Real Estate Rental Property SH #2 Update (September 21, 2014)

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My investment partners and I got the keys on Friday night and wasted little time in getting to work on Rental Property SH #2. Similar to our last side hustle, this Bay Area property was acquired essentially turnkey (rent-ready), and needed very minimal work put in. It’s also located in a fabulous neighborhood, and we are hoping the combination of the two (quality and location) will help us achieve some high rent. Fingers crossed!

This property is a 3/2 townhouse. Here are some pics I snapped up from earlier on Sunday morning.

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Love the high ceiling living room

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I’m not a handyman, but if I can do my part in helping get the place as rent-ready as possible, I’m more than willing. Just like with the last property, I swapped in a few CHEAP items, which will help the place stage better during open houses.

In particular:

  • Installed GFCI outlets in kitchen and bathrooms.
  • Installed new door knobs and locks.
  • Installed new door stoppers on each door.
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New GFCI
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New locks

And that’s pretty much all the work that was needed to be done! Hard to believe, right? My partners and I were pretty surprised ourselves, since we were anticipating needing to put in more: time, money, and elbow grease towards the rehab… I guess our recollection of the open house was not very good, since the place was acquired in much better condition than we had all remembered.

So, the next step is to aggressively start marketing this unit. The first mortgage payment isn’t due until November 01, but of course we would all LOVE to have a tenant moved in as soon as possible. Hopefully, before the first of October.

Speaking of which, we still haven’t secured a tenant for Side Hustle #1… SH #1 is undergoing rehab at the moment (new laminate floors, new paint, etc.), but we are running out of time before the first of next month…

I start a new job in another week, but these properties are sure keeping me busy!

Fight On!

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No Nonsense LandlordReal Estate Rental Property SH #1 Update (September 22, 2014)Dave @ The New York BudgetDone by FortyFI Fighter Recent comment authors
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Mr. Frugalwoods
Guest

Looks nice!

For SH #1, what do you think is behind the renting problems so far? Have you been turning away crappy tenants? Good traffic, but no bites? I always imagined bay area openings to be mobbed by a flock of wealthy potential renters. I imagine that’s highly location dependent?

writing2reality
Guest

I too am curious as to the rental struggles as well given the extremely high demand in San Fran. Perhaps the rental market isn’t quite as high as expected?

Done by Forty
Guest

Looks very turnkey. Got to love that. Congrats on getting the keys and best of luck with the endeavor!

Dave @ The New York Budget
Guest

Awesome – always nice when the work is minimal!

That’s awesome that your first mortgage payment isn’t due until Nov 1. How’d that work out?

Best of luck with SH #1 – I’m sure you will get that rented out soon!

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[…] mentioned in yesterday’s post, my partners and I still haven’t been able to rent out Rental Property SH #1 yet. This past […]

No Nonsense Landlord
Guest

Get rid of the handset lock. Only use a dead bolt, that takes a key to lock it as you go out. You will reduce tenant lock outs. No one uses both locks after a while anyway, they just close the door.

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