Realty World – Franklin Real Estate Group – Ed Favinger

Here’s a tip – Go for the deals that have just fallen out of escrow…!

Most of the Pending Sales that “fall out of escrow” are not because the Buyer failed to qualify.  It’s because there was something wrong with the property and the Buyer decided to walk away after going through a thorough inspection process.

In most cases the Buyers that walked away decided the “fix up” costs were going to be much higher than their initial first impression.

In my opinion when you see a home that has fallen out of escrow more than once, that’s a good sign that there is a possibility of a deal there.

Check out the detail on some properties I profiled a while back.

If you are a regular visitor you might have seen these on the “Ed’s Hot Picks” page.

Originally Listed at $177,550, it has been in and out of escrow a couple of times now.  While it’s currently listed at $169,900,   I don’t think it was ever worth more than $160,000.  I’ve got links to the “proforma” cash flow figures and Flip Cam Videos below here.

1000 Bell Street, Sacramento, Ca – 2bd/1ba ea side -

Click here for a Video of the Right Side Click Here for a Video of the Left side

_____________________________________________________________

Here’s one that was posted on Ed’s Hot Picks back last November – I have “before and after” videos, because it’s back on the market now for $194,000.   This is a “flip”.  It closed escrow at $130,000 on 11-24-09, which was my suggested “offer price”.

Click here for the original “Proforma Cash flow Figures for 10904 – 10906 Gadsten Way, Rancho Cordova, 95670, 2 bd/1ba ea side.  One kitchen had been updated.

Click here for a “before” video of the left side –  Click here for a “before”  video of the right side.

I think they kind of “over improved” this one.   I would have spent more in the landscaping front and rear and done a little less in the interior.   However… even though they did a pretty nice job in the “fix up”, it has fallen out of escrow after getting an offer pretty quickly.

My Suggested Offer Price on this Duplex would be $180,000.   I don’t know if they would take it, but this is about what it’s worth.

Click Here for an “after” Video of the Left Side -    Click Here for an “after” Video of the Right Side

Let me what you think…!

In the mean time…?

Make it a Great Day..!

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

But, when I say nice, you do have over look the landscaping that’s been ignored.

I was at this property yesterday, located at 2300 Imran Drive and took a video of the 3 bedroom side.  As you see this unit is located right on the corner of Imran and Bell Street.  I love “corner lots” because you can do a lot with them.

I have,  in the past,  profiled the Bank Owned/REO Duplex across the street that faces Bell Street.   If you go to “Ed’s Hot Picks page and scroll down until you find 1000 Bell Street, you’ll get the information on it along with a video of both sides and you’ll see the Imran duplex in the background.

Imran Drive is Short Sale which,  until very recently,  had a Pending Sale waiting for the Bank to approve it.    As is in many of the  Short Sales, the buyer got tired of waiting for that approval and was still out looking for other property.

In this case, time went by and that Buyer did find something else they liked better and that they could close on now, according to the listing agent.

For a Pro-Forma Cash Flow Analysis of 2300 Imran Drive,  Click Here. I’m estimating the rents for the 3 bedroom side at $1,150.00.  When you look at the video, you’ll see that it’s not in bad condition and that the back yard has some potential to be a nice spot.   Go here for the video of the right side.

________________________________________________________________

Here’s another Short Sale Duplex in a nice area that I profiled a while back.   It’s “back on the market”.

The property is located at 7130-7132 Grady Drive, Citrus Heights, Ca 95621.    Click here for a “pro-forma” cash flow analysis.   Keep in mind that these figues do not include the cost of a new roof, but even if it cost $10,000 to replace it, in my opinion, this would still be a decent deal in today’s market.    Click here for a Map Link to show you the major intersection that is nearby.   The City of Citrus Heights city hall, police station and lots of shopping are located about a mile away if that.

If you have questions on any of the properties I have profiled, drop me a note or call.

Make it a Great Day…!

Ed Favinger, Broker, CRS, GRI, SFR  favinger at rwentwork.com           916-203-1260

Related articles by Zemanta

• The Complete Short Sale Process How a Short Sale is Handled from Listing to Bank Approval  visionaryrealtynews.com)
• Is the nightmare short sale timetable becoming more manageable?  chicagonow.com)
• How to think about buying short sales  chicagonow.com)

I Know This Property – Brought a Buyer to it in 1991.

The folks that bought this property back then did do some interesting things by adding some nice decking in the rear that helps create extensions of the living area.

I have a video that I took about a week or so ago you should take a look at.   This property shows just awful from the exterior and needs to have a “make over”.   I’m sure the owner knows it, but doesn’t have the resources to really do  anything  about it.  In other words, the lack of “cash flow” made it almost impossible to keep up.

This is a typical situation in this market.  I know the current condition of this property is the result of an over heated market,  high debt and the fact that it’s hard to make improvements or even maintain,  if you don’t have an adequate “Cash Flow“.

Click Here for a Pro-Forma Cash Flow analysis.   I am showing a 40% down payment on this one because the rules change for anything over 4 units when it comes to financing.

Take a peek at this video because I do walk the property a bit as much as I could without disturbing the residents there, although a dog did bark at me.

I think you’ll agree with me that the curb appeal is just awful and it doesn’t need to be.   It will require an investment in landscaping and I think a big upgrade should be in “covered” parking.

Let me know what you think…?

In the mean time…?

Make it a great day…!

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

Related articles by Zemanta

• Looking for a Home? Check Rent to Own Opportunities  dickstersrandomthoughts.com)
• Foreclosure Purchasing for First Time Home Owners  first-time-home-buyers.suite101.com)

Both are in “improving areas”, one in Citrus Heights and one in Rancho Corodva.

The Citrus Heights Bank Owned Duplex

Ok…  Let’s start with the Bank Owned Duplex in Citrus Heights that is located at 7700 – 7702 Sayonara Drive. Each side is a 2 bedroom 1 bath unit with Fireplaces, Central Heat & Air,  Garages and Washer Dryer Hookups.   One side has had a Kitchen update.

Click Here for a PDF File that will have the Pro-Forma Cash Flow Figures.

Click here for a Walk Through Video of 7700 Sayonara Drive,  the Right  Side

Click here for a Walk Through Video of 7702  Sayonara Drive,  the Left Side

I’m sure there will be multiple offers on this one because it’s not going to take much to get it “rent ready”.

___________________________________________________________

The Rancho Cordova Short Sale Duplex

The “Short Sale” Duplex is located at 2597 & 2599 Capitales, Rancho Cordova.   Each side on this one is a 3 bedroom 2 bath that includes Central Heat & Air, Fireplaces, Washer Dryer Hook ups, Garages.   One of the units has Kitchen and Bath updates and the other side has a tenant that has lived there for 22 years.

If you commute to Sacramento, the Light Rail Station is about a half mile away.

Click Here for a Flyer with some pictures of the left side that is under going some repair work.

I’ve been working sales of Duplexes for a long time and this street has one big problem.   While these duplexes are for the most part all 3 bedrooms on each side they lack sufficient parking because almost everyone has at least 2 cars.  As you will see in the flyer one car is on the grass.   The solution is to “increase the size” of the Driveway.   Take a look at the video I made of the street and see if you don’t agree that you can make lemonade out of a lemon.

The cash flow figures are going to be pretty much the same as the Citrus Heights duplex that I profiled above.   On this Duplex though,  we do have two loans that will probably take a little longer to complete the short sale.

I just put this Duplex on the MLS last week and we have two offers on it, so we’ll see how it goes from here.

Finally….

If you are a first time visitor to this Blog Site and are looking for an investment property don’t forget to check out the Free List Page and then send me a note if you’d like to have me analyze it’s potential cash flow.   If you send me an email request,  I’d be happy to send to you an Excel file that you can use over and over to calculate potential cash flow for property that you are considering.

Make it a Great Day…!

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

Related articles by Zemanta

• Smashburger to Make Northern California Debut in Citrus Heights on March 31  prweb.com)
• Max Cash Flow Now: Quadruple Rental Income with Multi-Family  maxcashflownow.com)
• Investigators blame PG&E in fatal Calif home blast  sfgate.com)