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New on the Market… Bank Owned & Short Sale Duplexes for Sale

Take a peek at some potential Cash Flow Investment Properties that I looked at over the last couple of days.

I  have videos along with the potential cash flow figures for your review.   The two that are Bank Owned Duplexes are both in need of work but when you add in the amount it’s going to cost to fix these up, I think it will be worth it.

The reason why I say this is because the rental market is pretty good for properties that have good curb appeal, in good neighborhoods and are updated/upgraded a bit.

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3960 La Honda Way, Carmichael was just listed a couple of days ago. Click here for my “pro-forma” cash flow analysis and evaluation if you are an Investor.   This one is located on a Cul-De-Sac street consisting of mostly single family homes and is not all that far from Sunrise Blvd and the American River Parkway.   If you want a quick street view video I took click here for that.

I’ve done the estimated cash flow figures based upon a lower price because I think the Listing Broker has this priced a little high in my opinion for it to be a good cash flow deal for an investor.  However….  it is in a pretty nice area.

This property would be a great candidate for someone looking to buy their first home and an investment at the same time because they could live in one side and rent the other.  Click Here to see how little you would pay if you lived in one side and rented the other.

Go to RENTOMETER.COM to verify the estimated rents that could be obtained on this property or another property.

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FIXERS… FIXERS… FIXERS….

4207 Casa Blanca Lane, Carmichael is a Bank Owned/REO that is in need of some repairs.  I’ll let the video speak for itself, so Click Here for that.   Click here for the potential cash flow numbers based upon their asking price + the costs of fix up and improvment.  It’s listed at $153,000 and just came on the market on April 6th.

6808 Trovita Way, Citrus Heights is another Bank Owned/REO that is listed at $179,000 which had a quick offer that went into escrow,  but quickly fell out again and is back on the market.  Like the property at Casa Blanca, this one needs some work as you’ll see by clicking here for the video. Here’s the estimated Cash flow figures that I’ve prepared. Please keep in mind when you look at those figures that I’m adding about $30,000 in additional costs on top of the list price to give you a better idea of what it’s real cash flow figures would be.

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Come back here from time to time to get updates if you are looking for an investment like this or you can sign up for the RSS feeds.

Make it a great day….

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

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The Term “As Is”… The Most Misused Phrase in Real Estate

This term just bugs me… especially when used by Sellers and their agents.

I bring this up because a buyer asked a question on Trulia Q & A about “as is” and the fact that the property may not be worth what they were asking.

See what the responses were from me and other Brokers/Agents in the area to this Buyer by clicking here I think you will find what was said interesting and maybe you’ll remember it when you hear this often mis-used and mis-understood phrase.

In the mean time…?

Make it a Great Day…!!! According to the KCRA Channel 3 weather people, we’ve got some extended periods of sunshine coming our way next week.

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

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Best Darned Short Sale Duplex Deal Period..!

It’s an ugly thing now but it could be nice…!!

This is a Duplex in a Short Sale situation that is just waiting for the right person to snag. It’s located at 2597-2599 Capitales, Rancho Cordova, Ca.

Each unit has a Fireplace, 3 bedrooms, 2 full bathrooms, Central Heat & Air and 1 car garages.

The 2597 side(the left side) which is now vacant,  does have an updated/upgraded kitchen, updated bathrooms and the new vinyl type windows including the side yard slider.

It does however, look kind of nasty only because it needs carpet, some paint and new flooring.  In the video you’ll see,  I’m suggesting a new laminate style flooring in the “high traffic” areas and carpet only in the Living Room and Bedrooms.

The knock on this street over the years, at least for me, is that all of these duplexes are 3 bedrooms and 2 baths but with only 1 car garages each.   I mean,  who only has one car now…?  Since most families have 2 or more cars the problem is that there isn’t enough available parking space.  The end result…?  is you’ll drive down this street and more than occasionally you’ll see some of the tenants parking vehicles on the front yard grass, if there is any.   It just makes this street look awful.

To mitigate that problem,  I’m suggesting in the video that you extend the width of the driveway on both sides and you’ll be able to accommodate more vehicles.   You’ll see this idea has already been applied to the Duplex to the immediate right of this property.

Best of all…?   After you do the suggested repairs, you’ll have a nice property that will give you some decent cash flow.

I have estimates to install new carpet & the laminate at $2,000, the driveway extension at $2,500 and some landscape enhancements at about $1,000.  If you wanted to install new roll up garage doors add another $450 each.

The Roof needs to be replaced but that will be part of the deal that I’m proposing to be allowed as part of the short sale.

Click Here for the Video

For what you might expect as far as cash flow…?   Click here for the Pro-forma Cash Flow Analysis I think you’ll agree that it’s not bad.

Somebody bring me an offer today. The Bank has already approved the short sale.  We’re just waiting for a Buyer… is that you…?

Make it a great day…!


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

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Check Out Barbara Bender’s Post Regards FHA 203K

You Can Fix it Up Using the FHA 203k Plan.

Check out this article that Barbara put together.

http://barbbenderrealestate.com/2011/03/04/what-is-a-fha-403k/

When you get to her site, be sure and check out the videos of several nice homes in our area.

Click here to see her video channel

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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I See Deals… Deals… Deals… – Bank Owned & Short Sale Duplexes

I’m just not getting why these Duplexes haven’t sold. Take a look again.  Their Asking Price/Condition Ratio must be off otherwise, these would be reported as Pending Sales..!

Below you’ll find a list of Duplexes that I have previewed in the past.  They are either  REO/Bank Owned or in a Pre-Foreclosure“/Short Sale status.   I’ve  included the link to their descriptions/cash flow figures/videos and I give you my “suggested” offer price, an opinion of the property and what I think your outcome would be.

Fix Up… Fix Up… Everyone of these duplexes will need some work.  Let’s be realistic, if the payments weren’t made and they lost it in foreclosure or it’s a Short Sale now, maintenance has not been a high priority.  If you want a rule of thumb, I think you should estimate $5,000 – $7,000 as a minimum PER UNIT fix up to get your investment into a “rent ready’ condition.   The upside after this expense is that you will have an investment in a good area that’s in great condition bringing top dollar in rents.

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1.  6128-6130 Oak Green Circle, Carmichael, Ca 95608 – Now Listed at $199,900 and has been in and out of escrow.  When you see the video, you’ll understand it does look daunting.   However… take a look at the decking on this hillside property.  It’s unique and when cleaned up will be a compelling upgrade because it’s not in bad condition.  I think the suggested price of $175,000 is fair given the dated condition.

Click Here for the ‘featured video” on my YouTube channel.

Click Here for the Pro Forma Cash Flow analysis

2.  9265-67 Corinthian Circle, Sacramento, Ca – Listed now at $190,000.  I only have an exterior view of a video, but you’ll get a good idea of the area.  Click here for it.

Click Here for the Pro Forma Cash Flow Analysis – I’d just make an offer on this one and see what happens. I suggested $175,000, but take a shot and offer a little bit lower.

I love this area… Near Hwy 50,  Light Rail and the American River Parkway recreation area.

3.  9649 – 51 Goethe Road, Sacramento, Ca 95827 – Short Sale – Listed at $154,800 – Offer $150,000 I haven’t seen the inside of this place but it’s the same floor plan scheme as the Duplex below.  I have the “proposed cash flow” at a much higher price but the rents are pretty close to what you can get if you have a quality unit.

Click Here for a video of the exterior – it’s better than street view… and shows the neighborhood a bit.

4.  9643 Goethe Road, Sacramento, Ca 95827 –  Listed now at $189,000.  I’m surprised this one hasn’t sold.   The current owner has put a lot of money into this one.  New energy saving windows.. Roof doesn’t look old and the interior on the right side is just about “rent ready”

Click here for the video walk through of the right side.

Click Here for a Pro Forma Cash Flow Analysis – I have the suggested offer price at $185,000… but this one has been on the market now a little longer than I thought I would.    I’m inclined to think you could get it for a lot less which means the numbers I’m showing on the pro-forma here would look a lot better at a lower price.

I bet you could get this for about $170,000… don’t know for sure…  but it’s still showing available.   And…  out of all of the properties I am profiling here, this one doesn’t need much work.  One side is still occupied.

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If you are looking for an investment and these don’t work for you, then drop me a note and I’ll do what I can to help you find something that works for you.

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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Bank Owned & Short Sales – Deals Are Here…!!!

I’m bumping into people as I tour these places now….!

I was out and about today looking at a couple of Duplexes in the area today… and when you’re job is to look at property it sure is nice to do it in some really nice weather.

When you consider it’s February 5th, you probably have cold temperatures and inclement weather in mind.   Not today…!

The properties I have profiled below are each unique in their own way.

9649 – 51 Goethe Road, Sacramento, Ca 95827 – Short Sale – Listed at $154,800

Click Here for a video of the exterior – it’s better than street view… and shows the neighborhood a bit.

6915-6917 Burnham Drive, Citrus Heights, Ca 95821 – Short Sale – Listed at $175,000 – Wow is the 1st thing that came to mind when I saw this duplex.    It’s in a great part of Citrus Heights and surrounded by other “pride of ownership” Duplexes and close to the Fountain Square Shopping area.

Click here for the Cash Flow Figures         For a Video of the interiors, click here.

4911 Indian Oaks Court, Sacramento, Ca 95841 – Bank Owned/REO – Listed at $140,000 – This one has been on and off the market for a few months now and I think it’s been passed up because of the price.   It was a “pending sale” at one time but fell out of escrow.

Click here for the Cash Flow Figures     Click here for a video of the interiors of both units

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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I Wonder Why These Are Still Showing Active

A “Fixer” and a Short Sale

6128-30 Oakgreen Circle: If you have been here before, there is this one Bank Owned Duplex that I think has got to be one of the most interesting.  It’s been on the market for about 2 years now.. part of the time as a Short Sale and now as an REO.

The original list price on this was about $250,000 and when it was listed at the previous price there had been some recent comparable sales near that price.

However after the bank took it over, there was an offer accepted by the bank that ultimately fell out of escrow.

Now folks… when a deal falls through these days, it’s rarely because the buyer didn’t qualify.  It’s because after the “due diligence” conducted by that particular buyer, unresolvable issues have risen.

This means that after an analysis the Buyer turned down the property because he couldn’t get a big enough concession from the bank.   But after a bit of time, the bank now realizes it’s over priced and they have since reduced the price a couple of times now.

Once you spend the money to fix this one up, you will have something very special.

Click Here for the ‘featured video” on my YouTube channel.

Click Here for the Pro Forma Cash Flow analysis

Below here are some Duplexes listed as “Short Sales”.   I think these deserve a look as well.

9265-67 Corinthian Circle, Sacramento, Ca – Listed at now at $190,000.  i only have an exterior view of a video, but you’ll get a good idea of the area.  Click here for it.

Click here for the Pro Forma Cash Flow Analysis

9643 Goethe Road, Sacramento, Ca –  Listed now at $189,000.

Click here for the video walk through of the right side only that is vacant.

Click here for a Pro Forma Cash Flow Analysis

After you have looked these over… I’d like some feed back on what you think of these properties.

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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You’re In a Short Sale & After 3 Months Prices Are Lower Than Your Offer…?

When “Short Sales”  take a while to get approved, this happens – Check out the question from a Buyer on Trulia and the answers he got from me and several other Agents/Brokers.

http://bit.ly/Short-Sale-Value-Down

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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Looking For a Decent Bank Owned Investment…? You Found the Right Place…!

One of them is new to the market, the other has been there a while & ripe for an offer…!

Let’s start with the 1st one that is located at 6128-6130 Oakgreen Circle in Carmichael.   It’s been on the market for a little over a year and started out as a “short sale” but wound up as a foreclosure and now offered for sale as a “bank owned” property.

Oakgreen Circle is an interesting little street of “Pride of Ownership” type of properties that have many of these Duplexes occupied by their owners.   If you are a First Time Buyer, this would be an excellent property to make as your first home.

I have the estimated cash flow figures and a “walk through video below.   You will notice that I have an offer price lower than the list price but the cash flow based upon a higher sales price and that is because it’s going to take about $45,000 to $50,000 to really get this property right.  After that… it should be a “coupon clipper” for years to come.

Click Here for the estimated cash flow figures.

Click here for the Walk Through video and I think after you have seen it, you’ll realize it has potential.  It just needs the right kind of investor looking for a long term hold.

UPDATE AS OF 12:53pm...  When I wrote the information above early this morning,  the property was still showing “active”… well wouldn’t you know… someone thought it was a good investment and made an offer on it… I’ll keep an eye out for it and see what the ultimate outcome is and post it here…

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The other property is more of what I call an “investment” and is located at 8145-47 Desesret Avenue, Fair Oaks, Ca.   I inspected this property late last week.  I know this area well, because I also just closed a deal on a duplex just a few doors away on East Knoll, a cross street.

My estimate to bring this one up to a nice condition would be approximately $15,000 which would be enough to get in the interiors fixed up and have enough to allow you to put some “curb appeal” landscape improvements in.

It’s listed at just over $194,000.   The most recent sale was just a tad over $190,000 with about $3,000 credit going back to the Buyer in the form of closing costs and was tenant occupied at $900 per month each side.     The cash flow figures I have are based upon an assumption of a sales price of about $180,000 and approcximately $15,000 in fix up costs, which brings it close to the original list price coincidently.

Click here for the estimated Cash Flow after fix up.

Click here for the “walk through” video.

Make it a great day…!!

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


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An REO Bank Owned “Fixer” Duplex & A Short Sale Duplex – Profiled Here..!

Interesting Prospects – One is a typical Duplex that exist here in the Sacramento Region and the other could be something special..!

Lets start here with the “Short Sale”  Duplex located at 8148 Deseret Avenue, Fair Oaks, Ca.   It’s in an area of Duplexes very near the Sunrise Market Place in Citrus Heights.

This Duplex is  a 2 Bed/2 Bath/2 Car Garage and a 2 Bed/1 Bath/1 Car Garage configuration.

We are currently in escrow with a Duplex located on the cross street for Deseret and it should close in the next couple of days at just a smidge over $190,000.   This means this duplex might be a decent deal at it’s list price of $180,000.   I was not able to get inside because the units are occupied,  but I did take some exterior pictures.  I also created a  “pro-forma” cash flow analysis for your review.    Click Here for that.

The Bank Owned/REO Duplex is located at 6128 Oakgreen Circle, Carmichael, Ca.   This one is located in a unique area of pride of ownership duplexes that have a custom feel.   This property is a “one of a kind”.   I don’t have numbers on it yet, but here’s a Video Walk Through that I did a couple of months ago when it was listed at almost $250,000.   It’s now listed at $214,900 and I think it should sell for less given it’s condition.

I think “fixed up”..?   the 3 bedroom side should rent for $1,200 – $1,300 and the 2 bedroom side should rent for $1,000 – $1,100.

I’ll have a pro-forma cash flow analysis later.

Make it a Great Day…!!!

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

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