Here’s a NEW real estate investment hack that has the potential to be HUGE, and we want to be sure you know about it…
In short, a new CA law (Assembly Bill 1033) allows homeowners to sell ADUs on their property like condos! (ADUs = accessory dwelling units, aka in-law or granny flats)
ADUs come in all shapes and sizes, generally 1200sf or less. They are sometimes a converted garage, a small structure in the backyard, or an unused portion of the main house.
In participating cities, if a property owner has – or builds – an ADU on their land, they could set up an HOA and then sell it separately, just like a condo. This gives homeowners more options!
And…with his law, baby boomers / retirees can benefit from supplemental income from their property, while first time home buyers / young families could afford a starter home. (These are the 2 biggest home buying groups right now, and they have a ton to gain!)
This type of legislature has seen success in places like Oregon, Texas and Seattle! And, now…San Jose is the first city in CA to jump in! Other cities, like Berkeley, could soon follow (potentially next year).
Stay tuned…
