 Hey, hi everybody. Good evening Russell Moore coming to you live again from dedicated to financial Literacy once again I'm back at you Please hit the subscribe button if you want to continue to hear some of this content that I'm throwing out there and spitting at you Then please hit the bell the notify and also hit a like hit the like Signal a few if you like what you hear, okay? I've been talking about ad use my last segment. I talked about ad use and so I'm gonna start I'm kind of gonna break down the bills That I Talked about in the last segment. I kind of ran through them real quickly So in fact, I may have misspoken on a couple of them But I think I mentioned on that last video eight eight eight sixty eight. There is no eight sixty eight It's it's it's bill eight eight one and bill 68 a b 68 Okay Assembly bill a a b stands for assembly bill. So if you hear me make that term I'm just doing the short version a b that's assembly bill and then I'll give the number the penal number, okay? So so what I'm gonna do is do several of these and we're talking about ad use accessory Dwelling units and we talked about the fact that an accessory dwelling unit is Basically in an additional unit or an additional home on your property So if you say you buy a house and the house has a large garage You can convert that garage to an ad you now what I'm gonna be talking about today It's particularly for those that are in California. All right. This is just California. I want to make that clear Okay, these bills are from California. All right. I don't know if I said that in my last segment All right, but what I'm gonna do is each segment I'm gonna break down just maybe one or two bills just to keep the videos not going on forever Okay. All right. So to tonight I'm gonna talk it about so again briefly at ad you is a dwelling an extra dwelling on your property and So what I'm gonna talk about is the bills and the bills that have been passed by governor governor Gavin Newsom Particularly in 2020 most of these were signed in 2020 They are to assist people with Actually creating income property on your property on your current property Creating basically like a duplex or a triplex and they've they've basically changed a lot of things and to enable us to do that Here in California, and that's what this is all about Why we talked about homeless the homeless situation our homeless situation here in California is really bad So this is actually a plan In an attempt to help out because our housing we're we we are so low on housing We don't have enough housing this is all over the country, but particularly in California. I Think we're something like we need something like 300,000 300,000 more houses built a year in order to catch up We we're way behind on houses And so in other words we got more people than we have homes Okay, so this this has been this is an answer to that Or an attempt just attempted solution The only thing that I would say to the governor is like, you know Many of the people not all homeless people are in this situation But some of them have mental issues drug problems. And so I don't know very I don't know too many people who own a home and That are going to allow build a home and then allow somebody who's heavily on drugs To rent that out first of all somebody that's on drugs All their money is going to go to drugs. They're not going to pay. They're not going to pay your rent So I'm just wondering how this is going to help the homeless But it is something good for if you're a home buyer or if you if you're if you're attempting to buy a home right now I know the prices are high but the rates are low And if you can get a 30 year fixed rate and get it locked in because let me tell you the rates are going to go up The federal reserve Jerome Powell the the rates are going to go up And I think before the end of the year or at the latest the first quarter of 2022 Watch my words. I always say I'm the financial profit Anyway, anyway, let's let's let's go jump into this. So this segment. I want to talk about bill eight eight one Eight eight one and then the next segment if you tune into the next segment I will be doing bill number 670 and probably combine 670 with bill number 68 AB 68 and the reason why is because bill 670 There's not much to it. Okay, so I'll probably combine two or three together the next the next segment Okay, next video segment. All right Bill eight eight one one of the things about bill eight one one AB one eight eight one is that Prior to 2020 January 2020 You could not build up to the property line And what would happen is if you bought a home here in California your property line Say in the back could be up to 20 You couldn't build up to like 20 feet. What's called a setback? there's a setback area and That's where you could you could build up to the setback Which would be sometimes about 20 feet in the back 25 feet in the front 15 to 20 feet on the sides of your house And so now what they've done they've gotten rid of that and said now you can build up to four feet You can build up to four feet of that property line now Okay, now there are other regulations that could come into play and permits and all of that But it what it does is it gives you more room to build on your property now Okay, that's one of the things another thing is is that The size of the ad you the size of the dwelling that you're gonna build There was a limit on that, but now you can build up to 50 percent of your primary house Up to 1,300 square feet. So does that make sense? So say you had a house for your house is 3,000 square feet Now half of that would 50% would be 1,500 right, but you you only the limit is 1,300 so you can go all the way to the limit and build an ad you and your home up to 1,300 square feet 50% of the primary resident or now say your your unit was 1,100 square feet or 1,000 square feet say your primary your primary was 1,000 square feet or 11 square the minimum is 800 So you can still build up to 800 square feet You get that instead of 500 because say if your your primary is 1,050 percent is Is 500 square feet? Right 500 but but because there's a minimum a limit you can actually go to the you can go up to 800 square feet Even if your your residence is only 11 or 1200 square feet or 1,300 square feet All right, so there's a minimum there. So that's great. All right, and then the other thing is You can actually now You can build You can convert your garage Which would be called a Jad you and I didn't say this the last time a Jad you meaning junior Access accessory dwelling unit a Jad you That's because it's attached the garage if it's attached if it's attached to your home. It's a J Jad you and you can build that but you can build another one if you have the room on the property You can build another ad you So now you can have three dwelling units Okay, they've they've they've they've gotten rid of that regulation that that didn't permit you to do that Okay, and then That's wonderful news. So the garage would be a Jad you up to 500 square feet. I gotta say that your junior can be built up to 500 square feet All right most garages particularly. We're talking about Los Angeles South Central They have large garages. Most of them are between 350 and 500 square feet All right, so that's another thing so you can build in a junior ad you and then you can build an actual True structural ad you From the ground up as well All right, that's detached. That's not attached to the house So you can have up to three your primary home a junior ad you and an ad you All right The other thing what is it that eight eight one does it removes owner occupancy That's another thing that this bill does it used to be that you you had to occupy the product product If you built an ad you you had to live in one. That's no longer the case a lot of people don't know this That rich that that rule is no longer in play. They remove the owner occupancy. So you don't have to You don't have to occupy occupy the ad you you don't have to occupy the property. All right, and I Think that's it for eight eight one. There might be some other things. I'll look it up But I want to encourage you to Google a B eight eight one For accessory dwelling units in California This is good news for you guys. Okay, so I just want to let you guys know Get out there buy your property. Don't be afraid. I know the prices are high I do feel like the market or the market. I've been already noticing that That more and more homes are getting price cuts I don't know if you've noticed that if you've been looking at redfan and Zillow and Realty.com a lot of homes are starting to cut their prices a lot of a lot of sellers are starting to cut their prices Interesting keep your eye on that. All right. Okay. All right Thank you and have a wonderful wonderful evening everybody and I look forward to you and remember You will not earn if you do not learn and you will not lead if you do not read Thank you. Have a wonderful night