BECOME A LANDLORD
Most people are eager to convert their homes into an extra source of income in the Los Angeles location.
With housing prices sky rocketing, we want to offer you a ‘Start to End’ solution for adding a Accessory Dwelling Unit to your space in Los Angeles region. We provide all the services you will need, from custom design concepts to obtaining permits and completing ADU in Los Angeles region.
WHY NOW?
California is facing an unprecedented housing crisis.
The state recently passed groundbreaking legislation that allows any homeowner to add a second unit to their property, acknowledging that the status quo of large development isn’t working. Already, over 12,000 homeowners across the state have added a second unit and improved their property with an Accessory Dwelling Unit, granny flat, or garage conversion. Statewide 2020 Building Code is in the land owners favor.
PROS OF
Being a landlord
Extra Income
One of the biggest appeals of becoming a landlord is the extra income. As long as you have reliable tenants in your property, you can count on a steady cash flow each month. The monthly payment should be enough to cover the mortgage of the property so you can hold on to the property as it appreciates in value.
Minimal Time Commitment
One of the great advantages of being a landlord is simply being your own boss, with opportunities to grow. Many people that get started with just one rental property often find themselves buying and renting out more properties, ultimately ending up as full-time real estate investors. The independence of being your own boss, setting your own hours and goals, is a major draw for many people. Before you sell your residential property, consider being a landlord and what opportunities await.
Tax Deductions
All rental income is taxable. There are a few tax deductions you can take advantage of to offset the cost. Being a landlord is like owning your own business, so some of the expenses required to uphold the business are tax deductible, including:
- Accounting.
- Buildings and contents insurance.
- Cleaning.
- Depreciation during wear and tear.
- Gardening.
- Mortgage interest.
- Replacing water pipes and disposal duct.
- Replacing damaged furniture.
- Repainting.
Long-Term Profit
Owning real estate is a long-term investment that can appreciate in value over time. You can put the money toward retirement, your child’s education, your pension, or for emergencies.
Flexibility
As a landlord, you are the owner of your own business. This allows you the freedom to set your own terms, rules, and cost of rent. As long as it’s within the law and your contract, you have the freedom to do as you please.
long term or
Short term use
When you invest time and money into a property, getting the best possible return on your investment is the main goal. This might mean opting for a short-term rental instead of a long-term rental or vice versa. Short-term rentals are becoming very popular as an alternative to pricey hotels in vacation destinations and high-tourism areas. However, long-term rentals provide more stability and consistency with year-long leases and committed renters.’
you choose
Either one is a great option!
SHORT TERM RENTALS
Higher income potential
Better maintenance
Ability to adjust pricing
Personal use
Self-management is getting easier
LONG TERM RENTALS
Consistent income
Easier to manage
Tenant-paid utilities
Fewer maintenance concerns
Cheaper property management
INCREASE
Your property value
The average amount investment needed to build an ADU in California is 100k-250k. This investment will not only increase your home value but it will also allow you to have secure monthly income.
ADU types
You can now convert portions of existing multi-family structures that are not used as livable space, such as storage rooms, garages, carports, mechanical rooms, attics or basements to Accessory Dwelling Units. At least one ADU can be created though this method and up to 25% of the existing unit count.
1
- Detached ADU
An independent structure entirely separate from the primary dwelling that includes full amenities.
2
- Garage Conversion
A conversion of an existing garage or structure that includes full amenities.
3
- Attached ADU
An addition, attached to the primary dwelling that includes full amenities.
4
- Interior Conversion
A converted existing, interior space within the primary dwelling, also known as Junior ADUs.