A Sacramento Duplex Flip… Making a Profit With Minimal Work…!!

A Quick Turnaround  & They Really Didn’t Do Much…!

The Duplex at 9234-9236  Corinthian Cir, Sacramento was listed in March of last year as a Short Sale that was finally approved and closed escrow just a couple of weeks ago on the 8th.

During that long period, the property temporarily came back on the market last November and I was able to get in and look at one side but not the other because it was occupied by an “uncooperative” tenant.    When it came back on the market it was “Subject to a Release of Contract” from the current Buyer which is usually a formality but must be obtained before they can really accept another deal.

I guess the original buyer was able to hang in there by resolving what ever issue caused the property to come back on the market.  After about 9 months of  a long short sale process, they finally close the deal at $190,000.   A Buyer I represented made an offer I think for about  $220,000 when it popped back up temporarily.

If you are a flipper you have probably heard something like this before, but for you folks just starting out…?   “You Make The Money On The Buy, Not The Sell”.

In other words you have to “buy it right”.

Today that Corinthian Duplex is a “Pending Sale” effective  January 23rd after just 9 days on the market.

Folks, all they did to this property was clean out what ever trash was left over from the previous tenant.   I don’t believe they did anything more than that.

The 1st video below is from last November when I previewed it and sent this to an out of the area Buyer.   The 2nd video was done about a week ago of the other side that I was not able to get into last year because of the tenant.

LAST NOVEMBER

 

JUST A FEW DAYS AGO

 

Let me know what you think…  If it was group I was involved with, we would have fixed this up and help elevate the neighborhood values more.    I will keep you posted as to how much they got for it when it is reported as a Closed Escrow and I’ll follow up to see what the eventual buyer of this Duplex does with it.

In the mean time…

Make It a Great Day….!

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

 

 

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The Gaslight Apartments, Folsom, Ca 15 Unit Complex For Sale…!

Posted on the Market on January 15th….

So Far…?  6 Offers…!!

For those of you that don’t know me, I work primarily with Residential Investment Property and Investors.   We were fortunate to get the opportunity to do the Property Management  for the Gaslight Apartments in the summer of 2012.   The Apartments consist of,  (9) 2 bedroom 1 bath and (6) 1 bedroom 1 bath units.

The property is well located in Folsom, near City Hall, the new Library, City Park and Zoo.   It’s a corner lot location with a single family home on one side and Theodore Judah Elementary on the other.

Since the time we took over, we’ve increased the owner’s Monthly income  over $1,000 by very modest increases in the rents of these long time tenants, some of whom had not seen a rent increase in 18 years.

While Gaslight doesn’t have all the latest amenities, it does have Covered Parking and a Community Pool.

The Owner’s have decided to move on after owning this for approximately 20 years or so.

There’s a lot of “upside” on this one for the right owner…!

Click Here for a Proforma Cash flow analysis based upon Current Rents

Click Here for a Proforma Cash flow analysis based upon another modest increase in Rents

Click Here for a Rent Roll that shows the current rent, laundry income & potential rent.

As of January 23, 2013 this property is still available, so if you are interested let me know.

 

In The Mean Time…?

Make it a Great Day..!

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

 

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