I’m in SoCal and about to convert my attached garage into an 1Bedroom ADU using HELOC & savings. Expecting to rent it out minimum $1500 and payback period of 2yrs max.
I'm just curious if you become delinquent on the loans what happens then to each of the types of loans. FYI I live in California there's an ADU grant program up to 40k money only goes towards planning n fees. Not construction costs
Thank you Scott. Legally they are synonymous www.lawinsider.com/dictionary/dwelling-auxiliary-or-accessory However you are right. The more common use is Accessory.
Thanks for the video, Nicole! 👏🏻 great work, as always, and the information is appreciated 😊
My pleasure!
Good stuff Nicole!
Thank you!
What lenders offer a construction loan in a 2nd lien position?
I do
I’m in SoCal and about to convert my attached garage into an 1Bedroom ADU using HELOC & savings. Expecting to rent it out minimum $1500 and payback period of 2yrs max.
These are great numbers!
I'm just curious if you become delinquent on the loans what happens then to each of the types of loans. FYI I live in California there's an ADU grant program up to 40k money only goes towards planning n fees. Not construction costs
@@armenassaturian5850 love that you have access to the ADU grant! Any of these loans will be a lien on your property.
That's my fear how many times roughly do you have to miss a payment for the lender to come after your property
@@TheRuethTeamthis Grant was already filled a long time ago and not renewed no new applications
vivo en L.A. muchas gracias por su info. muy valiosa . ya me suscribi 👍👍
Thank you!
ADU = Accessory Dwelling Unit
Thank you Scott. Legally they are synonymous www.lawinsider.com/dictionary/dwelling-auxiliary-or-accessory
However you are right. The more common use is Accessory.
The um actually guy chimes in 😂