Buying a Home In Folsom – Sacramento’s Coolest Suburb

It’s Not a Big Secret To Those of Us Already Living Here – We Already Knew Folsom is the Coolest Suburb..!

If  you are reading this Blog for the 1st time and you’re from out of the area, moving to Folsom, Ca is an idea you should consider.   Hey most of us came here from out of the area, especially the Bay Area.

It was the best move I ever made for my family.    We’ve got it all… Great Neighborhoods with Parks, Playgrounds, bike/walking trails… Schools that are 2nd to none and even our own Zoo.

I just thought I’d share a recent Sacramento Business Journal Article about us.    CLICK HERE FOR THAT ARTICLE

If you’d like to see what the homes are like in  Folsom, CLICK HERE. 

I’ve got some links below with various topics including some pictures… you’ll see why we choose to live here.

CLICK HERE FOR SOME INTERESTING SHOTS

FOLSOM CHAMBER

FOLSOM LIVING

COST OF LIVING IN FOLSOM

ANOTHER GREAT DAY IN FOLSOM, CA

UNCLE  VINNY’S TOP 10 FEATURES OF FOLSOM CA

I could post several links on here about our town but I think you have the idea.

So…. if you’re thinking of moving to Folsom and buying a home here, let me offer you the “chamber of commerce” tour.

I’ll show you the neighborhoods, the work centers, the recreation, the schools, the zoo and the old town.

You won’t want to leave.    Call me at 916-203-1260 and let me help you find the home of your dreams.

In the Mean Time…?

Make it a Great Day…!

Ed Favinger, Broker, CRS, GRI, SFR, CDPE       favinger@rwnetwork.com

 

Sacramento Duplexes for Sale – Some Recent Sales Statistics – Prices are Up…

I’m seeing a little bit of greed set in with these stats… More below

 

One of the things I’ve noticed in a rising market and a market where buyers are king,  is the consistent failure of a lot of these Investors going out of the business because they hate maintenance issues and dealing with the tenants.   It doesn’t matter if the market is tight like it is now with low inventory or flooded with Sellers trying to get out.stats

I’m going to profile a local investor in the next few days and show you not only how much he’s improved his potential cash flow because of the care and maintenance of his properties, he’s been a factor in improving the surrounding neighborhoods as well.

You’ll come away with the realization that maintaining a quality rental will get you the best tenants paying the absolute highest in market rents no matter if you’re in a rising or stagnant market.

The Stats…    However, I know the purpose of this post was to show you some statistics for 3 zip codes we’ve had a lot of experience not only in the sales side,  but also in managing the rentals there as well.

These “stats” are Duplexes only for those zip codes, 95670, 95826, 95827.    While I’ve been involved in the greater Sacramento Region in sales of income properties, I kind of like this area because it’s along the Highway 50 corridor.

_________________________________________

Following Data is from November 1,  2015 to Date, April 20, 2016
For Zip Codes – 95826, 95827 & 95670
Closed Sales Data – 9 Sales Closed Sales Data – 12 Sales
in Zip Codes 95826 & 95827 in Zip Code 95670
Average Price  $302,201 Average Price  $260,092
Highest  $350,000 Highest  $286,000
Lowest  $259,008 Lowest  $198,000
Median  $293,000 Median  $270,000
 Active On the Market Now – 4 Pending Sales – 5
In all 3 zips -95826, 95827 & 95670 95826, 95827 & 95670
Avg List Price  $305,000 Avg. List  Price  $308,450
Highest  $329,900 Highest  $350,000
Lowest  $274,990 Lowest  $269,900
Median  $305,000 Median  $303,000

BOTTOM LINE…   As you can see there’s not much available Inventory…

So if you are thinking of Selling a Duplex in one of these or any other zip codes/areas of the Sacramento Region, call me.

If  you are not happy with your cash flow give us a call because we are the “turn around specialist” for small rental properties in the area.

 

In the Mean Time…?

Make it a Great Day…!

ED FAVINGER,  916-203-1260 favinger@rwnetwork.com

 

If You Want Top Dollar for Your Rental Investment Property

Don’t Make the Mistakes This Duplex Owner Did.

I’m in the middle of an escrow for the sale of a Duplex located at 2614-2616 Bravado, Rancho Cordova.   I posted an article about it a couple of weeks ago and pitched it to a local investor along with other people in my data base.

The current owner paid about $146,500 in 2009 and really hasn’t done much to maintain it in the interim with the major exception of an Heating and Air unit about a year or so ago.

While this property started out at an asking price of $295,000 back in December the condition of this Duplex wouldn’t warrant an offer any where near that.   I know the area very well, we manage several Duplexes in this neighborhood including one directly across the street.   So I kept an eye on it and gradually the asking price came down to something decent at $275,000.    We made an offer and started the process out at $270,000.

I have a theory that has pretty much held up over the years.   If you ignore the curb appeal and don’t show pride of ownership, trust me the Tenants will pick up on that vibe and probably not take care of it either because if you don’t care about it…? why should they…?

When you maintain your property, inside and out you get the best possible tenants that will not only pay the rent on time but will take care of the property because they know you care about it.   If they don’t,  because you care, they know you will give them the appropriate “fix it” notice called a “3 day notice for covenants“.   This owner did a poor job of managing this and it cost her.

In the initial walk through,  we find out the tenants have dogs that are not permitted in their leases.   Of course the back yards were a mess with lots of “dog droppings” that had not been picked up.

Not only that, the interiors were in poor shape with one kitchen having drawers that were falling apart.

After the Buyer had this Duplex inspected by North American Home Services for the Home & Pest Inspections along with a roof report from Eagle Ridge Construction, the only way he was going to move forward was to get a big drop in the price to make up for the deferred maintenance which included the need for a new roof.

The price we finally settled on is $245,000 “as is”.   The existing tenants are; one on a month to month Section 8 which requires a 90 days notice to vacate if he wants her out and the other one we have to wait until this coming September to get possession because she’s on a lease.   In the mean time, the rents are frozen in place for a period of time.

Here are pictures I got of the property – one that was taken by Google in Street View March 2015.  Click on the picture and you’ll see how it looks from the street today just a year later.screen shot of 2614 bravado March 2015 street view

I hope the conclusion that you come away with by reading this is when you don’t maintain and manage your rental property in a “professional manner” you will get lousy tenants, you will not get the highest possible rents and when you go to sell, you’ll have to lower your expectations “big time”.

The Buyer/Investor on this deal made a comment to me after he looked up the address where the people that own this property lived.  He noticed it was in an upscale area.   His comment was that it was amazing to him how poorly this Duplex looked but he bet where they lived looked a lot better.

Let me know what you think.

By the way… If you currently own rental properties and need management help, check out our Property Management Service that is “2nd to none” by Clicking Here

If you are thinking of Selling or you are interested in buying a Duplex, Fourplex or an Apartment complex in the area, please call/text or email me at anytime.

In the Mean Time…?

Make it a Great Day..!

Ed Favinger, Broker, CRS, GRI, SFR, CDPE    favinger@rwnetwork.com   916-203-1260

 

The “Sleeper Investment” Area if You Are in the Market is Rancho Cordova…!

Did You Hear They Hate “chain link” fences…?

It’s an amazing thing to watch over the transition of the City of Rancho Cordova from what many people thought was a lost cause until the residents there incorporated in 2003.

Official seal of City of Rancho Cordova
Official seal of City of Rancho Cordova (Photo credit: Wikipedia)

One of the major reasons for the successful incorporation was the fact there were many “absentee” landlords who did not take pride of ownership of their rentals, did not screen their tenants very well and allowed their properties to deteriorate because they didn’t maintain them.

They’ve been using the power of “code enforcement” to get landlords in shape and while I’m not a big government kind of guy, in the cases I have observed, this city has an effective way of cleaning up their housing stock.

Which brings me to the “chain link” head line.

Check out this story from the Sacramento Bee – Rancho Cordova cleans up neighborhoods one chain-link fence at a time

And…  KCRA 3 must have read the SacBee so they had a story on the news as well.   Rancho Cordova pays homeowners to remove chain link fences

Let me know what you think.

In the Mean Time…?

Make it a Great Day…

Ed Favinger, Broker, CRS, GRI, SFR, CDPE     916-203-1260   favinger@rwnetwork.com

 

 

 

 

Mortgage Rates are going Down Again…Great For Real Estate Investors…!

Great News – Lower Interest Rates + Higher Rental Rates = Good Time to Invest

I got this latest report from Housing Wire and thought I’d pass it on.   If you are thinking of Buying a Home to live in or to Invest in, now is probably a good time.

 

CLICK HERE FOR THE ARTICLE.

US-mortgage-rates-30yrFix
US-mortgage-rates-30yrFix (Photo credit: Wikipedia)

 

Call  or text me today at 916-203-1260 if you’re thinking of Selling, Investing or if you need Property Management.    We specialize in Single Family Homes and Residential Income and Investment Properties as well.

In the Mean Time…?

Make it a Great Day…!

Ed Favinger, Broker, CRS, GRI, SFR, CDPE       916-203-1260   favinger@rwnetwork.com