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HouseHack Seattle - Michael Haas & Co. - DADU Pros
United States
เข้าร่วมเมื่อ 12 มิ.ย. 2013
Helping YOU build rental income, achieve your dreams & spend time w/ the folks you love!
📍Seattle Area Realtor & Investor Team lead by Michael Haas // DADU Pros // Michael.Haas@Compass.com // (408) 439-7873
You can buy a home and pay $0 a month to live there… or build a DADU (Detached Accessory Dwelling Unit) & grow your investment by 50% or more in year 1! As a 5-time House-Hacker I'll show you how to use ADU's, DADU's, and extra rooms to make your home pay you, rather than having to work to pay for your home. We have helped clients build portfolios of gorgeous Airbnb Cabins, become rental property owners and landlords, and use down-payment assistance programs and House-Hacking to afford a better home than they had dreamed was possible.
These strategies have helped our team acquire over 30 rentals, and we'll show you how to do it too! We break down Real Estate and Investing into actionable steps that anyone can achieve. Subscribe & Like for more, we appreciate your trust & support!
📍Seattle Area Realtor & Investor Team lead by Michael Haas // DADU Pros // Michael.Haas@Compass.com // (408) 439-7873
You can buy a home and pay $0 a month to live there… or build a DADU (Detached Accessory Dwelling Unit) & grow your investment by 50% or more in year 1! As a 5-time House-Hacker I'll show you how to use ADU's, DADU's, and extra rooms to make your home pay you, rather than having to work to pay for your home. We have helped clients build portfolios of gorgeous Airbnb Cabins, become rental property owners and landlords, and use down-payment assistance programs and House-Hacking to afford a better home than they had dreamed was possible.
These strategies have helped our team acquire over 30 rentals, and we'll show you how to do it too! We break down Real Estate and Investing into actionable steps that anyone can achieve. Subscribe & Like for more, we appreciate your trust & support!
North Seattle DADU Flip - Cost Breakdown & $100,000+ Profit !
Are you curious how to build or flip a DADU project in Seattle? We'll breakdown a real life client project and share what they're building, what it costs, and what profit they're going to make!
Want to learn more?
1. Setup a free, 1-1 Intro call: calendly.com/d/d4g-2c3-gg7
2. Join 1,000+ other investors at the largest & most active HouseHacking Meetup in WA State: meetup.com/house-hack-seattle/
3. Follow us and our story on Instagram @MichaelJoHaas, @Jess_Haas, & @HouseHackSeattle
4. Find us online at househackseattle.com/
5. Apply for a Hard Money Loan for your next investment here: certainlending.com/house-hack-seattle
Want to learn more?
1. Setup a free, 1-1 Intro call: calendly.com/d/d4g-2c3-gg7
2. Join 1,000+ other investors at the largest & most active HouseHacking Meetup in WA State: meetup.com/house-hack-seattle/
3. Follow us and our story on Instagram @MichaelJoHaas, @Jess_Haas, & @HouseHackSeattle
4. Find us online at househackseattle.com/
5. Apply for a Hard Money Loan for your next investment here: certainlending.com/house-hack-seattle
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Fantastic break down! Thanks for sharing the numbers. Will be eager to see how it plays out over the rest of the year
Hi Michael. Great video. Quick question on the hard money for the home purchase. Here there is a 25% down payment. Are there currently options for a 10-15% down payment to decrease the upfront cash requirements or is 25% typical for these types of projects? Thanks!
Good question - Rain City Capital and other Hard Money Lenders do offer downpayment as low as 10% for some loans. We have a list of hard money lenders I’m happy to share, shoot me an email at Michael.Haas@Compass.com if you’d like me to send that your way!
could you share the link for the spreadsheet you used here?
Here you go! Reach out to me at Michael.Haas@Compass.com if you have any questions: docs.google.com/file/d/1WPoJCnGBJwYHrlxv-KcP2JANa_DG7kFa/edit?usp=docslist_api&filetype=msexcel
where are you finding a house with a yard for less than $800k in Seattle proper?
This one is in Greenwood. Also bought similar deals in Wedgewood, Beacon Hill, Judkins Park, Ballard, Crown Hill, NE Seattle, etc. they’re out there! If you’re not seeing them we send out opportunities weekly, feel free to email me at michael.haas@compass.com and I’ll add you to that list.
Logan's a top notch interviewer and real estate investor!
Markets have cap rates. A building does not have a cap rate until it is purchased.
Markets have average cap rates yes - but so do buildings. CAP rate is just NOI divided by Current Market Value - your building always has a current market value and always has a CAP rate, current market value is just an estimate until you get to the actual point of sale.
@@househackseattle A building that is not for sale does not have a building specific cap rate until it is sold. It will probably sell at the market cap rate that is established by ACTUAL sales of similar properties that have a cap rate only because they sold.
Interesting - I’ve never heard that. So seems like the definition of NOI / Market Value should be changed to NOI / sale price? And the CAP Rate is only valid when the property is sold then a year later the property has no CAP Rate again? Either I’m not following or it sounds like a “potato - po-tah-to” kind of thing to me 🤷
@@househackseattle A cap rate is documented by each sale. Each sale is a cap rate comp for your property but until you sell your property we can only guess what cap rate you will sell for.
This Marty guy seems to know what’s up
Maybe don’t talk about making shady moves just to close the deal
Not sure what our shady move was- was it gifting our client appliances so they could get a home $185,000 under appraised value? 🤷♂️
There is a big difference between doing something deceptive, and working hard to check all the boxes to close a deal. I’m always willing to work hard to check those boxes 😊.
Non unionized Contractors are the worst
Why is that? Last stat I heard was that nearly 90% of contractors are NOT unionized, so that’s a pretty bold statement there.
maybe if you're having to spend money just to rip out the repairs, it's not a good deal for you and the planet and you should let the home got to someone that has the cash coffers to secure the home without a loan.
?
Great info! I’ve reached out to schedule a call with you.
make this man my agent now. super helpful info and interviews!!
Thanks Bradley for watching!
Hi Michael, Can we have a virtual call sometime in the evening?
Hey Meahlawat- yes, send me an email at michael.haas@compass.com & we’ll get something scheduled. Cheers!
Hey Meahlawat - here’s a link to my calendar if you still want to schedule a quick call - calendly.com/michaeljohaas/intro-call
Great job Dennis!
What can this man not do?!
He can't cook well......yet :)
This guy is so cool, he should have way more subscribers. I love this idea of financial independence and it's something that I would love to arrive to someday.
looks like an easy and thorough way to analyze a property!!
I might be interested in something like this. How do I know if a property is suitable for a DADU? Is it simply a matter of lot size with an alley?
@@househackseattle yeah I’m in Capitol Hill. How do I reach you
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Way to work in the Pokémon into an investing analogy
Where is this city
Seattle!
Your content is very nice. Carry on man!
Thanks!
Whats the best way to find multi family properties?
Depends on your market - Smaller Multifamily (4 unit or less) are the properties that this new conventional loan option applies to. In most markets (Seattle included) these are mostly selling on-market (which you can find on Compass, Zillow, Redfin, etc) although some sell off market (which you can find through relationships and email lists like ours here: househackseattle.com/ )
"promo sm"
Thanks!
Nice💥🔨❤️
Thanks 🔥
Great info, Michael. You may remember that the FHA self sufficiency rule/test killed a deal we had under contract with you a couple of years ago. And that was with super low interest rates! Enjoy the trip to Bali. - Blair
Hey, thank you for the education. What ever happen with the property, did it get developed?
This one was purchased by another investor- we’re not sure what their plans were for it. My team and I are in the middle of 3 similar projects right now though if you have any questions about the development process!
@@househackseattle thank you for your answer. I will schedule time with your team to discuss further.
Do you have any lenders in Seattle who are willing to finance a construction loan for a dadu project?
Yes we do! Please email me at michael.haas@compass.com and I will send you the full list.
Yes we have a list- email me at michael.haas@compass.com and I’ll send it over @156Indy!
did email you on that list as well @@househackseattle so far only thing I received is an automated email to set up a time to talk but no list etc...am I seeing it wrong?
✅ P r o m o s m
So cool
Wow this is extremely valuable information. I love how multi faceted this panel is and I have a lot better idea of the DADU game!
first time i've ever heard of condoization. do you mind educating what that means and what it entails (steps, cost)?
this is gold. thanks for the masterclass (very appropriately named). if i have a garage, can i convert it to a unit, AND add a 2nd unit on top? footprint wise, it would comply with the square footage requirement since both are stacked on top of the garage footprint, but i suppose technically it can be counted as 2 units. is that allowed? and what if the house already has a ADU when purchased, can I add these DADUs to them?
love it Michael. is 20K about what you see to add a ADU/DADU in the greater Seattle area? and does it involve converting a garage to a 1 bed, add 1 bath, kitchen?
This project was renovating a garage that was converted into an ADU about 15 years ago, so that budget was for renovations (new paint, new flooring, new lighting, and adding a kitchen) not necessarily a new-ADU conversion.
@@househackseattle what is a good rule of thumb for how much it costs to convert ADU/DADU? I have heard varying estimates from 15k per 1bedroom ADU to $100/sqf (both sources come from investors in Puget Sound area), wonder what is your experience.
@@quantran7590 if you’re doing a brand new 700-1,000 sq ft basement (2-1) with full permits $70k - $115k. If it’s a conversion without full permits or part of the space is already finished I could see it going as low as $15-20k. Rules of thumb are tough though when plumbing and electrical are involved- so much depends on location of utilities and layout!
Need the after results part 〽️ 2 please
very informative and helpful
Ah put a door and get rid of the in unit washing machine? You wanna cut out all that plumbing and seal the lines? How are you planning on segregating the units. This is isn't a hack it's a wishlist. On a house in any normal market that would be worth maybe 150K.
Hi Michael, you mention going back to the bank to apply for a conventional loan to pay off the construction loan. Is there any reason the bank wouldn't approve someone for a conventional loan on the DADU? Is that basically a guarantee?
Is condoziation possible in burien and worth it? Currently have a house that I’m house hacking a property with a 13k sq ft lot that can have a DADU built on it. I went to one of your meet ups but you weren’t there.
Ugh. None of these options work for me
What’s your situation Jennifer? Happy to strategize with you on how to make it happen, we can schedule some time to chat here: calendly.com/michaeljohaas/goals
Glad I found this video and seeing others do this! I'm on step 2 right now and seeing the whole project lined out is extremely helpful!
You’re crushing it William, keep it up and let us know how it goes!
Super Insightful! Great video!
Glad it was helpful!
Great video, Michael!!
Thank you Umesh 🙏
Let's goooo!!!! 🔥
Dang, this video is so good! It's definitely got me fired up to try this strategy. This is the biggest question I have and others have asked me. This is an excellent resource and a super easy to follow process. Thanks Michael!
Wow $390k is an excellent profit !! Another great video :)
Awesome video. I'll make sure I PAC my next house hack as much as possible. How did you learn all this?
Great info, thanks Michael!
Appreciate the kind words, glad you found it helpful!
Mr. House Hack is a great name
Yes it is, nice subtle nod to Mr. Money Mustache