'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.