Realty World – Franklin Real Estate Group – Ed Favinger

I Know This Property – Brought a Buyer to it in 1991.

The folks that bought this property back then did do some interesting things by adding some nice decking in the rear that helps create extensions of the living area.

I have a video that I took about a week or so ago you should take a look at.   This property shows just awful from the exterior and needs to have a “make over”.   I’m sure the owner knows it, but doesn’t have the resources to really do  anything  about it.  In other words, the lack of “cash flow” made it almost impossible to keep up.

This is a typical situation in this market.  I know the current condition of this property is the result of an over heated market,  high debt and the fact that it’s hard to make improvements or even maintain,  if you don’t have an adequate “Cash Flow“.

Click Here for a Pro-Forma Cash Flow analysis.   I am showing a 40% down payment on this one because the rules change for anything over 4 units when it comes to financing.

Take a peek at this video because I do walk the property a bit as much as I could without disturbing the residents there, although a dog did bark at me.

I think you’ll agree with me that the curb appeal is just awful and it doesn’t need to be.   It will require an investment in landscaping and I think a big upgrade should be in “covered” parking.

Let me know what you think…?

In the mean time…?

Make it a great day…!

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

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Both are in “improving areas”, one in Citrus Heights and one in Rancho Corodva.

The Citrus Heights Bank Owned Duplex

Ok…  Let’s start with the Bank Owned Duplex in Citrus Heights that is located at 7700 – 7702 Sayonara Drive. Each side is a 2 bedroom 1 bath unit with Fireplaces, Central Heat & Air,  Garages and Washer Dryer Hookups.   One side has had a Kitchen update.

Click Here for a PDF File that will have the Pro-Forma Cash Flow Figures.

Click here for a Walk Through Video of 7700 Sayonara Drive,  the Right  Side

Click here for a Walk Through Video of 7702  Sayonara Drive,  the Left Side

I’m sure there will be multiple offers on this one because it’s not going to take much to get it “rent ready”.

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The Rancho Cordova Short Sale Duplex

The “Short Sale” Duplex is located at 2597 & 2599 Capitales, Rancho Cordova.   Each side on this one is a 3 bedroom 2 bath that includes Central Heat & Air, Fireplaces, Washer Dryer Hook ups, Garages.   One of the units has Kitchen and Bath updates and the other side has a tenant that has lived there for 22 years.

If you commute to Sacramento, the Light Rail Station is about a half mile away.

Click Here for a Flyer with some pictures of the left side that is under going some repair work.

I’ve been working sales of Duplexes for a long time and this street has one big problem.   While these duplexes are for the most part all 3 bedrooms on each side they lack sufficient parking because almost everyone has at least 2 cars.  As you will see in the flyer one car is on the grass.   The solution is to “increase the size” of the Driveway.   Take a look at the video I made of the street and see if you don’t agree that you can make lemonade out of a lemon.

The cash flow figures are going to be pretty much the same as the Citrus Heights duplex that I profiled above.   On this Duplex though,  we do have two loans that will probably take a little longer to complete the short sale.

I just put this Duplex on the MLS last week and we have two offers on it, so we’ll see how it goes from here.

Finally….

If you are a first time visitor to this Blog Site and are looking for an investment property don’t forget to check out the Free List Page and then send me a note if you’d like to have me analyze it’s potential cash flow.   If you send me an email request,  I’d be happy to send to you an Excel file that you can use over and over to calculate potential cash flow for property that you are considering.

Make it a Great Day…!

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

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The Price is Right – Just Needs New Management & Some Repairs.

I was involved in a sale of a Duplex next door to this one.   There have been 3 recent sales in the area with new investors fixing these up.   This used to be an awful street of neglect.

That’s all changed in my opinion.   Click Here for the “proforma cash flow analysis”

By the way, we know this area because we also manage the duplex on the left side of this one.

This has been on the market for a while… just waiting for someone to jump on it.

Take a drive by there yourself and see what you think.   I think properties in the City of Rancho Cordova are a great investment.

Make it a great day…!

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

A Duplex with 3 Bedrooms 2 Full Baths and 2 car garages each side.

This is one of the neatest Duplexes I’ve seen in a while.    They’ve priced this one right and it’s in a super neighborhood.

Click here for the “Street View“ from Google and see if you don’t agree with me.

This is a quiet street.   I took this photo on Friday, April 23rd at about 6 PM.  There little kids were out playing and riding bikes…

If you are an Investor click here for my “pro-forma cash flow analysis”.  These are estimates only of course.   I think this one is going to get a lot of attention and most likely,  multiple offers.

Now if you are thinking about living in one side and then renting the other side, I think I can show you here why this would be a good move.   I don’t know of any where in the area that you could buy a home and have payments less than $600 per month.

About the existing loan that has to approve of this Short Sale.

According to the Tax Assessor, the existing loan was just a bit over $500k.  The folks that bought it back then, paid $630,000 for this property.   The Assessor also shows that the loan is held now by Bank of America the successor to Countrywide.    If you want to know some “inside” baseball, Bank of America is one of the slowest when it comes to processing a “short sale“.

However, the wait might be worth it, especially if you are thinking of living in one side and renting the other.

Make it a great day…!

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

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