Don't make your ADU WORTHLESS!

[@ThatADUGuy]

Good stuff! Bring it Ryan.

[@HowToADU]

Thanks for watching Derek!

[@garritymcosker3350]

this one is a game changer for me right now. thank you

[@jodykurt9935]

Hello, thank you for all the awesome informative videos, doing all the ground work to build an adu in san diego.... looks like if i was to put in a manufactured adu, no renofi? Even if placed on foundation? Also any videos you've made about manufactured homes as adu's? Thanks!

[@HowToADU]

Oh really? I think it depends on the manufacturing style. But they’d be best to tell you. Did a video with the HCD folks and David Donahue (on his channel) kzbin.info/www/bejne/r4TTeWuQmrJsjqMsi=qIrODwiYxEi1ZoSi

[@connieefurulee]

This helps in my ADU planning. However I’m on the east coast but facing all of the same dilemmas only without this specific guidance that applies to my area. Thanks for the helpful info. At least I’m armed with some real questions to ask.

[@HowToADU]

I’m not sure what loans renofi offers out there but they are actually based on the east coast so it might be worth checking out. Might not have this specific ADU product but they’ll be informed and have other products.

[@connieefurulee]

@@HowToADU ok thanks again for the info

[@saskiasnyder1098]

I want to do this for investment properties. Will you share her info?

[@HowToADU]

Renofi works best with homeowners. Her info is in the link in the description below the video.

[@andreag8666]

Is there a time frame the construction needs to be finished in? Once the work starts if we show progress or how does this work?

[@Khanh.Nguyen369]

Interesting because I talked to Renofi last year and they told me my DTI was too high even though the purpose of the ADU was for rental. I was also explicitly told in writing that rental income cannot be used for the ARV.

[@HowToADU]

Oof. That’s tough. Out of curiosity did you use my link and talk to the ADU team? I definitely want to know if this is a common issue so thanks for sharing

[@Khanh.Nguyen369]

@@HowToADU No this was back in October 2022 per my email thread. I just emailed the Renofi representative because what your Renofi consultant directly contradicts what I had in writing from my representative.

[@HowToADU]

Fingers crossed they find a solution for you. Please let me know either way

[@ivanperez5142]

I had the same conversation with them last year too!! They said adu was not one of their refi products. They did more kitchen reno refi stuff. So unless they updated they've product portfolio, im confused.

[@rogercastillo6453]

@ivanperez5142 RenoFi definitely does ADU loans, I went through the process, and it was fairly easy. I would recommend to try RenoFi (the reason we did not go with RenoFi is due to my property being a Duplex multifamily property) if you have a single family property i would definitely suggest you call RenoFi.

[@lauramcguire2902]

Great info! Is the trend downward in after appraised value for manufactured home vs stick built ADUs?

[@HowToADU]

I think she was speaking about a general trend, not specific to manufactured or site built.

[@ivanperez5142]

What about if i want to be my own GC? I hire directly all the sub contractors like licensed elec, plumbing, hvac, etc.

[@madelynatrenofi]

We can help if you self GC, with a limit of 3 subcontractors

[@HowToADU]

That's a reply from Madelyn herself in the video :) Looks like it's do-able!

[@rickfarrow7359]

​@@madelynatrenofi thats a limit for a General contractor..but not for an owner builder.

[@sluggishincaliforniatv6741]

I spoke with them last year as well and they stated I had to have my plans drawn up by an architect 1st in order to apply which contradicts what she is saying now. Did terms change? Also, for the fixed loan product, how many years is the loan amortized over? That’s important for determining cash flow potential from rental ADUs.

[@madelynatrenofi]

You will need renovation plans so the after renovation value can be assessed! They do not have to be done by an architect, but we will need blueprints and a cost estimate for the project.

[@madelynatrenofi]

The fixed loan is amortized over 20 years!

[@markocean2811]

Hi. Trying to find an answer to this question. You might be an accountant, but maybe you have an idea? Can i deduct heloc interest to build an adu?

[@HowToADU]

Sorry - You need an accountant to look at your specific situation.

[@eddieruiz8503]

how much does renofi charge on fees?

[@madelynatrenofi]

The fees are similar to any mortgage product, and can vary by state. Please schedule a call to discuss with an Advisor!

[@pauld1767]

I may have missed this, but if we’ve already secured HELOC financing through our own lender and have completed construction on our ADU build, does Renofi have a product for us to refi the entire property (primary and ADU) and pull out money to pay off the HELOC balance?

[@madelynatrenofi]

Hey there! Since your project is complete, and the value has been added to the property, you can consider a traditional cash-out refi if you'd like to get some of your capital back.

[@rogercastillo6453]

We tried RenoFi and we were told our Duplex property can not apply with RenoFi for an ADU loan. Could you please help us with other finance options we have been stuck for awhile, we got the ADU grant award letter back in August/September

[@HowToADU]

Thanks for sharing - a lot of homeowners in duplex situations are having a hard time. Why don't you shoot me an email [e-mail] and I can see what other options I have for you.

[@rogercastillo6453]

@HowToADU yes thank you, I'll get started on the email! Thank you so much for all you do Ryan!!

[@ivanperez5142]

Hi Roger, in early 2022 i had a similar response from renofi.