Other buy & hold investment in San Mateo.
Purchase price: $162,000
Cash invested: $9,000
Studio located in San Mateo Ca in the middle of San Francisco and Silicon Valley. There was an outstanding mortgage at time of inheritance of 162,000. I have paid ~$9000 towards the mortgage since.
What was the outcome?
Tenant moved out in June, new tenant begins lease mid July.
Lessons learned? Challenges?
As the tenant's lease expired one month prior to inheritance, she then went month to month until June of '19. The unit was unoccupied and there were some improvements to be done such as professional cleaning and new carpets. The property manager that overlooked the unit at time of inheritance remained and has dealt with all the necessities that have come with the process of cleaning out and finding new tenants to move in.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Vince Scherba (property manager).
@Denis Dineen - Great job! I love the San Mateo area, and took my wife to Sushi Sam's downtown there for our first date! I'm sure the rents in the studio will be terrific and provide great cash flow!
@Blake Edwards the property was occupied at $1775, and after the property found a new tenant to move in, rent will be $1850. Looking forward to getting this property going again!
@Denis Dineen - Awesome man! Those are really good numbers for your purchase price & area!
Ya I was happy to see we were able to get it rented close to the top of market rates. @Blake Edwards I saw the David Greene Team does work throughout the Bay Area, I'm in San Francisco myself.
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