What If I Can't Find A Paying Renter?

Question

I decided to rent my unit to supplement my income this year but the market in the Bay Area is saturated right now. I paid premium placement for my rental ads but I can't get any good leads. Can I start deducting, rental expenses (e.g. ads, mortgage interest, property tax, etc) when I file my tax next year? The unit is empty since March (basically the start of shelter-in-place).

I would love to schedule a meeting with a good CPA recommended by landlords here. Thank you.

Todd Pultz · Answer

@Grace Esteban I certainly do not know your HOA rules and you would have to research them or maybe you already know, but could you do a master lease to the organization that is bringing in the traveling nurses to skate around the 6 month rule? They can then place the nurses into the unit with your approval. Just a thought

Marlen Weber · Answer

This is a valid concern, and Account Closed has excellent follow up points. You WILL survive this year. Keep us posted on finding a renter.

Grace Esteban · Answer

Good questions Account Closed. I paid a premium for my listing https://www.apartments.com/151...  I had more than 13,000 views but only three applications and all opted for no credit or background check. The market is saturated right now. I don't want to sell the property because I think when COVID is over, my place will be a premium spot. It is walking distance to Convention Center and close to hospitals. The 18-story Marriott/AC hotel which is only across the street will be done next year as well. I think like an investor, I just need to find ways how to survive this year. ^.^

Account Closed · Answer

@Grace Esteban, the place looks really nice, and the photos are well done. If 13,000 views only translate into 3 applications, that feels like there is a disconnect somewhere in the process. Maybe you could try to figure out if the disconnect is something you can control like the hosting website, the way views are converted or followed up with, etc vs something you can't control.

Account Closed · Answer

@Grace Esteban, is your place priced well and are the ads done well? I don't know the area super well, but my brother in law is in Alameda with lots of friends in Oakland and near. I had thought it was so competitive to rent places that you had to almost put together a proposal to accompany your application. Just about a year ago, friends of my BIL finally got accepted for a rental in Oakland after searching for months. Has it changed dramatically with COVID?

Grace Esteban · Answer

OMG! This is a brilliant idea @Todd Pultz. I don't know about this strategy. THANK YOU!!!

John Teachout · Answer

You don't think it's a price issue?

Chris Allen · Answer

@Grace Esteban if you can convince your HOA for the travel nurse or other traveling professionals I would say that would be a great way to go. If I ever take a travel assignment in that area would love to stay somewhere that nice haha. But also, have you tried just posting your rental on FB market place?

Grace Esteban · Answer

@Ari Bachrach, I listed it on furnishedfinder.com. I received so many inquiries in one day. The nurses love my place but my HOA wants a minimum of 6 months. The nurses only want a month or 3 months max. I will attend the next HOA Board meeting to convince them to allow 3 months short term rental. Wish me luck.

Ari Bachrach · Answer

You're near several hospitals and you're renting it furnished. You want a traveling nurse or a locum tenens doctor. There are organizations that work with both of these to try and find them housing - try reaching out to something like that. You may have to shorten your minimum stay a little, but if someone is getting you a steady stream of renter's it'll be worth it.

What If I Can't Find A Paying Renter?

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