design team or do you pick out the colors/materials yourself? Looks so modern, bright, and nice!
When I started I had someone help design and pick color and finishing. Today I do it myself
In Seattle, garaged 2 story ADUS similar to this plan contain an actual structure gross floor area closer to 1300 sqft total. The gross area less the garage ends up being the marketable conditioned sqft around 1000 sqft. Meaning 271,000/approx 1300 sqft=$208a sqft
🔥🔥🔥
Excellent info! How many ft2 are in this DTU?
Don’t forget thatch uses a gc so if done yourself you can save about 25%
I have 2 ADUs and didn’t even realize it. Never heard of it before. But mine are on the same deed. I would have to separate them.
So glad I'm part of springboard to actually learn this! Thanks Thatch love your content!
If you have any questions to all
The content I put out ask me in class ok 👍
Hey Thach, I’ve watched every single video on your YT channel and am a big fan! You’ve inspired me to start a rental portfolio, however in my price range of 350k-375k in my area, there are only townhomes with $400+ HOA fees. Do you think I can still BRRRR under these circumstances? Please keep making videos weekly!
Inspirational and transparent with the process, best real state investor when it comes to explaining how the business works. By the way the shoe game is 🔥 I see your drip too😂.
Haha I’m glad you appreciate the shoe game 😂👊🏼
I love your work and the way you breakdown everything, I just discovered your channel recently and I like your work. Good job.
Putting mini splits in a 500k house is crazy 😭
Too expensive
BEST DUDE
Ive got a duplex on over an Acre. Im thinking of doing something like an ADU but it seems like a major hassle
Love the video
You do mentorship?
*$270 a sq ft? That's a bargain. In my opinion, you are talking AT LEAST $350 if not $400 a sq ft.*
Thank you.
What is the siding on this one, where have you found it?
Only thing I would disagree with is the eggshell finish. You have to have a level 4 or 5 finish on the drywall to use eggshell paint, and it never touches up well. Other than that, great video! Love the way you break it down, but don't give away too many of our secrets (costs) to building LOL
Subscribed.
@ThachNguyen.. An interior designer? We are on the complete other coast from you...
What stores have affordable luxury vinyl?
when will you have the hoodies for sale again ??
271 a sqft. Holy hell.
Yeah it's a lot
Crazy expensive bru I built a 2400 sq fr home at 120 a sq ft in California
How many bedrooms/baths are in this adu?
What is an adu
Additional dwelling unit
Google search is a powerful tool.
My man dropping real knowledge on real estate and developing new units 🔥🔥🔥
👊🏼😀
And whats the arv if you were to sell that?
Time frame?
good luck finishing a project using these costs
Hi Tach
If is your paint name and paint code
That’s a nice color !
What brand ?
I want your kids to install washer and dryer at the new ADU
Give us story video too
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly
This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this, are you a pro investor?
Through closely monitoring the performance of my portfolio, I have witnessed a remarkable growth of $508k in just the past two quarters. This experience has shed light on why experienced traders are able to generate substantial returns even in lesser-known markets. It is safe to say that this bold decision has been one of the most impactful choi
The adviser I'm in touch with is *CAROLINA MELINA PHERSON* she works with Merrill, Pierce, Smith incorporated and interviewed on CNBC Television. You can use something else, for me she strategy works hence my result. She provides entry and exit point for the securities I focus on.