Realty World – Your Property Source

Never Lie or Give False Information When The Truth Will Serve You Better…!!!

I know times are rough now when we have a what…? 12.5% unemployment here in the Sacramento Region that is reported but I think we all agree it’s much higher than that.   Probably 20% or maybe more.

The reason I bring this up is because we are in Rental Property Management and Real Estate Sales that have been impacted by this recession.    We are out in the field and on the front lines everyday,  collecting rents from tenants who may have lost a job, Owners who are losing their homes and we are facilitating a short sale for them,  or we are dealing with Renters who may have to move because an Owner can’t maintain the payments anymore.

Since I know how bad it is,  I am aware of,  and have an understanding of the circumstances that can arise in the lives of the people that we deal with on a daily bases.

That means, if you have had some credit problems…? just be up front with me or any other Property Manager or Landlord when you need to move because if you lie, chances are we will find out about it.

I wrote about some suggestions and tips that should help folks that need to rent,  to qualify and to let you know what we look for and how you can improve your situation.   Click here for that article if you’d like to see it.

Because of these hard times and the sophistication of many fraud schemes,  the folks that work in our Property Management Company are pretty sensitive and cautious in our “tenant screening”.   Just today we had a lady lie about who her current landlord was, how much and where she made her money and she gave us copies of  some questionable cancelled checks that she said came from her current landlord.  She didn’t have a bank account and couldn’t even show us cancelled checks showing a consistent pattern of paying rent.

We think we know her real circumstances and we understand and sympathize….  But, had she just been honest with us to begin with, we might have been able to work with her.

Not a chance now.   A smart Property Manager, Landlord/Owner will keep a place vacant rather than rent, in the short term, to a tenant that would lie to get in with a questionable income source.

If you are looking for a place to rent, just be up front and honest about your situation because there are folks out there willing to work with you.

Make it a great day…!!

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

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Image via Wikipedia

Two new listings I profiled here recently closed – All Cash – No Financing

When I profiled these Bank Owned Duplexes just about a month ago it didn’t really surprise me that both of them went to a Pending Sale status shortly after I posted the article.

One of them, 7444 Robmar Court, Citrus Heights, sold for the list price and the other one, 7720-7722 Sunset Avenue, Fair Oaks, closed escrow with a sales price of $285,000 which was four thousand dollars over list price.

7444 Robmar closed escrow on September 3rd and Sunset closed escrow just a few days ago on September 16th.

Bottom line is that if you like one of these properties and they have just come on the market, chances are you will be up against “all cash” investors.

If you are thinking of getting into this market, be prepared to do battle with other investors looking for these great deals.

Make it a great day…!!!

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

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You Want the Cash Flow Numbers…?  I Got The Numbers –  Check Them Out…!

First the Short Sale Duplex

I was out and about and came across the Duplex located at 7535 Saint Philomena Way, Citrus Heights.

This thing has been priced so low that it will draw several multiple offers and I’m sure it will go into escrow for at least $180,000.   Now I wasn’t able to get into the units because they are occupied..  At least one is, because when I was there taking pictures a resident was leaving one side.

I”ve based the Cash Flow estimates at a price of $180,000.   Click here for a PDF File for more information.

Click here for a Video that I took that will show the neighborhood better than the Street View link I posted above.  The Street View was taken during Winter months and doesn’t show as well as the Video I took.

Now below is the information for the Bank Owned Duplex

It’s located a few doors away at 7543-45 Saint Philomena.  The “street view” will start you on the way out to Fair Oaks Blvd.,  so when you get on it, go to the left and around the corner to see the property.   By the way… 0ne side is occupied and the other is just about “rent ready”.     For the Pro-forma Cash Flow Figures Click Here.

If you don’t like these…?

I”ve got others that might pique your interest.   Go to “Ed’s Free List” page for more.

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I’m not seeing it.  But there are some stats that say otherwise.

I got this blog post from Jim Wasserman,  the Real Estate Reporter for the Sacramento Bee.   If you have any questions regarding this report, you can contact him directly at:  jwasswerman@sacbee.com

I think you’ll find this interesting.   I’ve copied and pasted the article below it’s current link.   The SacBee drops the links content off after a while.

Here’s his report below…

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