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”.
Are you catching my drift here…?
Now….In the Mean Time…?
Make it a Great Day…
This question was raised on Trulia by a Buyer confronted with this “Dilemma” on the purchase of a home.
Even in the “best” of times or a “normal” real estate market, this situation is always a bit stressful for a buyer. If I was a buyer in this situation I would also have some “angst”.
If you’d like to see what I and other Real Estate professionals had to say about it… I’ve provided the link to all of our answers below.
By the way… this question was from a local person here in the Sacrament area, but this buyer got answers from all around the country.
ENJOY THE READ BY CLICKING HERE
In the Mean Time…?
Make it a Great Day…!
Ed Favinger, Broker, CRS, GRI, SFR favinger@rwnetwork.com 916-203-1260
Take a look at what I and several other real estate professionals had to say about the Del Paso Heights area.
I’ve been out to the Del Paso area near Del Paso Blvd and Arden Way, because we manage property there. I had also me
t a potential seller who was thinking of selling a property she owns in the area.
A prospective home buyer who has been looking in the North Sacramento/Del Paso Heights area was on Trulia.com asked the above question.
Take a minute if you would and click here to see what we said about this area.
I’ve also done a little more research and have some interesting stuff here below about that area that I’d like to share.
In the mean time…
Make it a Great Day…!
ED FAVINGER, BROKER CRS, GRI, SFR favinger@rwntwork.com 916-203-1260
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.
I GOT VIDEO…! I GOT VIDEO…!
Click On Here and join me on my walk around the property.
Click on this link to see the immediate neighborhood around this property
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 Here for the comparable sales to prove my point.
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”.
Go Here To Get the Projections
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-
