We had a guest speaker at one of our meetings today, Janet Pauli of the Mendocino County Inland Water and Power Commission, and she was updating us as to the current situation with Scott Dam of Lake
Dated: November 7 2023
We just received a call today from someone looking for multi-units that would make enough income to cover the debt of a loan and expenses-- the answer is basically no, right now, due to the high interest rates. Many of the units are not rented at their potential, and the limitations on raising rent will make that a slow climb for a new owner to realize the full income potential. With the taxes, insurance, and high interest rates on the mortgage, it will leave most new buyers in the red for awhile. Unless the buyer has cash-- which many do, as some are selling in other areas in order to exchange.
Another consideration is the building condition and deferred maintenance, which can eat into the bottom line as well. That's for another article...
Karena has been a full-time Realtor since 2005 providing extensive knowledge of homes and land in the inland Mendocino County and Western areas of Lake County with a consistently high production recor....