All Forum Posts by: Matt Schaefer

My fiance and I just bought a duplex in Highland Park, Los Angeles that came with a 600 sq. ft. bungalow.  The unit is completely separate from our front house and doesn't have any shared walls (2 house on a lot).  We renovated the entire kitchen, cleaned it up with paint and new fixtures and have it listed to rent on Zillow, Craigslist, Apartments.com, and several other sites.  It is listed as a 1 bedroom but has an additional bonus room that can be used as a bedroom as well.  We have had about 10 potential tenants come to view the unit, but no one has shown any interest in signing.

I am now on month 2 of paying the FULL mortgage and really want to get the unit filled so we can utilize that rent towards our mortgage.  

Some potential factors I see that may be effecting the situation are...

-Rent May be too high ($2395...on the higher end for a 1 bedroom (+Bonus room) in Highland Park)

-Street Parking (the street is a dead end with a school at the end of the block)

-The bathroom is in the kitchen (House built in 1920s...kinda weird)

-Sharing a lot with the owners (we have provided their own private walkway and secluded patio, so interaction with us would be minimal).

I would love any advice on things I may be over looking or potential strategies I can implement to get this thing filled.  This is our first investment and want to get it off the ground so we can continue to invest.

Thanks,

Matt

I am brand new to RE investing but am motivated to become successful.  I have my real estate license and a job that allows me to travel all over SoCal to hunt/facilitate deals.  I am hoping there is someone out there that was in my shoes some time ago and can work with me on the 1st few deals.  I have access to a small amount of funds but that area is definitely one of my weak points.

What I can bring to the table...

-Time

-MLS Access

-Sweat Equity

-Intuition and Drive

Thanks,

Matt