Realty World – Franklin Real Estate Group – Ed Favinger, Broker CRS, GRI

Check out the Notes Below From a Property Manager & Landlord.

Let’s start with some credentials

I’ve been a landlord a long time now.  This includes running properties that I have an ownership interest in and the Property Manager for other folks that either don’t have the time or inclination to deal with the day to day operations and/or interactions with Residents/Tenants.

Here are two common problems that we are encountering now.  If you fall into one of these groups, I’m going to give you ideas to help you create a better rental application.  I hope to help you here,  so you can get a nice place and not settle for a run down property with a slum lord that is willing to take you after you’ve run out of options.

Got an Eviction on your Credit Report?

When calling a potential Landlord tell them you have an eviction if it’s been within the last 3 years.   If you have re-establshed a good rental history for the last couple of years that does help…  but be prepared to explain what happened.   Our company will review each case, work with you if you have re-established a good rental history since and it’s verifiable.

Compenstating factors in your favor might be that you’ve been on the job for the last 2 or 3 years with the same company.  To qualify you might be required to pay an increase in a ”security deposit“.   We typically charge a Security Deposit equal to one month’s rent.   State Law, by the way, won’t allow a security deposit of more than twice the monthly rental amount for a vacant unit and three times the rental amount for a furnished rental.

If this is a recent event, say,  within the last year and you have not re-establshed a good rental history…?  You are going to have problems.  You will need a co-signer and a have to pay a higher deposit in most cases.

You work for Cash or you are Self Employed:

I have to be honest with you here.   If you don’t have a bank account and you pay for everything in “cash”, you will have to learn to live in crummy properties until you build up a “verifiable”  long term rental history with a Landlord.

If I can’t verify your income because you don’t have a bank account showing consistant deposits  and you have no “veriable” rental history…?   These are real big red flags to me and just about any other landlord or property manager.

This is because our experience tells us,  in most cases,  with folks that fall into this category, they will have other issues and or problems as well.    (I will write another article later on being a “good neighbor”.)

If you want to be able to rent a nice place from us,  or any other Landlord,  you’ll have to become a more involved person in society by getting a bank account.    You will have to pay your bills on time and stay away from collections and be able to show us that you do make an income.

If you’d like to see our “qualifying criteria”  you can click here.

Contact me anytime if you have questions.

Make it a great day

Ed Favinger, BROKER, CRS, GRI          favinger@rwnetwork.com 916-203-1260

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Short Sales Slow Down Closings – Cash Is Still King

I am noticing that the number of  Duplex/Four-Plex investment properties that are now Active for sale or “Active Short Sale” is almost equal to the number of properties that show a status of Active Short Sale – Contingent (which means there’s a contract waiting for bank approval) or Pending Sale, which means it’s in escrow now.

Prices don’t appear to be dropping but the table below will show you how much the Short Sales are taking to close.  Their Average Days On Market is very high when you compare it with the other statuses.   The reason behind this is because of Buyer frustration at the long wait for the underlying banks to approve the Seller’s short sale payoff.   

Buyers will keep looking while they are waiting for a Seller’s lender to complete the process that can take over 6 months in some cases.  So many times they will walk away from a deal to find one that can give them an answer on their offer now.   This in turn requires the Seller to place his property back on the market, which increases the average days on market.

Check out the Duplex Profiled Below.

I have been a big fan of this street, Imran Drive in the Arden area,  for a long time.

Click Here for a Flyer & a Pro-forma Cash Flow analysis on 2300 Imran Drive, Sacramento, Ca

If you have questions on this property or any other investment in the Greater Sacramento Region, drop me a note or call at anytime.

Make it a great day…

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

Outdoor Rooms, Playgrounds and Trails are high on the list like the one shown below in the Serrano area of El Dorado Hills. 

It seems folks are looking for ways to get more utility value from their homes because these things don’t cost a lot.  There are other things the article spoke about, so for more on this, Click Here for the Article

Make it a Great Day…

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

 Cash May Be King – But You Might Be Paying More

I’ve put together the latest Closed Sales Report for the month of January 2010.  As usual you’ll see there is a lot of cash floating around in the Sacramento County Duplex/Four-Plex Market.    But… if you look at the statistics below the average List Price/Sales Price Ratio shows that on Average, Cash Buyers have been paying more.

That’s kind of amazing…   isn’t it…?

Check it out.

I’ll have the entire closed sales list posted later today hopefully.

Make it a great day..

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