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

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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

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”.

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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

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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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The Price is Right – Just Needs New Management & Some Repairs.

I was involved in a sale of a Duplex next door to this one.   There have been 3 recent sales in the area with new investors fixing these up.   This used to be an awful street of neglect.

That’s all changed in my opinion.   Click Here for the “proforma cash flow analysis”

By the way, we know this area because we also manage the duplex on the left side of this one.

This has been on the market for a while… just waiting for someone to jump on it.

Take a drive by there yourself and see what you think.   I think properties in the City of Rancho Cordova are a great investment.

Make it a great day…!

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