Thinking of Buying a Four-Plex in this Area…? Better think twice is all I’m saying…!

Why…?  Well Read On and you’ll see why…

 

I was asked by a client to drive by and check out two  Four-Plexes he saw on MLS, one at 7816 Sayonara drive pictured here and another one at 7857 Sayonara Drive.

They are currently listed at $269,000 and$279,000 respectively and in my opinion show an income that I personally think might give a great “on paper” cash flow but that does not tell the whole story.

The City of Citrus Heights has done some great work in cleaning up the street the last few years.  Their solution was to just tear down about half of the 4-plexes on the street.  They have built a small community center and are working on creating a park there with the “new open space”.

Anyway… I was out there yesterday and took a short exterior video of these two.   I was “confronted” near the end of the video shoot.    Here’s the video  You’ll hear voice near the end asking what I’m doing.

If you want more information about this street, all you have to do is “google” Sayonara Drive, Citrus Heights and you’ll get a lot of information.   I’ll give you a link here to start with that I got from the City of Citrus Heights.

As you might imagine, I’m not a big fan of 4 plexes in this area and if you are thinking of buying one, just be prepared is all I can say.   I will say though at least the City of Citrus Heights is being “pro-active” in cleaning up what has been a troubled area for a very long time.

Make it a Great Day…!
Ed Favinger, Broker, CRS, GRI, SFR, CDPE    916-203-1260    
favinger@rwnetwork.com

 

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Well It’s About Time This Duplex Had a Price Reduction..!

The Reason Why is Because It Does Need Some Work.

 

I was out there again yesterday afternoon  after showing this to a prospective buyer earlier in the morning.  The reason is because after getting back to my office I noticed that the listing agent had reduced the price to $181,100 from the original asking price of $197,900.

When I saw that change I thought, “well it’s about time the list price was reduced” because I knew when it first hit the market in the middle of June it was a little high for the condition it was in.

The smell when you first walk walk in the vacant unit is compelling to say the least… kind of takes your breath away.   But as you’ll see in the video I shot, it just needs some paint, carpet & lino and other minor fixes.   You’ll see in the video that one bedroom has a sliding door to a nice little back yard patio.  The grass is dead of course, but nothing a little watering won’t cure.   Click on the picture above to see the video walk through..!

Rents for this Duplex “fixed up” should be at least $1,000 for the 2 bedroom 2 bath side and at least $950 for the 2 bedroom 1 bath side.   Click Here for the “pro-forma” cash flow analysis.

By the way, there was a duplex just a couple of doors away at 8326 Summerplace that closed escrow a week or so ago for $182,000 that started out priced at $197,500.

 

Make it a Great Day..!
Ed Favinger, Broker CRS, GRI, SFR, CDPE    916-203-1260     favinger@rwnetwork.com

 

 

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Some Sacramento Cash Flow Opportunities I Like..!

I’ve got profiles of a Duplex “Flip”, A Short Sale Duplex & a 6 Unit Complex.

 

 

Let’s talk about the Short Sale Duplex 1st.

6813-15 Greenback Lane, Citrus Heights – Listed at $129,500 a few days ago.  They are accepting offers tomorrow, August 20th around 6PM.    This will get multiple offers..!

Click Here for a Pro-forma Cash Flow Analysis     Click Here For the Exterior Video

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Here’s a “Flip” Duplex.

6604 Summer Rain Way, Citrus Heights, Ca – Listed at $214,888.   2 bedrooms 1 bath ea side.    Rents should be at $1,000 per unit on this street because our company manages a unit a couple of doors away.  One unit is vacant and the other is reported to be renting at $750.00  per month.

Click Here for the Video of the one vacant unit

Click here for a video of the Duplex we manage just a couple doors away for comparison

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You have to take a look at this 6 unit deal located at 1911 El Monte, Sacramento, Ca.    It consists of 6 separate single family homes on one lot.  Listed at $299,000 I think this is probably one of the better deals out there now.   The problem with this one is that it must be a cash deal because its difficult to get multi-unit financing with loans below $500,000.   They’ve had a couple of deals fall out because the Buyers could not get financing.

Click Here for the Exterior Video and I’ll think you’ll agree with me that this is a “unique” property.

Click here for a list of expenses I got from the listing agent.   I don’t know if these are annual figures or..?  The reason I say that is because they look high for some reason.  You will notice there is a “gas” utility bill included which would be unusual in a situation like this.   This is something you’d have to clarify of course in your due diligence review of their income and expenses.

In the mean time…
Make it a Great Day..!
Ed Favinger, Broker CRS, GRI, SFR, CDPE    
916-203-1260      favinger@rwnetwork.com

 

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Eviction Troubles…?

I have an eviction 4years ago and can’t get anyone to give me a chance.  Im a single mother needing a place to call home any ideas?

This questions was asked by a lady who is a reader on Trulia.com and is seeking help with her situation.   Take a look at the answers I and other professionals had to say.

If this is a problem you are currently experiencing or know a friend that has this problem, then pass this on to them as well.

Click Here for The Solutions We Gave Her…

 

In the Mean Time…?
Make it a Great Day…

 

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

 

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Who Pays for Pest Control Reports…?

An Interesting Subject Especially When a Bank Loan is Involved

This was question from a reader on Trulia.com a day or so ago.

Click on the link below and see what I and other Real Estate Professionals had to say.  Pay attention as to why you don’t want to even include a Pest Inspection in your offer if you are using the C.A.R. contract forms.

It’s a function of today’s market.

I think you’ll find the short read interesting and informative.

Pest Inspection – Who Pays..? In So Cal..? In Nor Cal..?

In the Mean Time..?

 

Make it a great day…!!!

 

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

 

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