Finance Your ADU Property with an Oregon Hard Money Loan
Thanks to the current housing crunch, ADUs (accessory dwelling units) are seeing an upswing in popularity.
In-law suites, granny flats, backyard cottages and garage apartments offer affordable housing options and are especially attractive in hot housing markets like the Pacific Northwest. The Portland, Oregon region tops the list of metropolitan areas in the US for fastest ADU growth.
An ADU property can be part of a sound real estate investment strategy. Savvy homeowners convert ADUs into rental units to generate additional income, making them a valuable addition to any property. But it’s important to do your homework before purchasing, converting or renting out an accessory dwelling unit. Follow these quick ADU investment pointers!
Tips for Investing in an ADU Property
Tax bill: ADUs are a type of multifamily dwelling. Be sure to research all tax ramifications and confirm that rental return will offset your tax bill.
Codes and permits: ADUs are found in single-family home zoned areas. A unit must meet building codes as a dwelling (i.e. include its own lockable entrance, secondary exit, plumbing, ventilation, heating). Make sure all permits, zoning and codes are legally met.
Municipal regulations: Know the laws regarding ADU rentals both for on and off-site owners. Understand limitations on how a unit may be rented. (e.g. Some cities allow an owner to occupy the smaller accessory dwelling space and rent out the larger home, others do not.)
Invest in an ADU with an Oregon Private Money Loan
When you’re ready to purchase or convert an ADU property, our team of experienced hard money lenders is here to help. Credit score and employment history is not a concern. We loan based on available equity and our hard money loan process is fast and no stress. Give us a call if conventional lenders have said no. Gregory M. Russell has loaned to successful Oregon investors for over 30 years. We know the market – and know how to help you meet your investment goals. Call 1-888-477-0444 today or complete our simple online loan request form. We look forward to working with you.