All Forum Posts by: Mauricio Rezaee

The current state and federal guidelines both recognize housing as critical to the infrastructure of the country. -How can one "Shelter in Place" if they are unable to find a home to shelter in? However, it is still of vital importance that we adhere to CDC guidelines and recommendations regarding social distancing. 

So how am I able to still find new renter's and fill vacancies? -Creativity and technology (and a little bit of elbow grease). I am utilizing virtual tours, zoom, facebook live, facetime, skype, etc., to showcase vacancies to prospective renters. Continued follow-up has proven to be more important than ever (under these circumstances). I am also utilizing docusign and cozy to send and receive lease applications and sign lease contracts online. I am using cozy and venmo to receive online deposits and rental payments.  

For move-ins, I am scheduling specific move-in appointments. I show up 15 minutes early to unlock the home and leave keys on the counter. I greet the new tenant from a safe distance and welcome them to their new home. I am giving 48 hours for them to complete the move-in inspection form (online). 

So don't allow the current conditions to stifle your business. Remember that, as rental property owners, we provide a vital and critical service to the communities we serve. Get creative, think outside of the box, and leverage technology to keep the wheels on your business turning!  

Investment Info:

Single-family residence buy & hold investment in Tracy.

Purchase price: $465,000
Cash invested: $20,000

4 BR 2.5 BA in Tracy, Ca

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

Opportunity drew me to this deal. Tracy is considered an outer suburb in the San Francisco Bay Area. Intense demand has priced me out of the inner Bay Area. Tracy was an area in that I could still afford. I am hoping it continues to see growth as the effects from the Bay Area housing market continue to radiate outwards to the surrounding areas.

How did you find this deal and how did you negotiate it?

I managed this property for years prior to acquiring it. I established a great relationship with the owner. I gave great service at phenomenal rates in hopes to position myself in a favorable position to acquire the property. When the time came, I was able to acquire the property for a great price.

How did you finance this deal?

Conventional Loan

How did you add value to the deal?

Added value by acquiring property below market value.

What was the outcome?

$100K in equity on closing. Current rent only covers principle, interest, taxes and insurance.

Lessons learned? Challenges?

Despite acquiring the home for $100K under market value, the property doesn't positively cash-flow when accounting for vacancy, repairs, maintenance, and capital expenditures.