Did you hear the latest news from the Federal Housing Administration about financing ADUs, which stands for Additional Dwelling Units?
In the past, lenders couldn't consider rental income from these ADUs, making it tough for buyers unless they were all-cash purchasers. But here's the exciting update: Starting now, you can purchase these properties more easily. For ADUs that are either not built yet or in need of a complete remodel, you can use an FHA 203K loan.
The best part?
They now count 50% of the income from the ADU in your qualification. And if it's an existing ADU, they'll consider up to 75% of the rental income!
This means it's a lot more accessible to buy such properties.
So, if you know someone who owns an ADU, let them know it's now easier to finance and sell.
And for those of you with buyers seeking these types of properties, whether it's for a second family situation, this is fantastic news to share on social...
Sometimes a seller will say to you, "Well, just sell it to a cash buyer. I don't want to deal with financing."
Have you heard that? We all have from time to time. When you have a seller say that to you, you need to arm yourself with good information so you counter that. And help them understand that the market isn't comprised of a ton of cash buyers.
The good news is that there are more cash buyers that there has been. We've seen a huge uptake in cash buyers. But the current number as of today, in all across the country, is that 25% of the sales done in the country are now cash buyers.
But what's the reverse of that number? The reverse of that number is 75% of the sales are not cash sales. So they're involving some level of financing. Which means that when we list a property, we have to sell it four times in order to create a sale.
We have to sell it to the market, to get them excited about that listing. That's creating that...
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During the call be prepared to discuss - Your goals for the next twelve months. Your time management and priority management strategies. Your willingness to change and adapt to a changing market landscape, and your biggest choke points - what's really holding you back
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