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All Forum Posts by: Denis Dineen

Denis Dineen has started 3 posts and replied 12 times.

Post: Inherited Studio San Mateo CA

Denis DineenPosted
  • Rental Property Investor
  • Bay Area
  • Posts 13
  • Votes 1

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).

Post: Inherited Home from a Loving Mother

Denis DineenPosted
  • Rental Property Investor
  • Bay Area
  • Posts 13
  • Votes 1

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.