"Help! My daughter has been given notice to vacate"

Help'Please help! My daughter has been in her apartment for [many, many] years, and now the owner plans to sell and has given notice to vacate to all the tenants. She can't find a rental that she can afford.'

From time to time I'll get a call like this, which is heart wrenching. Our area is a high cost area, with high rental prices and low vacancy rates. My response:

"Thank you for calling me yesterday, xxxxxx. I appreciate the trust you have put in me. 

I have done a search on available rental listings, and as I suspected, there is nothing close to what your daughter has been paying. This link will take you to the 5 least expensive rentals on our MLS Listings site in all of San Mateo County. If you or your daughter are interested in any of these, let me know and I'll check them out.
 
For rentals, your best bet is to go on Craig's List. I took a quick look and there are a few listed at under $2,000/month--not many, but some. www.craigslist.com will take you to the site.
 
One word of caution: there are sometimes scans on Craigs List where fraudulent people offer a property for rent that doesn't belong to them; they often want a tenant to send a deposit to them in advance.  Remember, if it seems too good to be true, it probably isn't legitimate. Be careful.
 
Another thought I had was to buy a simple condo. Often families pitch in together to make that happen. Perhaps one party pays the down payment (typically 20% of the purchase price) and the other the monthly payments. Or perhaps one party buys it on their own and rents it to the other. There are any number of variations. The good part of owning is that the occupant has security. Tax benefits of owning help offset the cost.
 
I pulled up 7 listings of 1-bedroom condos currently for sale in San Mateo County per our real estate board's listings. You can access that list by clicking here
 
Interest rates remain low, often around 3.5% on a 30-year mortgage.
 
If this idea is of interest to you, please let me know. I can put you in touch with a couple of very good, honest, helpful loan officers. 
 
There is a lot of information here for you to digest. Take your time. When you are ready, let me know how you and your family is doing, and what works best for you going forward."
 
Will I be able to help this family? We'll see.

--- Come for a visit; Stay for a lifetime!

Lottie Kendall, Realtor®

Today | Sotheby's International Realty

San Carlos, California, 94070

CA BRE#01215160; 650-465-4547

Lottie@LottieKendall.com;

www.LottieKendall.com

www.SFCondosForMe.com

 

 

Comment balloon 27 commentsLottie Kendall • September 03 2016 08:24AM

Comments

Good morning, Lottie --- like you, I have also received those frantic phone calls(why does it seem to be the parents and not the actually tenant?) and you handled it in the same manner.   It's not easy when confronted with this situation but definitely a part of living in many parts of California.  

Posted by Michael Jacobs, Los Angeles Pasadena Area Real Estate 818.516.4393 (Coldwell Banker Residential Brokerage) about 1 year ago

Good Morning Lottie - you could not have been more helpful.  These people couldn't find a better trusted advisior than you.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) about 1 year ago

Hi Michael Jacobs - those calls stay top of mind, don't they?

Grant Schneider - thanks for the kind words. I hope I have helped in a small way; perhaps we'll find a solution to their problem. Time will tell.

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) about 1 year ago

Good morning Lottie Kendall and I agree that you were very helpful and the best advice (if they can) is for them to buy a condo with or for their family member. A good investment for everyone and yes, interest rates are at their lowest now.

Posted by Susan Laxson CRS, Local Knowledge & Global Network (Palm Properties International) about 1 year ago

Lottie that is a tough phone call to get, and in my opinion you handle it very well.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) about 1 year ago

Hi Susan Laxson - that type of call is hard to get, and to make, too. I hope they find a solution. By the way, my knowledge of Florida geography is very limited--I hope the hurricane spared Naples.

 

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) about 1 year ago

Thank you, George Souto - I can't imagine just saying, 'oh, that's too bad' and not trying to take it to the next level.

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) about 1 year ago

Lottie Kendall  You are a wonderful advisor ..Rentals are at a premium on the East Coast also ..You gave this family wonderful advice .It would be a wonderful investment opportunity for all involved

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) about 1 year ago

Lottie, This is among the many reasons so many people are leaving the area ...they simply cannot afford to live here. It' very sad ... yet when people rent they are always subject to events like this. 

Posted by Kathleen Daniels, San Jose Homes for Sale - Probate Broker (KD Realty - 408.972.1822) about 1 year ago

Hannah Williams - I really feel for the plight of renters in our areas. They have little control over their living situation, and it's tough--and expensive--to find another place.

Kathleen Daniels - so true, and so sad. I'm keeping my fingers crossed for this family.

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) about 1 year ago

Lottie Kendall  The same situation is brewing here on the East Coast as well .

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) about 1 year ago

Lottie

Your insight is right on point . . . . with the rents being so high . . . . many tenants should consider buying.

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) about 1 year ago

Lou Ludwig - I hope that's a possibility for this family; I'll be following up with them to see what's possible.

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) about 1 year ago

Hi Lottie... I'll be looking for an update on this story. I sold more homes to first time buyers in 2015 than I had in the three years prior totalled... mostly because rents had become so unaffordable it was cheaper to buy than to rent.

Posted by Nina Hollander, Your Charlotte/Waxhaw/Fort Mill Area Realtor (RE/MAX Executive | Charlotte, NC) about 1 year ago

It is a well written letter, and you are right, you gave them lots of options. I hope they are able to help the Daughter!

Posted by Evelyn Johnston, The People You Know, Like and Trust! (Friends & Neighbors Real Estate) about 1 year ago

Hi Nina Hollander - I've helped a number of parents purchase places for their offspring - eitiher entirely or jointly. It can be a good solution for all if it is feasible for them.

Thanks, Evelyn Johnston - I hope I'll be able to write a follow-up post in a few months letting you know of a happy outcome for this family.

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) about 1 year ago

Hi Lottie Kendall ,  I agree, it's hard to digest what some of these people are going through.  I hope you will find a solution in your area.

Posted by Larry Johnston, Broker,Friends & Neighbors Real Estate, Elkhart,IN (Broker, Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC) about 1 year ago

Thank you for the post. I know there are scams on Craigslist. 

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) about 1 year ago

Hi, Larry Johnston - I agree, it's tough for many people in this high-cost area.

Good morning, Gita Bantwal - Craig's List can be very helpful, but one does need to be cautious.

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) about 1 year ago

Good morning Lottie. In these circumstances it is always a good idea to buy.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) about 1 year ago

Lottie Kendall - It a tough market for renters.  I hope they can make the jump and buy so they won't be in this situation again!  Good luck!

Posted by Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com, Tahoe Real Estate Agent Helping Buyers and Sellers (Coldwell Banker, Tahoe City, CA (530) 414-1260) about 1 year ago

Hi Lottie Kendall. Rents in many areas of the valley are rising much faster than home appreciation rates and there seems to be an increasing interest in home ownership especially among Millennials. I'm sure this is also true in San Mateo county.  I hope you're able to find a home for your client's daughter. Your response to the inquiry was spot on.

Posted by Nancy Laswick, Your REALTOR® For The Valley Of The Sun (United Real Estate) about 1 year ago

Hi Sheila Anderson - not everyone is able to afford to buy in this area, but if a couple of family members combine resources, it helps.

Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com - I sure hope this family can make the leap from renter to owner. We'll see.

Hello Nancy Laswick - glad to hear you're helping first-time buyers get out of the rental trap. I hope my San Mateo County family can do the same.

 

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) about 1 year ago

Lottie, I like how your responded to their request for assistance.  They'll likely appreciate that you gave them a few options to consider.

Posted by S. Leanne Paynter ☼ Broward County, FL, Davie, Plantation, Cooper City & Weston Specialist (United Realty Group, Inc.) about 1 year ago

Hello, S. Leanne Paynter ☼ Broward County, FL - I haven't heard any more from this family. I'll touch base with them again next week to see if their daughter has found housing yet. That's a tough note to receive, "time to vacate."

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) about 1 year ago

Because I have written a few blogs about renting in Sacramento, I tend to get a lot of phone calls from would-be tenants wanting to know where they can find a home to rent, and even in Sacramento is is very tough. In many cases, it costs more to rent than to pay a mortgage. I imagine you get a ton of calls about San Francisco, Lottie, especially given your high profile in the community.

Posted by Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents, Put 40 years of experience to work for you (Lyon Real Estate) 12 months ago

Renting is tough all over the bay area, and no where more so than San Francisco, San Mateo and Santa Clara counties. Buying could be a great option for some of these renters.

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) 12 months ago

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