What are the most profitable house hustles you can do in Bay Area? Like buying a house and remodel it (build ADU) and then sell for profit, buy house for AirBnb or something else?
Tried this in Bay Area… the contractors you hire to do the work price their fees so high that they take all the profit you gain in a remodel
Yeah we have friends contractors who can do remodeling and friend’s friends can do building.
Just getting permits is like 3-4 months now
Most profitable is to buy houses you can fix up yourself, then flip as soon as possible.
My concern is that most of the time after bidding selling price is $300k-$500k above initial listed price, that doesn’t leave much room for future profit after remodeling.
Stop looking at asking price and start looking at comps. You want houses with minor issues selling below comps, because they aren’t move in ready.
Renting rooms has become profitable, combine it with other strategies like furnished rentals or mid term rentals.
How about Airbnb?
Can be, depends on the house and the demand... Airbnb sucks right now because everyone hates them. Cities make it harder, customers hate the fees, and ton of people operating them.
Not possible in the Bay Area unless you were/are a realtor?