The Process
How does the SkyDADU process work?
SkyDADU will take you through the following phases to Finance, Build and Manage your DADU.
Phase 1: Finance
The main goal of this phase is to provide feasibility on whether a proposed DADU can meet the threshold for SkyDADU to commit to finance it. Some key factors are:
- Accessibility: front, side or backyard access to the proposed DADU location, hardscape, tree ordinance, obstacles, etc.
- Site conditions: topographical variances, soil stability, shoreline mitigation, onsite sewage systems, etc.
- Utilities: cost to separate power, water, sewer, other underground and overhead utilities, etc.
- Sale or Rental Potential: location, CoCR & ROI projections, etc.
- Suitability: Verification of the partial reconveyance of title approval, Loan-To-Value (LTV) ratio against the overall property, DADU package selection, cost breakdown for construction, the funds for capital prerequisite, partner matching, etc.
Phase 2: Build
Once Phase 1 is complete and the Property Owner and Equity Partner sign the SkyDADU contract, we proceed to the building phase. Some notable items covered in this phase are:
- Condominiumizing the property for the DADU.
- Establishing and registering the newly formed LLC (Limited Liability Corporation) for the DADU [with the stipulation that a partial reconveyance of title is approved by the first position deed holder].
- Setting Up the HOA (Homeowners Association) for the main home and DADU.
- Obtaining the necessary insurance and permits.
- Signing the construction contract with the Builder (Sockeye Homes).
- Overseeing the construction of DADU by Sockeye Homes.
- Providing access to the cloud-based project portal to view and enjoying the build process.
Phase 3: Manage
Once the DADU is built, it enters the management phase. Some important responsibilities of SkyDADU are:
- Receivables: SkyDADU will manage it for sale or rent. If rental, SkyDADU will facilitate tenant acquisition, manage rent, make payments, and distribute rental income. If it’s to be sold, SkyDADU will facilitate the marketing & sales of DADU [with the stipulation that a partial reconveyance of title is approved by the first position deed holder].
- Payables: Property taxes, insurance, utilities, HOA management, etc.
- 10-year Contractual Duration: Equity Buyback, ECT (End-of-Contract Transfer) etc. are all structured and spelled out in the contract for process and legal clarity.
- Maintenance: Every DADU built by the Builder (Sockeye Homes) receives an exclusive membership called Triple-S (Sockeye Special Services) so you don’t have to look for a handyman for any repairs & maintenance.
What's the Next Step?
From feasibility to the last nail, our experts will help turn your DADU vision into reality. Let's get Started!
Already have the necessary funds to build your DADU?
Please contact Sockeye Homes so that you can get started with the Design-Build process.
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