Inherited Studio San Mateo CA

[Denis Dineen]

Investment Info:

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).