Inherited Home from a Loving Mother

[Denis Dineen]

Investment Info:

Single-family residence other investment in Daly City.

Cash invested: $16,000

2 Bedroom 1 bathroom upstairs and permitted bedroom and bathroom downstairs.
I inherited this property which I grew up in after my mother suddenly passed away in September '18. Since then I have made all of the tax payments and completely renovated the home both up and downstairs, driveway (not seen in pictures) along with the backyard.

What made you interested in investing in this type of deal?

I realized very quickly that I would never be able to occupy the home myself again, after months of reflection an epiphany moment came to me where I finally saw the home as an amazing opportunity my mother left me to get into real estate and real estate investing. I began quickly thereafter listening to the podcasts and saw the chance to improve and later rent the home to a young family that could grow their lives in the improved home.

How did you add value to the deal?

I have spent around 16k in cleaning, painting, contractors, large trash & donation pick ups, utility and fixture upgrades, and re-did the floors to their original stains (one room exception).

What was the outcome?

As of July 1st, new tenants have moved in, a young family with one child; while my father occupies and pays a small rent (previous arrangement) for the downstairs room and bathroom.

Lessons learned? Challenges?

The lessons I learned while purposely undertaking the entire project myself was, as I've heard multiple times before, the price of education. I thought it would go a lot smoother then it did of course, but never would have expected the painter I hired through a personal training client of mine's referral, to just stop showing up and lose complete contact with for over 2+ weeks. I've definitely learned to do my due diligence with hiring for future investments, and to set more project deadlines.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Errol Vincent (real estate agent) helped with advice and suggestions when times got time.
Vincent Scherba (property manager) provided tremendous help with putting together a lease and with a lot of the technical aspects I never considered.