When Lauren Plaxco met Bryan Keith in 2014, they were both bartenders at the Mondrian Hotel in Hollywood. Lauren loved engaging with customers, while Bryan preferred to focus on making drinks. Their differing styles made them a great team.
“Before we dated, we enjoyed working together because we balanced each other out,” Lauren said. Now, at 43, she’s a lender with CrossCountry Mortgage. Bryan, 51, is an actor and artistic director.
After their son, August, was born, they felt it was time to find a quieter place. They lived on a busy street and wanted a home with rental potential. With rental income, they could afford a better property—either a small apartment building or a single-family home that allowed for an accessory dwelling unit (ADU).
“We aimed for a space that would suit August’s schooling, so we broadened our search across the San Fernando Valley and Pasadena,” Bryan shared. They wanted a property that was either a duplex, triplex, or a single-family home with enough land for an ADU.
Lauren’s background in lending made a significant difference for them. She highlighted renovation loans like the FHA 203k and the Fannie Mae HomeStyle programs. These loans let homeowners add renovation costs to their mortgage, which is a game-changer for many buyers.
With the help of agents Alisandra Morisi and Rae Olivier from Sotheby’s International Realty, Lauren and Bryan presented their potential offers clearly, showing sellers the benefits of accepting a renovation loan. Most sellers prefer straightforward offers without complications, so this strategy helped them stand out.
Their budget ranged from $750,000 to $1.3 million, depending on the rental potential of the properties.
One striking property they visited was in Highland Park. The main house had two bedrooms, a private backyard, and rustic-chic features. The asking price was $1.175 million, and they estimated rental income could be around $3,500 monthly.
In Van Nuys, they found a two-bedroom house with an option to build an ADU. The asking price was $835,000, and they projected it would cost about $300,000 to build the additional unit, with a potential rent of $3,400.
Another appealing option was a cottage in Reseda, priced at $779,000. With a charming facade and a possible ADU build, they figured the rent could be around $3,200.
As families increasingly seek rental income to offset rising housing costs, these properties represent a growing trend. According to the U.S. Census Bureau, the number of residential ADUs has increased significantly, with many local governments supporting their construction as a means to address housing shortages.
This couple’s journey illustrates the modern home-buying landscape, where creative solutions like rental units can make a significant difference. As housing markets evolve, the trend toward multi-generational living and rental opportunities is expected to continue on an upward trajectory.
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Real Estate and Housing (Residential),Los Angeles Lakers,Highland Park (Los Angeles, Calif),San Fernando Valley (Calif)
