“After further review” as they say in the NFL….
Folks… I was out showing property to another investor and to give him an idea of the market, I took the time to shown him the properties that I’ve profiled here along with others.
We viewed this one on Camino Gardens and thought there was a lot lacking… such as kitchen drawers that weren’t working etc… but you know what… It’s a Pending Sale…!!
Click Here for the videos before and after on this property and you’ll see what I’m talking about… There are other “little things” they didn’t do… but that didn’t stop an investor from putting in his offer.
And.. I just finished an interesting phone call from the listing agent regarding the property he has listed on Imran Court that I profiled a couple of days ago… It’s wildly overpriced but he’s had a couple of offers on it already..!
Click here for that one… I’ll let you know if gets it into escrow.
In the mean time…?
Make it a Great Day
There are 3 separate homes on this .830 acre lot zoned R-5 (5 units per acre).
I had seen this property on the market last May prior to the listing being withdrawn but I never walked it until yesterday. When I drove by it last year it was a rainy day and I didn’t feel like going up this private drive with all the cars that I saw parked up there because at that time I think all the units were occupied.
So the bank takes it back, they put it on the market with an agent at $113,000. Mind you, the lot is worth more than that based upon recent comparable sales of vacant lots that I’m going to post here for you to see. None of those lots had the same Zoning as this one.
By the way click here for a map of the property
Click here for an Aerial view of the property
This goes to show you that there must be a pent up demand for great deals like this and I’m wondering how much it will finally sell for and what the plans are of the new buyer. I think this is a deal where you could keep the one occupied unit and work on building two newer units and possibly splitting them off.
I will stay on top of this one because I’m curious myself.
Anyway… Since they’ve already received 23 offers, there’s not much point now in putting one in, except I’d like to see where it winds up. As i pointed out earlier, I did go the property yesterday and did a video “walk through” of the property. I was able to get into all the units except for the one that is occupied.
I’d like to know what you think of this deal.
Make it a Great Day…
Ed Favinger, Broker CRS, GRI, SFR 916-203-1260 favinger@rwnetwork.com
Take a look at the numbers on these two.
One of them is a Short Sale and the other is an REO/Bank Owned property that is in need of some work. These properties showed still “Active” as of today. I haven’t contacted the agents to see if they have offers or not, but if you look at the numbers, I can’t see why they are still available.
They are pretty decent deals based upon the assumptions in the “pro-forma” cash flow figures I’ve prepared here.
So check out the links below and let me know what you think. Got some video here as well.
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If you are looking for an investment I don’t think you can argue that these numbers look pretty good… don’t you think..?
Make it a Great Day…!
Ed Favinger, Broker CRS, GRI, SFR 916-203-1260 favinger@rwnetwork.com
Related articles
“I want to buy an investment property in Sacramento area and would appreciate any insight into it where schools are good and I can get 10% ROI. Area should have potential for future appreciation. I want to invest less tha 300K”
The above question was brought to our attention on Trulia. See what I and other Real Estate people had to say by CLICKING HERE
I’ve answered this question before and have my opinions along with those of other Brokers in the area. By the way, if you don’t know, Trulia is a website that can be a great resource regarding the real estate business.
In the mean time..?
Make it a Great Day…!!!
Ed Favinger, Broker CRS, GRI, SFR 916-203-1260 favinger@rwnetwork.com
