They did some good things… But I think they could have done just a little more.
The property I am talking about is a Duplex that was “Bank Owned” and in need of some “fix up” and located at 2324 Camino Gardens, Carmichael, Ca.
I previewed this property for a prospective investor and we did in fact make an offer on it. We were out bid and now this property is back on the market. It closed escrow on December 15, 2011 with the reported Sale Price of $161,000.00.
Fast foward to today and the folks that own it now have placed it back on the market. I got the notice of a new listing in an MLS update and decided to take a look. I wasn’t really sure if this was one of several Dupelxes on this street that I had seen recently or not and you’ll notice I mention that I’m not sure…
Anyway, when I got back to the office that day I did find the “before” video so you’ll get to see both what they started out with and how it ended.
Here’s the “before” video
Here’s the “after” video – Let me know what you think
In the mean time…?
Make it a Great Day..
Ed Favinger, Broker CRS, GRI, SFR, favinger@rwnetwork.com 916-203-1260
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.
Don’t Let This Happen to You…!!! You and Your Property Could Be on the Evening News and the Front Page of the Local “Fishwrap”
I’ve been in the Property Management business for a while now. You know, it never ceases to amaze me how some owners of Residential Income Property fail to properly maintain their investments.
Over the years local governments have been taking on more and more responsibility of regulating Apartments and other Residential Rental properties, because of consumer complaints
If you are a “seasoned” investor or someone that is thinking about getting into the business, don’t do what these owners are alleged to have done.
Don’t cover up a potential “mold” issue
Don’t ignore leaking roofs or other “water” intrusions
Don’t ignore vermin such as cockroaches, mice/rats and now “bedbugs” that have made a comeback
The Owners of this apartment complex in Rancho Cordova may have thought that because some of these tenants are “low income” they could ignore or postpone these maintenance issues. They have, as we say “received a rude awakening”.
The Owners have come under fire from a group of tenants that are suing them for $10,000,000. To make matters worse, the lawyer they hired is an attorney that is well known in the State of California for bringing these kinds of lawsuits against landlords. It was bad enough that the City of Rancho Cordova got involved, but they now face this big storm of a lawsuit.
So if you don’t want to be the lead story on the local Fox 40 News Station,( Click here for that video) or on the front page of the Sacramento Bee (Click here for that story) then I hope you will take to heart what I’m saying here.
While the bottom line may hopefully result in the Insurance Company settling this for a lot less than $10 Million, do you want to go through the hassle and have your name smeared in the news just to save a couple of bucks on something you should have known better..? Because if you weren’t aware of it before, there are lawyers out there just itching to take a case like this against you, ”the landlord”.
Live Near Million $$$ Homes – Payments Cheaper Than Rent
I was out and about looking at property and have seen this one a couple of times on the MLS. Click Here for the basic information if you’d like to see it.
This property is nestled in a pretty nice area with Oak Trees everywhere. If you looked at the map on the link above maybe you noticed how close to the American River Parkway this property is near. You owe it to yourself to drive by this property and the neighborhood.
This Duplex would be a great “owner occupied” candidate if you wanted a Single Family neighborhood feel.
Cash Flow…? You Want Cash Flow…? Or would you like to live in one unit and rent the other? This is one property that could go either way. You have to buy it for the right price though. Although it’s listed at $319,900, it’s not going to sell for that in my opinion. I think it should sell for something near or at $250,000. If you look at the comparable sales data, there hasn’t been one sell for much over that, if any.
Click the link below this paragraph for my projections – which includes costs to fix up calculated in. I’ve got figures if you are a “Non-Owner Occupied Cash Flow Investor” or you’re maybe a 1st time buyer and want to live in one side and “rent the other”.
If you’ve seen the projections and are curious about what you can get for rent in this neighborhood, go to this website that will give you the data. It only asks you for the address and bedrooms nothing more, but it does show the location of the comparable rentals in nearby neighborhoods.
Let me know what you think.
In The Mean Time…?
MAKE IT A GREAT DAY…!!!
Ed Favinger, Broker, CRS, GRI, SFR favinger@rwnetwork.com 916-203-126-
