I don’t care if you are looking for a Single Family Home, a Duplex or even a Small to Medium sized Apartment Complex.
I think it’s called a “feeding frenzy“. Because, if you ask just about any active Real Estate Broker or Agent in this area, they will all tell you the same thing. There’s really no inventory to speak of. And by the way… This is “old” news to those of us in the business.
The Sacramento Bee is finally getting the memo… They came out with a story about investors just a couple of days ago. Check out their report.
I’m actively working with several investors that have been looking for properties all up and down the ranges. From a Custom Home in El Dorado Hills to Duplexes in Rancho Cordova.
Click here for a quick story regarding the Custom Home with the multiple offers on 820 Katie Way, El Dorado Hills.
One more little “anecdotal” story from my own experiences.
Yesterday, a Duplex at 6938-38 Tarocco Way hits the market in Citrus Heights. Click here for the “pro-forma” cash flow analysis. Incredibly as I predicted, to a couple of my clients, this place didn’t last long. The agent wouldn’t tell me what its “pending price” is, but he did say they had 6 offers on it. Not bad for just “one day” on the market.
By the way… take note on the “pro-forma” that I had the offer price at $200,000 because based upon their income it pencils out pretty nice. We’ll have to wait and see what the final “sales” price is.
In the Mean Time…?
Make it a Great Day..!
Ed Favinger, Broker, CRS, GRI, SFR 916-203-1260 favinger@rwnetwork.com
While it may not look like much today, there’s been a lot done.
We took possession of this Duplex at 2728-2730 El Caprice, Rancho Cordova on February 27th.
To date, we’ve got the hardwood floors installed in all the high traffic areas, the tile floors in the entry and all the bathrooms, holes in the ceilings and walls repaired and installed the new base boards.
We’ve taped and textured, installed the new sliders to the back yards and have started the interior painting.
In addition, we’ve laid some concrete down to enhance the size of the patios and we’ve squared off the exterior areas as you’ll see in the video. We will be doing some nice things in the landscaping department which is something a lot of investors overlook in my opinion.
To See Where We Started From, CLICK HERE for the beginning video and the 1st update that was done I think on the 1st of March.
In the mean time…?
Make it a Great Day..!
Ed Favinger, Broker CRS, GRI, SFR 916-203-1260 favinger@rwnetwork.com
The Area is so bad, if you have a “non-paying” tenant it’s probably better to keep them there occupying it, then to let it go vacant for a time.
Why would I say something as crazy as that? The reason is because it’s true in this particular part of Sacramento.
A Bay Area investor asked us to manage a home on San Jose Way in the Oak Park area. We took over last September. The owner had previously put in a tenant that subsequently moved out leaving the property vacant.
It didn’t take long for the vandals and thieves to start picking away at this place.
While we were working on getting it re-painted and fixed up, some nice folks next door thought they’d just “plug in” to our exterior outlet and have a long chord from our property to their pad. After finding this occurring a 3rd time, I got fed up and called the Sacramento Police Dept. They did come out although at first the 911 guy didn’t think this was a big deal. Well when they showed up, they wound up arresting several people including the owner from what one of the cops told me.
After getting them all out of that house, the property was posted and boarded up and has been since last October. The house across the street was in foreclosure and that was boarded up along with a house on the opposite corner.
Here’s the nice video for you to see…
What does the City of Sacramento do to help…? NOTHING…! They fee and fine the owner’s for maintaining a nuisance. They charge a “monitoring” fee to make sure you are keeping it clean. It doesn’t matter how much it costs the owner to get it fixed or how many times the property is broken into and things stolen like copper wiring or air conditioning units.
My point…?
HOW ABOUT SOME STINKING POLICE MONITORING of the area instead of just “sticking it” to the folks that have invested in this area.
Anyway….
Make it a Great Day…!
Ed Favinger, Broker CRS, GRI, SFR 916-203-1260 favinger@rwnetwork.com
We will follow the progress of an Investor with “videos” starting from the day they 1st take possession until they finish and place it back on the market. A “video chronology” if you will.
We just closed escrow on a Duplex located at 2728-30 El Caprice, Rancho Cordova on Monday, Feb. 27, 2012.
The folks that bought this property plan on fixing it up, possibly renting the units up and then placing back on the market for a profit.
To follow our progress, we invite you to come back here from time to time and get our video updates.
So here we start with the first Video… the day we walked through on Monday the 27 after the close of escrow.
Now you’ll see some progress on the 2nd video that was taken today, March 1st, around 11:00 this morning. I plan on visiting this property at least 2 or 3 times a week until it’s completed and then placed back on the market.
I hope you find this useful, informative and hopefully kind of fun to watch.
In the Mean Time…?
Make it a Great Day..1
Ed Favinger, Broker, CRS, GRI, SFR 916-203-1260 favinger@rwnetwork.com
