Gaslight Apartments – 15 Units – Folsom, California – Back on the Market…!

All The Inspections Are In….

 

If you have been looking for an small apartment complex in Folsom, then today’s your lucky day.    When we first put this property on the Dean side of Gaslightmarket we did not have any inspections so the buyer who wound up with the deal completed them all and then decided he didn’t want to move forward.

So… today so we are putting this back up on the market looking for a new buyer.

If you Click Here, you’ll get all the information including a short exterior video of the property.  If you would like copies of the inspections, please call me and I would be happy to email them to you.

 

In the mean time…?

Make it a great day…!

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

 

 

Enhanced by Zemanta

Rent Control – Back On The Radar Screen… Watch Out…!

I’m Just Passing this On….

If you don’t live in California and are reading this from out of state this is a hot button issue in areas like the San Francisco Bay Area and in some parts of Southern California.3d House (XXL)

If you want to see a list of those cities in this state that have rent control laws CLICK HERE.

Now if you are an Investor or even a current Home Owner thinking of renting your place out,  this issue should be a concern because it will affect you.

We just completed a “walk through” inspection of the Gaslight Apartments yesterday. Can you guess what the Bay Area investor asked me…?  “Are there rent control laws here in Folsom”.

He was relieved when I said no.   It was then he commented on how horrible it is in San Francisco and San Jose.

Take a look at this article written by Dan Walters of the Sacramento Bee in today’s paper and get ready to watch some shenanigans on this issue.

Dan Walters: Rent control returns to Capitol as burning issue

Let me know what you think and in the mean time…?
Make it a Great Day…!
Ed Favinger, Broker CRS, GRI, SFR, CDPE     916-203-1260   favinger@rwnetwork.com
Enhanced by Zemanta

Looking for a Nice Four-Plex in a Good Area…?

It’s Too Bad This One is So “Overpriced”…!

As someone who specializes in the sales and management of residential “investment” real estate I make it a point to go out regularly and preview a lot of property to keep up with the market.

A Four-Plex at 3632 Hallelujah Court, Carmichael came back up on the market just a few days ago for a whopping asking price of $688,000.   That price is lower than the original list price of $725,000.   The scheduled gross annual income they are showing is $51,384 which gives this property a GRM (Gross Rate Multiplyer) of 13.38.  With a GRM that high it’s not going to be possible to get a cash flow without a monster downpayment if you need some financing to complete this deal.

Why they are listing this property for so much is beyond me especially when there’s an exact copy of this unit at 5720 Engle Road that closed escrow last October for $495,000.

Click Here For More Information, incuding a “pro-forma” cash flow analysis on the Engle Four-Plex

The Seller of 3632 Hallelujah Court owns the property “free and clear” by the way.  They didn’t raise the price just to cover an existing mortgage.

If you want to compare them, below is a video of the exterior of the property and the one at Engle.   What do you think…? is the Hallelujah property worth almost $200,000 more…?

My conclusion…? Based upon their “scheduled” income and the GRM established by the sale of the Engle Four-Plex, I think the best the Hallelujah owners can expect as a reasonable offer would be nothing higher than $550,000.

 

Make a comment here and let me know what you think.

 

In the Mean Time…?

Make it a Great Day…!

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

 

        Related Articles

 

 

 

 

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

 

 

Enhanced by Zemanta

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

 

Enhanced by Zemanta