I Like This Duplex – Carmichael – On a Tree Lined Country Street.

 

Listed just a day ago – I wonder how many offers it will get & how high will be the price.

I’m going to post hopefully soon the Duplex Comparable Sales data for the area from October 1st to date.  I’ve already accumulated the data, it’s just a matter of putting it into a nice format that can be read here.

The reason I bring this up is because just about every offer I’ve made on behalf of several buyers on various Duplexes in the area have been in competition with other Buyers looking for the same kind of deal.   It’s amazing that there is this much of a pent up demand with the comparable sales figures lagging a bit.  When I post those you will be amazed at how many are over list price when they closed escrow.

This one here is no exception.   It’s a short sale and the “pro-forma” cash flow information is below.   Keep in mind these are estimates only.

6001-6003 Stanley Avenue, Carmichael, Ca 95608 – 3/2/1 & 2/1/1

I’ve got a video of the exterior and surrounding area to give you an idea of what the neighborhood looks like.

Click Here for the Video of Property

This is a nice area of Duplexes that rarely come on the market.  Rates are low and that’s probably the best reason to pick something like this up.

Make it a Great Day

Ed Favinger – favinger@rwentwork.com – Mobile – 916-203-1260

 

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Plumbing Leak Follow Up – What We Did To Clean Up

 

A Follow Up to my post of December 6th …..

While I did give you a tip regarding shutting of water supply lines when you are going to be absent for a long period of time and you don’t have a “house sitter”, I didn’t tell you what we did to clean up the mess.

The Problem…?

Was that a water supply line to the upstairs Master Bathroom Toilet broke and the resident there said she estimated it leaked out for at least 20 minutes before she noticed water dripping down stairs through an “air vent”. 

She immediately turned off the water supply line located just below the toilet and then got out her trusty old  “shop j0349397vac” to get the water up.

 

While she did what she could, we had to call out a professional carpet cleaning company to extract the water that had filled up a large master bathroom that was carpeted and then traveled further to about 2 or 3 feet into the bedroom itself.

The Solution…..

Our experience tells us just extracting as much water as you can, you never get it all.  The carpet and pad will be wet and will cause a mold and mildew problem if not properly treated and dried quickly.

Advanced Carpet, our “preferred vendor”  extracted all the water that they could, then set up huge fans to speed up the evaporation process to get the area dry.   The next day they came out and cleaned the carpet of any residue or coloring.

While she was inconvienced by it all, the resident thought they had done a great job in restoring the area back to it’s previous condition.  

We’ve been using this company for about a year now.  You can find them on the web here at  Advanced Carpet & Upholstery Cleaning and their local phone number is 916-989-2146.   They’ve got a “helpful hints page” that you might want to also check out. 

If you call them for service and mention our property management company’s name, Haven Properties, they will offer you further discounts beyond their posted coupon prices. 

Finally, let me tell you that we think Advanced Carpet’s pricing is just about the best in the area so check them out for your “Christmas Party” carpet cleaning or call them in an emergency for water extraction if this problem ever happens to you.

Make it a Great Day

favinger@rwnetwork.com – Mobile 916-203-1260

 

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Plumbing Leaks Can Ruin A Vacation – Here’s a Tip to Avoid a Mess

What Happens When A Water Supply Line Leaks & You’re Not Home…?

Before I answer that question, let me implore you to obtain and maintain a Hazard Insurance policy for your rental properties that does cover water leaks.

So now let me answer the question…    The Answer is..?   There’s gonna be a whole lot of water spilling into the room and spreading throuthumbnailCA5LCWSF - aghout the house until it’s turned off.

If this is a leak for example,  from a Toilet Water Supply line in an upstairs bathroom,  which recently occured in a rental home here in Folsom that we manage, the water will find a way downstairs…  In this case, it came through a vent and dripped in an area right below.

We were lucky because the tenant was home and was able to turn off the water supply valve.   This lady estimated that the water had to have been leaking for about 20 minutes.

An emergency call went out to one of our vendors to extract all the water we could and place fans to dry up the carpet to prevent mold and mildew from forming.

We were lucky because this lady just happened  to be home.

So here’s the tip… If you are going to be gone for several days and do not have a house sitter, you might want to consider turning off the water supply lines in the house,  or… just turning off the water supply line at the gate valve.

I can’t imagine the damage that would have occured if this tenant had not been home and even if you have insurance, there is the hassle of dealing with it all.

Make it a Great Day

 

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A Great Duplex + Nice Street – Poor Curb Appeal = Low Price

An Opportunity on One of My Favorite Streets – An Area that does not turn over often.

So here’s a monster duplex that just came on the market in Carmichael.   To get to this property you have to drive by some really beautiful single family homes.   When you first turn on Oakgreen Circle in Carmichael, you aren’t sure if you are looking at a neighborhood of duplexes because of the lush landscaping and mature trees and shrubs.

This property just came on the market yesterday and is listed at $235,000.  With a Gross Annual Income showing of $30,600, you get a deal at roughly 7.6 GRM.  The configuration is a 1,600 sq. ft. 3 bedroom 2 bath, 2 car garage and a 1,354 sq. ft. 2 bedroom 2 bath 1 car garage … 

You can see from the pictures it’s got some vaulted ceilings and at this price it’s got some upside potential.   It’s too bad that either the owner or the tenants leave all this much “stuff” laying around the premises and allow what could be nice landscaping to be ignored.

Cash Flow Estimates will come later.

Make it a great day.

Ed Favinger – Email: favinger@rwnetwork.com – Mobile (916) 203-1260

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A Nice Duplex, A Great Area… But Darn it… it’s just so “Overpriced”

It’s Not a Short Sale.. but at $299,000 there’s no upside for today’s investor.

I drove by this duplex located at 5849-5851 Nutchatch Court, Fair Oaks yesterday.  While it’s on a nice Dead End Court and there are pride of ownership duplexes around it, they are just asking too much money for it.

I’ve got a Proforma Cash Flow analysis based upon that I think it should sell for here and a Palm Video of the exterior here.

Since this Duplex is currently occupied I couldn’t get in to take any pictures or video…   However… I do have a Palm Video of the 2 bedroom 2 bath side on a  duplex just around the corner on Moss Creek Circle.  The floor plans in this neighborhood are all pretty much the same with the exceptions of course being the paint schemes and updates/upgrades.  Click Here to get an idea of the 2 bedroom floor plan.

There’s just not a real decent cash flow at their price,  so you’d have to get it for about $265,000 for it to even break even with about 25% down. 

 

Make it a Great Day

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Ed’s Contact Info:  email – favinger@rwnetwork.com Mobile: 916-203-1260

Bank Owned Duplex Back on the Market… I wonder why it fell through…

Who Knows Why it Fell Through… But it’s back up on the market and at a lower asking price too.

This duplex was on the market for just a couple of days about a month ago when it went into a “pending sale” status.   Well now… fast forward to today and wouldn’t you know it comes back on the market.  

When an REO/Bank Owned property comes back on the market…?   I’m pretty sure the reason is the previous buyer changed his mind on the deal most likely because of “condition”.

Why can I say that…?   Because….. It won’t be due to the Buyer not being able to qualify for a loan.  The reason for this is because either the Asset Manager requires the buyer to “pre-qualify” with their preferred lender, or the Buyer will have to get their own lender letter…  as a “requirement” before the Asset Manager for this REO/Bank Owner will even look at the “purchase offer”.

As you know once an offer is accepted, it is then that the “due diligence” period begins.  The Buyer has a certain amount of time to complete all inspections to discover any adverse problems such as “mold”… excessive “pest control” repairs.. to just name a few.

After a month of being in escrow it comes back on the market and they lower the price which means to me at least, the Bank is willing to deal a little.

Click here for the Cash Flow Analysis.

Click here for a slide show of the property with the surrounding area.

Click here for a Palm Video of the front and interior of the right side.

Make it a Great Day…

Email me at anytime at: favinger@rwnetwork.com

Mobile: 916-203-1260

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Is Curb Appeal Important for Duplexes or Any Investment Property..?

 

A Side by Side Comparison – Which One Would You Live In…?

I was out and about driving in the area looking at property and saw two Duplexes side by side and thought I’d show them to you here.

Let me guess which place you would want to live in.

MVC-001S 

DUPLEX NO. ONE

As you can see this one is nicely landscaped… well manacured that shows “pride of ownership” because it’s got an Owner that runs it right. 

 

In fact when I took this picture today she was getting a bid to have the exterior painted.   She got a chuckle when I told her why I was there to take a picture.   

  

MVC-002S

DUPLEX NO. TWO

 

This Duplex is located directly next door and to the right of the picutre above.  In my opinion this not only impacts the rental value of this property, it also effects the rental value of the one above as well.

 

  

MVC-003S

 

DUPLEX NO. ONE 

A FULL VIEW FROM ACROSS THE STREET

  What is there negative to say about this property?    Yea… maybe it does need a new paint job to update the curb appeal a bit.  This owner knows the value of putting money back into an investment to get a consistant return.  That’s why she was there with a painting contractor to make sure it’s kept up. 

   

MVC-006S

 

DUPLEX NO. TWO

A VIEW FROM ACROSS THE STREET

While I don’t know how often the owners drive by his property, if they don’t have time…?   Maybe he should hire a Property Manager that would have this responsibility. 

I think you would agree,  that if you as an owner,  don’t maintain or care about the curb appeal of your property, don’t expect a tenant to pick up the slack.   Chances are they will make it worse if you don’t have expectations and rules for them.

Folks…  You know… I’m not saying that you have to spend a lot of money on landscaping, but an initial investment in some trees, flowering shurbs, a timed sprinkler system and some lawn area will pay you back big time in the form of higher rents paid by quality tenants.   They will pay you on time and when you go to sell this asset…?  Ask your Agent or Broker how much the Sales Price is affected if it’s got a lush landscaped “curb appeal”.

Make it a great day…!

 

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First Time Buyers and More Get Tax Credits

Fresh from the National Association of Realtors.

Check it out

Make it a great day…!

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Carmichael Duplex In a Single Family Neighborhood

These Rarely Come On the Market

This duplex is on a nice little street over in Carmichael that has an older tree lined country street feel with no sidewalks leading into this newer area that does have sidewalks, curbs and gutters.   Not much traffic goes back in here.

If you are looking for a unique type property that you can hold onto and that will hold it’s value, this would be the street.  Cash Flow is not that great on paper, however you will have an easy time finding great tenants that will want to live here.

Click Here for a Flyer  that has the cash flow numbers.   You will notice that even though this is listed at $193,050 that I calculated a cash flow based upon a price over $200,000 because this property will sell for something in the $220,000 to $230,000.   There will be “multiple offers” on this one.

For some Palm Videos that I took today about 11:00 AM see the links below.

Right Side of the Duplex

Left Side of the Duplex

 

Make it a great day

 

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So What if it’s located on a Busy Street in this Market

That Madison Avenue Duplex I Profiled is a “Pending Sale”…!

Yea… It doesn’t matter if it’s priced right.   If you go to my blog post of October 15th, you’ll see all the information including a Palm Video that recorded how loud the street noise was when you are standing outside.

Take a look if you haven’t seen it yet.  Just scroll down a bit.

 

Make it a Great Day…!