“You don’t get paid by the hour. You get paid for the value you bring to the hour.” Jim Rohn

ADU’s (Accessory dwelling units) are becoming very popular with the owners of single family homes. I see them going up everywhere. I am currently looking into building an ADU on an 8 unit property that I own.

CAN I ADD AN ADU TO MY BUILDING? In most cases, if there is room you will be able to add an ADU. The first step is to check with your contractor to see if it is feasible. There are a number of companies who can do a feasibility study, for a fee or you can gather information on your own.

APARTMENT ASSOCIATION SEMINAR Last week, the Apartment Owners Association did a seminar which is available on YOU TUBE entitled “Limitless Cash-flow Opportunities: Add ADU’s & Units to Existing Properties” The hosts Seth Phillips, founder of ADU Gold and Amberly Jones Vice-President ar REALM were the featured speakers.

There was a lot of useful information in the piece. There are also several other companies offering similar services, so it is always a good idea to comparison shop.

THINGS YOU MIGHT NOT KNOW. Did you know that as long as your building is less than one half mile from mass transit (ie. a bus stop) you can usually turn a garage into living space or spaces. I have a client with a 16 unit building which has approval for four additional ADU’s on the property. Are you familiar with the very recent legislation allowing ADU’s to be sold as condominiums (AB 1033). It is worth looking into ADU’s for your building. Even if you don’t plan to build yourself, the additional rental (or rentals) the ADU will create, will add value for the next owner, should you decide to sell.

“If you aren’t going all the way, why go at all?” Joe Namath

What we at PRS PROPERTIES CAN DO. We are always available to chat. We can give you referrals for professionals, such as contractors, and engineers, so that you can decide who you feel best with. We can supply you with rent and sale comparables in the area of your properties. It is important that you know the true value of your rental units, so that you can get them rented right away at market value, or at least as much as possible with rent control restrictions. We can look at potential purchases that you may be interested in to make the property more desirable, and maybe look at potential issues that an insurer might require you to repair.

If you should decide to sell your building, we can help you exchange into a larger or smaller properties. We can even help you move into something with less management responsibilities. We can also help with getting the paperwork together for a refinance if that is your desire. We can also recommend experienced licensed contractors who can perform any repairs or installations you may need prior to selling. We can also look at your building for other easy and inexpensive changes that might allow you to get a higher value. We can help you to get the maximum value for your property, should you decide to sell, or the maximum return if you are planning to keep your building.

We always have many investors who are looking for “as-is” properties and are willing to purchase with low rents, deferred maintenance or even with a problem tenant in place. We have put together numerous transactions over the years which involve properties that are not listed for sale. Many investors are currently in 1031 exchanges and need to identify a replacement property before their 45 day identification period runs out.

Should you decide to put your property on the market, we will put together an aggressive, targeted and professional campaign to get your property sold fast. We have been doing this for over 40 years, and we will use all the tools available to bring you the most dollars at closing. If you are thinking of selling or are just curious about the value of your property, don’t hesitate to give us a call.