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Looking for a Pride of Ownership Duplex that will “cash flow”…?

If you don’t want a “fixer” this might be what you are looking for.

This Duplex just recently fell out of escrow.   It’s a long story, but suffice it to say, it wasn’t the fault of the property.   In fact, the Buyer’s appraisal came in at the List Price of $214,500.

The former Buyer made some mistakes in obtaining her loan on time.   So when her time to close came and went with no loan approval, the Seller elected to withdraw from that contract and put it back on the market again.

So here’s your chance.

I’ve got a video below and if you want to see what the numbers look like, the “proforma cash flow” analysis is available if you  CLICK HERE.

 

 

If you have any questions regarding this or any other Residential Investment Property in the Sacramento Region, drop me a note or call me.

In the mean time…?

Make it a Great Day…!

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

 

 

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There’s Just Not Much Inventory These Days…!

I don’t care if you are looking for a Single Family Home, a Duplex or even a Small to Medium sized Apartment Complex.

I think it’s called a “feeding frenzy“.    Because, if you ask just about any active Real Estate Broker or Agent in this area, they will all tell you the same thing.  There’s really no inventory to speak of.   And by the way… This is “old” news to those of us in the business.

The Sacramento Bee is finally getting the memo… They came out with a story about investors just a couple of days ago.  Check out their report.

I’m actively working with several investors that have been looking for properties all up and down the ranges.   From a Custom Home in El Dorado Hills to Duplexes in Rancho Cordova.

Click here for a quick story regarding the Custom Home with the multiple offers on 820 Katie Way, El Dorado Hills.

One more little “anecdotal” story from my own experiences.

Yesterday, a Duplex at 6938-38 Tarocco Way hits the market in Citrus Heights.   Click here for the “pro-forma” cash flow analysis. Incredibly as I predicted,  to a couple of my clients, this place didn’t last long.   The agent wouldn’t tell me what its “pending price” is, but he did say they had 6 offers on it.   Not bad for just “one day” on the market.

By the way… take note on the “pro-forma” that I had the offer price at $200,000 because based upon their income it pencils out pretty nice.    We’ll have to wait and see what the final “sales” price is.

In the Mean Time…?

Make it a Great Day..!

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


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Some Disgruntled Tenants Will Say Almost Anything to Get Out of a Lease..!

Did you hear this story about some angry tenants suing the owner…?

We as Property Managers do our best to make sure that any home or apartment that we lease up is in good condition.  This would include making sure all the appliances work, smoke and carbon monoxide detectors are installed.

We also like to make sure its clean and ready for occupancy.

As part of the process we do an extensive review of the Tenant Application(s) that include a credit/past evictions check, employment and income verification.   We might even ask for copies of bank statements if you are self employed to verify your ability to pay the rent.

But you know…with all that, there’s something new we’ve added as well… and that is the “google search” of your name if you apply to rent one our properties.    Because,  prior to doing a “google search”, and even with all the other research we’ve done, you can never predict with a 100 percent accuracy what a tenant will be like.  We feel that every bit of information we can get about a person will help us in our search for the right tenant.

So with that said, do you think the folks that are the subject of this article would be great tenants…?

You be the judge.   Here’s the story…

Toms River Couple Sues Landlord Over Alleged Paranormal Activity

Let me know what you think..!

In the Mean Time..?

Make it a Great Day…!


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

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More Craigslist Scams – If You Are a Landlord or a Prospective Tenant – Beware…!

Another “Craigslist” story I have to share… even have a copy of the “email exchange”

I got a call from a lady a few days ago inquiring about a home for rent at 1327 Copping here in Folsom.  It’s a 5 bedroom 3 full bath home, about 2500 sq ft and rents for $2,350.oo per month.   This lady said she had answered the ad that had a rent offered at around $1,100 per month.

I think most people can spot a “rental scam” but maybe some can’t, so here’s some things that you might want to employ if you are looking to rent a home somewhere.

  • If the price of the rental is so much lower than other homes you have been looking at..?  It might be a scam.
  • If the Owner/Landlord only communicates with you by email..? It might be a scam.
  • If the Owner/Landlord will only accept cash or a “wire” transfer..? It might be a scam.
  • If the Owner/Landlord is “out of the country”…?  It might be a scam.
  • If you “google” the property address and find more contact information besides the person you’ve been communicating with…?  It might be a scam.
  • If the Owner/Landlord meets you at the property and doesn’t ask for an application and is ready to give you the keys right then and there if you give him the money…? It might be a scam.

If you’d like to see copies of an email exchange between a “scam-ster” and the “mark”…?  Click Here

In the mean time…?

Make it a Great Day..!


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

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Update on the “Fix and Flip” Duplex

While it may not look like much today, there’s been a lot done.

We took possession of this Duplex at 2728-2730 El Caprice, Rancho Cordova on February 27th.

To date, we’ve got the hardwood floors installed in all the high traffic areas, the tile floors in the entry and all the bathrooms, holes in the ceilings and walls repaired and installed the new base boards.

We’ve taped and textured, installed the new sliders to the back yards and have started the interior painting.

In addition, we’ve laid some concrete down to enhance the size of the patios and we’ve squared off the exterior areas as you’ll see in the video.  We will be doing some nice things in the landscaping department which is something a lot of investors overlook in my opinion.

[kml_flashembed movie=”http://www.youtube.com/v/EyItLKihQOE” width=”318.75″ height=”262.5″ wmode=”transparent” /]

To See Where We Started From, CLICK HERE for the beginning video and the 1st update that was done I think on the 1st of March.

In the mean time…?

Make it a Great Day..!

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

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Can You Believe It’s That Time Of Year Again…Already…?

While it’s that time of year again… maybe besides “re-setting” the clocks forward all over the house you should also think about checking the Batteries in your Smoke Detector.

You just never know when something awful and unexpected can happen so do yourself and your family a favor… While you are changing and re-setting the clocks around the house,  at least “test” your smoke detectors… OK….?

In the mean time…?

Make it a great day…!

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What If I Invest in a Property in Oak Park Sacramento…? Don’t Look to The City of Sacramento for Any Help…!

The Area is so bad, if you have a “non-paying” tenant it’s probably better to keep them there occupying it, then to let it go vacant for a time.

Why would I say something as crazy as that?   The reason is because it’s true in this particular part of Sacramento.

A Bay Area investor asked us to manage a home on San Jose Way in the Oak Park area.   We took over last September.   The owner had previously put in a tenant that subsequently moved out leaving the property vacant.

It didn’t take long for the vandals and thieves to start picking away at this place.

While we were working on getting it re-painted and fixed up, some nice folks next door thought they’d just “plug in” to our exterior outlet and have a long chord from our property to their pad.   After finding this occurring a 3rd time,  I got fed up and called the Sacramento Police Dept.  They did come out although at first the 911 guy didn’t think this was a big deal.  Well when they showed up,  they wound up arresting several people including the owner from what one of the cops told me.

After getting them all out of that house, the property was posted and boarded up and has been since last October.   The house across the street was in foreclosure and that was boarded up along with a house on the opposite corner.

Here’s the nice video for you to see…

[kml_flashembed movie=”http://www.youtube.com/v/os0tD4C55_U” width=”425″ height=”350″ wmode=”transparent” /]

What does the City of Sacramento do to help…? NOTHING…!   They fee and fine the owner’s for maintaining a nuisance.   They charge a “monitoring” fee to make sure you are keeping it clean.   It doesn’t matter how much it costs the owner to get it fixed or how many times the property is broken into and things stolen like copper wiring or air conditioning units.

My point…?  

HOW ABOUT SOME STINKING POLICE MONITORING of the area instead of just “sticking it” to the folks that have invested in this area.

Anyway….

Make it a Great Day…!

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


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Watch us “Flip” an Investment Property…!

We will follow the progress of an Investor with “videos”  starting from the day they 1st take possession until they finish and place it back on the market.    A “video chronology” if you will.

We just closed escrow on a Duplex located at 2728-30 El Caprice, Rancho Cordova on Monday, Feb. 27, 2012.

The folks that bought this property  plan on fixing it up, possibly renting the units up and then placing back on the market for a profit.

To follow our progress, we invite you to come back here from time to time and get our video updates.

So here we start with the first Video… the day we walked through on Monday the 27 after the close of escrow.

[kml_flashembed movie=”http://www.youtube.com/v/gmkNRinIYNw” width=”252″ height=”189″ wmode=”transparent” /]

Now you’ll see some progress on the 2nd video that was taken today, March 1st,  around 11:00 this morning.   I plan on visiting this property at least 2 or 3 times a week until it’s completed and then placed back on the market.

[kml_flashembed movie=”http://www.youtube.com/v/xv2hyPuYYgU” width=”252″ height=”189″ wmode=”transparent” /]

I hope you find this useful,  informative and hopefully kind of fun to watch.

In the Mean Time…?

Make it a Great Day..1


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

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Multiple Competing Offers are the “Norm” in the Sacramento Region…!

If you hear someone say the Real Estate Market here is dead..  Trust me, they are “mis-informed”..!

It seems just about every time I find a property a buyer I’m working with has an interest in, we’ve had to compete with other buyers to get 1st in line.    

A home we listed “for sale” at 2925 North Platte Way,  Sacramento just last Thursday,  has generated 5 offers…!   This home is located in the North Natomas area where there has been a flood of foreclosures and short sales the last several years.

No matter, there was an offer on the property the next day after it posted on the Multiple Listing Service.  Folks… this is nothing new and almost any Real Estate Agent or Broker in the area will verify what I’m saying here.

Even the rough ones, the “fixers”, are selling.  You  go back a couple of weeks ago to a blog post I made regarding a unique investment property over in the Fair Oaks area that had 23 offers…!

Bottom line…? If you are in the market now,  chances are you will experience this for yourself… that is,  having to compete against other buyers for the same opportunity.   You might even have to bid on several properties before you finally get the right one.   So don’t get discouraged.  It’s just the market we’re in now.

Make it a Great Day…!

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

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Hey look here… A 4 Unit & A 7 Unit Apartment Complex New on Market

If you are looking for something besides a Duplex or a Single Family Home, maybe one of these will work for you.

I’m not a real big fan of 4 plexes in this area because most of them don’t have the “amenities” that Single Family homes or Duplexes offer to compete for quality tenants and optimum rents.

There are exceptions of course so I thought I’d point these out to you, because they’ve both just come on the market.

I’ve got estimated cash flow projections for both of them.

I hope you found the above informative.   If you’d like to know more  about getting into the small apartment market drop an email note my way or call me.   My contact information is below.

In the Mean Time…?


Make it a Great Day…!

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

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