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Updated over 4 years ago on . Most recent reply

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Lindsey Lim
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Rent out 1 bedroom and hope someone comes for the other?

Lindsey Lim
Posted

I bought a 2 bed/2 bath apartment in Redwood City in Silicon Valley. I was planning to relocate there for work next year but for personal reasons (friend is undergoing chemo), I want to delay leaving Virginia and rent it out for a year (at least 9 months but can do 12 months). It's been empty since August 18 and I've only three applicants- 1 family who had a python which my HOA/insurance won't allow, 1 couple who backed out and decided to stay up in SF instead of Silicon Valley, and a girl who needs a roommate for the other room (1/2 an application). Everyone else had a bad credit (under 600) or financial problems. If I can't get a tenant by October 1, should I let the girl rent the master and just wait for someone to rent the room? She has a cat (which is an issue for some people) but doesn't mind a male/female roommate. The monthly carrying cost is $4,000. She is willing to pay $1800 for the master. The market rent for the full apartment is $3100-3200. I expected to lose money on the rent and don't mind so much because I will move in next fall but I can't leave it empty. Should I rent out the master and hope for someone to come for the second room? I'm willing to drop the rent to $1400 for the other room.

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